press meea ye2010

Ryder Scott CompanyPetroleum Consultants

Houston Denver Calgary

MEEARepublic of

Trinidad & Tobago

Gas Reserves CertificationsYear End 2010

August 10, 2011 Larry McHalffey

Senior Petroleum Engineer



Agenda

• Ryder Scott Company• General Reserves Framework• Gas Reserves Audit Approach• Historical Gas Audit Results YE 2000 to YE

2010• Detailed Year End 2010 Gas Audit

Discussion• Closing Gas Audit Remarks



RSC’s Proven Worldwide Record

• Formed in Bradford, PA. – USA 1937

• Independent, Employee Owned



Reserves

• Reserves are remaining quantities of hydrocarbons to be commercially produced from a known accumulation as of a given date, under stated definitions, and economic conditions.

• The project represents the link between the petroleum accumulation and the decision-making process, including budget allocation.



SPE/WPC/AAPGResource Classification System

HIG

HER

RIS

KP

RO

SP

EC

T M

ATU

RIT

Y

PROSPECTIVE RESOURCES

UNRECOVERABLE

UNRECOVERABLE

PROSPECT

LEAD

PLAY

DEVELOPMENT ON HOLD

LOW ESTIMATE BEST ESTIMATE HIGH ESTIMATE DEVELOPMENT NON VIABLE

CONTINGENT RESOURCES

RESERVES

LO

WER

RIS

K

DEVELOPMENT PENDING

PROJECT STATUS

RANGE OF UNCERTAINTY

PROVED + PROBABLE +

POSSIBLEPROVED

PROVED + PROBABLE

ON PRODUCTION

UNDER DEVELOPMENT

PLANNED FOR DEVELOPMENT

LOW ESTIMATE BEST ESTIMATE HIGH ESTIMATE

TO

TA

L P

ETR

OLEU

M I

NIT

IALLY

IN

PLA

CE (

HII

P)

DIS

CO

VER

ED

HID

RO

CA

RB

ON

IN

ITIA

LLY

IN

P

LA

CE

CO

MM

ER

CIA

LS

UB

-CO

MM

ER

CIA

L

UN

DIS

CO

VER

ED

H

IDR

OC

AR

BO

N

INIT

IALLY

IN

PLA

CE

PRODUCTION



Gas Reserves Audit Approach



Audited Companies

• bp Trinidad & Tobago (bpTT)• British Gas Trinidad & Tobago (BG)• BHP Billiton Trinidad & Tobago (BHP)• Chevron Corporation• EOG Resources Trinidad Ltd (EOG)• Centrica/Petrotrin• Repsol• Open Areas



General Audit Approach• Conduct on-site reviews with operating

companies– Review asset inventory– Review geologic and engineering concepts– Collect and request data

• Catalog assets by– Company– Area– Field– Fault block / reservoir

• Realign project manpower



General Audit Approach

• Conduct geologic and engineering evaluations– volumetric estimates and mapping– material balance– reservoir simulation– deterministic & probabilistic analysis– request additional data / clarification

• Construct comprehensive Access database– RESDAS



Historical Gas Audit Results

Year End 2000To

Year End 2010



YEAR PROVED PROBABLE POSSIBLE EXPLORATION 2000 19,674 7,693 5,468 30,330

2001 20,348 8,117 5,857 29,100

2002 20,758 8,280 6,062 29,377

2003 18,809 8,627 5,890 28,030 2004 18,775 9,029 7,066 32,184

2006 17,052 7,760 6,225 37,094 2007 16,997 7,883 5,888 31,253 2008 15,374 8,451 6,286 29,641 2009 14,416 7,837 5,893 25,990

2010 13,460 7,642 5,995 25,978

UNRISKED GAS RESERVES AND RESOURCES

GRAND COUNTRY TOTALS (BCF)



UNRISKED GAS RESERVES


Unrisked Gas Reserves

-

5,000

10,000

15,000

20,000

25,000

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

(BC

F)

Proved Probable Possible

+3% +2% -10% NC NC-10% -10% -6% -7%



UNRISKED GAS RESERVES AND CUMULATIVE PRODUCTION


-

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

2003 2004 2005 2006 2007 2008 2009 2010

(BC

F)

Production Proved Probable Possible

+6% -4% +3% +2% -1% +1%



Year End 2010 Gas Audit Results



Unrisked Gas Reserves and Resources

• Proved: 13,460 BCF• Probable: 7,642 BCF• Possible: 5,995 BCF

• Expl. Resources: 25,978 BCF

• 2010 Production: 1,472 BCF



UNRISKED RESERVES DISTRIBUTION

50%

28%

22%

Proved Probable Possible



Gas Audit Closing Remarks

1. Target at least 100% proved reserves replacement each year.• YE2010 achieved 35% reserves replacement

2. Reasonable demand expectations.

3. Establish sufficient probable and possible reserves to sustain 100% proved reserves replacement.



Gas Audit Closing Remarks

• Exploration activities, leading to drilling of exploratory prospects, is encouraged to increase 3P reserves base.

• Field activities to bring proved undeveloped, probable and possible reserves on-line is becoming more critical.

• This study does not include prospectivity in deep water blocks.



Thank you for your attention.

Questions?

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