RWE AG, Germany’s second-largest utility, plans to tap natural-gas reserves in Trinidad and Tobago to help double production by 2015.
“We need reserve replenishment and we can only do that by broadening our country focus,” Thomas Rappuhn, chief executive officer of the company’s RWE Dea AG oil and gas unit, said in an interview in Hamburg. “Trinidad is attractive, there are a lot of prospects, a lot of gas on the basis of the data we’ve seen so far.”
RWE is boosting output to secure fuel for its supply and trading unit and use higher volumes to cut shipping and handling costs. It wants to double annual output volume to 70 million barrels of oil equivalent in 2014 to 2015 from 36 million in 2008. The unit is also studying liquefied natural-gas, or LNG, opportunities in Ghana and Equatorial Guinea, Rappuhn said.