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Canadian exploration company has drilled a new well and found possible oil deposits at Moruga.

Calgary-based Parex Resources Inc said its Firecrown-1 well, the first of three Trinidad exploration wells planned this year, reached a total measured depth of 8,701 feet on June 14.

Based on the interpretation data, the well encountered "potential hydrocarbon-bearing sandstones with oil shows", the company said in a statement.

Parex expects to have a service rig move onto the Firecrown-1 location to conduct a testing programme.

The drilling rig has been mobilised to the second Moruga Block location, Snowcap-1 which was spud on July 16.

Following the drilling of Snowcap-1, Parex plans to move the drilling rig from the Moruga Block to the Central Range Block.

An application for regulatory approval to drill a shallow horizon prospect was submitted in June 2009, the company said

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'Unemployment likely up for 2010'

By by Curtis Rampersad


Trinidad and Tobago's unemployment figure is likely higher than what the current data shows, Central Bank Governor Ewart Williams said yesterday.

The latest official statistics showed the unemployment rate was just over five per cent at the end of 2009 and the pace of new retrenchments may have slowed at the start of this year, the Central Bank said in its Economic Bulletin July 2010, released in Port of Spain yesterday.

Following a press briefing at the Central Bank Tower, Williams said partial estimates for the first quarter of this year still had to be considered.

In addition, information from the Industrial Court, which receives notices of retrenchments by companies, suggested retrenchment exercises in the country were "not yet done", Williams said. Therefore, there is likely to be an increase in unemployment for the first quarter of 2010, he added.

In more positive news, the economic bulletin noted that the local economy expanded by 2.3 per cent in the first quarter of 2010. This was the second consecutive quarter of economic growth.

Energy sector GDP expanded by 5.5 per cent, but activity in the non-energy sector was flat in the first quarter. Construction activity picked up, growing by 5.1 per cent, but manufacturing and distribution contracted, the report observed.

Williams projected there would be growth in the energy sector over the next six to 18 months, but suggested the non-energy private sector was waiting on the upcoming national budget to see if it would contain any fiscal incentives.

With regard to CLICO, Williams said the insurance company was continuing payments to policyholders on a staggered basis after it received $3.1 billion from the previous government in March. Williams said a decision on how to solve CLICO's financial problems would likely be announced in the budget in four to six weeks.

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