Energy benefits for TT

Energy Chamber CEO Dr Thackwray Driver on Wednesday said the country will see some increased natural production over the short-term.

However, he said this country should not expect any significant revenues to be coming from the energy sector over the medium term.

Driver made these points when he addressed a forum on the economy at the Hyatt Regency Hotel in Port of Spain.

He told his audience the “good news” is, “there have been some very positive developments in the gas industry in the last few months.” Driver also said there has been massive investment of approximately US$10 billion by the major oil and gas companies. He said this investment is for the next four to five years.

Describing the country’s energy challenges as a case of running up an escalator which is going down, Driver said the energy sector will not be able to provide Central Government with the revenues that it once did.

He suggested the country seek to become more efficient in the use of natural gas in power generation. Driver said if this was done, more natural gas could go to the petrochemical sector and this could bring in more foreign exchange.

He also suggested TT seek to position itself as a service hub for the regional energy industry.

Noting the considerable experience that this country has in terms of energy services, Driver said there have been several major energy developments in the region which local energy services companies could tap into.

He said these included the recent major energy discovery in Guyana as well as exploration activities taking place off Grenada, Barbados, Jamaica and north-east Brazil.