Warwick chews on BPTT’s $8b

OILFIELD Workers Trade Union (OWTU) education officer Ozzi Warwick asked, "Is BPTT angling for fresh concessions by promising $8 billion in future investments in TT over a decade?"

He was responding to BPTT regional president Claire Fitzpatrick’s recent statement that in a low oil-price environment, BPTT must be competitive while TT must offer a commercial and fiscal environment to support making such investments possible.

Warwick said, “It is in effect saying they want more concessions. What concessions will BPTT consider to make the commercial and fiscal environment facilitative to this ($8 billion) investment?”

He said he recalled that when oil plunged to US$40 per barrel globally, many voices were saying it would be a new era of US$40 prices, yet today the oil price has for a while been above US$60.

“Be careful of anyone putting us into a mindset of low-oil prices,” he said, on the heels of Fitzpatrick’s remarks.

On BPTT’s call for competitiveness, Warwick said such calls simply spoke of cutting costs but should also speak of increasing innovativeness.

He also queried the term “investment,” asking how much of the $8 billion would stay in TT. Much of this sum would likely go to foreign drilling firms sub-contracted by BPTT, Warwick said.

He asked what BPTT’s return on investment for this $8 billion would be.

“We are not against investment, but must protect our patrimony.”