Rethink, retool oil exploration

THE EDITOR: Many companies are on the verge of closing down, creating anxiety for their employees, who have little opportunity to seek other employment. Grocery prices are rising. Leaders without leadership skills cannot be expected to be performers.

Picking individuals only on the basis of political affiliation, and not competence will only result in continuing poor results. Individuals blinded by political bias will probably disagree.

People are always fearful of change, but when they open the new door, they soon realise that change wasn't so bad after all. We are a happy people even with empty bellies and less confidence in our future

A devaluation will follow when there is no more money to borrow either directly or indirectly, naturally, but pressure on the exchange rate will be an indirect devaluation, with the flight of the US dollar.

As Trinidad and Tobago's crude oil and natural gas production continues to decline, two of our neighbours continue to find more hydrocarbon reserves offshore, namely Guyana and Suriname.

Trinidad has been producing oil and gas for over 100 years, and therefore we need to incentivise all our oil-producing companies to explore deeper and to search in areas that haven't been explored before. Our taxes are discouraging the major oil producers from looking further offshore to find new energy reserves.

Our government needs to reduce royalties and taxes to encourage every oil producer to explore, and start enhanced oil recovery projects within their acreages.

Without reducing royalties and taxes, especially for the majors like BP, BHP, Shell and EOG, our oil and gas production will continue to decline, and we will see the exit of those companies that have the deep pockets necessary to find any stranded and new reserves.

GORDON LAUGHLIN

Westmoorings