Deepwater bid round a failure, says Lee

UNC Pointe-a-Pierre MP David Lee has said in a release another deepwater exploration bid round failed because of unattractive energy policies.

He made the statement after a bid round ended on Thursday, with bids on four out of 17 blocks.

“This Government’s persistent seven-year failure to incentivise and make our nation’s energy sector attractive has caused the recent deep water bid round to fail just as the 2019 shallow water bid round failed,” he said.

Lee said that only four blocks were bid on proved the Government failed to attract the interest in TT’s energy sector.

“Even worse, it is now clear that TT has lost its place as the energy giant of the Caribbean. (Energy) Minister (Stuart) Young’s statements that he isn’t surprised at the result because shareholders of energy companies took decisions not to invest in new provinces is a feeble, baseless attempt to deflect that the bid round failed.”

Lee added that the Government had had seven years to ensure that incentives were in place to attract energy companies, and had acknowledged the need to reform the fiscal regime that would attract companies.

“Maybe now the Government would end its hypocrisy of condemning the former PP Government’s energy incentives, as it was that package which led to the most successful deepwater bid round in this nation’s history.”