PM: Trinidad and Tobago has bright future as gas hub

THE Prime Minister said on Monday that Trinidad and Tobago can create a bright future for itself as a hub for natural gas, largely to be drawn from nearby countries. Dr Rowley was speaking at the Trinidad and Tobago Energy Conference held by the Energy Chamber at the Hyatt Regency, Port of Spain. He conveyed his thoughts via a town hall styled discussion forum titled, Accelerating Action, with chamber CEO Dr. Thackwray "Dax" Driver.

Hailing the chamber's attitude of "We are all in this together," the PM said many successes were rooted in collaboration and relationships.

This more so, he said, in a hydrocarbon sector is under global attack.

Saying the natural gas industry was not going to die, Rowley said, "We have to collaborate to survive."

Driver asked about collaboration in the recent restructuring of Atlantic LNG.

Rowley said he had asked energy companies to be more reasonable and had visited their top leaders at their global headquarters.

He said the success in restructuring Atlantic LNG has now sent a message to other investors in energy that there was a market for any gas they find.

The PM urged such firms, "As soon as you find it (gas), call us!"

On the topic of collaboration, Driver hailed the Trinidad and Tobago/Venezuela Dragon gas deal, which he never thought would happen so quickly, with Shell and NGC getting licences.

He said it made Trinidad and Tobago a gas processor rather than producer.

Rowley said Trinidad and Tobago geographically sat within a basin of hydrocarbons, which will remain important fuels for many years.

However, depletion after decades of extraction of onshore and near offshore hydrocarbons had pushed Trinidad and Tobago into deep water maritime exploration.

"But around us, the basin is still alive and well, and full of potential."

He said logic dictated that despite any circumstances, economically Trinidad and Tobago has infrastructure and needs the raw material (natural gas) which is available across its border.

"Get the diplomacy going, get success in the diplomacy and then the commerce will follow. I think we have done that.

"It means now that all the raw material that is available outside of our border – as long as the relationships, the collaboration and the diplomacy is in place – there could be a significant flow of that raw material into Trinidad and Tobago.

"That then necessarily gives us a long term future, and growth and sustainability."

Rowley said this state of affairs will attract investment into Trinidad and Tobago.

"We were at the verge of losing plants. I spoke to one of our major participants a few weeks ago in Canada and the excitement was that there may be possibilities, some time in the not too distant future, of adding plants.

"Once the supply of the raw material is seen to be available and sustainable, the sky is the limit for us, as long as the industry survives."