Rowley on energy: Trinidad and Tobago's eggs not all in one basket

The Prime Minister says while he is not sure if the Dragon gas deal agreed with Venezuela is in jeopardy, the government does not have all its eggs in that basket.

The deal is worth US billions and will see TT develop fields to produce gas which will be imported through a pipeline from Venezuela to platforms off the northwest coast.

However, the US government has announced a change in policy in relation to Venezuelan energy which leaves the deal in doubt.

Speaking with journalists during his final television interview on March 13, Rowley was asked if he thought the deal was in jeopardy.

“I can't tell you yes or no. What I do know is that every opening that was available for us to put ourselves in a position of some positive, we got the opportunity.

He said TT’s relations with both US and Venezuela, coupled with the licence the government received from the Office of Foreign Assets Control (OFAC) at the US Department of the Treasury to engage in the deal despite the sanctions, means there is still a chance it can go ahead.

“If you have a ticket, you have a chance. We have a ticket with the Venezuelan gas field. We have a ticket with the OFAC license. We have a ticket with being on good terms with the government of Venezuela. We have a ticket on being on good terms with our major trading partner, the United States government. What more can we expect?”

He said TT Dragon Gas is not “all our eggs in one basket,” as talks are ongoing for energy co-operation with Guyana and Suriname.

“The Guyanese and the Surinamese have confirmed supply, they are building up their reserves and they are looking for market. We have gone to them and we've made arrangements where, once it's economically sound and we could get the agreement, sometime in the distant future they could look in our direction.”

He added the government has not abandoned plans to diversify the economy.

“Plan B is we don't only rely on oil and gas, but we do everything else that we can do which is getting into manufacturing. That's why we built the most modern manufacturing park down there in Forest Park. Now, to add to all the parks that we have.”

He said despite those plans, oil and gas was essential if TT wanted to maintain its standard of living.

“The quality of life best known to us can only be supported by something that brings revenues on the scale of the hydrocarbon sector. That's why we don't apologise for going there. We will stay there as long as we have the resources, and where we don't have the resources, where we share the resources like the fields that are on the border.”

“So there’s a lot of eggs in the TT basket.”

Rowley: My wife pays the electricity bill

Rowley said the government is “not unmindful” of the climate change challenge.

He noted clean energy is being introduced in TT with 10 per cent of TT’s power supply coming from solar energy by mid-2025.

He said apart from the environmental benefits, it is a necessary move to secure TT’s markets.

“If we are not contributing to the cleaning up of the environment and using sustainability they will put surcharges on our products in some of our markets…We have to do that so as to be able to protect the value of our products in the marketplace.”

He added TT is also using its energy industry to produce “clean” products

“Climate change or no climate change. We are a major supplier of fertilizer, ammonia and urea. Therefore, in bringing gas to market, we are able to produce products that will survive in the global response to climate change.

He said TT was also on a growth path by producing liquid natural gas (LNG) which he described as a clean fuel.

Pointing to the situation in his own home, Rowley said TT nationals are not “as connected” with climate change and clean energy as energy costs are still among the cheapest in the region.

“Many people believe that is not their concern… The actual real cost of energy is not being faced by the average person. And the effect of that is that the citizenry is not as responsible as it should be.”

“In my own home I tell my wife, ‘You pay the light bill. If this marriage is going to work, you pay the light bill. Because like allyuh have shares in T&TEC.’

“Every morning I have to go through the house and turn off all the lights. Because they will turn it on and if I don't turn it off it will stay on whole day.”