• Slide 2
  • Slide 10
  • Slide 5
  • Slide 4
  • Slide 1
  • Slide 11
  • Slide 3
  • Slide 6
  • Slide 9
  • Slide 12

 

 

 

His Excellency Anthony 
Carmona, SC,

President

 

The Hon. Kamla Persad-Bissessar,

Prime Minister

The Hon. Winston Dookeran,

Minister of Foreign Affairs 



budget-statment-link2015.png

 

BRITISH OFFICIAL PROMOTES CARIBBEAN PRIVATE SECTOR

 

You are here

 

 

William Hague

 
With crude prices averaging around US$100 a barrel, T&T is unlikely to fully benefit because of continued declining production. On Monday last, the Central Bank presented its sustainability report for December 2011. During the presentation, both the Governor of the Central Bank Ewart Williams and his deputy Dr Shelton Nicholls, predicted further declines in crude production in 2012. Nicholls said: “While it is difficult to predict what crude prices will be like over the next year, it is fair to expect that production will continue to fall.” According to the Central Bank report, the decline in output from the energy sector was two-fold in that oil production was down due to maintenance challenges that affected condensate production, while, at the same time, natural gas production was down affecting the downstream manufacturers. The combined effect was a negative impact on the economy last year.
 
The report read: “Output in the energy sector slipped in the context of heightened maintenance operations and maturing oil fields.” Energy Minister Kevin Ramnarine has insisted that his mission is to increase domestic crude production. He has consistently said that Petrotrin holds the key to increase crude production and that the state-owned company had plans in place. He has set an initial target of increasing domestic production to more than 120,000 barrels of oil a day. Ramnarine said that while Petrotrin remains the key to increasing crude production, Bayfield Energy is likely to play an important role. Governor Williams told the Business Guardian: “The decline in crude production has been happening for a number of years now. That is our problem. We are faced with ageing fields and, as a result, we expect for 2012 production will continue to decline.” On Tuesday, energy consultant Anthony Paul told the Business Guardian that additional fiscal incentives is not the answer for increased crude production unless it is tied to concrete measures for increase production.
 
Paul said T&T has in the past given away its patrimony by giving fiscal incentives to companies and all they do it take profit. “Our biggest challenge is crude production. We have in the past given fiscal incentives, but we have not said if we give you this fiscal incentives, then you have to drill these number of wells or do this number of workovers. So unless you tie the incentives to concrete action, then all you will have on the part of the companies will be profit taking. He said too often, T&T has a knee-jerk reaction and rather than looking at the exploration potential of the acreage. T&T gets suckered into old arguments of fiscal incentives. Paul said it was also necessary to look at increasing production and efficiency in the wider energy sector if T&T is to get the kind of returns from the energy sector. He also agreed that crude prices were likely to continue strong for the rest of the fiscal year and that government’s 2012 budget price of US$75 a barrel was likely to hold true.
 
“While there has been a decrease in demand, particularly in the developed economies, there is still strong demand for energy in China and India, and I think that the prices will in the next nine months remain fairly strong. So the US$75 on which the Finance Minister has based his projections is likely to hold, even if you factor in T&T earning less money per barrel of oil because of the quality of the crude.”

Published: 
Thursday, January 26, 2012

 

News

PrevNext

Trinidad and Tobago News Summary: Monday 26th January 2015

NEWS Prime Minister in Washington for energy talks PRIME Minister Kamla Persad-Bissessar is now in Washington DC, United States, with Energy Minister, Kevin Ramnarine, for the Caribbean Energy Security Summit (CESS) being...

Trinidad and Tobago News Summary: Thursday 22nd January 2015

NEWS Kamla: Govt to build Point hospital Notwithstanding cuts in expenditure as a result of falling energy prices, Prime Minister Kamla Persad-Bissessar said Government would proceed with the construction of the long-awaited...

Trinidad and Tobago News Summary: Wedneday 21st January 2015

NEWS Law auditorium at UWI re-named In tribute to former late President Noor Hassanali’s legacy, the Faculty of Law’s Auditorium at the University of the West Indies (UWI), St Augustine campus, yesterday...

Trinidad and Tobago News Summary: Tuesday 20th January 2015

NEWS Tewarie on falling oil prices: Govt wants T&T to lead regional response Government wants T&T to take the lead regionally in responding to the impact of falling oil prices, Planning and...

Trinidad and Tobago News Summary: Monday 19th January 2015

NEWS Parliament invites public input on new pre-policy paper The Parliament is inviting views and inputs on a pre-policy paper entitled “Towards an Independent Parliament — Ensuring Parliament’s Functional Autonomy”, which is...

Trinidad and Tobago News Summary: Friday 16th January 2015

NEWS New $28m school opened in Rio Claro Education Minister Dr Tim Gopeesingh has assured that work on all schools earmarked for construction within the current fiscal period would be continued, even...

Trinidad and Tobago News Summary: Wednessday 14th January 2015

NEWS Howai: $700M surplus for Jan/Feb THE FIRST two months of 2015 will see fiscal performance $700 million ahead of projections, Minister of Finance and the Economy Larry Howai said yesterday, as...

Trinidad and Tobago News Summary: Tuesday 13th January 2015

NEWS  Khalid orders Petrotrin cutbacks and says: We can manage for short time Petrotrin president Khalid Hassanali is forecasting a dim 2015, saying the state-owned oil company could lose 40-50 per cent...

Trinidad and Tobago News Summary: Monday 12th January 2015

NEWS No-pressure cooker My name is Bernadette George and I was a cook in the original Breakfast Shed ‘He was so reliable, so loyal, such a good citizen’ FORMER national security minister and late...

Trinidad and Tobago News Summary: Friday 9th December 2015

NEWS PM: Economy strong THE ECONOMY is strong, Prime Minister Kamla Persad-Bissessar said last night as she announced that the planned initial public offering (IPO) of the National Gas Company’s 39 percent...

Press Releases

PrevNext

Nationals reflect on Eid message of personal responsibility to help fellow man

Nationals reflect on Eid message of personal responsibility to help fellow man

  It was a mood of staid celebration and pensive reflection of Saturday 9th August, when the Trinidad and Tobago High Commission, London, held its annual Eid Celebrations. A packed audience...

Trinidad and Tobago High Commission, London, commemorates Emancipation with 2-day celebration

Trinidad and Tobago High Commission, London, commemorates Emancipation with 2-day celebration

  The Trinidad and Tobago High Commission, London, commenced its 2-day celebration of Emancipation with a captivating programme on Wednesday 30th July, 2014. This year’s events were themed “Emancipation – it...

Trinidad and Tobago High Commission, London, pays tribute to His Excellency Arthur N.R. Robinson

Trinidad and Tobago High Commission, London, pays tribute to His Excellency Arthur N.R. Robinson

  On Sunday 13th July, 2014, the Trinidad and Tobago High Commission, along with its Diaspora (Nationals), paid tribute to the life and legacy of former President and Prime Minister, His...

The Honourable Minister Winston Dookeran pays visit to High Commission, London

The Honourable Minister Winston Dookeran pays visit to High Commission, London

  On Tuesday 17th June, Minister of Foreign Affairs, the Honourable Winston Dookeran, paid a visit to the High Commission for the Republic of Trinidad and Tobago to the United Kingdom....

Literary Evening at the May Nationals Meeting

Literary Evening at the May Nationals Meeting

Trinidad and Tobago nationals converged at the High Commission on Wednesday 28th May for an evening which celebrated the writings of two promising Trinbagonian authors, Ms. Fawzia Kane and Mrs. Michaellee...

TT High Commission celebrates rediscovery of history for Indian Arrival Day

TT High Commission celebrates rediscovery of history for Indian Arrival Day

  Trinidad and Tobago nationals in London celebrated the upcoming 169th anniversary of Indian Arrival Day with an afternoon of historical remembrance at the Trinidad and Tobago High Commission. The celebration...

Diplomatic Corps hail H.E. Nicholas for lifting image of Trinidad and Tobago

Diplomatic Corps hail H.E. Nicholas for lifting image of Trinidad and Tobago

  On Monday 31st March, members of the international Diplomatic Corps in London, United Kingdom came together at the Royal Garden Hotel in Kensington to bid farewell to departing Trinidad and...

An Historic Mass

An Historic Mass

  Archbishop Harris, H.E. Garvin Nicholas, Cardinal Nichols and Father Pierre Archbishop Joseph Harris created history on Thursday 27th March when he became the first Archbishop of Port of Spain, Trinidad...

HC Nicholas receives award from T&T nationals in UK for exemplary leadership

HC Nicholas receives award from T&T nationals in UK for exemplary leadership

    “As High Commissioner, you have exceeded our highest expectations. The size of this crowd tonight is testament to the Diaspora’s appreciation of your exemplary leadership.” This was the sentiment expressed...

H.C. Nicholas and Shell Executives discuss positive outlook for T&T energy sector

H.C. Nicholas and Shell Executives discuss positive outlook for T&T energy sector

  The growth of multinational energy company Shell in Trinidad and Tobago was central to discussions on Monday 24th March, when Trinidad and Tobago High Commissioner to the United Kingdom, His...

Announcements

An Era of Caring
Has Begun 

A report of the major achievements of the
People's Partnership Administration 
| read more


London Mission 

Official Publication produced and published by T&T High Commission.

Click on image to read the latest issue or click here to read previous issues.

Upcoming Events

LINKSS