Repsol hails Warriors’ win

A 49th minute header by defender Dennis Lawrence secured victory over Bahrain in Manama and a World Cup berth for TT on Wednesday.

Addressing the opening of Repsol’s new corporate headquarters at Kaizen Tower in Port-of-Spain, on Wednesday Energy Minister Eric Williams said "it’s a party out there" as the entire population was united in its euphoria over the victory.

Repsol director-general (Caribbean) Valentine Cortina praised TT on its World Cup qualification and expressed the hope that Spain, which was playing Slovakia at the same time for another World Cup spot, would soon join TT in Germany.

Outside of the soccer celebrations sweeping TT, Repsol director-general (exploration and production) Nemesio Fernandez Cuesta said the company will be heavily investing in the local production of LNG and seeking to expand its participation in the energy sector — both independently and in partnership with other companies.

Cuesta said TT’s strategic geographical location was crucial to satisfy the gas demands of the North American market, and he congratulated Government for its initiatives to develop LNG as one of TT’s main economic drivers. Cuesta also expressed Repsol’s intention to bid for offshore marine acreages in upcoming bid rounds which the Ministry of Energy will hold during the next fiscal year.

He was optimistic of new natural gas finds in the new marine acreage known as the Onyx Field.

"Our investment in TT is an important milestone in our growth strategy and will definitely consolidate our already solid position in both the Caribbean and TT," Cuesta said. Noting that Repsol’s links with TT started in 2000, Cuesta said its recent US$229 million acquisition of bpTT Teak, Samaan and Poui marine acreages has set the stage for new and greater levels of involvement by the company in TT. Cortina previously indicated that of an estimated US$2.2 billion which Repsol will invest in the Caribbean in the 2005 to 2009 period, US$1.25 billion will be invested in TT. He added that health and tertiary education would be two of the major beneficiaries of Repsol’s involvement in this country.

Cuesta also said Repsol was interested in investing in the proposed Atlantic LNG (ALNG) Train V. The company has 20 percent shareholdings in the other four ALNG trains.

Williams said he looked forward to a continuation of the fruitful partnership between Government and Repsol that would redound to the benefit of the people of TT.