US$1.25B investment for TT

Addressing an audience which included members of the local energy service sector, representatives from the National Gas Company (NGC) and Petrotrin, Rigardo said the Trinidad and Tobago investment was roughly half of the company’s US$2.3 billion investment in the Caribbean Basin.

In a powerpoint presentation, Rigardo gave an overview of the company’s operations for the past 13 years saying some US$2.5 billion have been invested into the local economy.

REPSOL investments include a 23 percent share in the Atlantic LNG and exploration and production activities in offshore blocks off Trinidad’s East Coast. He said three wells will be drilled by September with another six wells in the pipeline for 2007.

Also addressing the luncheon-seminar was purchasing contracts and logistics manager Wayhu Pamungkas, who described participation by local energy companies as a “top priority” for the energy giant.

He said local companies will also possess a significant advantage in the supply of goods and services as this is expected to be between ten-15 percent lower than foreign competitors.

He said some 70 contractors were presently employed by the company and outlined the major criteria involved in the selection of contractors — technical capabilty and commerical status.

Meanwhile, external relations manager Heidi Diquez, said as part of the company’s outreach programme, consultations between members of the Mayaro/ Guayaguare community and REPSOL YPF had taken place to ascertain the needs of the community.

She observed that while topping the list was education, the company was working towards creating sustainable development within its satellite community.