Energy sector continues to be ‘engine of prosperity

He continued, “...We also must recognise that global energy market has become much more competitive through the advent of shale gas in the USA and emerging oil and gas economies in developing countries.

“In this scenario, companies must harness new technology, such as digitisation, robotics, and analytics, to improve efficiency and output. Other measures include the sharing of services and equipment, in particular, the sharing of rigs and seismic vessels.” To this end, Imbert said that seven exploration wells will be drilled, one by BPTT in the Columbus Basin; BHP Billiton’s deep-water exploration programme will continue and the Government will increase the availability of land acreage and marine areas for exploration to increase hydrocarbon production.

Beyond 2018, said Imbert, several other projects will begin, one of which is the procurement of gas from the Dragon Field in Venezuela by 2019.

Significantly, Regional President of BP Trinidad and Tobago, Norman Christie, also present at the event, praised Imbert’s removal of the fuel subsidy in the recent budget, calling it a “tough decision” that had to be made. In fact, Christie said “tough decisions” must be taken to improve productivity and growth in the energy sector.

Also present were Thackwray Driver, president and chief executive officer of the Energy Chamber of Trinidad and Tobago and Derek Hudson, vice president of Shell, Trinidad and Tobago.

The event was held at the Hyatt Regency, Port-of-Spain.