Ramnarine: Credit to PP for BP investment

Ramnarine said in early 2013 BP’s Vice President Andy Hopwood announced at the TT Energy Conference, in Port of Spain, that the company planned to invest US$6 billion in the next five years. “Similar announcements have also been made by other BP executives since 2013,” he stated.

According to Ramnarine, “BP’s capital expenditure was approximately US$ 5.5 billion.” He said BP’s confidence in this country was driven by the provision of a favourable and stable fiscal regime which was provided from 2011 to 2015, under the PP. “Unfortunately, these fiscal incentives have been roundly criticised by the current Government,” Ramnarine claimed.

While he was happy to learn that the Angelin project has advanced, Ramnarine said this was a project that should have been approved since late 2016. He claimed the delay in this project was related to the non-finalisation of a new contract between BP and NGC (National Gas Company). “The Angelin project is therefore late and this is cause for concern.” He said Government needs to also ensure that, like the BP Juniper platform, the BP Angelin platform is fabricated in La Brea.

“Anything less than this would be a blow to the La Brea community.”