T&T - We've Got It, They Want It…Oil. Williams: TT must move to keep oil $$
According to Eric Williams, Minister of Energy and Energy Industries, one of the challenges facing TT's growing economy and petroleum sector is how to keep the revenue IN TT. The governing is planning to increase participation in the Liquefied Natural Gas (LNG) market by "getting into" LNG receiving, shipping and re-gasification terminals. "Between 1975 and 2001, the compounded annual rate of gas production was 8.2 percent, and this increased in the years 1996-2000 to 19 percent."
Williams said today’s oil production has surpassed the “oil boom years” and, by 2008, it is projected that TT will produce one billion barrels of oil equivalent, comprising mainly natural gas. He said the increase is tied to large gas-based products with long-term contracts. Williams also said prices are expected to rise in the future. “Our challenge is to convert this production into revenues with value for our people in a win-win combination for the investor and the people of TT,” Williams said at the opening of the two-day Latin America and Caribbean conference at Hilton Trinidad. Williams said the challenge is more acute because despite growth in TT’s Gross Domestic Product (GDP) (6.7 percent) and petroleum sector (9.5 percent), there is a growing gap between GDP and Gross National Product (GNP). “The gap is in the vicinity of $2.7 billion in 2003. This signals that while we are growing, much of the funds generated from that growth are still being repatriated overseas.”
The United States is a major market for LNG from Trinidad, accounting for 77 percent of its total exports in 2003 and reaching 80 percent for the first quarter of this year. Williams outlined sone of the "growth areas" for the TT petroleum industry.
We'll buy it where we can get it and it's close to home. More power to TT!