The main focus for new Energy Minister Franklin Khan should be attracting investments to the local energy sector in the face of declining production and low commodity prices, President of the Energy Chamber of T&T Dax Driver advised yesterday.
In his second Cabinet reshuffle since taking office, Prime Minister Dr Keith Rowley yesterday revoked the appointment of Nicole Olivierre and assigned the portfolio to People's National Movement (PNM) chairman Franklin Khan.
In commenting on the move, Driver said relationship between the Chamber and the outgoing minister had always been professional.
"We at the Energy Chamber have always maintained courteous and professional working relationships with ministers' of energy. Our relationship with Ms Olivierre was no different," he told the T&T Guardian.
Asked about some of the challenges the minister during her tenure of just over a year, Driver said the energy sector had not been in a favourable position during that time.
"The minister would have been confronted with declining production for both oil and gas, and this in the global context of low international commodity prices. These conditions were obviously not propitious for either the sector or, from a revenue generating perspective, the wider economy at large," he said.
He said there are enough matters that could immediately engage the minister's attention.
"One of the important areas for the minister to address would be the need to stimulate investments in the local energy sector. Particularly in the area of gas, the gas master plan should be looked at and greater levels of clarity provided around the existing issues so that companies in the gas value chain can make the appropriate business decisions accordingly," he said.
Driver said Khan should also pay attention to taxation of energy sector companies: "The IMF has made a number of recommendations in this area so there is somewhat of a basis for discussion in moving these issues forward.
"I would also recommend that the new minister put some effort behind securing opportunities that exist for T&T service companies in foreign territories. The massive discoveries of oil found in Guyana, for example, provide an occasion for greater collaboration between the Ministry of Energy and the Ministry of Trade to work together on behalf of our local energy service companies."