Last update: 07-Dec-2013 3:12 am
Saturday, December 07, 2013
Trinidad & Tobago Guardian Online
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Positive year for the energy sector
Energy Minister Kevin Ramnarine says the $23 billion in projected revenue from the sector announced by Finance Minister Larry Howai in the 2013-2014 Budget was actually higher. “Government revenue from the energy sector in fiscal 2014 the budget for which was presented is estimated at $23 billion, but that refers to monies collected under the Petroleum Taxes Act and not monies paid to the Exchequer for Corporation Tax from Point Lisas, NGC and Atlantic. So the contribution is of course large than $23 billion,” he said.
Speaking at Petrotrin’s Annual Long Service Awards Ceremony at the Hilton Trinidad and Conference Centre, Ramnarine said the last 12 months had been very positive for the sector and the ministry had seen some very significant achievements.
“I was hoping to save this for my reply to the Budget. In 2012, we have on record the highest foreign-direct investment ever recorded in the energy sector. The total foreign-direct investment in 2012 for the country was roughly US$2.5 billion of which 90 per cent is for the energy sector. By the end of this year, there will be eight rigs drilling in our waters. That compares to one rig drilling in this country in mid-2010.
“The upstream sector has made a tremendous comeback and Petrotrin is part of that, especially what we are doing at Trinmar. We also celebrate the acquisition of 39 per cent of Pheonix Park (Gas Processor Limited) by the NGC from Conoco Phillips and the minister of finance has announced that that will soon be part of an IPO to be listed on the local stock exchange,” said Ramnarine.
He added: “We achieved in 2012, 100 reserve replacement ratio for proven reserves. We are having successful big rounds and to top it all off we have the news now that Trinmar is averaging 23,000 plus barrels of oil per day, so things are looking positive for the energy sector in T&T. We are coming out of a period of three years of major maintenance works in the upstream sector. We expect that will be back up once Cassia B platform maintenance is over. The year 2014 is emerging as a very positive year for the energy sector.”
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