Last update: 08-Dec-2013 9:50 pm
Sunday, December 08, 2013
Trinidad & Tobago Guardian Online
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BP boss positive on T&T’s energy future
BP’s CEO Bob Dudley said yesterday that T&T is important in to the energy giant global production portfolio. “I know T&T is a small country in the energy sector but it is a success story for BP. I am happy to see the progress of T&T in the energy sector. BP's production in T&T is 17 per cent of its global production and our oil and gas production is 400,000 barrels of oil equivalent a day, ” he said in his address at the T&T Energy Chamber's Annual General Meeting (AGM) at the Hyatt Regency Hotel, Port-of-Spain.
Dudley also said said that T&T had not been “blown away” by the shale gas revolution in the United States. “We are all aware of the shale revolution in the United States and we anticipate that shale production will grow there. We also expect liquified natural gas (LNG) production to grow worldwide by about four percent.
T&T is well placed and competitive in the LNG market as it has a world class industry. T&T is ranked sixth in the LNG market around the world,” he said. He said world energy demand will rise in the future, so countries will still be demanding oil and gas. “The world is going to need much more of what our industry provides. We expect global demand for energy to grow by 36 per cent by 2030. To put that in perspective, it is like putting an extra United States and an extra China for the world energy consumption.
Almost all that additional energy will be used by emerging countries in the non OECD countries,” he said. Dudley also said T&T must work hard to remain globally competitive. “Not only is there fierce competition within the energy sector but also between the energy sector and other sectors. Our industry is a long term industry and I am encouraged about the long term outlook for T&T.
“Creating an investment climate is critical and I know many people who have visited T&T to learn from this country. What is important in T&T is a strong home grown energy services sector. BP has more nationals of T&T working around the world that expats in T&T,” he said. Dudley said there is “promising acreage” in T&T and BP wants to remain a partner with this country in future ventures.
“It will require a great partnership and planning between the Government and the private sector. We will continue to invest in our operations here,” he said. Energy Minister Kevin Ramnarine also stressed on the importance of T&T to BP. “If BP sneezes, T&T catches a cold. T&T is important to BP. The company is accounts for 68 per cent of the country's natural gas production. BP is here for the long term,” he said.
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