A committee is to be appointed to look at ways to maintain and improve the sustainability of the energy sector. Composition and ministerial participation in the committee is to be decided by Cabinet. This was one of the things agreed to on Wednesday evening when Prime Minister Kamla Persad-Bissessar met with representatives of 26 energy companies.
A second Cabinet-appointed committee will look at ways to improve the efficiency of the regulatory approval process, with the objective of clearing log jams.
In a release from the Office of the Prime Minister stated that talks centred on the challenges facing the sector, and energy company representatives put forward suggestions to improve efficiency, and further expand and develop the sector which contributes 45 per cent of gross domestic product (GDP), and approximately half of Government revenue.
According to the release, Persad-Bissessar stressed the need to strengthen and maintain the competitive advantage held by the energy sector.
"Stakeholders reaffirmed their commitment to maintain current levels of investment, and welcomed the Government's commissioning of a Natural Gas Master Plan which will guide the planning of the natural gas industry over the next decade. The Prime Minister gave her commitment to fast-tracking the completion and implementation of this plan," the release said.
Commenting on the outcome of the meeting, Energy Minister Kevin Ramnarine said despite some bureaucratic challenges, energy companies are here to stay."The energy sector has basically said to the Government that their investments programme continues and that the fiscal incentives that the Government provided in the last four years have worked," he said.
"They have also given us some idea of some of the challenges which they have right now which the Government has committed to work with them on. One of those challenges was getting certain regulatory approvals for projects and the Prime Minister and the ministers who were there committed to the establishment, very quickly, of two committees to treat with some of these concerns that were raised."
Today, Persad-Bissessr will join heads of government from the Dominican Republic, Jamaica and Grenada at the First Caribbean Energy Security Summit hosted by United States Vice President Joseph R Biden, Jr. The summit will focus on promoting sustainable energy in the region, including access to financing. T&T has lead responsibility in Caricom on energy matters, and the Prime Minister will take the lead in responding to the impact of falling oil prices on countries in the region.