In its year end statement the Energy Chamber has expressed concern about falling levels of productivity in the country and is calling for urgent reform of the industrial relations framework.
"If Trinidad and Tobago is to become more competitive, it is vital that we deal with issues of productivity. The current low, and falling, levels of productivity in Trinidad and Tobago cannot continue if we want to diversify and create a more sustainable and secure future for all our citizens," the group said
The Chamber said 20126 had been an extremely difficult year for the energy sector, noting that while oil prices had recovered from the depths they experienced in the first-half of the year, they remained at low levels.
"The structural changes to oil and gas markets that led to the low-price environment have not gone away and look set to continue.
"Trinidad and Tobago has no control over international prices, but we do have control over our levels of production. The right policy environment could lead, in time, to increased production of both oil and natural gas. Over the past year production levels have continued to decline," the Chamber said.
"Even with new gas coming on stream from the Sercan project and TROC, gas production is likely to continue to decline over the first half of 2017.
"Towards the end of 2017 there should be modest increases in gas production, with Juniper coming online. However, if increases in production are to be sustained, policy decisions are required to ensure that Trinidad and Tobago is competitive and able to attract investment capital.
Commenting on the significant discussions take have been taking place between the energy industry and government on thae new policy environment, the Chamber noted that a "clear detailed policy statements and actual changes to the taxation regime have not yet been forthcoming. "
"Our expectation is that these will be significantly advanced in the first few months of 2017."
"Competitiveness is not just important to attract investment capital in our energy sector, but is also vital if we are to diversify our exports and increase the flow of foreign currency into the economy.
"The Energy Chamber continues to see major opportunities to diversify our exports through the export of energy services.
"In 2016 we have been very active in securing opportunities for our companies in the emerging Guyanese oil industry, and we will continue to explore the opportunities in that new market actively in 2017.
The statement continued: "Reform of the industrial relations framework and the overall labour market is needed urgently. The Energy Chamber worked closely with our partner business associations in 2016 to develop clear proposals for a modern and progressive legislative framework, based on ILO principles, that will drive productivity and boost our competitiveness.
"We anticipate that these proposals will help shape the proposed new industrial relations and employment rights legislation that we expect to be introduced in Parliament during 2017."
The chamber said 2016 had been tough for the energy sector and 2017 is unlikely to be much better.
"However, we can change the key policy and legislative measures that are hampering the sustainable development of our economy and with these changes a bright future is still possible," the group said.