Stronger relations with Venezuela may well provide an environment for future energy asset exploration and development that works to the advantage of both nations, but that will depend on the presence of a strong, sensible negotiating team that is ready to address Mr Maduro's concerns and interests and which is also capable of pressing for agreements that benefit both countries. ?
While there have been understandable concerns about T&T nationals being held under suspicion of terrorist activities in Venezuela, there are channels through which such discussions are happening and yesterday's national visit by Venezuelan President Nicholas Maduro was always unlikely to provide a suitable forum for such negotiations.
National Security Minister Carl Alfonso made his own position clear on the matter in a Guardian report yesterday, pointing out that it would be "improper" of him to raise the matter with the Venezuelan President unless he was given clear instructions to do so.
Indeed, the context of Mr Maduro's visit was partly an attempt by T&T's South American neighbour to solidify its relations with this country against a background of both nations suffering economic reversals as a result of the collapse of oil and natural gas prices globally since last November.
The Venezuelan President has been travelling with a purpose since the start of the year to manage the growing recession in his country. In January, he signed a US$20 billion deal with China in a trip that included strategic meetings with Iran and Qatar, two member countries in the Organisation of Petroleum Exporting Countries (OPEC).
Yesterday's visit by the Venezuelan president was occasioned by the signing of a new agreement on energy affairs as there is need for long overdue movement on the development of large deposits of exploitable assets that lie on the border between the south-western tip of T&T and Venezuela. But such developments will be slow to bring to fruition, and the immediate needs of Venezuela are pressing.
Mr Maduro was likely to be willing to discuss other agreements that will position both countries to take better advantage of their petroleum assets. T&T must be ready to follow up on such potential growth opportunities with a view to partnering effectively with our energy-producing neighbour, which is T&T's closest neighbour and with whom T&T shares a great deal of natural gas–the subject of the ongoing unitisation talks.
What's needed is a clear emphasis on reinforcing the shaky state of local energy income and growth strategies that address the reality of global petrochemical exploitation and development.
Stronger relations with Venezuela may well provide an environment for future energy asset exploration and development that works to the advantage of both nations, but that will depend on the presence of a strong, sensible negotiating team that is ready to address Mr Maduro's concerns and interests and which is also capable of pressing for agreements that benefit both countries.
Under no circumstances must T&T appear willing to undertake the PetroCaribe agreement as it now stands. While regional partnerships and cooperation should always be on the foreign affairs agenda, the sale of oil and gas assets should always proceed on the basis of profit, even if regional returns are reduced in the spirit of Caricom regionalism.
It bears noting that this year, for the first time since 2007, there will be no room in the budget, according to Finance Minister Larry Howai, to make a deposit to the Heritage and Stabilisation fund. There should be no other signal needed to point to the faltering ability of the local petroleum industry's capacity to maintain T&T's economic status quo than that.
There are certainly going to be opportunities to be explored as a result of Mr Maduro's visit, and T&T must offer its best minds to deliberate on them. This is a job for able technocrats, and the Government must prove itself willing to listen to sound advice that guides the future development of the petroleum industry.