Trini companies ready to plug investments to help Guyana develop oil industry - Chamber President

Trini companies ready to plug investments to help Guyana develop oil industry – Chamber President

Jan 24, 2023 News

By Kiana Wilburg and Davina Bagot (reporting from Trinidad and Tobago)

Kaieteur News – Scores of Trinidadian companies are eyeing the rapid pace of oil and gas development here and are eager to leverage their technical capabilities and technology for mutual gains.

Delivering this message Monday morning was Chairman of the Energy Chamber for Trinidad and Tobago, Jerome Dookie. Dookie participated in the opening ceremony of Trinidad and Tobago’s Energy Conference being held at the Hyatt Hotel from January 23 to 25, 2023. The event, organised by the Chamber, is being observed under the theme: Navigating a complex energy future.

Chairman, T&T Energy Chamber, Jerome Dookie

The Chamber Chairman said there are a number of developments taking place globally and regionally that will be key to the future of the CARICOM member state. Dookie said the Chamber has taken note of positive developments in the conversations around regional integration. Of particular interest, he said, is the unprecedented growth of the oil industry in Guyana and the potential in Suriname and beyond.

With a significantly increased regional market for energy services, Dookie said there is now a much greater chance that Trinidadian firms can retain more value from investments within respective economies. With a bigger market, Dookie said services that had to be previously sourced from outside the region could now be hosted within the CARICOM single market. He said, “Investments in infrastructure, equipment and people to support the energy industry within the region will be to all our collective benefit.”

Speaking directly to President Irfaan Ali who was there to deliver an address, Dookie said, “There is significant capacity already here in T&T which is available to support the development of the industry in Guyana. Many of our members are looking to invest in Guyana to support the extremely exciting growth that is taking place, not just in oil and gas but in many other sectors as well.”

The Chairman also alluded that reliance on the economic growth is not all Trinidadian firms are doing, as he noted that a six point plan was submitted to the Government last year to improve overall production which has been in decline for some time. That plan in question included, Speeding-up approvals to bring gas to market faster; Fiscal reform to encourage upstream investment; Investment in decarbonization to ensure access to international markets; Diverting gas from electricity generation to petrochemicals and Liquified Natural Gas (LNG), though efficiency and renewables; focusing on small gas field developments; and securing access to imported pipeline gas, especially from Venezuela.

During the closing panel of that edition of the 2022 conference, Dookie said it was clear there was close alignment on these points between the Government and the industry, towards a common objective. The Chairman said too that there was also a shared sense of urgency in taking actions to achieve tangible results. “As we consider the theme of this conference – navigating a complex energy future – that push to move much faster must be a central priority. If we can reduce the time taken to approve new projects or to go from a bid round to the first exploration well and – if things work out – on to first gas, then we will create much higher value from our resources,” said Dookie. He categorically stated that such an approach would surely provide a direct benefit to the people of Trinidad & Tobago.

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Chairman, Chamber Chairman, Energy Chamber for Trinidad and Tobago, Jerome Dookie, T&T Energy Chamber

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