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Trinidad willing to share infrastructure, expertise to help Guyana, Region develop oil resources – PM Rowley tells Energy Conference
Kaieteur News – With over 100 years of experience in the oil and gas industry, Trinidad and Tobago stands able and willing to share its knowledge, expertise and infrastructure to help Guyana maximize the gains that can be had from its oil industry. This assurance was provided yesterday by T&T Prime Minister, Dr. Keith Rowley during the opening ceremony of the Guyana Energy Conference and Supply Chain Expo. This event, now in its third installment, is being held from February 19 to 22 under the theme: “Fuelling transformation and modernization.”
Trinidad and Tobago Prime Minister, Dr. Keith Rowley
In order to ensure energy security and combat the negative impacts of climate change, Prime Minister Rowley said it is imperative that regional stakeholders utilize their resources effectively, whether they be hydrocarbon or renewable. He said these can and should be done through collaborative efforts. “Only by working together can we attain our objectives of fostering productive and resilient economies in what promises to be an increasingly hostile business environment,” said the Prime Minister.
With the emergence of the Caribbean Region as a significant player in the hydrocarbon industry, Dr. Rowley said policy leaders are presented with a valuable opportunity to proactively utilize its combined knowledge and expertise in order to maximize future prospects. “By ensuring our region fully capitalizes on its resources, including human and mechanical, we can guarantee the alignment of energy and industrial transformation with collaborative economic strategies,” said Dr. Rowley.
Further to this, the Prime Minister was keen to note that oil and gas resources are wasting assets and therefore, it is imperative that efficient exploitation is undertaken to maximize their contribution to sustainable economic development. In the oil and gas sector, he underscored that collaboration is especially important due to the high cost and long lead times associated with oil and gas advancements. He reiterated that on this front, Trinidad stands ready to share its expertise, knowledge and infrastructure.
Dr. Rowley also told the energy conference that homeland has been able to boost its economy for decades by leveraging its oil and gas resources. Through this process, it has amassed significant knowledge that can result in cost savings for regional partners. He added, “…we have successfully maintained our position in an evolving energy market through the fostering of strong relations with upstream developers, downstream players and an energy services industry that is on par with those of developed petroleum economies.”
With increasing pressure on the oil industry from all quarters, Rowley reiterated once more that there is a need for collaboration for effective and efficient delivery. “It is a philosophy that we as a government and as an oil and gas producing country have taken on board. In our model Production Sharing Agreements, provision has been made for the sharing of energy infrastructure by approved operators, subject to appropriate arrangements…,” said the Prime Minister.
He said this spirit of collaboration is also evident in the Memoranda of Understanding (MoU) Trinidad and Tobago signed with Suriname and Guyana regarding energy cooperation.
Dr. Rowley also noted that unitization agreements have also been executed with the Governments of Venezuela, Barbados and Grenada which allow for the exploration of maritime boundaries shared with these nations.
By sharing knowledge, infrastructure, and fostering mutual support agreements, Dr. Rowley said Trinidad and Tobago and Guyana can exemplify how collaboration can lead to shared prosperity and resilience against the evolving challenges of the energy landscape.
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