New
energy incentives lauded
Newsday
Port Spain
Petroleumworldtt.com
08 26 07
ENERGY
consultant Anthony Paul yesterday said Government’s
plan to offer new fiscal incentives to energy
companies to encourage further energy
exploration was a step in the right direction.
Prime
Minister Patrick Manning signalled Government’s
intention to implement this new fiscal regime when
he presented the 2007/2008 Budget in Parliament
on Monday. The Prime Minister hinted that these
measures would be taken during last week’s
national energy consultations. Paul told Newsday
this was a welcome move but Government also needed
to exercise caution as it shapes this new regime.
He
reiterated Manning’s statement that the
findings of the 2006 Ryder Scott Audit on this
country’s energy reserves were no reason
for alarm and did not mean the country’s
natural gas reserves were running out.
Manning
explained that the reserves to production (RTP)
were never designed “to determine how
long oil and gas resources will last” and
this was underscored by many experts at the national
energy talks. Manning added that the RTP indicator
is a signal to increase oil exploration activity
and the time Government measures to achieve this.
Paul said in addition to reviewing the fiscal incentives,
Government should carefully assess the companies
being invited have the capabilities to find new
energy reserves.
Trinidad & Tobag Newsday
Friday, August 24 2007
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