Diversification
challenge on the radar
Port Spain
Petroleumworldtt.com
01 20 08
This year might very well become a crucial year for the future of the nation's
economy particularly in the context of Trinidad and Tobago's drive to achieve
so-called developed country status on or before 2020.
Being a country with a vibrant energy sector,
Trinidad and Tobago currently is enjoying substantial
revenue with international oil prices at record
levels averaging some US$100 per barrel and natural
gas rates at approximately US$8.50 per 1,000 cubic
feet.
Along with this energy bonanza, the Government
has accelerated the industrialisation of the country.
Additionally, the construction industry is booming
as the skyline of the nation's capital, Port of
Spain, rapidly is beginning to look like a typical
city in an industrialised nation.
However, a few days ago, Prime Minister Patrick
Manning reminded the nation that achieving developed
country status by 2020 would not be entirely possible
if Trinidad and Tobago's energy sector is not properly
diversified.
In his words, Manning said: "No
aspect of the achievement of becoming a developed
country
constitutes a simple process. And, hardly is this
anywhere more evident than in respect of meeting
the diversification challenge."
"Notwithstanding, for example,
our commitment to reducing our current level
of dependence on
the energy sector, a considerable part of our economic
diversification effort is still to be financed
by this sector, especially over the short and medium
terms This in itself necessitates ongoing development
of our energy sector and most certainly, a matter
of diversification of the sector."
All things being equal, Manning's reflections
point in the direction of far more aggressive exploration
activities this year to discover much-needed new
oil and gas reserves, thereby ensuring an extended
lifetime for the energy sector and as a result
meeting the urgent diversification challenge.
Story
from Trinidad Express
Trinidad
Express
Thursday, January 17th 2008
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