Oil at 100
PORT SPAIN
Trinidad & Tobago Express
Petroleumworldtt.com
12 31 08
THE discovery of oil in commercial quantities at Point Fortin a century ago continues to be the basis for national celebrations, but more so in the Borough of Point Fortin.
Andrew Jupiter, Acting President of the National Energy Corporation described the historic event as one which "has transformed Point Fortin from coconut estates with a small population and no access roads to an oil hub of international repute."
In his historical address to members of the Point Fortin Chamber of Commerce outlining the development of the energy industry and the part played in the process by Point Fortin, Jupiter said, "Point Fortin has a tremendous history and over the years the borough has developed mainly due to the advent of the oil and gas industry."
Jupiter said that over the years there were significant changes in the industry starting with the discovery of pitch at La Brea by Sir Walter Raleigh in 1595.
Jupiter said it was people like Walter Darwent and John Lee Lum who brought the industry to the fore, but due recognition has to be paid to Randolph Rust who must be regarded as "The father of Trinidad oil industry."
Rust's early efforts had caused government to bring to Trinidad Cunningham-Craig, an eminent geologist to map the geology with the primary objective of locating oil fields.
The work of Cunningham-Craig was expanded following the arrival of Dr Hans Kuglar who had carried out extensive research in the geological formations of Trinidad.
Another local stalwart who broke new grounds in an industry that was dominated by foreign technocrats, was Walton James, who after many years in the energy industry was appointed the first local to hold the position of Managing Director of Trinidad Oil Company.
James, now on retirement, recalled "during my tenure at the industry things were different. I was involved in refining, but as MD I had to oversee all other operations including exploration and drilling."
James said, "I started working in the industry in the 1940's and had witnessed several changes in the operations from the time."
James said, "one of my proudest moments in the development of the energy sector was in 1974 when Shell Trinidad Limited handed over the Point Fortin refinery to the Government of Trinidad and Tobago."
He said that on that occasion the then Prime Minister Dr Eric Williams came to Point Fortin to deliver the Independence Day message to the nation as a mark of recognition for the advancement of the industry and the opportunity for a local takeover of the industry.
James was honoured for his contribution to the industry at a special function organised by the Chamber last week to mark the commemoration of Oil at 100.
On hand to deliver the feature address was Senator Conrad Enill who said "functions like these provide me with yet another platform to continue the discussion on the importance the Government is placing on the management of the country's resources and revenues generated predominantly from our oil and gas resources."
Enill said "although we need to focus on the impact of falling oil prices on our revenue base, there may be opportunities to capitalise on falling world prices on commodities for economic gain."
He said "the price of steel has fallen and this should result in a parallel drop in construction prices."
H also noted that "the fall in share prices could provide an excellent opportunity for likely investors willing to take the risk."
"Therefore, what could be a challenge for some could be an opportunity for others," Enill said.
Speaking about a World Bank Report on the state of the world economies, Enill said, the report stated, "Growth in developing countries had been expected to reach 6.4 per cent in 2009, but it has now been marked down to 4.5 per cent."
Enill said some developing countries will be hit much harder than the average in experiencing growth under the prevailing situation.
He said the economic meltdown would have an impact on the fight against poverty claiming that "coming on the heels of food and fuel price shock, the global crisis could significantly setback the fight against poverty."
He said "already 100 million people have been driven into poverty as a result of high food and fuel prices."
Francis Bertrand, President of the Chamber in his address said "our economy is still fundamentally strong and we shall have the capacity to absorb the present economic shocks."
He commended the Central Bank for its continued vigilance, but he warned, "we must be careful that the present high rate of interest does not only present an opportunity for banks to increase their profits and stifle the domestic demand."
"We must continue to stimulate our economy even while making necessary adjustments, as is presently done in Europe and North America," said Bertrand.
Story by Louis B Homer South Bureau
from Trinidad & Tobago Express
Trinidad & Tobago Express
Wednesday, December 10th 2008
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