If T&T wants to continue attracting investment to facilitate the exploration of its oil and natural gas resources, it must ensure its fiscal regime remains competitive with other energy-producing countries, BP’s top global executive said yesterday. BP chairman and chief executive Tony Hayward made this point at a news conference at the Hilton Trinidad, St Ann’s, shortly after paying courtesy calls on Prime Minister Patrick Manning and Energy Minister Conrad Enill.
Hayward said if he could venture “two words of advice,” it would be that T&T should continue to make the most of its existing assets and infrastructure by maximising efficiency and it should “focus on attracting exploration activity to continue to lengthen the life of the energy industry.” “T&T has been successful in attracting exploration activity over the past 100 years. Flexible, competitive and stable fiscal terms are essential for continued exploration and energy investment.”
“We’re committed to continue an active exploration programme on the right terms that ensure there is a satisfactory balance between exploration risk and potential reward,” said Hayward. He said the fiscal regime for the new deep water blocks must reflect the high risk of exploration. The BP executive is one of the feature speakers at the Commonwealth Business Forum, which opens today.
