T&T
oil reserves good - Manning
Prime
Minister Patrick Manning
By Yvonne Baboolal
Trinidad Guardian
Port
Spain
Petroleumworldtt.com
11 26 06
Prime
Minister Patrick Manning said yesterday that, contrary
to what many sought to portray, T&T is only
just beginning to explore the full potential of
its energy sector.
“Significant
areas are yet to be brought under exploration. We
have proven the critics wrong with the discovery
of the Angostura Fields in 2001. They have been
proven wrong again with the discovery of additional
reserves only a few weeks ago,” Manning said.
The
PM was addressing labour unions from all over the
world at the International Federation of Chemicals,
Energy and Mines (ICEM) conference, hosted by the
Oilfields Workers Trade Union (OWTU) at the Hilton
Trinidad yesterday.
He
added: “For countries rich in natural resources,
the key challenge is to avoid boom and bust cycles
associated with fluctuating energy prices.”
Giving
an insight into the international scenario, Manning
said the world consumes two barrels of oil for every
barrel discovered and has been finding less oil
than it had been using for some two decades now.
“This
raises concerns globally. And in T&T similar
concerns are being expressed,” he said.
But
he assured that the “objective reality”
is that the world has enough oil resources to last
for generations to come, and that these will fuel
world economic prosperity.
Giving
the T&T energy scenario, for those unaware,
the PM took them on a trip down memory lane to 1857
when oil drilling began in T&T and was discovered
in 1866.
“I
must tell you that way back then there was the fear
that the reserves will run out,” he noted.
But
he added: “Today our proven reserves stand
at 750 million barrels, our possible at 2700 million.”
Addressing
the cheering representatives of the host union as
my “comrades from the OWTU” he advised
president Errol McLeod that government was not squandering
the country’s energy revenues.
“We
have put aside $6.1 billion in the Heritage and
Stabilisation Fund and this has given T&T great
endurance. So be careful how you call the next strike,”
the PM said to laughter from the OTWU members.
Manning,
who in Parliament last week, avoided comment on
the double digit level of inflation admitted yesterday
that inflation was one of the country’s current
challenges.
“Here
in T&T, our current challenges include inflation
and poverty eradication,” he told the international
labour groups.
“Overcoming
these challenges is not separate from more fully
achieving our longstanding goals of democratic governance,
the development of human rights, economic growth
and social equity,” he assured.
The
PM indicated that Government’s attempt to
establish aluminium smelters in T&T was one
of the reasons why it was important that the chemicals
conference was being held in this country at this
time.
“The
Government is making an attempt to establish an
aluminium smelter. It is an initiative of the state
which has produced quite a lot of debate.
“In
the final analysis, the debate is likely to and
should open up into an equally important, though
far broader, dialogue concerning the future industrial
development of T&T.
“The
trade union must become involved,” Manning
urged.
On
the topic of labour, he said there has been an attempt
by some to project the administration which he leads
as anti-labour.
But
Government, in its search for closer ties with labour,
established a Labour Market Council in 2003, he
noted.
Manning
said the objective is to work with trade unions
and international organisations such as ICEM, among
others, to aid in the development of more appropriate
labour market policies.
The
Trinidad Guardian
Tuesday 28th November, 2006
Copyright
©2006 The Trinidad Guardian . All Rights Reserved.
