Enill optimistic about energy prices
Trinidad Guardian
Energy Minister Conrad Enill
PORT SPAIN
Trinidad Guardian
Petroleumworldtt.com
12 31 08
Energy Minister Conrad Enill said yesterday that energy prices would recover once confidence is restored in the larger world economies. Enill made the comment in a speech at a signing ceremony for a production sharing contract (PSC) for Block 2 in the North Coast Marine Area (NCMA Block 2) held at the Hyatt-Regency Trinidad hotel, 1 Dock Road, Port-of-Spain. ONGC Mittal Energy Limited (OMEL), Petrotrin and the Government of T&T signed the contract.
“It continues to be our belief that once confidence is restored in some of the major economies that we would see a return of prices, not necessarily at $147 (a barrel) but certainly higher than what we are currently seeing,” Enill said. He said that despite global challenges, many international businesses still want to do business in T&T. “We must be aware that as the production costs decline and reports of falling production levels in regions such as Russia, Mexico and the North Sea, there may be greater challenges for the sector to attract the required investment that is needed to sustain the sector.
“T&T has been able to attract investments and OMEL, your presence here today is evidence of this reality,” he said. Enill said that Government was expected in the new year to introduce a new fiscal regime for PSCs, sign three PSCs, negotiate PSCs for three other exploration blocks and host a new bid round for five offshore blocks and another bid round involving deep water exploration.
Executive chairman of Petrotrin, Malcolm Jones, who also spoke at the ceremony, said Petrotrin would be 35 per cent partner with OMEL in Block NCMA 2. He said this fits into Petrotrin's strategic business plan of further diversification in the gas sector. “This is evidenced by ongoing projects such as the upgrades of our refinery and the construction of a gas-to-liquid plant,” he said.
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Trinidad Guardian
December 30th 2008
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