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Chamber predicts surge in oil, gas exploration

STCIC president, Charles Percy

PORT SPAIN
Petroleumworldtt.com 02 12 2010

Exploration is high on the agenda for members of the South Trinidad Chamber of Industry and Commerce (STCIC) in 2010 and they will not be deterred by the high risk involved, said STCIC president, Charles Percy. He said there are “issues to be resolved” but the Chamber is confident that new opportunities will be realised when it comes to exploration. “The revised set of proposals released by the ministry of energy last week have bought us almost to the point where we need to be, in order to stimulate significant new exploration activity and investment in existing fields. There are still a few technical issues that we think should be addressed, but overall the picture is very positive,” Percy said. He was delivering welcoming remarks yesterday at the T&T Energy conference - Energy and Entrepreneurship held at the Hyatt Regency hotel on Wrightson Road in Port-of-Spain.

Referring to the delays in carrying out projects, Percy said the root of the problem is in the process of obtaining a Certificate of Environmental Clearance (CEC). He told stakeholders the delays chip away at his membership’s ability to compete. “While we endorse the objectives behind the CEC process, we have to question the extent to which the current system will be able to meet the objectives of the environmental management act, without simultaneously hurting our competitiveness and turning away business from our shores,” Percy said. He called for intervention. “We urge the Government to undertake this reform process as quickly as possible. Without it we are going to see many potentially profitable and beneficial investments crumble,” Percy said.

He said there will be challenges in the Energy sector locally which his membership will have to face in 2010. He said the main challenge is maintaining sustainability. “Over 85 per cent of our exports come from a handful of energy-based commodities and our challenge is to find other sustainable exports, ahead of the day when our hydro-carbon resources are finally depleted,” Percy said. Meanwhile Minister of Energy and Energy Industries, Conrad Enill responded to the statement by Percy claiming that delays are due to the long process required to obtain a CEC. Enill said the Government is making an effort to change the process to bring it in-line with what is considered relevant in the industry, so that companies can maintain their business competitiveness.

Storyby Nadaleen Singh from Trinidad Guardian

Trinidad Guardian
Wednesday, Jan. 26th 2010

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