The Energy Chamber of Trinidad and Tobago welcomes recent comments by Energy Minister, Dr. Roodal Moonilal, on the ease of doing business in the country’s energy sector.
In a statement, the Chamber acknowledged the Minister’s recognition of concerns raised by small land-based oil companies and their offshore counterparts over the competitiveness of the fiscal regime – a matter that Dr. Moonilal is prepared to address with careful consideration.
The energy body reaffirmed that it is willing to collaborate with the Ministry of Energy and other government entities on key areas. This includes boosting oil and gas production, improving the approvals process, and advancing fiscal reform.
The release further highlighted the Minister’s reference to a 2020 study commissioned by the Chamber, which found that reducing the time between bid rounds and first gas by one year could increase the net present value of a typical shallow-water offshore gas field by approximately US$120 million.
In short, the Chamber said streamlining approvals could lead to greater value for both the government and energy operators.