Aug 2009 Financial News

'Gas here to stay' Expert: 40 more years of reserves

Aug 12, 2009

Energy expert Trevor Boopsingh said yesterday that Trinidad, which is now primarily a gas-based economy, will likely enjoy more than 20 years more of the resource.

The chairman of Caribbean Energy Specialists, at the time the guest speaker at a meeting of the Rotary Club of Port of Spain, went on to say that he felt gas reserves could even last another 30 or 40 years.

"It's not going to run out," Boopsingh said, in his presentation entitled "100 years-from Onshore to Offshore".

"The gas is there for at least another 20 years... 30 to 40 years in my opinion. People think this is like the last boom but it isn't. A gas economy is more complicated, you can't look at it like an oil economy."

Also the author of Oil, Gas and Development -A View from the South, he said there was, however, need for better communication on the subject between the State and the public, as well as with the private business sector.

One of the issues that needs clarification, Boopsingh said, is the tax laws which were re-written in 2006 and are no longer suitable to the current, lower oil and gas prices.

Promises have been made for some time by the Government to address this issue, but the changes are not forthcoming, remarked Boopsingh.

Prior to these comments, Boopsingh, who is also the chairman of the Eastern Caribbean Gas Pipeline, said Prime Minister Patrick Manning was right in seeking business affiliations with West Africa.

"The prime minister has been talking, rightly, about business opportunities in West Africa," he said. "It's very valid. They have huge potential oilfields and gas reserves. And we are the little guy with the know-how."

Yesterday's meeting, held at Goodwill Industries, Wrightson Road, Port of Spain, was the first be held under new Port of Spain Rotary Club president Labib Najjar.

Article by: Kim Boodram
Source: Trinidad Express
http://www.trinidadexpress.com/index.pl/article_business?id=161516289
Date published: Wednesday, August 12th 2009