US $10B IN ENERGY FDI FROM NOW TO 2027 SAYS YOUNG

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The Energy Minister says between now and 2027, the population  will see Direct Foreign Investment in the energy sector of over 10 billion U-S dollars that will also produce revenue for Trinidad and Tobago.  Stuart Young gave that optimistic outlook to the Standing Finance Committee of the House of Representatives on Tuesday.  Juhel Browne reports.

Transcript

00:00You've seen last week, Friday, a vessel setting off from Trinidad Shores to the Dragonfield

00:06to do the surveying so we can know where to lay the pipeline to bring the gas from Dragon

00:12to Trinidad and Tobago.

00:13So what we've seen in the energy sector is a resurgence, much investment, a good future

00:18being provided for Trinidad and Tobago.

00:21The optimistic outlook from Energy Minister Stuart Young as he made reference to the deal

00:25for the supply of natural gas from Venezuela's Dragonfield to Trinidad and Tobago as he appeared

00:31before the Standing Finance Committee of the House of Representatives as it examined the

00:362025 budgetary allocation to the Energy Ministry.

00:40On September 27th, three days before the Finance Minister read the budget statement in the

00:45House of Representatives, there was this statement from Prime Minister Dr Keith Rowley about progress

00:50being made with regard to the Dragonfield and another field of natural gas in Venezuela's

00:55waters, Manikin Coquino.

00:58So that gives us confidence that we will have a strong flow of gas coming from on the border

01:03and cross-border in the medium term.

01:07The period between now and 2027, second quarter, would be one of difficulty for the people

01:12of Trinidad and Tobago because the current levels at which we are producing and the market

01:19situation would cause us or should cause us to be responsible.

01:25The Prime Minister called on the population to quote, hold the fort with a very good view

01:30and good confidence that come 2027 we will be in a better position with this industry

01:36end quote.

01:38Energy Minister Young gave what appeared to be an updated position from the government

01:42at the Standing Finance Committee meeting on Tuesday.

01:45The country and in fact the global energy sector is in fact seeing all the pieces of

01:51the puzzle come together and I can say now to the population of Trinidad and Tobago that

01:56between now and 2027 they will see direct foreign investment in Trinidad and Tobago

02:03in the energy sector of over 10 billion US dollars and that that will also produce revenue

02:11for Trinidad and Tobago.

02:12Minister Young then spoke about developments in the global and local energy sectors in

02:17the government's 2024 financial year which ended on September 30th of this year and the

02:23beginning of its 2025 financial year on October 1st of this year.

02:28What we've seen in the last fiscal is the dragon, the coquina mannequin.

02:33We've seen in international energy news in fact in the last 48 hours the announcement

02:38of further investment in manatee by Shell with the various subcontracts.

02:44Manatee contains 2.7 trillion cubic feet of natural gas which is in Trinidad and Tobago's

02:48waters which was delinked from the Loran manatee field after negotiations between the government

02:53and Venezuela.

02:55The Standing Finance Committee approved the $675.2 million 2025 allocation to the Energy

03:03Ministry.

03:04Jule Brown, TV6 News.

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