00:00Cementing the deal with ExxonMobil to commence exploration of Block TTUD1 is symbolic,
00:07assuts Prime Minister Kamala Passat-Bissassaw.
00:10Today, we also send a very clear message.
00:14Trinidad and Tobago's any sector is open for business.
00:18The award of the production-sharing contract with the American Multinational Oil and Gas Corporation
00:23marks the UNC government's 100th day in office.
00:28Trinidad and Tobago will not wait for the end of any energy age.
00:34We will lead the next chapter by innovating, investing and expanding into new frontiers.
00:41Today's sign-in underscores our government's commitment to strengthening national energy security
00:47and to unlocking the full value of our hydrocarbon resources.
00:53The Prime Minister describes it as positive for the country's development.
00:56After 22 years, ExxonMobil has come back to Trinidad and Tobago.
01:02They probably know something that we are going to find out very soon.
01:06And that's why she wants to ensure the benefit comes as soon as possible.
01:11Tell your peers and your team, give me 10 points.
01:17Share with me 10 points of how we can fast track this initiative.
01:21Because if we can do that, even if we have to go to Parliament and legislate from the old law of legal framework,
01:27let's do it and make this happen in the shortest possible time with Exxon.
01:31Passant Basasa listed some of the items which need to be addressed.
01:36We will maintain an attractive fiscal framework aligned to risk and reward,
01:45enhance operational efficiency across exploration and production,
01:50reduce production costs by enabling technology and logistics and streamline regulatory oversight without compromising standards.
02:01It's very important.
02:02So we'll have the guardrails, but we'll also have the progress that is to come.
02:06The PM went into detail about what is needed to not just enhance the Exxon deal,
02:13but to also facilitate other agreements, like recognizing and addressing bottlenecks,
02:18which affect the ease of doing business.
02:21Modernize licensing and approvals.
02:24Again, AG and the team, legally we need to look at that.
02:27Clarify legal frameworks, improve transparency at every stage of the value chain.
02:33With this approach, I fully expect today's ceremony to be the first of many such ceremonies.
02:40She also issued this public instruction to her energy ministers.
02:45Accelerate the responsible exploration of unexplored land and marine acreages.
02:52Continuously improve acreage award processes.
02:56And undertake a comprehensive review of the oil and gas taxation regime
03:01to ensure TNT remains an internationally competitive hydrocarbon province.
03:09After all, she says...
03:10Investment goes where it is welcome, and investment stays where it is well treated.
03:16Urvashi Tawari, Rupnarain, TV6 News.
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