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  • 3 months ago
It's official, Trinidad and Tobago's energy sector is open for business, this from Prime Minister Kamla Persad Bissessar who issued strict instructions to make the ease of doing energy business in T&T significantly easier.
Transcript
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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