By Sue-Ann Wayow
THE announcement of a licence being granted to Trinidad and Tobago for the development of the Dragon field will not magically fix this country’s decimated energy sector as first gas from this project is years away.
The Opposition Shadow for the Ministry of Energy and Energy Industries David Lee said while the announcement offers potential in years to come, it does not change the vulnerable grim energy reality that this government has driven Trinidad and Tobago’s oil and gas production to its lowest in 18 years because they have failed to innovate the sector outside of the Dragon field.
Lee in a media release on Wednesday said, “This announcement offers little comfort when exploration and monetising of gas within our own borders continue to be a problem. The license for Dragon cannot take away that the Government has suppressed and decimated other avenues for increased gas production through its lack of innovation by failing to implement proper fiscal incentives which would drive production up.”
Trinidad and Tobago needed average 4.1 bcf of gas per day to meet its proper demand yet production was only at 2.8 bcf, Lee said.
“Dragon was not the key to meeting this demand. The key to this demand was increased innovation and creating an environment that encouraged more exploration,” he said.
Lee added that the Opposition has never criticised the Dragon gas deal but raised questions on the timeline of implementation back in 2017/ 2018 because Government highlighted it as the key to ending the gas shortage which was not possible.
With the unauthorisation of cash payments, the US has made it difficult for Trinidad to craft a deal with Caracas, which was also a concern.
Lee said, “This Government still doesn’t have an answer for more gas in the short or medium term as the Dragon field and all other major gas projects listed by them are years from first gas.”
