I invested my money to hear Mr. Bob Dudley, Group Chief Executive, BP PLC, speak at the Energy Chamber Breakfast Presentation before the recent AGM. That was a great decision! His projection for global energy growth (36% by 2030, with natural gas being the fastest growing fuel) certainly caught my interest.
Mr. Dudley said that T&T’s LNG is ranked 6th in the world and is responsible for 17% of BP’s world production, and will not be blown away by USA shale gas. New technologies are unlocking reserves, discovered decades ago, but previously inaccessible. Encouraged by the potential of the Columbus Basin – offshore and onshore – BP is investing $6 billion in this country. He expects increased investment in exploration, encouraged by new and competitive tax incentives. Local maintenance work is showing increased efficiencies and safety, and production will be normalised by 2014. T&T’s model of using gas for downstream industries “punches above its weight” globally and other countries are examining what we do to apply to their own industries.
With regard to the hot topic of Local Content, Mr. Dudley assured us that BP’s policy is to use local content, but added that local companies should themselves be open to international business. He also commented that there are more Trinis working for BP globally than there are expats working for BP in Trinidad!
Afterwards, the Minister of Energy, the Honorable Kevin Ramnarine, mentioned the often quoted statement “when BP sneezes, Trinidad catches a cold”. Well, perhaps the converse is “When BP smiles, Trinidad laughs”. I know I am very happy!
