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Lord
Browne
By
Yvonne Webb
Energy Giant BP International will invest a further $2.5 billion
in Trinidad over the next three years to develop this country’s
natural gas potential.
Lord John Browne, Group CEO, made the announcement at an energy
luncheon held in his honour at Paria Suites, La Romain yesterday.
Lord Browne, who is in Trinidad for two days, told an audience,
including Prime Minister Patrick Manning who extended the
invitation, Opposition Leader Basdeo Panday and several government
Ministers and energy players, “We intend to invest some
$2.5 billion over the next three years in addition to the
$9 billion we have invested over the last two decades.
“That
investment will create wealth directly and bring substantial
tax revenue, but also and equally importantly, it will provide
a base for the development of supporting businesses here in
TT.”
Lord Browne also committed US$10 million for the establishment
of the new University of T&T, and the planned development
there of high-quality research in science and technology.
Pointing out that gas will be a huge source of strength for
this country, Lord Browne said the education system is another
source of this country’s strength.
He said the potential of a country is embodied in the priority
given to education which is the key to sustainability.
Speaking about the economic effect trends in the international
market will have on T&T and opportunities available as
the demand for energy increases, Lord Browne said this country
had a bright future as a leader in natural gas production.
He said T&T is poised to play an important and positive
role in the world energy market in the foreseeable future
because of its stability and security in an uncertain world.
By 2015, T&T will be one of the six countries in the world
supplying 65 percent of the natural gas.
The other destinations are Russia, the Middle East, Africa,
Indonesia and Australia.
“Gas
production is set to rise. We see BP’s production here
in T&T rising from around 400 mboe/d to 550 mboe/d barrels
a day by 2008, and all the reserves, contracts and projects
are in place to accommodate that growth.”
Lord Browne also noted that following the completion of the
Atlantic LNG Train IV at the end of 2005, Atlantic would have
15 mmtpa of installed LNG capacity, with the potential for
a further fifth train in the future.
“We
are in the process of establishing the primary markets for
that LNG on the East Coast of the US and in the Dominican
Republic,” the BP CEO said.
He said he believes there is greater potential to come, hence
the reason BP intends to resume exploration drilling this
summer in the Columbus Basin.
The aim is to establish the basis for a further increase in
production beyond Train IV.
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