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GEORGETOWN, Guyana, CMC -Trinidad and Tobago’s Energy Minister, Dr. Roodal Moonilal, says the new Kamla Persad-Bissessar administration in Port of Spain is intent on strengthening its partnership with Guyana and Suriname.
Moonilal is also suggesting that they should establish of a caucus of natural resources and energy ministers to ensure the region’s three major oil and gas producers can benefit from huge amounts of hydrocarbons.
Moonilal told a panel discussion at the Guyana Energy Conference & Supply Chain Expo, which is entering its third day on Friday, that he remains hopeful that Guyana can help revitalise Trinidad and Tobago’s oil refinery.
He spoke at the Ministerial Panel discussing “Regional Energy Security” alongside Suriname’s Minister of Oil, Gas, and Environment Patrick Brunings and Guyana’s Minister of Natural Resources, Vickram Bharrat.
“We were disappointed that over the years, a former administration may not have taken advantage and worked with the Government of Guyana to advance our mutual development,” Moonilal said, noting that the new Persad-Bissessar government is serious about this partnership with Guyana and Suriname.
One key focus is restarting operations at the state-owned Petrotrin refinery in south Trinidad that was closed down by the Keith Rowley administration after it indicated that the facility was in debt to billions of dollars (one TT dollar=US$0.16 cents).
The Persad-Bissessar has established a committee that is exploring the re-opening of the facility with foreign investments.
Moonilal said Trinidad is “encouraged” to work with Guyana and other stakeholders to reopen that facility which can process about 150,000 barrels of oil daily.
Moonilal said that the oil-producing countries of the Caribbean Community (CARICOM) should establish a caucus of natural resources and energy ministers to ensure the region’s three major oil and gas producers can benefit from huge amounts of hydrocarbons.
“I further propose that maybe the time has come that we institute some type of forum where our respective teams can meet more regularly to collaborate, to work together on investment policies, strategies, so we do not duplicate and indeed we are aware of what each other are doing in the Caribbean”.
Moonilal told the panel that he was “surprised” that such a ministerial forum did not exist previously.
Trinidad and Tobago was for almost 100 years the Caribbean’s lone big oil producer until Guyana’s entry, with production now at almost one million barrels of crude per day.
Suriname, a small onshore heavy oil producer, is expected to produce 220,000 barrels of crude from the offshore Gran Morgu project by 2028.
There are also huge gas prospects in an area straddling Guyana and Suriname.
Suriname’s Minister of Oil, Gas and the Environment, Patrick Loys Brunings later indicated that Paramaribo and Georgetown could sign a memorandum of understanding in another month to cover several aspects of joint gas production.
Brunings told the panel discussion that Trinidad and Tobago and Suriname could play a bigger role in supporting the transition from fossil fuel to renewable energy for the greater region. He said gas would play an important role in fuelling electricity and transportation
Bharrat told the panel that by this time next year, Guyana could be producing close to 1.2 million barrels of oil daily and the country’s rapid rise to become one of the fastest growing economies globally is not accidental but the result of bold, decisive and visionary leadership.
“Leadership is critical. Decision-making is very important. Making bold decisions is critical in developing any sector, more so a capital-intensive sector like oil and gas.”
He spoke of the passage of the Natural Resource Fund Act in 2021, which strengthened oversight of oil revenues through parliamentary approval, scrutiny by the Public Accounts Committee and audits by the Auditor General.
He said this ensures oil revenues can only flow into the national budget with parliamentary approval or, in the case of a national emergency, safeguarding the resources for present and future generations.
“We are developing our infrastructure and transforming our country while at the same time building a sovereign wealth fund,” he said, noting that many oil-producing countries established such funds decades after production began.
Bharrat also pointed to the Local Content Act as another major milestone. Despite initial concerns from some quarters that the legislation could deter investors, he said it has instead strengthened the sector by ensuring meaningful Guyanese participation.
At present, more than 1,200 local companies are registered to participate in the oil and gas industry, with thousands of Guyanese employed and trained in technical and professional roles.
“We do not want Guyanese to be bystanders in this sector. We want petroleum engineers, reservoir engineers and technicians managing and operating the industry,” he said, stressing also the importance of regional cooperation among Guyana, Suriname and Trinidad and Tobago to advance shared energy security goals.
“You invest in Guyana because there is predictability, there is stability, there is security for your investment, and you have a government that encourages and ensures that your investment is safe and worthwhile,” he said.
