Guardian ( Trinidad and Tobago )
25 January 2023 ( Page 12 )
A major boost for T&T
The news that the United States is now allowing T&T to develop Venezuelan
gas in the Dragon Field is a much welcomed achievement borne out of the
persistence and determination of the Government to make it happen
through extensive diplomacy.
Much maligned in recent times for the high crime rate and rising cost of
living, this is a high mark for the Dr Keith Rowley administration.
It is, however, only the beginning, as there are still some hurdles to
overcome, including how T&T and Venezuela will work out the benefits for
Venezuela in light of the announcement that cash will not be exchanged for
the gas T&T will be developing.
Therefore, while we are excited about the prospects, we note the need for
some patience before we see the gains from this.
By Dr Rowley’s own admittance, this is not a development that will see
immediate gains, certainly not in this calendar year.
The development of infrastructure to ensure the gas flows through a 17-mile
pipeline from the Dragon Field to the Point Lisas Industrial Estate will take
time.
That said, we are buoyed by the good news that the green light has come five
years after an agreement was signed with Venezuela to allow for the Dragon
Field partnership, and two years after it was halted due to sanctions
introduced by the Donald Trump regime.
The Government’s faith and courage to pursue the deal when all seemed lost
should be commended.
With the economy struggling to recover from the impact of the COVID-19
pandemic, Dr Rowley, in March last year, was sanguined that a “ray of hope”
existed because of his Government’s ongoing and persistent talks with highlevel United States officials.
Let’s not forget, the Government had gone so far as to pay lobbyists in
Washington to advocate on the country’s behalf and both Dr Rowley and
Energy Minister Stuart Young travelled several times to Washington for
direct negotiations.
Yesterday, Dr Rowley also credited other Caribbean leaders in the push
toward achieving this goal.
The region stands to benefit from this development too, as T&T strengthens
its position to supply more gas, thereby decreasing the region’s reliance on
energy resources from other countries, including Russia.
Regional leaders had also held extensive discussions with US Vice-President
Kamala Harris last year, with much of the discussions centred around
Caribbean energy security.
Although the full details of the agreement are still to unfold, it’s already
been announced that a portion of the gas developed from the Dragon Field
will be exported to Jamaica and the Dominican Republic.
We look forward to more of the fine details on how this licence agreement
will benefit T&T and the region.
Coming on the heels of Finance Minister Colm Imbert’s December 2022
announcement that T&T had registered its first fiscal surplus in 14 years, we
take heart that T&T is positioning itself further for a rise in investor
confidence that can hopefully see the restart of major sectors that went
dormant during the height of the pandemic period.
Dr Rowley’s promise in his New Year’s message of brighter days ahead, may
thus very well prove true.