(Trinidad PM Keith Rowley, 4.Feb.2019) — Once again, it is my distinct honour and pleasure to deliver the feature address at this the opening of 2019 Energy Conference and Trade Show hosted by the Energy Chamber of Trinidad and Tobago. I want to thank the organizers for the sterling effort dedicated towards organizing this very important event and for being so kind to invite me to address you. It is an opportune moment, coming soon after my nationwide broadcasts and public conversations with the nation, on the state of affairs of the economy of Trinidad and Tobago (T&T) and particularly, the contribution of the energy sector.
The energy sector of T&T, notwithstanding its performance in the recent past, represents the industry best placed to achieve significant economic growth, not only within the sector but for the nation as a whole. However, as a small producer, Trinidad and Tobago’s energy sector is inextricably tied to the oscillating fortunes of the global oil and gas industry.
In its 2019 projections, the World Bank Group Global projected the slowdown in global economic growth to slow to 2.9 percent. This is set to have a negative impact on the global economy, including the oil and gas industry and by extension T&T’s energy sector. There appears to be no respite in the volatility of energy prices. With a projected oversupply in oil production, prices are likely to be subdued unless there is a significant cutback in production by the major producers. In the meantime, however, Henry Hub natural gas prices have remained at the 2018 levels.
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EDITOR’S NOTE: Excerpt is from a feature address at the Trinidad Hyatt Regency by Dr. The Honourable Keith Rowley, the Prime Minister of the Republic of Trinidad and Tobago at the 2019 Energy Conference & Trade Show of the Energy Chamber of Trinidad and Tobago.
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