Former Minister of Energy under the People’s Partnership, Kevin Ramnarine, has extended congratulations to Touchstone Exploration Inc. on their recent success in their Cascadura-1ST1 well, their second major drilling success for the year.
Kevin Ramnarine notes the Touchstone find is potentially the most significant discovery on land since the 2002 discovery of the Carapal Ridge, now known as Shell Central Block.
Former Energy Minister Kevin Ramnarine says statements by Finance Minister Colm Imbert regarding the fiscal incentives of 2014 and the tax revenue from the energy sector are totally wrong and misleading.
Ramnarine says the minister’s statements and his tone will erode investor confidence in T&T’s energy sector.
The former People Partnership minister says claims that the previous administration is responsible for T&T not getting corporation tax from oil and gas companies for the next seven years are false.
Former Energy Minister Kevin Ramnarine is denying that the National Gas Master Plan stalled under the People's Partnership Government.
Ramnarine said the plan was only finalised weeks before the change of government in 2015 and that it is the current government that is responsible for the delay in seeing it through.
Ramnarine issued the following statement on the matter:
"In November 2014, the Ministry of Energy retained Poten and Partners of the UK to develop a Gas Master Plan for Trinidad and Tobago.
Former Energy Minister Kevin Ramnarine says the decision by BpTT not to build the Angelin platform in La Brea, is not surprising.
He says delays as a result of industrial action contributed to it.
The former minister issued this statement on the matter today:
"BP's decision to not build the Angelin platform at La Brea is disappointing but should come as no surprise. There are two issues that led us to this point.
Firstly, the energy sector's ability to deliver projects has been severely impacted by industrial relations unrest and increasing red tape.