(Trinidad Express) – Prime Minister Kamla Persad-Bissessar has told energy heads that the government remains committed to keeping employment levels up despite global issues with low crude oil prices.
“I indicated and I still hold to that, that we will try as far as possible to maintain the social safety net,” she said as she met representatives from 20 energy companies at the Parliament building in Port of Spain on Wednesday.
“The last thing we want is for everyone losing their jobs, falling out of work. I think that would bring a tremendous amount of not just social unrest, but a really terrible burden to bear for those who would be the ones most in need,” Persad-Bissessar added.
Her comments followed Petrotrin chairman Lindsay Gillette’s on Tuesday that the company was reviewing jobs of temporary and casual workers as it deals with falling oil prices.
Petrotrin has assured permanent staff will not be affected.
Noting that the price of oil dropped to US$47 a barrel on Wednesday, the Prime Minister urged energy executives to continue to work with government, especially as it plans the way forward for the natural gas sector over the next ten years.
She said there has been “encouraging” news in the energy sector as the government’s move to incentivize the upstream oil and natural gas sector has led to an increase in drilling.
“The impact of these have been quite good. We noticed and recorded an increase in foreign direct investment (FDI). In 2010 it was over US$500 million and from then to now we have gotten over US$6 billion in investment in the energy sector,” Persad-Bissessar said.
She added, “It is anticipated, and BP has a very important role to play in 2015, that we will see another US$2 billion in FDI in the sector so that is very encouraging as we have the challenges now.”
Among the companies attending the meeting were Petrotrin, Atlantic, BPTT, the National Gas Company, Repsol, Leni Gas and Oil, Methanex, BHPBilliton, Shell Trinidad, PCS Nitrogen, Tucker Energy Services, Range Resources, Trinity Exploration and Production, Massy Energy, British Gas, EOG Resources, Lennox Petroleum Services, Chevron Trinidad and Tobago, Centrica Energy and Well Services Petroleum.
Discussions, which were closed to the media, were led by Finance Minister Larry Howai, Energy Minister Kevin Ramnarine, Planning Minister Dr Bhoe Tewarie and Trade Minister Vasant Bharath.