Global credit ratings agency Standard and Poor’s has predicted a 2.6 per cent per capita GDP rise in Trinidad and Tobago for 2014 thanks to both recovering energy output and continued growth in the non-energy sector.
Energy Minister Kevin Ramnarine said he was “very pleased” with S&P’s “positive economic assessment”.
The report was published on December 24, 2013 and affirmed Trinidad and Tobago’s foreign and local currency credit rating as “A/A-1”.
“From late 2010 to 2013 the T&T energy sector experienced a series of planned maintenance events led by the country’s largest natural gas producer, BP. The Minister of Energy and Energy Affairs Kevin Ramnarine has communicated that these maintenance events are now largely behind us and 2014 is expected to be the best year for natural gas production since 2010,” the ministry said in its statement.
The S&P report was also positive on the ability of Trinidad and Tobago to attract new investment in its energy sector, noting changes in tax and other policies in recent years have encouraged more activity in the energy sector, (seen) in growing private-sector participation in recent onshore and offshore bidding rounds. As a result, official reserves of gas and oil-which had declined in recent years-may stabilise in the coming years.
The report also said that increasing exploration activities in the oil and gas sector in recent years should sustain energy production over the coming decade, contributing to economic growth.
“This view is consistent with the Ministry’s, which has noted that there are currently eight drilling rigs operating in our waters. This compares to one rig operating in our waters in June 2010. Looking forward, the year 2014 is scheduled to be one of the busiest for the energy sector in over 30 years. Altogether there are 14 exploration wells carded to be drilled by various companies in 2014. This will undoubtedly contribute to new discoveries of hydrocarbons which will sustain the prosperity of Trinidad and Tobago into the future,” the release said.