It is indeed good news that Repsol has discovered an oil reserve, estimated at 40 million barrels, in the waters off Trinidad’s south-east coast.
This new find will definitely arrest the decline in oil production which started in 2006. The country’s energy sector is a major driver of growth. Therefore, it is expect the economy will grow further as a result of this new discovery.
From my research, the economy is projected to maintain a positive momentum, with growth of 2.9 per cent forecasted in 2014 and up to 3.2 per cent in 2015. Today, our nation’s exports and foreign direct investments are at their highest levels than any other time in history.
T&T’s net foreign reserves have hit a record high. Data from Central bank show that net foreign reserves reached US$10.36 billion in April—the highest level ever—which equates to just over 12 months of import cover. These indicators definitely suggest our economy is being properly managed.
I must therefore acknowledge the good work of the People’s Partnership Government, through the sound leadership of Prime Minister Kamla Persad-Bissessar, for moving T&T from decline in 2010 to one of growth in 2014.