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TT Energy Ministry staff gets memo on gas data

 

 


By Rosemarie Sant

PORT SPAIN
Petroleumworld 05 03 2018

Energy Minister Franklin Khan has sent out a memo to staff instructing that no data be shared with rating or multilateral agencies without the approval of the Minister or Permanent Secretary.

All such information must be routed through the Minister and the Ministry of Finance.

Responding to questions from Opposition Senator Wade Mark yesterday, Khan again accepted responsibility for inaccurate data given to Standard and Poors and the International Monetary Fund (IMF) about gas production. He said the inaccurate data resulted in a change in the country's outlook from stable to negative.

Asked whether the rating could have been different had the correct data been provided, Khan said: “I cannot speak on behalf of the rating agency, it is their call. It may or may not have had the outcome of moving the outlook from stable to negative.”

He added: “I think if they had access to the new gas production forecast I would want to propose it may have had a positive effect on the outlook.”

On Sunday, Finance Minister Colm Imbert said the inaccurate estimates of gas production given by the Ministry of Energy to the IMF earlier this year bore no relationship to actual production figures. As a result, the IMF's projections of economic growth for T&T were lower.

Khan said the forecast “inadvertently provided” to S&P and the IMF was outdated and not the revised data which showed “new positive trends in gas production.” He said gas production in January was 3.9 billion cubic feet s day, the highest in three and a half years and Juniper is now producing at full capacity which is 450 million cubic feet a day.

The Shell and Starfish redevelopment will come on stream later this year, and bpTT Angellin's first production is expected in the fourth quarter of this year.

Petroleumworld.com

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Story by Rosemarie Sant from Trinidad & Tobago Guardian

guardian.co.tt
05 03 2018

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