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Barbados BNOC's Hewitt: Chavez's Petrocaribe not helping, but creating debt
Guardian/Shirley Bahadur
Wayne Bertrand, president of operations at Petrotrin,
Ken Allum, general manager of marketing and Trading
with bpTT chairman and chief executive Robert Riley
Port Spain
Petroleumworld.com 12 11 07
Ron Hewitt, Barbados National Oil Company General Manager said on Monday, that Chavez's Petrocaribe is not helping Caribbean countries, but making their finances worst. " Petrocaribe is not helping at all to coup with the high oil prices, Caribbean countries are just running a large debt with Venezuela. "Petrocaribe is just a scheme to create an oil dependency from Venezuela, added Hewitt at the two-day Caribbean Energy conference at the Hilton Trinidad in Port Spain.
“It doesn't’t represent what we are looking for in Barbados. You have to pay part of the cost now and get a credit. That credit then goes onto your national debt. It’s not an asset; it’s a commodity.” Hewitt said.
The conference attended by 100 top executives, got off early Monday with Wayne Bertrand, Trinidad's Petrotrin, poising the question whether T&T had reached its peak in oil and gas production.
“ Could this then be a signal that T&T has reached its peak? If this is the case, there are serious implications for future revenue streams and also the pace of development of new gas based industries,” Bertrand said.While bpTT chairman and chief executive Robert Riley insisted that BPTT is in Trinidad & Tobago to stay for as long while but new incentives are necessary to produce all the oil & gas of country reservoirs.
Prof. Anthony Bryan, a senior associate at the CSIS in Washington, remained the audience once again that Petropolitics are in the Caribbean to stay with Chavez using oil as a political weapon.
Not unitization of the reservoirs can be execute, while Venezuela and Trinidad are not seen eye to eye in oil policies, he added.The conference will continue on Tuesday with a review of the exploration opportunities in Trinidad & Tobago by Helena Inniss King, Director of Management Division at the Ministry of Energy; the results of Jamaica's 2007 blocks, by Raymond Wright of Petroleum Corporation of Jamaica; among others issues.
Story by Elio Ohep from Petroleumworld
Petroleumworld 10 12 07
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