News

Trinidad’s Moonilal: Benefits of BP Gas Discovery Will “Take Some Time”

By: Caribbean Journal Staff - November 26, 2012

Above: Housing and Marine Affairs Minister Roodal Moonilal

By the Caribbean Journal staff

The recently-announced discovery of 1 trillion cubic feet of gas by BP Trinidad and Tobago will provide a boost to the country’s economy — but it will take some time for that to happen, according to Housing, Land and Marine Affairs Minister Dr Roodal Moonilal.

The Minister was speaking during an event this week in St Madeleine.

“The expected income from the one trillion cubic feet of gas found in the Savonette field off Trinidad will benefit the country’s economic development by funding several social and infrastructural projects,” he said.

The government will also save some of the expected windfall, however.

“As you know, these things take some time before they get to market and revenue is earned,” he said. “The Ministry of Energy and energy industries will work with the partners in this area to ensure the economic benefits arrive sooner rather than later. I think it augurs well for our medium-to-long-term economic development.”

The find, which was announced last week, doubled the estimated gas at the Savonette field.

“We are extremely excited by the news of this gas find, and I understand it is one of the largest gas finds in history,” he said. “This is a great deal for Trinidad and Tobago’s economy.”

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