Geeklog Site

Trinidad and Tobago to go after oil and gas still in ground

Fri, 18 May 2012 16:00:57 -0400

The following is a transcript of most of the speech delivered by Minister of Energy and Energy Affairs Kevin Ramnarine last Friday at the Trinidad and Tobago Chamber of Industry and Commerce during a breakfast meeting with businesspeople at its Westmoorings headquarters.

MINISTER RAMNARINE

Many of us here today know that oil production has been in steady decline since 2006, not for a lack of oil but for a lack of development and for a lack of drilling."

Trinidad and Tobago, ladies and gentlemen, is not going to run out of oil any time soon, and as a former Saudi Minister of Energy once said, 'The stone age didn't end for lack of stones. The oil age will not end for lack of oil.' Putting aside our new discoveries, which were recently made and are of course welcome, there is simply a lot of oil left in the ground in South Trinidad.

Speaking on what he described as "the BP model" with which he was pleased, he said, The company has advised that they intend to reach 5,000 barrels of oil per day by the end of the year (2012) which would be a big leap from where they are right now about 1,500 barrels of oil per day. They also continue with their exploration programme. We all know what happened with their first exploration well. It was a success, and they are currently doing their second exploration well.

The BP model, and I say that in inverted commas, includes a 35 percent participation by Petrotrin and has worked well thus far. It is achieving results in Trinidad and Tobago in an area - that is the Galeota field - which was almost dead at one point in time. So they have really revitalized something that was left abandoned.

We are however aware that the key player in turning around oil production is Petrotrin itself. Petrotrin is central to increasing oil production. Petrotrin isn't perfect. In fact, no company is, and it does come with some challenges. The company is currently emerging from many challenges that beset it for the last decade.

Very soon, by the month of July, we need to close its gas optimization project and it's beginning to, of course, refocus itself on the upstream.

Let's examine Trinmar. In the period 2005 to 2010, the results at Trinmar were actually frightening. In these years at Trinmar, production collapsed by almost 35 percent. This was during a period when oil prices were high, and reached as high as US$148 per barrel in 2008. This followed two years, 2009 and 2010 when there was actually no drilling taking place in Trinmar. So that means zero wells drilled in 2009 and zero wells drilled in 2010. In the last year, with a refocused mandate, Petrotrin has engaged in a TT$700 million drilling programme to drill 21 wells in Trinmar acreage. This represents the first major investment by Petrotrin in Trinmar in several years. Arising out of that drilling programme the company has confirmed new oil reserves in an area surrounding what is known as Cluster 6, which is our famous Jubilee discovery of recent weeks. The company has also put in place plans for the long-awaited reactivation of the South West Soldado field. This project commences in the fourth quarter of 2012.

With regard to Trinmar, I wish to announce that the Ministry of Energy will be renewing Petrotrin's licence for Trinmar. It is our view at the Ministry that the company has demonstrated that it has a well-thought out strategy to increase oil production in Trinmar from where it is today at around 21,000 barrels per day to 35,000 barrels per day, and in my opinion, looking at the numbers, there is even more potential for further upside with regard to Trinmar. The Ministry has consulted the company. We have seen their plans. We have also consulted the (Oilfield Workers Trade) Union on this matter. So go forth and bring in the oil.

LEASE OPERATORS

Mention must also be made, as we are in a private sector setting, of the work being done by the Lease Operators and the Farmouts, and I wish to also state that the figures show that as of April 2012 - I track the figures religiously - the figures show that as of April 2012, last month production from the Lease Operators and the Farmouts is now 6,533 barrels of oil per day. This is the highest production they've ever recorded in the 22 year history of the Lease Operator Farmout programme. This programme has been an unmitigated success and it is a tribute in my opinion to the entrepreneurial spirit of citizens of Trinidad and Tobago.

There is normally, however here, while national oil production is in decline, trending down, production from the Lease Operators, if you look at the graphs side by side, production from the Lease Operators is going in the opposite direction. So the question here is: What is it that the Lease Operators are doing right, that we need to have more of?

The Lease Operators have also brought tremendous benefits to Southern Trinidad in particular, by stimulating employment, increasing the demand for services, increasing production of indigenous crude which has the carry on effect of presenting Petrotrin with a better margin in the refinery, as happens with indigenous crude.

NEW FRONTIERS

In the long term with respect to oil production, we believe that there are two new frontiers that have tremendous potential. These are the deeper horizons on land - something which we have been talking about for many years - and the deep waters of the North and East coasts of Trinidad and Tobago, and I stress "and Tobago" because Tobago is literally now surrounded by Blocks."

On land, the 3D seismic survey that was conducted by Petrotrin from 2010 to 2011 - these data that are currently being processed and we expect that prospect generation will begin by September 2012.

This survey covers an area of over 287 square kilometers stretching from La Romaine in the North to Erin in the South. Approximately 12,034 shots were fired in an 11 month period and I had the privilege of firing 500. I was not yet Minister, so hopefully that's a good thing.

The seismic survey will identify bypass oil within the currently producing horizon and a thorough drilling programme will be planned to go after these reserves in the short term. It is also hoped that the exploration target below the currently producing reservoirs will be identified and drilled in the short to medium term.

Finally, we hope that the reservoirs currently under steam injection will be identified and mapped so that existing (aspects) of the recovery project can be expanded. So there is a strategy around secondary recovery steam and CO2, and there is a strategy around developmental drilling on land, and we expect that campaign - almost a military-like campaign, Mr. Chairman (as he looked at Petrotrin Chairman Lindsay Gillette) to commence in 2013 on land.

The Ministry of Energy has also entered into discussions with Parex Resources to accelerate production in the recently discovered field in Moruga. The Ministry also meets regularly now with the Lease Operators and the Farmouts operators and the implemental service contract providers. We met with them in March, and we met with them in May, in an effort to deal with many of the administrative issues they are having that is holding back production.

The Ministry also plans to examine unutilised land that is currently held by Petrotrin with a view of holding at some point in time, later this year, a land-based bid round.

Land, ladies and gentlemen, currently produces 23,700 barrels of oil per day of which the Lease Operators contribute 32 percent.

With regard to deep water - and we define deep water as water in excess of 1,000 metres - we recently opened the fourth deep water bid round in the history of Trinidad and Tobago.

The first deep water bid round, as some of you all would recall, was held in 1998 when I was a student. I remember the excitement at that time over the first deep water bid round. That bid round attracted some big name companies, like Exxon, ACO, Bras Petro, and Shell in Blocks 25 (a), 25 (b), 26 and 27 in about 750 metres of water.

The exploration campaign that arose out of that 1998 deep water bid round, for which drilling was done in 2001-2002, failed to find hydrocarbons in commercial quantities but succeeded in proving the existence of a what we call a working hydrocarbon system.

A recent well drilled in Guyana discovered water but also concluded that there was a working hydrocarbon system.

In fact in the case of Block 25 (a), which was operated by Shell and another company, there was a small discovery of natural gas.

In 2006-2007, we made another attempt at deep water. Eight blocks were offered. There were many reasons why that bid round failed. There are many schools of thought. I wouldn't go into that this morning.

In February 2012, we launched our fourth deep water bid round and on April 5, it was gazetted, and therefore made legally bound, and we had a symbolic launch a few weeks ago.

In February of this year we conducted a roadshow to promote that bid round in Houston and in a one-and-a-half day period we received 27 companies who indicated interest in the deep water. As I noted, we received 20 nominations for the Blocks that we had put out, and based on those nominations, who selected the six Blocks which have now been put out.

It seems too that the recent discovery of oil in French Guiana has sparked interest in the entire basin, and this discovery in French Guiana was also based in deep water.

We processed our seismic data for the deep water at the Ministry and that improved technical confidence in the commercial properties of oil rigs.

This allowed for more accurate interpretation of these local exploration areas.

NATURAL GAS

With regard to natural gas - natural gas is a very topical thing - there's been a lot of commentary recently on natural gas reserves - and we have another Ryder-Scott report in progress and we have another presentation in June or July. Some of the commentary is informed but some of it is not informed, in fact, some of it is very misinformed.

Generally reporting on the energy sector has been disappointing in Trinidad and Tobago and maybe there's work to be done with the media to bring them up to speed.

Trinidad and Tobago on an annual basis, we present our reserves publicly. I don't know of any other country in the world that does that. If somebody knows of any other country that does that, please let me know, but I think it speaks well about our openness and transparency in the sector.

Our country has, based on the last Ryder Scott report - publish date December 2010 - a [] base of 21 trillion cubic feet of gas, a treaty reserve bas of 27 trillion cubit feet of gas, and exploration resources of 25.9 trillion cubic feet of natural gas.

"We should question therefore whether there is a need to restructure the natural gas industry in Trinidad and Tobago. I throw that question to you all today. The global gas business itself is undergoing a fundamental restructuring based on the shale gas phenomenon and based on the events that took place in Japan last year - the earthquake and tsunami.

We must now prepare for the reality of a world where the United States becomes an exporter of LNG and this is something that will form part of that (Energy) policy that we spoke about which is in draft form at the Ministry.

The Government as you know is currently in negotiations with SABIC and SINOPEC, two of the largest methanol companies in the world, and it should be noted that the proposed methanol-to-olefins, methanol-to-petrochemicals plant is a proposed investment of US$5.3 billion and the proposed plant will require natural gas in the year 2018, which is six years from now."

So the plant doesn't require gas from now, as is seeming to be suggested in the news. The plant will require natural gas in the future. This will give us adequate time to identify sufficient reserves.

The Government also expects to commence through the NEC the construction of facilities at Port Galeota, and I would just like to add that Port Galeota and Labidco have become very strategic, especially given the fact that there is now a nascent oil industry beginning to emerge in the Guianas - by Guianas I mean French Guiana; Dutch Guiana, which is Suriname; and British Guyana, which is the cooperative Republic of Guyana. So that Galeota Port could actually be a hub that would serve as a logistics base for that entire basin and we are also seeing a high level of subscription at Labidco for port and maritime services there.

HIGHWAY TO POINT FORTIN

Finally on the issue of the highway to Point Fortin, the highway to Point Fortin is critical to the plans for the development of the South West peninsula. The South West peninsula, as you know, is the cradle of the energy sector of Trinidad and Tobago. This is where the Pitch Lake is. This is where the first commercial oil was drilled.

The highway to Point Fortin will also allow for the reduction of the cost of doing business in the energy sector in that part of the country. We have in Point Fortin, the largest investment in the history of the Caribbean, which is Atlantic LNG, and there is no highway connecting that investment to the rest of the country. The highway to Point Fortin will also play a major role in the resurgence and revitalization of the oil industry because a lot of the seismics that were shot, were shot in that general area.

FORMER ENERGY MINISTER CONRAD ENILL:

The Minister has simply done what needed to be done at this point in time, and it is a natural continuation of the planning process.

A couple of years ago, the Board of Petrotrin was asked to put together a Strategic Plan for the next 10-15 years.

The first issue had to do with refinery issues resulting from GOP (gas, oil and petroleum) activity. The Minister has reported that that is going to be finished very shortly. There is no issue about quality of product.

The second issue had to do with the licensing, and Petrotrin could not have started on any long term project with short term leases. Therefore the Ministry had to make the determination before you could get into any exploration. That matter he has just dealt with, and therefore in that context, the strategy for exploration is a relevant strategy and it makes sense. So as far as that is concerned, that is OK.

There are issues around natural gas that he had to deal with, because while he is talking about the fact that in recognizing the revenue scheme, oil contributes more, oil price is what determines that, and you have no way of determining what that oil price is, so that at US$120 per barrel, that's great but at US$30 it's going to wipe the revenue off, so that there had to be a judicious mix between revenue based on predictable gas prices, although it's lower, rather than on high (oil) prices that have the ability to disappear overnight based on global issues, and that's the rift that I see in the strategy going forward.

BRAZIL

Responding to Ramnarine's claim that a number of important actions that should have been taken over the last six years were not taken under the previous Administration, while oil prices were very high, Enill said, "Well, I don't see it that way. At the end of the day, you can't do everything. You have to decide, at the particular point in time, basically what the strategy is.

The reason you couldn't do some of the things is that there was no capacity. In a high oil price environment exploration activity can be prohibitive. The other issue you have is that the field in Brazil - remember that Brazil discovered a significant amount of resources - was using up all the global resources. In those circumstances, you couldn't get resources, so if a decision could not have been made because of global capacity issues, I don't understand what the conversation is all about. It's a non-iss ...

TSTT's bmobile launches fastest smartphone in Trinidad and Tobago

Fri, 18 May 2012 15:00:00 -0400

Telecommunications Services of Trinidad and Tobago (TSTT) through its cellular network operator, bmobile, launched what promises to be the fastest smartphone in the country. The new smartphone, "Studio 5.3," is manufactured by BLU Products, which says it is the first Latin-owned mobile manufacturer and the fastest-growing in the region.

It was founded by two Latin American entrepreneurs Samuel Ohev-Zion and Luis Sosa who, after 16 years distributing mobile devices, recognized the consumer's readiness for change and their own ability to challenge and re-shape market dynamics. Under the name CT Miami, the businessmen have been distributing Motorola, Samsung and Sony Ericsson mobile phones, from its offices, and through its representatives in Miami, China, Colombia, Ecuador, Guatemala, Hong Kong, Mexico, Trinidad and Tobago and Venezuela.

The phone is called Studio 5.3 because it has a 5.3-inch high resolution liquid crystal display screen, making it the smartphone with the world's largest display.

TSTT Executive Vice President Lisa Agard praised the device on behalf of bmobile.

------------------------------------
CREDITS:

- Photo by CT Mi ...

Trinidad and Tobago's coalition Government to show strength

Fri, 18 May 2012 14:00:52 -0400

Trinidad and Tobago's coalition Government plans to put on a display of strength on the second anniversary of its election. The advertisement (above) to promote the event on Thursday at Mid Centre Mall in Chaguanas assures citizens that the partnership stands strong.

"Put it back in the warehouse, I ain't buyin it. Ain't nothin to celebrate, when people's basic human rights are still bring denied and our tax dollars being wasted. Get over yourself, UNC, you're not real leaders," said Vick Pundit of Chaguanas.

Chris Arshad Hosein, a fan of Prime Minister Kamla Persad-Bissessar from San Fernando, disagrees, "Some people think it easy to run a country. They feel country does run like an ice cream parlour. Think Again! You will never hear what the Government has done for the people. Trinis can never be satisfied. Two years and so much has been done yet people choose to be oblivious to all that's happening and instead adopt a 'gimme gimme' attitude. Give the people a chance! They are working!"

Another fan, Shahzad Khayyam said, "This is the first time so much work has been done in such a short space of time and continues to be done. Campaign was 'We will rise,' and it seems as though everyone has risen and now has 20 20 VISION, after being blind for the previous 10 - 20 - 30 - even 40 yrs."

The event is expected to be televised live on state-owned TV station CN ...

Government to build Ministry complex, UWI Open Campus in Chaguanas

Fri, 18 May 2012 13:00:25 -0400

Minister of Science, Technology and Tertiary Education Fazal Karim (at right in photo at right) will dedicate lands, and unveil the signage for the construction of both the MSTTE�s complex, and the University of the West Indies (UWI) Open Campus at Chaguanas today at 1:00 pm.

The event will be held at the two construction sites along the Narsaloo Ramaya Road, Chaguanas, mere metres from the world famous Divali Nagar site, Chaguanas' premier shopping mall Price Plaza, and the multi-cinema complex Movie Towne. The two adjacent construction sites can be seen from the south-north Uriah Butler Highway.

This is the second sod-turning ceremony for a UWI campus being conducted by the ruling People's Partnership Government. The first took place in the Penal Debe area where Prime Minister Kamla Persad-Bissessar (at left in photo at right) and UWI Principal Professor Clement Sankat promised Trinidad and Tobago's first full law faculty, eliminating the need for citizens to move to Barbados for two of the five years to complete their law degrees.

When completed, the two new complexes are expected to intensely increase vehicular traffic along the Narsaloo Ramaya Road, which will be much to chagrin of nearby upscale Lange Park residents, but much to the pleasure of businesses in the area. The Divali Nagar strip, as it is colloquially known, already clogs every year during weeklong Divali or Deepavali celebrations, usually in the October to December period. Nonetheless, businesses in the area will boom and the people of Chaguanas will be grateful for increased educational possibilities.

--------------------------------------------------------------
CREDITS:

- File photo of the Penal/Debe campus sod turning ceremony courtesy MS ...

La Reine Rive Semi-finals come off this weekend

Fri, 18 May 2012 11:03:30 -0400

For more than forty years, La Reine Rive has showcased talented queens from communities in Trinidad and Tobago. The Queen Show is one of the eight categories under the Ministry of Community Development�s Prime Minister�s Best Village Trophy Competition. The latest instalment of our country�s longest running Queen Show will take place on Saturday and Sunday, May 19 and 20, 2012, at the Naparima Bowl at 7 pm.

Fifty delegates will compete in areas of Talent and Self Expression. This weekend�s event will select 20 delegates who will participate in the finals of La Reine Rive this August.

The La Reine Rive pageant is open to young ladies between the ages of 16-25, all Village/Community Councils, Women�s Groups, Youth Groups, Sporting and Cultural Organizations. La Reine Rive has been instrumental in the development of these young ladies over the years and has been described as exciting, innovative and encourages productive activities for young women.

Contestants are trained in areas of poise, speech and talent which foster growth and present many opportunities for participants.

Since its inception in 1963, the Prime Minister�s Best Village Trophy Competition has played a pivotal role to community development. Its annual activities have contributed to the enhancement and preservation of nation�s culture. It aims at influencing individuals, groups and communities to work together.

The cost of admission to the event will be $20.00.

Ms La Reine Rive 2011, Ms Crystal Calbio,

PHOTO 1 CAPTION: (L-R) Ms Susan Corbett, Director of Community Development Division, Former Ms La Reine Rive 2010, the Honourable Nizam Baksh, Minister of Community Development, and Ms La Reine Rive, 2011 Ms Crystal Calb ...

Canada to invest $23.2M in Caribbean project

Fri, 18 May 2012 10:00:17 -0400

Canada will invest CDN$23.2 million in a Caribbean-based project, Trinidad and Tobago Prime Minister Kamla Persad-Bissessar announced in Belize on Wednesday. "The project would not have been possible without the generosity of the Canadian International Development Association (CIDA) who provided 23.2 million Canadian dollars to make CARILED a reality," she said at the launch of the programme in Belize.

The Prime Minister of the country where the Caribbean-based regional project office will be based said her Local Government Minister Chandresh Sharma "has already identified an initiative that is up-and-running in Trinidad and Tobago which would be an excellent fit for CARILED."

Funded by the Canadian International Development Agency (CIDA), CARILED is a six-year project, from 2012 to 2017, that aims to stimulate sustainable local economic development in the Caribbean region by providing local government authorities in the Caribbean with "the support they need to further create and sustain a supportive environment for micro, small and medium sized enterprises," the Federation of Canadian Municipalities says on its website.

Not another loan facility, CARILED will instead focus on helping to "strengthen the competencies of local government authorities in order for them to encourage and support existing businesses, attract new ventures, and put in place services, plans and strategies that meet their needs."

The following is the full address by the Trinidad and Tobago Prime Minister.

It�s hard to believe that it was only about a year ago in March, 2011 that I was in Cardiff, Wales speaking at the CLGF as the then Chair-in-Office of the Commonwealth.

At that meeting I expressed my hope that the Caribbean Local Economic Development (CARILED) programme would come to fruition as it was still in the early planning stages.

Today, just over a year later, I am pleased to say that it did indeed come to fruition and it is my honour to officially launch the CARILED programme.

I am also delighted that CARILED is a concrete expression of the policies agreed under the Cardiff Consensus for Local Economic Development which was formally endorsed by Commonwealth Heads of Government at CHOGM 2011 in Perth, Australia.

CARILED objectives

It is envisioned that this regional programme will promote local economic development across the Caribbean in several ways.

Firstly, it will build local capacities and competencies in the area of local economic development through pilot projects in six target countries.

It will also offer direct technical expertise and support to micro, small and medium enterprises in these target countries in order to revitalise and stimulate local economic growth.

Importantly, CARILED will also work towards developing and strengthening national policy and legislation relating to local economic development.

In this way, the programme will be able to identify best practices and learn how to deal with the challenges to local economic growth that are specific to this region.

These lessons learnt can later be shared with other Caribbean countries so that as a region we can learn together, and grow in socio-economic strength together.

Acknowledgement of CARILED partners

As we all know, the six-year CARILED programme will be implemented by the Federation of Canadian Municipalities (FCM) in partnership with the Caribbean Forum of Local Government Ministers (CFLGM), the Caribbean Association of Local Government Authorities (CALGA) and the CLGF.

The project would not have been possible without the generosity of the Canadian International Development Association (CIDA) who provided 23.2 million Canadian dollars to make CARILED a reality.

I�d like to take this opportunity to thank CIDA and all of the partnering organisations once more for their dedication in following through on this initiative.

Intra-Commonwealth collaboration

The realisation of CARILED clearly demonstrates what can be achieved through intra-Commonwealth cooperation and by harnessing the many opportunities afforded to us as Commonwealth member countries.

Collaborating with our fellow Commonwealth nations and engaging with the various Commonwealth agencies opens the doors to new possibilities for economic growth and development.

What we cannot do on our own, we can do together.

This is what it means to be part of the Commonwealth family.

CHOGM 2011 theme

The CARILED initiative is a concrete example of how Commonwealth agencies and nations can partner to achieve what was outlined in the CHOGM 2011 theme Building National Resilience, Building Global Resilience.

We are all aware of the detrimental impact of the global financial crisis on the Caribbean region.

The only sure path to recovery from the global recession is to focus on sustainable economic growth and development.

And how is this achieved? By focusing on stimulating our local economies, by motivating our MSMEs and by doing all that we can to facilitate entrepreneurship at the smallest level.

This is the task of local government.

This is how we will build national, regional and global resilience to withstand the fluctuations of today�s highly volatile economic climate.

Trinidad and Tobago support of CARILED

Having served as Chair-in-Office from 2010 to 2011 I was given a new appreciation of the vast potential of the Commonwealth in this respect. I saw the enthusiasm and dedication of the Commonwealth bodies.

I saw the many ways that my country could benefit if we seized the numerous opportunities the Commonwealth offers in terms of technical support and guidance.

Trinidad and Tobago is deeply invested in CARILED and my Government is committed to ensuring that the programme is effectively implemented through active partnerships with our local government bodies and my Ministry of Local Government.

As such, it is my distinct pleasure to announce that CARILED�s Caribbean-based regional project office will be in Trinidad and Tobago.

Along with Canada, other Caribbean countries and several Commonwealth partners, Trinidad and Tobago will also offer in-kind contributions to CARILED to facilitate its work over the six-year period.

CLGF Honorary Patronage

The CLGF has also recently bestowed upon me the honour of becoming a CLGF Honorary Patron together with the President of Uganda His Excellency Yoweri Museveni and UNDP Administrator the Right Honourable Helen Clark.

This is not only an honour for me, but also for Trinidad and Tobago. It will be a privilege to lend my support to the CLGF as a Patron.

I am pleased that in Perth, Commonwealth Heads recognised the need for closer cooperation between the Commonwealth Secretariat and key associated organisations like the CLGF.

This mandate needs to be built upon, particularly in the context of the Aberdeen principles on local democracy and good governance which are a core component of the 2009 Trinidad and Tobago Affirmation on Commonwealth Values.

I will do my utmost to fulfil this mandate by strengthening the CLGF�s presence in Trinidad and Tobago through initiatives such as:
- CARILED;
- the EU-supported ARIAL programme on local government capacity-building also initiated by the CLGF; and
- further regional initiatives which the CLGF is currently planning in cooperation with partners such as the IDB and UNDP.
- CARILED and the Regional Planning Programme in T&T

My Minister of Local Government the Honourable Chandresh Sharma has been mandated to engage with the CLGF wherever possible as my Government strives to fortify our local government structures throughout the country.

To this end, Minister Sharma has already identified an initiative that is up-and-running in Trinidad and Tobago which would be an excellent fit for CARILED.

It is Trinidad and Tobago�s Regional Planning Programme which aims to introduce a comprehensive and integrated approach to project identification, selection and implementation.

The Planning Programme�s primary objective is to develop municipal regions beyond the infrastructural level, based on the needs of the area and through the harnessing of the region�s natural assets.

Fourteen (14) Municipal Development Plans have already been successfully completed to guide project selection and implementation in each of the respective fourteen Municipal Corporations.

Partnership with CARILED would complement the Regional Planning Programme and aid in the execution of its activities.

I look forward to seeing this particular collaboration flourish and I have no doubt that there will be many more opportunities for such partnerships between CARILED and my Ministry of Local Government.

Value of local government

The overwhelming support for CARILED from my fellow CARICOM members and my own Government is evidence that we, as a region, have recognised the need for a new approach to protecting our economies and our citizens.

Local government, for a long time, has been considered an appendage to central government.

Thankfully, this misguided and detrimental attitude is now changing.

Governments are now acknowledging that building a resilient economy is much like building a house.

You must have a strong foundation or else it can all come crashing down.

Local economies are the bricks upon which strong, sustainable national economies are built.

Each community and municipal corporation represents an essential building block that must be supported and energised by local government bodies.

It is therefore critical that they receive the necessary provisions, financial, technical and otherwise, that will allow them to meet the needs of the people and facilitate local economic development.

It goes without saying that local government is at the heart of democracy.

It is government at the most accessible level and the surest way to gauge where and how central government may be falling short.

I for one have experienced first-hand the challenges that local government authorities face. I began my political career as a councillor in a Regional Corporation in a rural part of Trinidad.

So believe me, I know the difficulties.

But I have also seen is what local government can do for communities; how it can act as a driving force behind MSMEs and lead local economies to blossom.

So, once again, I would like to reaffirm Trinidad and Tobago�s commitment to strengthening local governance.

Follow through from CHOGM 2011

I would also like, once more, to congratulate the CLGF, its Secretary-General Mr. Carl Wright, and all of the partner organisations, particularly CIDA, for making CARILED a reality.

It should fill all of us with a sense of pride to see the Commonwealth as a dynamic and proactive organisation.

Just last October at CHOGM in Perth, Australia the CHOGM Communiqu� stated that there was a need to respond to citizens� needs at the most localised level.

Commonwealth Heads endorsed this view, supporting and upholding the importance of local government for advancing sustainable socio-economic development and growth.

With the launch of CARILED here today, the CLGF has shown that the Commonwealth is not about talk, but about action.

The need for a more localised approach to development was identified, and that need is now being met.

Conclusion

Some time ago I heard a quote by Mr. Henry Ford, the American auto magnate. It was simple and true, and really resonated with me.

He said, �Nothing is particularly hard if you divide it into small jobs.�

�Nothing is particularly hard if you divide it into small jobs.�

Ladies and gentlemen, this is what local government is all about: ensuring that we advance sustainable economic development is not hard if we invest in our local economies.

Start there.

Start with communities.

Start with MSMEs.

Start with Municipal bodies.

If we strengthen local government and stimulate our local economies, the broader task at hand will become that much easier.

We will build resilient and stable national and global economies.

We just have to focus on getting our foundation in order and on making sure that our building blocks are solid and in place.

And it is here that CARILED will prove indispensable; an invaluable tool in our efforts to bolster and stimulate local economies across the Caribbean.

Ladies and gentlemen, thank you and may God bless you.

--------------------------------------------------------------------
CREDITS:

- Photo 1 from the FCM

- Photo 2 from the Office of the Trinidad and Tobago Prime Minis ...

Community Development Fund re-opens Tobago office

Thu, 17 May 2012 15:23:39 -0400

�The Ministry of Community Development and the Community Development Fund (CDF) believe that the most effective way to alleviate poverty is to work with people in their communities � at the grassroots level.� This was the message from the Hon. Nizam Baksh, Minister of Community Development at the re-launch of the Community Development Fund�s (CDF) Tobago office.

The relaunch took place at the office�s new location � 2nd Floor Ansa McAl Building, Milford Road, Scarborough - on May 16, 2012. More than 50 representatives from the Tobago Agri Business Cooperation, the Women�s Federation Branch and Village Councils from Black Rock, Moriah and Calder Hall to name a few were in attendance.

Dr the Honourable Delmon Baker, Member of Parliament for Tobago West, was in high praise of the relaunch. �This is a step that would further enhance the landscape of Tobago. After not having a presence for two years it is good to have an office that understands the culture and peculiarities of Tobago.� Minister Baksh commended the staff of the CDF for the considerable work done in Tobago in spite of not having a physical office.

�CDF hosted the launch of the Bethel Enhancement Skills Training (BEST) Programme which trains young in skills like computer literacy, agriculture and culinary arts; completed extensive work with the Parlatuvier Village Council in developing a Community Development Action plan aimed at developing this area as an eco-destination and traditional cuisine centre and has trained more than 50 community activists who work with poor and disadvantaged communities in Leadership and Strategic Planning.�

Herold Gopaul, Programme Director, CDF stressed that the office will not simply send proposals to the CDF Head Office in Trinidad but will advise community-based groups and ensure that the best proposals are prepared to obtain funding.

The Community Development Fund is one of the agencies of the Ministry of Community Development that collaborates with Non-Governmental and Community-Based Organisations to alleviate poverty through funding and technical support for proposals.

Caption 1: (L-R) Donna Ferraz, Deputy Permanent Secretary, Ministry of Community Development; Margaret Farray, Permanent Secretary, Ministry of Community Development;
Hermia Tyson-Cuffie, Permanent Secretary, Ministry of Tobago Development look on while
the Hon. Nizam Baksh, Minister of Community Development and Dr. Delmon Baker, MP, Tobago West.

Caption 2:(L-R) Len Carrington, President of the Parlatuvier Village Council presents a calendar to the
Hon. Nizam Baksh, Minister of Community Development, Dr the Hon. Delmon Baker, MP, Tobago West
and Mrs Margaret Farray, Permanent Secretary Ministry of Community Development. . ...

TTSEC Chairman, GM attend Beijing securities conference

Wed, 16 May 2012 17:30:49 -0400

Securities regulators from across the world began gathering in Beijing, China on Sunday for the start of the 37th Annual International Organisation of Securities Commissions (IOSCO) Conference which ends on May 17, 2012. Trinidad and Tobago is represented at this conference by Professor Patrick Watson, Chairman of the Trinidad and Tobago Securities and Exchange Commission (TTSEC) and Norton Jack, General Counsel/General Manager of the TTSEC.

This conference, which is considered the world�s premier event for securities regulators, brings together regulators from over 100 jurisdictions and is comprised of private meetings and public sessions. As IOSCO�s Secretary General affirmed, �This annual conference is taking place in Beijing at a pivotal moment. We are seeing an important change � a move towards an increase in financing of the world economy by securities markets.�

As an ordinary member of IOSCO, the TTSEC representatives participated in:-

o Market Development Workshop on Developing Institutional Investor Base;
o Market Development Workshop on Developing Corporate Bond Market;
o President�s Committee meeting.

As the third representative of IOSCO�s Inter-American Regional Committee, the TTSEC�s representatives also participated in the following private sessions:

o Emerging Markets Committee Meeting;
o Inter-American Regional Committee Meeting;
o IOSCO Board Inaugural Meeting.

In addition to the main focal areas listed above, the following issues are also being discussed:

New Transitional Board

A transitional IOSCO Board was constituted to subsume the functions of the Technical Committee (TC), the Executive Committee (EC) and the Emerging Markets Committee. This merger aims to streamline IOSCO�s governance structure and decision-making process, helping position the organisation for a larger role in shaping the global framework for securities market regulation. Additionally, IOSCO re- affirmed its commitment to contribute to ongoing efforts in global regulatory reform.

Possible establishment of an IOSCO Foundation

To enhance the effectiveness of IOSCO�s new governance structure and strategic direction, IOSCO members explored the need for the establishment of a foundation which will treat with services to members, technical assistance, education, training and research on global securities market issues.

Enhancing Cross-Border Enforcement Cooperation/MMoU

IOSCO has adopted a resolution which will allow it to take tougher measures to encourage compliance by members who have not yet signed the Multilateral Memorandum of Understanding (MMoU). This MMoU, which is being hailed as the pre-eminent standard for international enforcement, cooperation and information sharing, is a tool used by securities regulators to help ensure effective global regulation and to preserve and strengthen securities markets around the globe. This new resolution is expected to assist non-signatories in overcoming the obstacles they often encounter in securing support from their governments for implementing the legal and regulatory changes required for compliance with the MMoU.

Trinidad and Tobago has already overcome most of its obstacles in this regard and will become a signatory to the MMoU once the new Securities Bill 2012 is passed in both Houses of Parliament before the end of 2012. The TTSEC has been working with the Ministry of Finance and its stakeholders to ensure that this revised Bill is acceptable and able to provide greater protection for investors and other market participants. This enhanced protection will be achieved through the implementation of improved disclosure and transparency procedures; more sophisticated market surveillance, enforcement and the promotion of regulatory cooperation at all levels.

The 38th Annual IOSCO Conference will take place in Luxembourg.

About IOSCO:

The International Organisation of Securities Commissions (IOSCO) is an association of entities that regulate the world�s securities, capital and futures markets. This association has members from over 100 countries, which regulate more than 90 % of the world�s securities markets and has a primary role of assisting its members to promote high standards of regulation. IOSCO acts as a forum for national regulators to cooperate with each other and other international organizations. IOSCO has a permanent secretariat in Madrid but meets at several locations worldwide during the year.

About the TTSEC:

The TTSEC, established by way of the Securities Industry Act of 1995, is responsible for maintaining oversight of the securities market and for ensuring that fairness, equity and transparency remain common values in the market place. Our vision as an organization is to be an effective regulator of the capital market in which stakeholders have confidence.

------------------------------------------
CREDITS:

- File photo of participants at a TTSEC ev ...

Trinidad and Tobago to strengthen diplomatic, trade presence in Panama

Wed, 16 May 2012 01:47:07 -0400

Trinidad and Tobago may establish a diplomatic mission in Panama, Prime Minister Kamla Persad-Bissessar (in photo at right) announced yesterday. Saying it would bolster "initiatives already in train to further enhance trade ties between both countries" the Prime Minister made the announcement one day after her meeting with Panamanian President Ricardo Martinelli (in photo at right) on Monday at the Diplomatic Centre in St Ann�s, Port of Spain. President Martinelli visited Trinidad and Tobago as a feature speaker of the Caribbean Investment Forum (CIF).

Following the plenary session of the CIF, in which the Prime Minister and the President participated, the two leaders met to discuss issues aimed at strengthening bilateral relations, the Office of the Prime Minister said in a release.

"Both leaders discussed the Partial Scope Agreement between Panama and Trinidad and Tobago, and Prime Minister Persad-Bissessar indicated her intention to raise this issue with CARICOM Leaders and this could happen as early as next week in Barbados," the release said.

Already, Trinidad and Tobago has assured Panama of a supply of propane and butane, the statement said. Trinidad and Tobago will also facilitate the commencement of direct sales of butane and propane at market prices and under standard commercial terms to Panama by May 2013.

In addition, the Panamanian Government has assured its assistance to Petrotrin and to the National Petroleum Marketing Company (NPMC) to secure free zone permits for oil, licenses and permissions to establish bunkering operations in Panama this year.

The release said President Martinelli encouraged Trinidad and Tobago to establish an embassy in Panama, prompting the Prime Minister to instruct Foreign Affairs and Communications Minister Dr Suruj Rambachan "to report on the feasibility of a Consul-General�s Office or an Embassy in Panama."

The President was quoted as saying, �Panama is the place to be. Connectivity is what is there."

Foreign Affairs and Communications Minister Dr Surujrattan Rambachan, Trade and Industry Minister Stephen Cadiz, Energy and Energy Affairs Minister Kevin Ramnarine, Transport Minister Devant Maharaj, Petrotrin Chairman Lindsay Gillette, Lake Asphalt CEO Deonarine Sarabjit and Caribbean Airlines Chairman Rabindra Moonan also attended the bilateral meeting.

From left, Organisation of American States (OAS) Assistant Secretary General (ASG) Ambassador Albert Ramdin, Trinidad and Tobago Prime Minister Kamla Persad-Bissessar and Advisor to the OAS ASG Shelly Dass prepare to walk at a reception for delegates at the Caribbean Investment Forum on Monday evening.

------------------------------------------------------
CREDITS:

- Photos courtesy the Office of the Prime Ministe ...

Community Development Minister to re-open CDF office in Tobago

Tue, 15 May 2012 15:25:45 -0400

The Honourable, Nizam Baksh (left), Minister of Community Development, will formally re-open the Community Development Fund (CDF) Office in Tobago, 2nd Floor, ANSA Mc Al Building, Milford Road, Scarborough on Wednesday, May 16, 2012 at 9:00 am. The Minister will deliver the feature address to commission the Office.

The CDF is one of the agencies under the Ministry of Community Development which works to eradicate poverty in Trinidad and Tobago. Through its programmes and services, the CDF partners with various Non-Governmental Organisations, Community Based Organisations and Faith Based Organisations to develop infrastructural projects and social services.

Some of the programmes offered by the CDF include:-

- The Basket of Funding Programmes

- The Community Enhancement and Regeneration Programme (CERP)

- The Community Volunteer Programme.

The re-opening will take place on the basis that the number of community groups in Tobago is increasing, making the demand for project financing greater, and justifying a re-launch of the Tobago office.

Also attending the event will be the Honorable Vernella Alleyne-Toppin, Minister of Tobago Development; Dr. Delmon Baker, Minister in the Ministry of Finance; Mrs Margaret Farray, Permanent Secretary, Ministry of Community Development; Mrs Hermia Tyson-Cuffie, Permanent Secretary, Ministry of Tobago Development; Representatives from Community/Village Councils and the Association of Village/Community Councils; Tobago NGOs, CBOs, FBOs and other civil society organizations.

------------------------------------------------------
CREDITS:

- Story and photo courtesy the Ministry of Community Developm ...