By Sean Mattson
Trinidad’s tough-talking energy minister is powering change in the vital energy sector. Can he bolster production levels and help the sluggish economy?
The Caribbean’s top-rated sovereign is really
the tale of two countries. After smartly stashing energy
windfalls, Trinidad and Tobago was able to weather the global
economic crisis, but it now faces sluggish growth as it
struggles to diversify its energy-based economy, stem a crime
wave and bring greater transparency to government.
Key to bolstering economic growth will be the
government’s ability to get the energy sector back
on its feet after watching oil output slip to 100,000 barrels
per day, the lowest level seen in 54 years.
"The new minister of energy has been pushing to get further
investment…in deep drilling, which is capital intensive,
but the country will need to find new oil and gas," says Suresh
Maharaj, Citi’s managing director for its
corporate and investment bank business in the Caribbean and
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