Trinidad and Tobago's management of oil, gas business tickles Nigerian stakeholders

By Roseline Okere

TRINIDAD and Tobago's (T&T) cutting edge in oil and gas industry management came to the fore recently when a delegation of Petroleum Club Lagos (PCL) visited the country.
T&T, a country in the West Indies with about 1.3 million population, which currently has an income per capital of $14,000, higher than that of some countries in Eastern and Southern Europe, derives its economic strength mainly from value added initiatives in its petroleum business.

PCI Chairman, Dr. Imo Itsueli, who led other delegates of the club to Commonwealth Head of Governments meeting (CHOGM), which took place recently at the T&T capital, Port of Spain, said the country does not export any oil and gas in raw form as all hydrocarbon produced are processed into raw materials or finished products for export.

Itsueli said that PCI members, who were among the federal government delegation to CHOGM, were able to tap from the expertise of the country in the management of oil and gas industry. According to him, "Trinidad and Tobago is reputed to be the largest supplier of Liquefied Natural Gas to the United States. They are the largest producer of ethanol in the world and also one of the largest producers of methane and urea. They process and export their bitumen extensively."

 

According to Itsueli, the country, which started the journey of promoting its oil and gas industry over 30 years ago, has persisted and won the battle in defiance of the resistance of the major international oil companies. He said the country also ensured that its oil industry and the subsidiaries are managed by its nationals.

The PCI chairman said that some stakeholders in the oil and gas sector in the West Indies nation signified interest to invest in the Nigerian economy. He explained that the club, which is the pre-eminent institution that brings together the oil and gas industry's major players, was invited to represent the industry at the meeting, particularly at the Commonwealth Business Council Forum preceding the Head of Governments' meeting.

Itsueli disclosed that he, alongside the PCI Vice Chairman and Chairman, Sogenal Oil Limited, Funso Lawal, and Chairman, Tricontinental Oil Services Limited, Bintan Famutimi, represented the club.