IMF forecasts energy GDP dip for Trinidad

Energy sector GDP growth for Trinidad and Tobago is forecast to fall in the coming years, according to the IMF.

In a country report for the Caribbean nation, the multilateral institution attributes the drop to a fall in projected output due to depletion of existing fields and the timing of new projects coming onstream.

Nevertheless, the IMF expects that Trinidad's near-term growth will be led by natural gas production, but highlights continued challenges in the oil sector.

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The International Bank for Reconstruction and Development member adds that completion of ongoing reforms to the oil and gas tax regime would improve the sector's operating environment.

SURVEY

Trinidad and Tobago's energy chamber reported that 53% of energy service companies polled in its latest energy services sector survey indicated that the value of their business was down in the second quarter; 46% said that the volume of their business fell in the period.

"While there are indications in the upstream sector that the volume of work is set to increase, this is not reflected in the views of the service companies polled. One reason could be that there is a smaller group of companies that may be benefitting from the increased opportunities due to consolidation taking place," said the chamber.

DRONE CALL

Meanwhile, Trinidad's energy ministry issued a call for expressions of interest to supply an unmanned aerial vehicle.