Do Oil Reserve Sales Portend Peak Oil?

Trinidad columnist Mary King asks why BP is selling its fields from Trinidad to the Caspian Sea.

Published: 28-Mar-2005

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The announcement that the fields in the East Coast Marine Area-Teak, Samaan and Poui-are for sale, has set off a flurry of demands that these assets should not fall again into foreign hands. The Editor of the Business Guardian is passionately adamant that we should retain these assets locally and calls on all of us to reject the current paradigm that T&T investors should be excluded from owning the commanding heights of the T&T economy.

David Renwick in the Business Guardian states that if the Ministry's policy is to encourage more local private sector ownership in the East Coast Marine Area, as it is supposed to do, then it should tacitly encourage local investors to get in on this act.

Dr Krishna Persad also welcomes the sale of these wells and suggests a format for the bidding such that the joint ventures would include companies with the required experience in mature fields together with 51 per cent local ownership (to me GOTT should not be involved).

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