By Leiselle Maraj Thursday, August 13 2009

bpTT will be looking at increasing efficiency of its existing operations to ensure its strength and survival in the next few years.

Chairman of the energy company, Robert Riley, said yesterday that Government needs to lend its assistance in this effort through improvements in the infrastructure in the area around bpTT’s base of operations in Galeota and in a review of the tax regime.

Speaking at a media luncheon yesterday at bpTT’s offices at Queen’s Park Plaza, Port-of-Spain, Riley said the key to survival once world production increases in the next few years, when Europe, the Far East and the US facilities begin producing gas, is improving efficiency to ensure Trinidad remains competitive.

“While the Government is right in expressing the need to increase exploration, there is a need to get exploitation of existing resources up because the next ten years depends on the quality of production,” he said. Riley added while the company is doing its part to increase efficiency, government needs to look at improving the roadways in Galeota and providing adequate facilities to accommodate air and sea vessels. On the issue of taxation, Riley said Government needs to strike a balance to ensure they receive adequate funds but at the same time, ensure energy production can continue.

“We know there is need for more revenue but do not kill the golden goose,” he warned.

For the year, Riley said bpTT has been doing its best to get through the challenging times and for the first two quarters production actually increased. The company surpassed its target for the first and second quarters and has been able to hit its capital expenditure target of $240 million.