Tuesday, February 01, 2011

Ghana can learn from Trinidad & Tobago’s oil and gas success story

Page last updated at Sunday, January 30, 2011 14:14 PM 

The Caribbean island state of Trinidad and Tobago is a success story and good example of a developing country that has made the most from its oil and gas industry.

The country is among the world’s five leading exporters of natural gas and so, news about a joint oil venture between that country and Ghana is encouraging.

It is also the single largest supplier of liquid natural gas  (LNG) to the US, providing two-thirds of all LNG imported into the US since 2002.

Ghana can learn from Trinidad and Tobago and derive greater benefits from its oil and gas.

In 2009 a delegation arrived from Trinidad and Tobago to explore possibilities of getting opportunities in Ghana’s nascent oil and gas industry. Officials expressed the desire to share the country’s about 50 years in the oil and gas industry with Ghana.

The delegation emphasized the need for Ghana to involve local participation in the industry.

Trinidad and Tobago is reputed for making the best out of its oil and gas industry by taking over the gas sector and commercializing it.

It is said that when the oil companies producing oil said they weren’t ready to trap and process the gas, the country said it would not allow flaring. The country quickly built infrastructure near the production site, bottled the escaping natural gas as oil was being produced, bottled it and sold.

This is a valuable lesson Ghana can learn from Trinidad and Tobago.

Read the rest of the report here.

Source: Ghana Business News http://www.ghanabusinessnews.com/