The Chief Executive Officer of the Energy Chamber says there is need for more investments and incentives in oil and gas exploration, if the industry is to survive.
According to Doctor Thackwary Driver, a radical change of approach is also needed to improve both efficiency, and the ease in doing business, given competition from other countries and from cheap shale gas.
He made the suggestion while speaking at a luncheon hosted by the Rotary Club of Port-of-Spain on Tuesday.
Doctor Driver also praised government’s move on the supplemental petroleum tax, and energy conservation.
However, former Government Minister, Conrad Enill, says new ways must be found to create more economic activity as well as lessen the state’s heavy reliance on the energy sector.
He gave the assessment while reflecting on Monday’s budget, presented by Finance Minister, Colm Imbert, in the House of Representatives.
Speaking on Power 102FM Mr. Enill cited why these two areas are very critical and must be carefully managed moving forward.
Meanwhile, Director of the Women’s Institute for Alternative Development, Folade Mutota, expressed concern over government’s focus when it comes to creating an environment for expansion and growth.
Ms. Mutota said it’s vital that governments be real with the people, explaining the economic situation and why certain decisions must be taken to ensure survival and expansion where possible.