BPTT says it will continue investing in this country, despite the downturn in energy prices.
BPTT's President, Norman Christie gave the assurance as he addressed the opening of the 2016 Energy Conference this morning.
The following is a media release by BPTT:
"BP Trinidad and Tobago (bpTT) is continuing to invest in Trinidad and Tobago despite the downturn in energy prices.
Prime Minister Dr Keith Rowley is calling on the energy sector to continue to put its shoulder to the wheel to help Trinidad and Tobago out of the current economic crisis.
Dr Rowley made the request as he addressed the start of the 2016 Energy Conference at the Hyatt Regency Hotel this morning.
The following is the Prime Minister's complete address:
The oil price has rebounded after falling below $28 a barrel as oil producers' group Opec predicted crude would mount a recovery this year.
Brent crude, used as an international benchmark, fell as low as $27.67 a barrel, its lowest since 2003, before recovering to trade at $28.86.
The price of US crude was $29.65 a barrel after hitting $28.36.
Investors fear the lifting of Western sanctions on Iran could worsen the existing oversupply problem.
Oil and gas giants, BP Trinidad and Tobago has announced that it will be making major cost adjustments as a result of the current economic climate but has stopped short of stating that it will be dimissing staff.
BPTT issued a statement today making the announcement.
The following is the statement by BPTT.
BHP Billiton has confirmed that ity is sending home staff. The company issued a statement this afternoon confirming the cuts.
The following is the statement from BHP Billiton.
"Today’s petroleum industry is facing extremely challenging market conditions, even by historical standards.
BHP Billiton is examining our current and future business needs to optimize both staffing and costs and make appropriate adjustments in its global Petroleum business. We remain committed to our ongoing operations while maintaining a platform for future growth opportunities.