MP Lee calls on gov’t to give answers on Niquan and blames them for low oil production

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MP Lee calls on gov’t to give answers on Niquan and blames them for low oil production

Opposition MP, David Lee, said the PNM has driven oil production to the lowest since 1952.

Speaking at a UNC media briefing on Wednesday, Lee said: “For the last seven years we have warned this country that the government’s reduced exploration, their lack of incentives and reduced activity would harm the economic well-being of our nation.

“With production for 2022 at 58, 436 barrels per day, it means that despite all the big talk and empty promises from Minister Stuart Young, the last time production was this low was in 1952.
Minister Young and the government must stop blaming mature fields. The reality is they have done absolutely nothing to increase production.”

Lee said the figures for rig days and acreage drilled have plummeted in the seven years, showing fully well that this Government has sat lazily by, allowing production to slip for seven years”

The Pointe-a-Pierre MP also stated that taxpayers are entitled to accountability on Niquan because of the national concessions which Niquan Energy received from the state.

He said Young must tell the country if Niquan is producing low Sulphur fuel for the market successfully as promised or is their product off spec, meaning it is high in Sulphur, hence it is difficult to sell on the international market?

Lee said the government must tell the country, after all of the major concessions from the state, is Niquan actually offering value for money?

He added, “Given that the Government has 25 million worth of preference shares in Niquan, they must tell the population if Niquan has been operational for the last three months and has Niquan met its financial obligations/debts such as those owed to Republic Bank?”