Shell boss urges T&T to “diversify economy rapidly”

Derek Hudson, Country Manager - Shell Trinidad & Tobago

Shell’s country manager for Trinidad and Tobago, Derek Hudson, has said the Caribbean country’s offshore oil and gas exploration and production has “only scratched the surface” but the twin island republic must diversify its economy rapidly.

Speaking at the Institute of Marine Affairs (IMA) first public lecture to mark its 40th anniversary, Mr. Hudson mentioned the ‘blue economy’, which refers to production and consumption of goods and services from, in, of and back to the sea, as a potential area for diversification.

According to the Trinidad Express, Hudson said, “When we speak for a long time about the economic diversification of T&T and the progress that we have made in our coastal waters and marine areas, it’s something that we really, seriously need to look at, as we advance this economy going forward, and even from somebody who is in the energy sector today, (I say) Trinidad needs to diversify its economy and do so quite rapidly.”