Speaking at the Society of Petroleum Engineer's Energy Conference at the Hyatt Regency on Monday, he said there are large amounts of oil and gas that need to be brought up to the surface.
"I have done the work and I can tell you that there are prospects for oil and gas out there that are huge and in time, we will find them but what we need to look at is the next year, two years, three years, five years to ensure that we do the correct things so that we get production back up."
He said this country can turn around its production levels using enhanced recovery methods.
"We can double production going forward. We produce three and a half billion barrels of oil. We can produce another three billion barrels. That is already in the ground. We don't need to discover all the rest of the oil. What we need to do is produce what we have in the ground by enhanced oil recovery."
Dr. Persad also said Government needs to look at the Supplemental Petroleum Tax.
"With oil prices below US$50 a barrel, SPT is zero, $50 a barrel and up, it kicks in to 18% onshore and more than double that offshore. That needs to be addressed and addressed quickly."
The Society of Petroleum Engineers Energy Conference 2016 continues on Tuesday and Wednesday.