Transforming the T&T Natural Gas Industry: Maximising the Value Chain

Transforming the T&T Natural Gas Industry: Maximising the Value Chain

The Trinidad and Tobago energy sector finds itself at a very critical juncture requiring a mindset to navigate a difficult period to survive the long term. It was in this context that NGC provided its insights at this year’s Energy Conference. The contributions made by sector colleagues have undoubtedly bolstered the theme of “Maximizing Value Through Collaboration”, as the sector leverages synergies and partnerships for a successful 2018 and beyond.

Positive Staatsolie outlook

Positive Staatsolie outlook

Staatsolie is excited about their drilling prospects in 2018/2019. At the Trinidad and Tobago Energy Conference (Energy Conference), hosted by the Trinidad and Tobago Energy Chamber (Energy Chamber) in January, Rudolf Elias, Managing Director of Staatsolie, outlined the plans for the state-owned oil company for the upcoming year. 

U.S. aluminum and steel tariffs

U.S. aluminum and steel tariffs

The oil and gas industry in the United States has come out strongly against the steel and aluminum import tariffs introduced by President Donald Trump. On Thursday 8th March, President Trump signed into effect tariffs of 25 per cent on steel and 10 per cent on aluminum, a measure that was a campaign promise geared towards helping waning U.S. industries.

Minister visits Altamira, returns to talk with La Brea residents

Minister visits Altamira, returns to talk with La Brea residents

During the Trinidad and Tobago Energy Conference in January, BPTT announced that they would take a delegation of Trinidad and Tobago stakeholders to Altamira, Mexico where the Angelin platform is being fabricated. The delegation, including Senator the Honourable Franklin Khan, Minister of Energy and Energy Industries, visited the fabrication yard later that month.

T&T’s natural gas production shows first year-on-year increase since 2013

T&T’s natural gas production shows first year-on-year increase since 2013

Recently released figures from the Ministry of Energy and Energy Industries have confirmed that average gas production in 2017 was up slightly from the previous year. While the year-on-year increase in total production was just 1 per cent, it represents the first year-on-year increase in average production since 2013. 

Guyana planning for growth

Guyana planning for growth

I was impressed by the obvious passion and commitment from many different Guyanese stakeholders at the recently concluded GIPEX Conference in Georgetown. There is a clear, strong desire to get the development of the oil industry right and for the country not to squander the opportunities presented by the truly amazing exploration success enjoyed by Exxon and their partners. There was a lot of spirited discussion on policy and governance of the oil industry, including local content, revenue transparency, contract transparency, sovereign wealth funds and regulatory independence.

Ecopetrol earns profit of US$2.3b – Highest in four years

Ecopetrol earns profit of US$2.3b – Highest in four years

Over the past month, Petrotrin has been experiencing some significant restructuring and several of the top tier of management were asked to resign following the resignation of its president. While Petrotrin continues to suffer with financial constraints and struggles to find its footing in a new landscape, other state-run oil companies around the world have been seeing success. Colombian oil company, Ecopetrol, is one such company. 

Increasing local content and maximising the value of the energy sector

Increasing local content and maximising the value of the energy sector

The Energy Chamber of Trinidad and Tobago has commissioned a major study into the value added by the energy sector to the local economy. The preliminary results of the study were presented at the annual Trinidad and Tobago Energy Conference in January 2018 and showed that the sector adds significant value to the economy above and beyond direct taxation. Note, this does not mean we should ignore the value of tax return. Using 2016 as the base year, the study showed that the energy sector added four and a half times more overall value to the economy than if you only considered taxes paid to the government. 

Exxon forges ahead in Guyana

Exxon forges ahead in Guyana

With the first floating production storage and offloading (FPSO) for the Liza Phase 1 project under construction in Singapore, Exxon and its partners are not only far advanced in the approval process for a larger second FPSO for Liza Phase 2, but also actively considering a third FPSO for Guyana. 

Repsol awards Seadrill drilling work in Aruba

Repsol awards Seadrill drilling work in Aruba

Exploration in the Caribbean continues to pick up. This week it was announced that Repsol has awarded the drilling contractor Seadrill, for an ultra-deepwater drillship to be used offshore Aruba.

Energy Chamber urges caution around contract renegotiations

Energy Chamber urges caution around contract renegotiations

In any renegotiations, the Government must be mindful of our well-deserved reputation as a jurisdiction that fully respects commercial contracts.  We must ensure that this reputation is preserved or even strengthened in this process.

The principal communication failings of our businesses

The principal communication failings of our businesses

As a communications professional working in the local environment, I have had the opportunity to see some of our major businesses, in both the energy and non-energy sectors, respond to issues that adversely impact their business agenda or reputation. Usually, this call is a reactive one, following a crisis, but increasingly there are requests to help build or refresh the communications skills of the company's leadership for engaging with specific audiences (such as the media).

Achieving sustainability through public procurement: A utopian idea?

Achieving sustainability through public procurement: A utopian idea?

It has been three years since The Public Procurement and Disposal of Property Act No. 1 of 2015 was assented to, and July 31, 2018 would make it three years since its partial proclamation. An act intended to, among other things, repeal the Central Tenders Board Act and establish an Office of Procurement Regulation. 

The era of the storms

The era of the storms

Clean energy is a winning issue and Trinidad and Tobago should claim and own it. The wider Caribbean has always had hurricanes due to its geographical bearing, but storm intensity has increased in recent decades due to climate change. Climate change science has clarified the problem with fossil fuel emissions, it has educated people whose lives are being adversely impacted by fossil fuels, and will lead to sustained investment for Caribbean economies, if weaponised.

Energy Services Sector Survey Q4 2017

Energy Services Sector Survey Q4 2017

Despite an uptake in activity in 2018 with new drilling programmes coming on stream, local companies are not feeling optimistic about their business prospects. Service companies are also feeling a downward pressure on their margins from the operators despite an increase in commodity prices. This might be leading to the low levels of optimism still felt by service companies. 

Electric vehicles and oil price

Electric vehicles and oil price

In 2017, Trinidad and Tobago saw its first electric vehicle on the road. It was actually an electric bus which was made possible through a partnership with the University of Trinidad and Tobago, the European Union and the Ministry of Planning (formerly the Ministry of Environment). Recently, other electric vehicles have been launched.