The Paris climate pledges submitted through the system of Intended Nationally Determined Contribution (INDC) action plans aim for global decarbonisation. The Trinidad & Tobago pledge includes the concept of a Caribbean Carbon Market (CCM) hosted by the Energy Chamber of Trinidad & Tobago. The market plan has been vetted by Bloomberg New Energy Finance and was showcased at its 2015 summit in New York City.
Trinidad and Tobago has been an iconic center for delivering hydrocarbons to the international market for several decades. Most recently it has been known for its production of LNG, Ammonia and Methane. Many of the challenges and concerns of late have been related to continuous gas supply, the increasingly competitive global market, and of course, low oil and gas commodity prices.
Earlier this year, the news came that Exxon Mobil had found oil offshore Guyana. It appears to be a major find. The news created a sense of euphoria among Guyanese. This discovery came during the tenure of the previous government and immediately, the then President Donald Ramotar arranged for a series of seminars to prepare the nation for the impact of an oil economy.
The likelihood of Trinidad and Tobago ever supplying liquefied natural gas (LNG) to Jamaica, as was mooted at one time, seems more and more remote and probably won't happen at all.
Speech delivered by The Hon. Nicole Olivierre, Minister of Energy and Energy Industries, Republic of Trinidad & Tobago. January 18th, 2016
Exxon has contracted the Stena Carron deep-water drillship to conduct their 2016 drilling campaign offshore Guyana.
There is a market for at least 3.5 million tonnes a year (mmty) of liquefied natural gas (LNG) in the Caribbean, one of the last regions in the world to be thinking of switching out of heavy fuel oil/diesel and into natural gas for power generation.
Exxon and their partners are fast tracking developments in Guyana.
Shell, Chevron lobby Congress
Hydrocarbon find by ExxonMobil a promising opportunity
More distant Cardon IV field favoured over closer blocks
Chamber impressed with slate of projects
Lower gas prices disrupt liquefaction projects
Trinidad a possible export destination for excess gas?
Excess gas could be destined for T&T, other markets
But plan is to diversify in the long term
Analysts estimate savings could be more than US$1 billion
ExxonMobil and its partners in the Stabroek block offshore Guyana have reportedly encountered hydrocarbons at the closely watched wildcat well on the Liza prospect.