Oil players in Trinidad & Tobago are urging changes to the government’s supplemental petroleum tax on oil production, which they say in its current form discourages investment and inhibits oil exploration.
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If Guyana is to experience sustained growth leading to the development of a worldclass energy industry that benefits the local economy, it is critical that a robust safety culture is embraced now. Imperative would be the adoption of safety systems and procedures that international operators consider basic to a safe and productive operation. Adherence to such systems would also give locally owned and operated contractors greater access to work in the sector, which will enhance local content development.
The energy sector has predominantly had more males than females in senior roles. This is a global phenomenon and is not unique to Trinidad and Tobago. The International Energy Association (IEA) stated in an article in 2018 that the energy sector remains one of the least gender-diverse sectors, despite recent efforts to promote and encourage women’s participation. The IEA article alludes to inclusion of all human resources for key drivers of innovative and inclusive solutions.
DeNovo moved from start-up, new upstream operator to Trinidad and Tobago’s first local natural gas producer in just under 3 years, delivering first gas from the Iguana field in Block 1(a) in November 2018. Founded in 2016 by Joel “Monty” Pemberton, DeNovo’s Iguana greenfield development involved drilling three production wells, installing a Sea Swift conductor supported platform, along with a 45 km offshore and onshore pipeline, and constructing an onshore Gas Processing Unit with a capacity to process up to 90 MMSCFD of natural gas.
The first few months of 2019 are set to be a busy time for deepwater exploration in Trinidad and Tobago, with BHP reportedly set to drill three wells to follow up its Bongos 2 discovery last year. The Bongos 2 well was drilled in BHP’s Trinidad and Tobago Deep Atlantic Area (TTDAA) Block 14, in deepwater east of Tobago. BP holds a non-operator share in the block. The wells will be drilled by the Deepwater Invictus drillship, which has been drilling for BHP in TTDAA and the Gulf of Mexico.
Once again, it is my distinct honour and pleasure to deliver the feature address at this the opening of 2019 Energy Conference and Trade Show hosted by the Energy Chamber of Trinidad and Tobago. I want to thank the organizers for the sterling effort dedicated towards organizing this very important event and for being so kind to invite me to address you. It is an opportune moment, coming soon after my nationwide broadcasts and public conversations with the nation, on the state of affairs of the economy of Trinidad and Tobago (T&T) and particularly, the contribution of the energy sector.
The first export of crude oil from Petrotrin was loaded onto the tanker Hellespont Progress on Tuesday 30th October 2018 and is listed as being destined for Panama on marine tracking websites. According to a press release from Petrotrin dated 1st November 2018, the tanker was loaded with approximately 500,000 barrels of crude oil which was purchased by Trafigura Oil Traders, one of the world’s major commodity traders.
The decline in Trinidad and Tobago’s liquefied natural gas (LNG) exports over the past few years, on the back of falling natural gas production, has seen big declines in the volume of exports to Argentina and Brazil. Volumes destined for Trinidad and Tobago’s other major markets, such as Chile, USA, Central America and the Caribbean have remained relatively robust.
Over 36 years after being discovered, the Iguana gas field in Block 1(a) is on track to begin production in 2018. Local drilling contractor, Well Services Petroleum Company Limited (Well Services), has announced the completion of a three-well development campaign for the Iguana field, which is owned and operated by DeNovo Energy Limited (DeNovo).