CARICHAM, the Network of Caribbean Chambers of Commerce, elected Dr. Thackwray “Dax” Driver, President & Chief Executive Officer (CEO) of the Energy Chamber of Trinidad and Tobago as its new Chairperson and Mr. Andrew Satney, Executive Director (ED) of the St Kitts & Nevis Chamber of Commerce as its new Vice-Chair at its first Annual General Meeting (AGM) held on June 29th, 2020. They succeed Ms. Lizra Fabien, ED of the Dominica Association of Industry & Commerce and Mr. Trevor Fearon, former CEO of the Jamaica Chamber of Commerce who functioned as Chair and Vice-Chair during the Network’s first year of operations.
Touchstone has announced very encouraging results from their latest round of testing on the Cascadura-1ST1 reservoir. According to the company, gas analysis indicated sweet, liquids-rich natural gas with no hydrogen sulfide and no entrained water.
Our ambition is to be a net zero company by 2050 or sooner, and to help the world get to net zero. This means tackling around 415 million tonnes of emissions – 55 million from our operations and 360 million tonnes from the carbon content of our upstream oil and gas production. Importantly, these are absolute reductions to net zero, which is what the world needs most of all. We are also aiming to cut the carbon intensity of the products we sell by 50% by 2050 or sooner.
The Energy Chamber conducted a survey among signatories to understand their actions and steps taken toward becoming more energy efficient.
According to those surveyed, 95% of the companies indicated that they have attempted to reduce the use of natural resources and electricity in their operations and over 70% of respondents report that they have examined the possibility of including renewable energy sources in their operations.
Since 2010, the energy sector in Trinidad and Tobago has suffered from natural gas curtailments which have caused problems for the LNG industry and the petrochemical industry at Point Lisas. However, according to the Managing Director of the new private local enterprise, NewGen Energy Limited (NewGen), Philip Julien, “it might be helpful to reframe the challenge – the curtailments really mean that Point Lisas is actually suffering from a shortage of hydrogen – the essential input for ammonia and methanol production which is sourced from natural gas.”
Bahamas Petroleum Company (BPC) and Columbus energy have announced an all share merger. The merger will create a ‘Caribbean and Atlantic margin-focused oil and gas champion’, BPC told investors.
The local and international energy sector continues to grapple with the effects of COVID-19. This pandemic has implications not only for the health and well-being of individuals but also for risk management and the continued safe operations of energy companies. This new dynamic makes the updating of response guidelines essential as companies globally strive to manage the new risks as well as continue to operate safely in the new normal. NGC and the Centre for Chemical Process Safety (CCPS) have therefore partnered to produce updated response guidelines and insights to assist companies across the world to manage new risks and continue operating safely.
Last year, bp Trinidad and Tobago (bpTT) paid the government over TT$2.3b in taxes. This according to the recently released report on payments to governments for the year ending December 31st 2019. bpTT is the largest natural gas producer in Trinidad and Tobago.
Maersk Drilling has secured a contract for the semi-submersible rig Mærsk Developer which will be employed by PETRONAS Suriname Exploration & Production B.V. for a one-well exploration campaign in Block 52 offshore Suriname. The contract is expected to commence in Q3/Q4 2020, with an estimated duration of 75 days. The value of the firm contract is approximately USD 20.4m, including integrated drilling services, mobilisation and demobilisation fees. The contract includes an additional one-well option.
According to a press release, bp announced that it has agreed to sell its global petrochemicals business to INEOS for a total consideration of $5 billion, subject to customary adjustments. The sale includes bp’s 36.9% stake in the Atlas methanol plant in Trinidad.
Two grid-scale solar power projects to be constructed in Trinidad will deliver electricity at prices on par with the current average cost of electricity generated from natural gas, according to Trinidad & Tobago’s Prime Minister, Dr Keith Rowley, talking at day one the Energy Chamber's Energy Efficiency and Renewables Conference 2020.
bp Australia announced a feasibility study into an export-scale renewable hydrogen production facility in Western Australia.
The extensive study will help bp and the energy sector better understand the possibilities of using hydrogen to export renewable energy at scale.
Hydrogen is one of the most abundant elements in the universe and according to major energy players, it could play a significant role in the transition to a clean and lowcarbon energy system. Bloomberg has said in a special report that the falling cost of making hydrogen from wind and solar power could cut greenhouse gas emissions by 34% in fossil fuel dependent sectors of the economy, such as steel, heavy-duty vehicles, shipping and cement.
bpTT and the Rose Foundation have impacted just over 700 families through food banks organized throughout the country.
Touchstone Exploration Ltd. has entered into escrow arrangements for a US$20 million, seven-year term loan agreement with Republic Bank Limited, as initial lender, arranger and administrative agent. The Term Loan was arranged exclusively by the Corporate and Investment Banking Division of Republic Bank.
The Bahamas Petroleum Company (BPC) has announced that it has entered into a definitive contract with Stena Drilling for provision of a drilling rig as soon as Q4 2020.
According to a release from the company, “Over the last couple of months, the Proman family of companies has established partnerships with the Ministry of Health, local vegetable produce farmers, supermarkets and relief agencies as part of a package of measures to support nationwide COVID-19 relief efforts. “
Methanol Holdings Trinidad Limited (MHTL) has idled its M2 methanol plant in Trinidad (temporarily).
Aquaterra Energy has been awarded the Front End Engineering and Design (FEED) contract by DeNovo Energy for the Zandolie field located off of the west coast of Trinidad and Tobago.
