When the Trinidad & Tobago Minister of Finance presented his national budget statement for fiscal 2022, much of the general public focused primarily on his promises to remove VAT on a range of food items, with social media attention somehow focusing on pigtail. For the country’s energy industry, however, the most important item was his promise that the government would shortly embark on a comprehensive reform of all elements of the oil and gas taxation. In subsequent public engagements he made it clear that this would be fast tracked and completed expeditiously.
HDF Energy has announced start of construction of CEOG (French Guiana), the world’s first baseload renewable energy power plant using hydrogen technology.
With Europe and Asia currently experiencing record high spot prices on imported LNG, there is a lot of interest whether these prices will find their way back to the wellhead price in Trinidad & Tobago and hence provide a much-needed boost to government revenue.
The international price of crude oil has been rising since the dramatic plunge in April 2020 when the world reeled from the global lockdowns and restricted movement of people. The destruction of demand happened suddenly and suppliers all over the world were considering drastic options since storage was running out for produced crude.
T&T has a well-established carbon reduction target of 15% by 2030 across multiple sectors including power generation, industry and transport. The energy sector has been taking leadership in these areas with the two largest natural gas producers, bp and Shell committing to developing two gridscale renewable energy projects (with delivery projected for 2022— subject to negotiations).
However, when it comes to incorporating renewables into upstream operations, DeNovo Energy and Trinity Exploration recently announced their intention to introduce low carbon technologies into their facilities.
During the reading of the National Budget 2021–2022 the Minister of Finance, the Honourable Colm Imbert, made a step forward in attempting to reduce emissions from the transport sector in T&T.
The Chairman, Board of Directors and Executive office of the Energy Chamber would like to express their deep gratitude to Eugene Tiah who recently retired as Executive Chairman, Energy and Industrial Gases Business Unit Massy Energy.
Despite the disruptions caused by the COVID pandemic, Trinidad & Tobago’s gas industry has managed to deliver some major new projects over the past two years, with BHP’s Ruby project, Shell’s Barracuda and bp Trinidad and Tobago’s (bpTT’s) Matapal project being the most recent projects to come online.
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DeNovo Energy Limited (DeNovo) today announced that the company has awarded the contract for the construction, installation, and commissioning of its Zandolie Platform in Block 1 (a) to local construction company, United Engineering Services Limited (UESL).
Leading energy logistics company Peterson is delighted to announce the award of a contract with energy company DeNovo Energy Limited (DeNovo) for the Zandolie Development Project. The Zandolie Field, located in Block 1A, will be DeNovo’s second field development project, with the first gas expected in the first half of 2022.
The Energy Chamber of Trinidad & Tobago welcomes the Minister of Finance’s commitment that the government will conduct a comprehensive review of our oil and gas taxation regime to ensure that we remain an internationally competitive hydrocarbon province. The Energy Chamber would welcome the opportunity to work closely with the government in this review process, that is vital to ensure the continued investment in upstream oil and gas production.
The National Energy Corporation of Trinidad and Tobago Limited (National Energy) signed a Memorandum of Understanding (MOU) with Methanex Trinidad Limited (Methanex) to conduct a feasibility study to explore the viability of methanol as an alternative fuel for transport in Trinidad and Tobago and the region.
“The first appraisal well at Keskesi was a substantial step-out designed to assess the southern extent of the feature,” said Tracey K. Henderson, APA’s senior vice president, Exploration. “This location had the potential to confirm a very large resource in place if connected to the reservoir sands in the discovery well. However, suitable reservoir quality sands were not developed in the Campanian target at the Keskesi South-1 location. Data gathered from the well will be used to calibrate our geologic model and inform the next steps for Keskesi appraisal.”
The Board of Directors of the Energy Chamber of Trinidad and Tobago expresses deep sadness over the sudden passing of Mr Christian Tom Yew.
Proman has welcomed the UK Government’s commitment to push for a world-leading absolute zero target for international shipping emissions by 2050.
bp Trinidad and Tobago LLC (bpTT) confirmed its Matapal project has safely achieved first gas. The major milestone was achieved ahead of schedule and under budget despite the constraints brought about by the COVID-19 pandemic.
Hess Corporation announced another oil discovery on the Stabroek Block offshore Guyana at Pinktail. The Pinktail well encountered 220 feet (67 meters) of net pay in high quality oil bearing sandstone reservoir. Pinktail is located approximately 21.7 miles (35 kilometers) southeast of the Liza Phase 1 development, which began production in December 2019, and 3.7 miles (6 kilometers) southeast of Yellowtail-1. Pinktail was drilled in 5,938 feet (1,810 meters) of water by the Noble Sam Croft.
Dev Sanyal, executive vice president Gas and Low Carbon Energy, bp - has emphasized bp’s commitment to the continued development of its Trinidad and Tobago business.
Sanyal had a virtual meeting with Minister of Energy and Energy Industries the Hon Stuart Young on Tuesday (Sept 7).
Transocean Ltd. (NYSE: RIG) announced that BOE Exploration & Production LLC (“BOE”) awarded Transocean a $252 million firm contract for its newbuild ultra-deepwater drillship, the Deepwater Atlas, including a mobilization fee of $30 million. Additionally, the contract provides for a significant performance bonus opportunity based upon agreed operating metrics.
