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Touchstone announces light oil discovery in first of three Royston-1 tests

Touchstone announces light oil discovery in first of three Royston-1 tests

Touchstone Exploration announced the results of the first of three planned production tests at the Royston-1 exploration well which has confirmed a light oil discovery in the lowermost section of the well. The section tested was initially designed to establish the base of potential hydrocarbon, and this light oil discovery represents a new pool which has not been encountered in any of the regional offsetting wells.

Prime Minister Rowley meets with High-Level team from Shell

Prime Minister Rowley meets with High-Level team from Shell

Prime Minister Dr the Hon Keith Rowley met with Shell’s senior executives at the energy company’s office in London today (Thursday 04 November, 2021). Minister of Energy and Energy Industries and Minister in the Office of the Prime Minister the Hon Stuart Young and Eugene Okpere, Senior Vice President and Country Chair of Shell Trinidad and Tobago were present for the meeting.

PM Keith Rowley and bp CEO Bernard Looney discuss T&T energy future

PM Keith Rowley and bp CEO Bernard Looney discuss T&T energy future

Trinidad and Tobago Prime Minister Dr the Hon Keith Rowley, Minister of Energy and Energy Industries, Stuart Young MP, bp CEO Bernard Looney and bp Senior Vice President for Trinidad, Claire Fitzpatrick discussed T&T’s energy future as they met in London on Nov 4th.

Hon. Stuart Young meets with Group CEO of Lightsource BP

Hon. Stuart Young meets with Group CEO of Lightsource BP

The Minister of Energy and Energy Industries and Minister in the Office of the Prime Minister, the Hon. Stuart Young met with the Group CEO of Lightsource BP, Nick Boyle and other officials from Lightsource BP.

Proman and Stena jointly develop methanol as the pathway to sustainable shipping

Proman and Stena jointly develop methanol as the pathway to sustainable shipping

The global shipping industry is responsible for ~2.9% of global greenhouse gas emissions, which equals almost 1 billion metric tons of CO2 each year. Unchecked, emissions could increase by as much as 130% from 2008 levels by 2050. Transitioning to low-carbon fuels will be essential to secure the long-term future of the industry and meet International Maritime Organisation (IMO) emissions reduction targets for 2030 and 2050, but still-developing technologies and the long lifetime of existing vessels makes this challenge even bigger. Currently there are more than 70 000 vessels trafficking our oceans, with an average lifespan of approximately 25-30 years. Finding a low emission fuel for these vessels is no easy task, but now is the time to accelerate the transition. Methanol offers not only immediate, and urgently required, benefits but the only clear pathway to a sustainable future.

bp and Daimler Truck AG to accelerate the deployment of hydrogen infrastructure, supporting the decarbonization of UK freight transport

bp and Daimler Truck AG to accelerate the deployment of hydrogen infrastructure, supporting the decarbonization of UK freight transport

bp and Daimler Truck AG today announced plans to work together to help accelerate the introduction of a hydrogen network, supporting the roll-out of a key technology for the decarbonization of UK freight transport. They intend to pilot both the development of hydrogen infrastructure and the introduction of hydrogen-powered fuel-cell trucks in the UK.

Using T&TEC data as a  policy tool

Using T&TEC data as a policy tool

The strategy of using a household’s T&TEC electricity bill as a way of targeting support to the neediest households, is an interesting and innovative policy development. This is something that the Energy Chamber recommended to the Roadmap to Recovery policy development process in 2020, in the midst of the first wave of the COVID pandemic. There is a strong correlation between household income and electricity use. This means that it makes good sense to use electricity bills as a method to overcome the vexing issue of means testing and to avoid the moral hazard often associated with cash transfer or food card programmes, where better off households with the right political or social contacts access the support, rather than the households most in need.

A small step forward for  sustainable transport

A small step forward for sustainable transport

I was delighted to see the Minister of Finance remove all import duties and other taxes on electric vehicles (EVs). Coming on top of the recent launch of the first solar-powered fast-charging station, the new NP service station in Preysal, this has given a big boost to the profile and possibilities of EVs in Trinidad & Tobago.

T&T national budget 2022

T&T national budget 2022

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.

Crude prices heading toward  $80 as T&T crude oil production  increases slightly

Crude prices heading toward $80 as T&T crude oil production increases slightly

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.

Renewables to make its way into offshore  upstream operations in T&T

Renewables to make its way into offshore upstream operations in T&T

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.

Taxes to be removed from electric vehicles

Taxes to be removed from electric vehicles

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.

Delivering the Matapal project 7 months  early during a global pandemic

Delivering the Matapal project 7 months early during a global pandemic

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.