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Trinidad & Tobago’s Minister of Finance, the Honourable Colm Imbert recently reported that he had been pursued by the Energy Chamber of Trinidad & Tobago to introduce changes to the upstream oil and gas taxation regime ever since he became Minister seven years ago. It was, however, only this year with a significantly improved overall national fiscal position, driven primarily by higher commodity prices, that he had been able to respond and make some of the necessary changes.
The concerted efforts of The National Gas Company of Trinidad and Tobago Limited (NGC) to address and report on methane emissions from its business, have led to the company’s achievement of Gold Standard status of reporting under the global Oil and Gas Methane Partnership 2.0 (OGMP 2.0). This achievement - attained by companies with clearly elaborated targets to reduce methane emissions by 2025 - comes just one year after the company joined the OGMP community. The OGMP is a multi-stakeholder global partnership to improve the accuracy and transparency of methane emissions reporting, which is key to methane mitigation in the oil and gas sector. It is the only comprehensive measurement-based reporting framework covering all material sources of methane emissions from both operated and non-operated assets across all segments of the value chain.
New President of bp Trinidad and Tobago (bpTT), David Campbell made his first public address to the members of the Energy Chamber at the Conversations on Energy and the Economy - a networking event hosted by the Energy Chamber.
“Natural gas must continue to play a role in energy and food security which are top priorities globally. There is a need for LNG and gas produced products such as fertilizers and ammonia in particular, and its byproducts. We are also conscious of the negative effects of climate change in particular on small island states and other CARICOM islands, as well as in countries on the African continent, as we all feel the ill effects of climate change.” These words were part of the address by the Minister of Energy and Energy Industries and Minister in the Office of the Prime Minister, the Honourable Stuart R. Young MP as he gave his address at the GECF Ministerial Meeting Cairo, Egypt on October 25th.
The Honourable Stuart R. Young, M.P., Minister of Energy and Energy Industries and Minister in the Office of the Prime Minister met with Mr. Leonardo Graterol, Vice Minister Gas, Bolivarian Republic of Venezuela on the sidelines of the GECF 24th Ministerial Meeting in Cairo Egypt. Also in attendance were Mr. Ronnie Romero, Vice President PDVSA, Ms. Penelope Bradshaw Niles, Permanent Secretary of the Ministry of Energy and Energy Industries and Mr. Mark Loquan, President NGC.
The National Gas Company of Trinidad and Tobago Limited (NGC) has once again signaled its commitment to transparency and alignment with global best practice, with the publication of its 5th annual Sustainability Report, covering the year 2021.
During the recent October Regional Hydrogen Congress for Latin America and the Caribbean, Trinidad and Tobago’s New Hydrogen Profile was highlighted in several areas.
Touchstone Exploration President and CEO, Paul Baay indicated that the company could bid on as many as three onshore blocks in the 2022 Onshore and Nearshore Competitive Bid Round.
Increases in the prices of gasoline and diesel receive a huge amount of media attention every time that the subsidy is reduced, and prices rise. What does not receive any media attention is the fact that over the period when the subsidy has been gradually removed and prices have risen, the total volumes of both diesel and gasoline sales have significantly declined.
Minister of Energy and Energy Industries and Minister in the Office of the Prime Minister, the Honourable Stuart R. Young, M.P. met with Ms. Meg O’Neill, Chief Executive Officer of Woodside Energy at Woodside’s office in Houston, Texas, USA. Also attending the meeting were Ms. Sandra Fraser, Permanent Secretary (A.g.) of the Ministry of Energy and Energy Industries, Woodside’s Ms. Shiva McMahon, EVP International Operations, Mr. Juan Vazquez, President and Country Manager, Woodside Trinidad and Tobago and Dr Carla Noel-Mendez, Corporate Affairs Manager, Woodside Trinidad and Tobago.
The National Gas Company of Trinidad and Tobago Limited (NGC) and bp Trinidad and Tobago (bpTT) have signed a Collaboration Agreement to explore opportunities for cooperation in several focus areas of mutual interest within the energy industry. The Agreement, which was signed on 12th October 2022, serves to strengthen the relationship and leverage synergies between the two companies.
Perenco T&T Limited has announced that it has installed the first platform in the Teak, Samaan and Poui (TSP) Block in four decades.
NGC Petrochemicals Limited (NPL), a subsidiary of The National Gas Company of Trinidad and Tobago Limited (NGC), has completed negotiations with Gulf Coast Methanol 1, LLC and its parent IGP Methanol LLC of the USA, for a Purchase and Sales Agreement that will allow NGC to acquire blue methanol from IGP’s Gulf Coast Methanol project.
Touchstone Exploration Inc. announced safe delivery of first gas from the Coho facility. This represents the first onshore natural gas project to come onstream in Trinidad and Tobago in over twenty years.
Officials from the Ministry of Energy and Energy including the Minster of Energy and Energy Industries and Minister in the Office of the Prime Minister the Honourable Stuart R Young M.P. and Permanent Secretary Mrs. Penelope Bradshaw-Niles toured Woodside Energy’s contracted Controlled Source Electromagnetic Survey vessel docked in Chaguaramas.
I really enjoyed my visit to Guyana this week to attend the Guyana Basin Summit. It was great to catch-up with old friends and colleagues and to make many new contacts as well. This was my first visit since the pandemic and it’s really encouraging to see the progress that has been made in the past few years, with lots of stories of productive new business relationships between Trinidadian and Guyanese companies, and with many Surinamese and Jamaican businesses also in the mix.
bp Trinidad and Tobago officially welcomes David Campbell into the role of president of the company.
Minister of State in Foreign Trade and Business, Sandra Husbands has announced that Barbados will open its Offshore Licensing Bid Round in the coming months.
The Energy Chamber welcomes measures put in place by the Ministry of Finance to improve the fiscal environment under which the upstream energy sector companies operate in Trinidad and Tobago. We wish to thank the Minister of Finance, Hon. Colm Imbert for collaborative engagement with the Energy Chamber toward making these changes.
bp Trinidad and Tobago (bpTT) has confirmed that it is proceeding with the development of its Cypre offshore gas project. This decision followed recent meetings of Trinidad and Tobago’s Prime Minister Dr Keith Rowley, bp CEO Bernard Looney and incoming President for bpTT David Campbell where they discussed accelerating the project’s sanction.
