Performance management (PM) can be a leverage point for change in Trinidad and Tobago as there is a gap between productivity and reward at the national level, which culturally and systemically infiltrates private firms and the public sector. The WEF (2017) reports ‘poor work ethic in national labour force’ as the most problematic factor for doing business in Trinidad and Tobago. Given this context, this article will explore how effective performance management systems can be used by organisations to close this gap.
BHP has indicated that Phase 3 of the deepwater drilling campaign in Trinidad and Tobago has been completed.
The Cassia Compression project will enable BPTT to access and produce low pressure gas reserves from currently-producing fields in the Greater Cassia Area, maximizing recovery from these existing resources.
The energy research firm Rystad Energy has revealed some key growth statistics for the natural gas industry.
UK-based Tullow, has spud the Jethro-Lobe prospect off Guyana with block partner, Eco (Atlantic) Oil & Gas.
The Network of Caribbean Chambers of Commerce (CARICHAM) was represented by Mr. Faron Lawrence, President of the St. Kitts and Nevis Chamber of Industry of Commerce (SKNCIC) and Mr. Stephen Lander, Vice President of the Dominica Association of Industry and Commerce (DAIC), at the ‘Understanding Risk Management and Risk Financing for Disaster Resilience’ Training of Trainers. This training was held in Singapore from June 18th to 21st, 2019.
Heritage Petroleum Company Limited announced that it spud (started drilling) its first oil well on Saturday June 15, 2019.
Sitting on a panel discussing technology and leadership in the energy sector at the 2019 Trinidad & Tobago Energy Conference, Claire Fitzpatrick, BPTT’s Regional President, was asked her opinion on the most important leadership quality. She stunned and delighted the packed audience with her response: ‘a little bit of humility’. Claire explained that the big changes that she saw confronting BPTT and the industry meant that she needed to be ‘a lot more humble and actually listen to the organisation … [as] some of the best ideas and best people to implement … are at early stages of their career’. She told the conference that she saw the role as leader as being the person ‘to take the barriers out’ rather than being the person to ‘tell you exactly how it will be done’.
Fifty per cent of energy services companies polled indicated that the value of their business was down in the second quarter of 2019. When asked for reasons that their value of business was down, all respondents indicated that it was due to a decrease in demand for their services. Other major reasons cited were less business opportunities and loss of contracts/projects. Fifty per cent of respondents also indicated that the volume of their business was down in the second quarter of 2019. Respondents indicated that this was due to a decrease in demand for their services and less business opportunities.
Renewable energy in the Caribbean is rapidly growing and most of the islands in the Caribbean Community (CARICOM) have been eagerly and ambitiously moving towards a more sustainable energy mix. With the exception of Trinidad and Tobago, islands in the region do not have a predominant oil and gas sector that can provide fuel for electricity generation. For most islands, this means that they have to import diesel and other fuels to produce power.
Compressed natural gas (CNG) is clearly expanding by any metric. At a recently concluded CNG Symposium and Open House organised by the NGC CNG, Curtis Mohammed, President of CNG NGC, provided an update on the CNG initiative. During the update, Mohammed provided some key statistics showing the uptake for CNG from 2014 to present.
Within recent times, the Venezuelan migrant crisis has dominated the international and local media. Over the past year in particular, there have been waves of arrivals of Venezuelans into Trinidad, driven in large part by the collapse of the economy and deteriorating living conditions. Many of them have sought employment in different areas of both Trinidad and Tobago. Given Venezuela’s global reputation as a major player in the oil and gas industry, there has been concern in some quarters about Venezuelans coming to work in the energy industry, particularly the petrochemical sector and displacing locals.
In a recent survey undertaken by the Energy Chamber of Trinidad and Tobago (Energy Chamber), it was revealed that late payments for work completed continues to occur. The respondents were all energy services companies that are currently engaged in work in the sector. Over 94 per cent of respondents reported that they have significant or very significant financial impacts due to late payments. In addition, almost 70 per cent of companies have reported that the situation has been getting worse over the last three years.
Every time that there are concerns expressed about the future of the oil, gas and petrochemical sectors in Trinidad and Tobago, there are responding calls for the diversification of the economy. These calls are understandable and appropriate, and fully supported by the Energy Chamber of Trinidad and Tobago (Energy Chamber). The Energy Chamber views economic diversification as a fundamental issue for our economy and especially the diversification of our exports. As a small open economy, Trinidad and Tobago needs to earn foreign exchange in order to survive and we can no longer rely upon exporting just a handful of energy related commodities.
With its recent 20th anniversary celebrations now in the proverbial rear-view mirror, liquefied natural gas (LNG) production company, Atlantic, is peering into the journey ahead and exploring how it will continue to navigate a very competitive global business.
The Government of Trinidad is committed to working with all stakeholders to raise awareness about this important issue and to put mechanisms in place that will facilitate change.
Our vision is to be a recognized global leader in the development of sustainable energy-related businesses; and our mission, to create exceptional value from natural gas and related energy businesses through our people and strategic partnerships.
Today's energy system is largely tied to fossil fuels that when used release greenhouse gases like carbon dioxide and methane into the atmosphere. The demand for energy is growing significantly across the globe and resulting in global warming. We need a cleaner energy system if we are to meet this growing demand and tackle climate change.
BP Trinidad & Tobago is honoured to sponsor this event for a second year because we believe that it provides an ideal forum for the generation of ideas - and discussions - that are needed to chart a course to a lower carbon future for Trinidad and Tobago.
Its gives me great pleasure to welcome you to our annual conference dealing with Energy Efficiency and Renewable Energy. This is the third time we are holding this event as a stand-alone conference, though we did previously have an event on the final day at our annual Trinidad & Tobago Energy Conference when we looked at renewable energy and related issues. It is the first time that we are holding the conference here at the Hilton Hotel; last year we sold out the Yara Auditorium at the Lok Jack Graduate School of Business, hence the change in venue.
