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Trinidad and Tobago is now one step closer to having significant renewable energy on the grid. At the post cabinet briefing, Prime Minister, Dr Keith Rowley announced that the cabinet took a decision in T&T to proceed with our renewable energy initiative”
BP set a new ambition to become a net zero company by 2050 or sooner, and to help the world get to net zero.
The Ministry of Energy and Energy Industries has released the Ryder Scott report on the Natural Gas Reserve Audit 2018.
In the 2019-2020 budget presentation, Minister Imbert announced some changes to the fiscal environment under which the oil and gas companies operate, but more so oil. Many oil producers have lobbied for the government to adjust the Supplemental Petroleum Tax (SPT) to make it less burdensome. When the Minister announced the changes, at first glance it seemed like a positive change, however the Minister also announced changes to the capital allowance schedule for energy companies involved in exploration and development. The result will have a negative impact for companies in the oil sector. Paul Baay, President and CEO of Touchstone Exploration said in an interview, “We’re definitely in a worse position than we were before the budget.”
Even though Trinidad and Tobago’s energy sector is dominated by natural gas, oil production continues to play an important role in the economy. For many years the state-owned oil company, Petrotrin, accounted for the majority of oil produced in Trinidad.
EOI for Fuel and Services
The Caribbean Single Market and Economy (CSME) is suffering from an implementation deficit. Many of the measures that have been agreed at a CARICOM Heads of Government level have not been fully implemented by the respective national governments. The Energy Chamber of Trinidad & Tobago urges the political leadership of the region to move aggressively towards the full implementation of the CSME.
On 27 January 2020, Mrs. Arlene Chow, Chief Executive Officer, Heritage Petroleum Company Limited, signed the Safe to Work (STOW) Charter committing the company to utilise the STOW certification system to assess contractors’ health, safety and environmental (HSE) management systems. The company set a deadline date of 31 July 2020 for their contractors to be certified to the STOW HSE requirements if they wanted to continue to do business with the company.
Exxon announced its first discovery for 2020 in Guyana. The latest discovery was at the Uaru exploration well.
Maersk Drilling has announced that it been awarded a contract for the 7th generation drillship Maersk Valiant. The contract was awarded by US-based, Noble Energy and will be utilised for a one-well campaign offshore Colombia.
National Energy has awarded Blue Ocean Marine, a contract for the crewing and manning of its vessels according to a release from the company.
BHP recently released their operational review for 2019. According to the report, in Q4 2019, the company completed the exploration programme on the Trinidad and Tobago Northern Licenses.
Shell Trinidad and Tobago Limited has announced a Final Investment Decision (FID) on the development of Block 5C (Barracuda) in the East Coast Marine Area (ECMA).
Touchstone Exploration through a release announced that flowback testing of the first stage of the Cascadura-1ST1 well has been completed, confirming that the well is a significant liquids rich natural gas discovery.
Good afternoon and thank you for the invitation to once again speak at the Trinidad and Tobago Energy Conference 2020. I have watched this forum grow over the years, to become one of the largest and most respected in the region. And in all honesty, I am not surprised.
The Annual Energy Conference by the Energy Chamber of Trinidad and Tobago has now been firmly established as the major energy conference in the Caribbean and Latin America attracting the decision makers of operating energy companies and the senior policy makers of energy producing jurisdictions in the region. The Board and Management of the Energy Chamber of Trinidad and Tobago are to be congratulated for this outstanding achievement.
Clearly 2020 is heralding a period of transformation for the industry – an era of new possibilities. Exploration and territorial deepwater finds in Trinidad & Tobago and neighbouring Guyana and Suriname, are focusing intense attention to the region.
The theme of this Conference – Shaping the Caribbean’s Energy Future- is very topical and timely as we are currently witnessing a change in the energy dynamics of the Caribbean. However, the Caribbean, until the current successes, has been characterized as an energy deficient region due to its perceived lack of hydrocarbon resources and its inability to exploit its huge renewable energy potential.
United Oil & Gas (UOG) one of the project partners on the Walton Morant Basin has announced that the Production Sharing Agreement has been amended to extend the initial exploration period during which a drill-or-drop decision is required for a further six months. Tullow Jamaica is the majority stakeholder with 80% interest and is the operator.
