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Trinidad and Tobago has committed to reducing our greenhouse gas emissions by 15% by the year 2030. While these targets are much less ambitious than some other Caribbean countries, in particular Barbados, meeting the target is going to require concerted action. And we need to move from talking about the policy changes to actually implementing new policies, now.
Maersk Drilling has secured a contract for the semi-submersible rig Mærsk Developer which will be employed by PETRONAS Suriname Exploration & Production B.V. for a one-well exploration campaign in Block 52 offshore Suriname. The contract is expected to commence in Q3/Q4 2020, with an estimated duration of 75 days. The value of the firm contract is approximately USD 20.4m, including integrated drilling services, mobilisation and demobilisation fees. The contract includes an additional one-well option.
According to a press release, bp announced that it has agreed to sell its global petrochemicals business to INEOS for a total consideration of $5 billion, subject to customary adjustments. The sale includes bp’s 36.9% stake in the Atlas methanol plant in Trinidad.
This issue of EnergyNow has been published to highlight some of the main issues discussed at our Energy Efficiency and Renewables Conference 2020.
Two grid-scale solar power projects to be constructed in Trinidad will deliver electricity at prices on par with the current average cost of electricity generated from natural gas, according to Trinidad & Tobago’s Prime Minister, Dr Keith Rowley, talking at day one the Energy Chamber's Energy Efficiency and Renewables Conference 2020.
bp Australia announced a feasibility study into an export-scale renewable hydrogen production facility in Western Australia.
The extensive study will help bp and the energy sector better understand the possibilities of using hydrogen to export renewable energy at scale.
Hydrogen is one of the most abundant elements in the universe and according to major energy players, it could play a significant role in the transition to a clean and lowcarbon energy system. Bloomberg has said in a special report that the falling cost of making hydrogen from wind and solar power could cut greenhouse gas emissions by 34% in fossil fuel dependent sectors of the economy, such as steel, heavy-duty vehicles, shipping and cement.
Investments in solar and wind energy projects by the world’s oil majors until 2025 are expected to exceed $18 billion, a Rystad Energy analysis finds. But a closer look at the numbers reveals that some $10 billion, or 55% of the amount, is expected to be invested by a single company, Equinor, the only operator poised to direct a majority of its greenfield capex towards renewable energy projects.
bpTT and the Rose Foundation have impacted just over 700 families through food banks organized throughout the country.
Touchstone Exploration Ltd. has entered into escrow arrangements for a US$20 million, seven-year term loan agreement with Republic Bank Limited, as initial lender, arranger and administrative agent. The Term Loan was arranged exclusively by the Corporate and Investment Banking Division of Republic Bank.
The Bahamas Petroleum Company (BPC) has announced that it has entered into a definitive contract with Stena Drilling for provision of a drilling rig as soon as Q4 2020.
According to a release from the company, “Over the last couple of months, the Proman family of companies has established partnerships with the Ministry of Health, local vegetable produce farmers, supermarkets and relief agencies as part of a package of measures to support nationwide COVID-19 relief efforts. “
Methanol Holdings Trinidad Limited (MHTL) has idled its M2 methanol plant in Trinidad (temporarily).
Petronas Suriname Exploration & Production B.V. (PSEPBV), has completed the farm-down of 50 per cent of its participating interest to ExxonMobil Exploration and Production Suriname B.V. (ExxonMobil) from a 100 per cent participating interest in Block 52, offshore Suriname.
Aquaterra Energy has been awarded the Front End Engineering and Design (FEED) contract by DeNovo Energy for the Zandolie field located off of the west coast of Trinidad and Tobago.
Shell Trinidad and Tobago has contributed $3.6 million (TT) in medical and relief supplies to Trinidad and Tobago, as part of our continued commitment to support the country efforts to curb the spread of Covid-19 (Novel Coronavirus).
Presenting at the Trinidad and Tobago Energy Conference, Anita Gajadhar, Managing Director, Proman Shipping, provided an overview of the role methanol plays in the energy transition and the future of methanol in Trinidad and Tobago.
Globally, the demand for energy and energy-related products has been collapsing due to the measures introduced to slow the spread of the coronavirus. The effects have also manifested in the liquefied natural gas (LNG) market. Amid plunging gas demand, LNG producers are under pressure to dump their cargoes on the spot market, further depressing already low prices.
In recent weeks, there has been sharpened focus on the price of oil. The price of oil has collapsed dramatically due to the Russia-Saudi Arabia price war and then further exacerbated by weak demand brought about by the novel coronavirus.
During the Trinidad and Tobago Energy Conference, there was a very stimulating conversation about local content. The perspectives that were explored ranged from global to local. One perspective that was very pertinent was the Guyana perspective which was highlighted by Nicholas Deygoo Boyer, President of the Georgetown Chamber of Commerce and Industry (Georgetown Chamber).
