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Proman Stena Bulk has finalised an agreement to build an additional vessel under its joint venture partnership. The methanol-powered Stena Prosperous will join the Stena ProPatria and the Stena ProMare in the Proman Stena fleet in Q2 2022. Each vessel will use 12,500 tonnes per annum of methanol as a marine fuel, significantly reducing emissions in their normal commercial operations compared to conventional marine fuels.
A wave of green and blue hydrogen projects that are poised to be developed in coming years could unlock about $400 billion worth of spending for the service industry between 2020 and 2035, a Rystad Energy industry analysis reveals. The figure excludes separate carbon capture and storage (CCS) development contracts, which could reach almost $35 billion for Europe alone.
Nutrien announced the launch of the agricultural industry’s most comprehensive carbon programme, providing end-to-end support for growers to drive improved sustainability and boost profitability. As the world’s largest provider of crop inputs and services to growers, Nutrien is uniquely positioned to create the only programme at scale. It is ready to partner directly with growers to plan, plant and track sustainable farming practices and improve carbon performance.
Political winds have shifted.
Populists are on defence. Liberals everywhere overwhelmingly see climate change as a central issue. The US will rejoin the Paris climate accord and climate plans will stress the need for the complete and rapid decarbonisation of the global economy. It will take trillions of dollars in spending to get it done and Trinidad and Tobago is super-positioned to take advantage of the spend. Carbon pricing, no longer viewed as politically toxic, is primed for the aggressive and costly climate plans under consideration. Welldesigned carbon pricing systems will save money rather than cost taxpayers.
There are many estimates of the number of Venezuelans in Trinidad and Tobago. The government of TT registered some 16,523 Venezuelan by June 2019 in an attempt to start to formalize the process by which these immigrants participate in our labour market. In 2020 though, R4V put the number of Venezuelans in T&T at 33,400.
The need for addressing the climate crisis through the transition to decarbonised economies is gaining precedence throughout the world. Several countries have set ‘carbon neutral’, ‘net zero’, or ‘net negative’ targets and the number of private enterprises doing the same is also on the rise. The timeline and scope (types of gases) covered varies by country; for example Sweden has committed to greenhouse gas neutrality by 2045, while China is focusing on becoming primarily carbon dioxide neutral by 2060. The consensus by scientists, however, is that in order to meet the Paris Agreement goal of limiting global warming to 2˚C or lower, the global community needs to increase climate ambition reach net zero emissions by no later than 2050. Carbon neutral or net zero implies that any emission of the type(s) of greenhouse gas covered by the policy is matched or netted off by an appropriate mix of direct emissions reductions, emissions avoidance, and emissions removal and sequestration.
As a coastal country experiencing vulnerability from climate change with environmental degradation due to an increase in average temperatures, a reduction in precipitation, a rise in sea level, water scarcity and desertification, Tunisia is no stranger to the threat that climate change can, and already poses to its people and economy. Indeed, the national constitution, passed in 2014, recognizes the threat of climate change, promising its citizens the right to a healthy and balanced environment.
December 2020 marks for me just short of eight years of membership on the Multi-stakeholder Group (MSG) Steering Committee (SC) of the Trinidad and Tobago Extractive Industries Transparency Initiative (TTEITI) as the representative for the Trinidad and Tobago Chamber of Industry and Commerce (TTCIC). It also signals the end of my journey in this capacity as I move on from the committee in 2021, to pursue other personal and professional goals.
Local content has emerged as a key priority for many resource-rich developing countries, including Trinidad and Tobago. Its role in deepening and widening linkages and sustainably boosting value between the energy sector and other productive sectors of the Trinidad and Tobago economy has been a topic of continuing discussion.
When I moved to Trinidad and Tobago two years ago, I needed to buy a car. I’ve always lived in different countries across Europe and never had to drive, but in Trinidad, for first time in my life, I had to reconsider. Even though I’ve had a valid drivers’ licence since I was 18 years old, I have never had to use it as I could take a bike, walk or travel by public transportation. Now I find myself having to reconsider how I move around and the dramatic impact this change would have on my personal life.
Innovation can be defined as the invention or changing of some idea, product or method. However, Peter Senge asserts that it is only when invention can be replicated reliably on a meaningful scale and at a practical cost can it be considered an innovation. As such, innovation flows from invention where utility, feasibility, entrepreneurship and leadership converge. At a national level, innovation involves the entire ecosystem with drivers being culture, institutions and government policy. These drivers impact each other systemically at the industry, business and individual levels which determine national competitiveness. This article examines these drivers locally in the context of the National Development Strategy (NDS) Vision 2030, along with further suggestions for improving innovation.
Bahamas Petroleum Company (BPC), has indicated that it is on track to spud the Perseverance #1 well in December 2020.
In 2020, Suriname has had significant oil discoveries by Apache and its partners in the deepwaters offshore. The three major finds this year put Suriname as the location for the 2nd largest discoveries in 2020 - second only to Russia.
Exxon intends to produce crude from its deepwater finds offshore Guyana onto floating production storage and offloading vessels (FPSOs). According to the US oil major, the company has had 18 discoveries thus far and has the potential to use five FPSOs when the fields are brought on stream.
Despite concerns that Covid-19 could drive down discovered volumes to their lowest levels in decades, exploration activity has been resilient this year. Found resources already exceed 8 billion barrels of oil equivalent (boe) and are projected to settle at around 10 billion boe by year-end, a Rystad Energy analysis reveals.
Maersk Drilling has received a Conditional Letter of Award (CLOA) from Total E&P Suriname, Suriname Branch for the supply of two deepwater rigs, Maersk Developer and Maersk Valiant, for an exploration and appraisal project in Suriname’s Block 58. The campaign is expected to commence in early 2021, with an estimated firm combined duration of 500 days. The estimated firm total contract value is approximately USD 100m, including rig upgrades and integrated services provided.
St. Lucia Electricity Services Limited (LUCELEC) is currently undertaking cabling works for the addition of battery storage to its 3MW solar farm at La Tourney, Vieux Fort. The works began in October and will go on until December this year.
2020 has been an exceedingly difficult year for the energy industry and in particular, for energy services contractors. Seventy-five per cent of respondents indicated that the value of their business was below normal in Q3 2020. Seventyfive per cent of those companies indicated that the decline was due largely to reduced demand for services, while 67% also indicated that there were fewer business opportunities during the time period. To a lesser extent, companies also identified a decrease in selling prices and loss of contracts as other reasons for the reduced business.
Senator the Honourable Franklin Khan, Minister of Energy and Energy Industries assumed presidency at the 50th Latin American Energy Organization (OLADE) Meeting of Ministers which took place on November 19th, 2020 via webinar.
In its Q3 report, Touchstone Exploration unveiled that it has invested $5,758,000 in exploration activities onshore Trinidad. The expenditure has been primarily focused on Chinook-1 drilling operations and surface facility equipment expenditures relating to Coho-1 tie-in operations.
