It is time to bring an end to the subsidy provided by the natural gas industry to Trinidad & Tobago’s electricity sector. While it is the National Gas Company who must provide the gas to T&TEC at rates way below the market price, the cost of this subsidy is indirectly borne by all of the players in the gas value chain. And while households, businesses and Government departments have all enjoyed the benefits of this subsidy, cheap electricity has meant that people are very wasteful in using electricity and the economy is very energy inefficient.
BHP announced in its operational review that the Ruby project in Trinidad is on schedule and budget.
The Ruby project is intended to be five production wells tied back into existing operated processing facilities, with capacity to produce up to 16,000 gross barrels of oil per day and 80 million gross standard cubic feet of natural gas per day.
One year ago, NewGen Energy Limited (NewGen) was publicly launched at the Trinidad and Tobago Energy Conference, hosted by the Energy Chamber of T&T. NewGen, headed by Philip Julien, promises to be the first hydrogen production facility in Trinidad and the first green field facility in Pt Lisas in many years.
Now available: EnergyNow Issue 35
BPC has confirmed that hydrocarbons were encountered while drilling the Perseverance #1 well in The Bahamas. Additionally the company has indicated that the well successfully validated the structural model and the petroleum system, and drilled a majority of the potential reservoirs of interest, thus fulfilling the core technical objectives of the well.
However, according to a release from BPC, whilst the well encountered oil, indicated from LWD (Logging while drilling) tools, gas chromatography and mud logs, commercial volumes of oil have not been proven at this well location.
I would like to talk to you about Proman’s commitment to sustainability, and our ambitions for the future of the energy sector in Trinidad and Tobago.
We are meeting a mere seven months since the last conference and yet, such is the nature of life these days, a lot has changed in that time. In June we were in the middle of a lockdown here in Trinidad. While the world continues to grapple with COVID-19 there is some hope in the form of vaccines that are becoming available. The creation of COVID-19 vaccines has lessons for us as we confront climate change – it shows what can happen if there is alignment behind a clearly defined goal with a sense of urgency and purpose. It also demonstrates that more than one solution is needed to tackle global issues – and that includes climate change.
It gives me great pleasure to welcome you to the Energy Chamber’s 5th Annual Energy Efficiency and Renewables Conference. This is the second time that we are conducting the conference virtually and I’m pleased to have heard from Dax that there are over 450 in attendance – thank you all, this is a positive indicator that Dax and his team are doing a great job and that more of us are recognizing that the future sources of energy and their transformation to electricity and other forms that are useful for society, will be different and we’re all tuning in to contribute and to seize opportunities that will arise.
Ladies and gentlemen, I am indeed honoured to have been asked to join you today for what has become a staple feature of the energy industry. I dare say that, perhaps more than any other industry, your Energy Conference and now this offspring, have withstood the test of time. The irony of us gathering virtually, rather than in person, for a conference that discusses our transitioning away from reliance on fossil fuels, is not wasted.
It is my distinct pleasure in participating in the Energy Chamber’s 5th Annual Energy Efficiency and Renewables Conference which is aptly titled “Leading the Transition”.
bp and Equinor completed the formation of their strategic US offshore wind partnership. This includes bp’s $1.1 billion purchase from Equinor of a 50% interest in two major lease areas off the US East Coast. The new partnership will develop up to 4.4GW through two projects – Empire Wind and Beacon Wind – and together pursue further growth in the US offshore wind market.
It is my honour to address you today in such a critical time for the energy sector, and to welcome you to the virtual launch of the Energy Conference 2021. Over the years, we have witnessed the Energy Conference grow to become a much-anticipated annual fixture on our calendars, and with good reason. The Energy Conference has become something of a one-stop shop, a central point of focus which brings together key players from the energy sector, and presents opportunities to forge business relationships, all within a proven hydrocarbon province, with advantageous regional linkages.
The year since our last Energy Conference, in February 2020, has been a strange and difficult one. Just about this time last year, at our flagship Trinidad & Tobago Energy Conference, there was a palpable sense of optimism in the sector. After years of decline, Trinidad & Tobago’s gas production had seen two years of growth and there were many new investments on the horizon. Guyana had just joined the ranks of oil producers and there was positive news of exploration successes coming out of neighbouring Suriname. While prices were not stellar, they were certainly healthy. While it was still early days, the new state-owned Heritage Petroleum had got off to a successful start and the restructuring of the old Petrotrin had happened without major incident.
Proman and The University of the West Indies (The UWI) announced the launch of an exciting new study to examine the potential of a biogas supply chain for Trinidad and Tobago, in line with national decarbonisation and waste-reduction efforts.
Heritage Petroleum Company Limited announces the successful completion of negotiations with the Government of Trinidad and Tobago for a new Exploration & Production license in its offshore acreage.
BHP announced that, after 16 years of leadership as BHP’s Country Manager for Trinidad and Tobago, Vincent Pereira will retire, effective June 2021. Michael Stone, Operations Manager in Trinidad and Tobago, will succeed Vincent as Country Manager.
Total and Apache Corporation have made a new significant oil and gas discovery at the Keskesi East-1 well, in Block 58 off the coast of Suriname. This follows previous discoveries at Maka Central, Sapakara West and Kwaskwasi.
Petrobras, in continuation of the communiqué released on 05/04/2020, informs that it signed with V2I Transmissão de Energia Elétrica SA, with Vinci Infraestrutura Gestora de Recursos Ltda. As manager, a contract for the sale of its entire stake in 49% in the company Eólica Mangue Seco 1 - Geradora e Comercializadora de Energia Elétrica SA (“Eólica Mangue Seco 1”), owner of a wind power generation park.
