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On the first day of the Trinidad & Tobago Energy Conference 2021, Peter Inglefield, Chair of the Energy Chamber’s Task Force on Fiscal Reform outlined the need for changes to Trinidad & Tobago’s fiscal regime, if the industry is to be able to attract investment in the future, especially in the context of the global energy transition.
In his first formal presentation to the annual Trinidad & Tobago Energy Conference, newly appointed Minister of Energy, the Honourable Stuart Young, told the energy industry that his focus was on bringing oil and gas resources to market as quickly as possible. Earlier in the day Prime Minister Keith Rowley said that the Government recognised given the energy transition was firmly underway, oil would probably have a shorter shelflife than natural gas. In line with this observation, Minister Young indicated that the Government was working with a horizon of 2028 to maximise oil production.
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This conference is taking place in a very challenging time for all of us, in the midst of the world’s worst health crisis in over a century. I would like to start by acknowledging the pain and suffering that this pandemic has caused for many people, all around the world. I would also like to recognise first and foremost, the hard-working frontline health care workers whose experiences I think most of us would find impossible to truly understand. And to all other essential workers, including those in the Energy Sector for their commitment in keeping the lights on and the economy going, albeit at a reduced pace. We thank each and every one of you.
I am once again honoured to deliver the feature address at the Trinidad and Tobago Energy Chamber’s annual Energy Conference. I must express my congratulations to the Energy Chamber for adapting to the current situation so well over the past year, and for persevering to bring us all together for yet another year of healthy discourse on the energy sector, in a safe way. Allow me to extend a warm and special welcome to my CARICOM colleagues, the Honourable Andrew Holness, Prime Minister of Jamaica and President Irfan Ali of Guyana, as we discuss the Caribbean’s energy transition.
I am pleased to participate in this year’s Energy Chamber Conference as the Minister of Energy and Energy Industries at an exciting and pivotal time not only in Trinidad and Tobago’s energy history but at a time when the global energy sector is rapidly evolving, literally, before our eyes.
Over the past few months, there has been a lot of commentary in Trinidad and Tobago questioning whether or not the country’s energy industry has a future. The spectacular rise of the oil industry in Guyana and the exploration success in Suriname has shifted the centre of gravity for Caribbean hydrocarbons south-east, while the climate change and the urgent need to decarbonise the global economy has people worried if hydrocarbons have much of a future at all.
The National Gas Company of Trinidad and Tobago Limited (NGC) recently signed two contracts with downstream petrochemical plants. Over the past year, several natural gas contracts expired and negotiations were initiated to renew the contracts to ensure the natural gas supply to those petrochemical facilities.
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The National Gas Company of Trinidad and Tobago Limited (NGC) has signed a Gas Sales Agreement with Trinidad Nitrogen Company Limited (TRINGEN).
Invitation to Bid: NP Refurbishment of Jetty Infrastructure
The Minister of Energy and Energy Industries and Minister in the Office of the Prime Minister, the Honourable Stuart R. Young, M.P., held a meeting with BHP Executives, Vincent Pereira outgoing Country Manager, and Michael Stone, incoming Country Manager today (Tuesday 4th May 2021) to discuss BHP’s operations in Trinidad and Tobago, including the on-going transition from Mr. Pereira to Mr. Stone at the helm of BHP’s Trinidad and Tobago operations.
The Energy Chamber of Trinidad & Tobago has noted the alarming rise in COVID-19 cases and the potential of the current case load to overwhelm the parallel healthcare system. We urge all of our members to take the current situation very seriously and to ensure that all workplace measures to prevent the spread of COVID-19 are fully implemented and that their employees and contractors fully comply with all Ministry of Health guidelines and all relevant COVID-19 protocols. Member companies are also asked to ensure that all their employees are fully informed of the utmost importance of complying with any site or facility specific COVID- 19 protocols.
The National Gas Company of Trinidad and Tobago Limited (NGC) and Proman Trinidad announce the resumption of an interim gas supply arrangement which would facilitate an immediate restart of MHTL’s M4 and M5000 methanol plants. This interim agreement was put in place while the commercial terms of a long-term gas supply contract are being finalized between the two parties.
ExxonMobil said today it made an oil discovery at the Uaru-2 well in the Stabroek Block offshore Guyana. Uaru-2 will add to the previously announced gross discovered recoverable resource estimate for the block, which is currently estimated to be approximately 9 billion oil-equivalent barrels. Drilling at Uaru-2 encountered approximately 120 feet (36.7 meters) of high quality oil bearing reservoirs including newly identified intervals below the original Uaru-1 discovery. The well was drilled in 5,659 feet (1,725 meters) of water and is located approximately 6.8 miles (11 kilometers) south of the Uaru-1 well.
According to the company the contract will be delivered from ASCO Trinidad’s Chaguaramas bases.
bp today announced gas production from Raven field, the third stage of its major West Nile Delta (WND) development off the Mediterranean coast in Egypt.
The Energy Chamber of Trinidad & Tobago is aware of recent reports of cases of Covid-19 in upstream energy industry facilities. The energy industry provides essential services and throughout the pandemic we have been working to keep the industry up and running twenty-four hours a day, seven days a week. As all our electricity comes from natural gas, the energy industry keeps the light on for Trinidad & Tobago.
BHP announced that the Ruby project in Trinidad and Tobago is progressing ahead of schedule and on budget, with first production on track for May 2021
The Energy Chamber of Trinidad & Tobago congratulates the Honourable Stuart Young on his appointment as Minister of Energy and Energy Industries. Minister Young has been deeply involved in the restructuring of the gas value chain over the past six years and has been central to many of the negotiations with the international operating companies in the sector. The Energy Chamber looks forward to continuing to work closely with Minister Young in his new portfolio, on both this issue and other critical issues for the energy industry.
