The global shipping industry is responsible for ~2.9% of global greenhouse gas emissions, which equals almost 1 billion metric tons of CO2 each year. Unchecked, emissions could increase by as much as 130% from 2008 levels by 2050. Transitioning to low-carbon fuels will be essential to secure the long-term future of the industry and meet International Maritime Organisation (IMO) emissions reduction targets for 2030 and 2050, but still-developing technologies and the long lifetime of existing vessels makes this challenge even bigger. Currently there are more than 70 000 vessels trafficking our oceans, with an average lifespan of approximately 25-30 years. Finding a low emission fuel for these vessels is no easy task, but now is the time to accelerate the transition. Methanol offers not only immediate, and urgently required, benefits but the only clear pathway to a sustainable future.
bp and Daimler Truck AG today announced plans to work together to help accelerate the introduction of a hydrogen network, supporting the roll-out of a key technology for the decarbonization of UK freight transport. They intend to pilot both the development of hydrogen infrastructure and the introduction of hydrogen-powered fuel-cell trucks in the UK.
ExxonMobil’s Guyana subsidiary, Esso Exploration and Production Guyana Limited (EEPGL) announced that the Liza Unity floating production, storage and offloading (FPSO) vessel has arrived in Guyana’s waters ahead of schedule.
The strategy of using a household’s T&TEC electricity bill as a way of targeting support to the neediest households, is an interesting and innovative policy development. This is something that the Energy Chamber recommended to the Roadmap to Recovery policy development process in 2020, in the midst of the first wave of the COVID pandemic. There is a strong correlation between household income and electricity use. This means that it makes good sense to use electricity bills as a method to overcome the vexing issue of means testing and to avoid the moral hazard often associated with cash transfer or food card programmes, where better off households with the right political or social contacts access the support, rather than the households most in need.
BHP has reported positive news from their on-going Calypso appraisal drilling campaign in the deep waters north east of Tobago. BHP, through their Q3 operational review, confirmed that the Calypso appraisal well, Bongos-3 encountered hydrocarbons. This well was spud back in July.
I was delighted to see the Minister of Finance remove all import duties and other taxes on electric vehicles (EVs). Coming on top of the recent launch of the first solar-powered fast-charging station, the new NP service station in Preysal, this has given a big boost to the profile and possibilities of EVs in Trinidad & Tobago.
When the Trinidad & Tobago Minister of Finance presented his national budget statement for fiscal 2022, much of the general public focused primarily on his promises to remove VAT on a range of food items, with social media attention somehow focusing on pigtail. For the country’s energy industry, however, the most important item was his promise that the government would shortly embark on a comprehensive reform of all elements of the oil and gas taxation. In subsequent public engagements he made it clear that this would be fast tracked and completed expeditiously.
HDF Energy has announced start of construction of CEOG (French Guiana), the world’s first baseload renewable energy power plant using hydrogen technology.
With Europe and Asia currently experiencing record high spot prices on imported LNG, there is a lot of interest whether these prices will find their way back to the wellhead price in Trinidad & Tobago and hence provide a much-needed boost to government revenue.
The international price of crude oil has been rising since the dramatic plunge in April 2020 when the world reeled from the global lockdowns and restricted movement of people. The destruction of demand happened suddenly and suppliers all over the world were considering drastic options since storage was running out for produced crude.
T&T has a well-established carbon reduction target of 15% by 2030 across multiple sectors including power generation, industry and transport. The energy sector has been taking leadership in these areas with the two largest natural gas producers, bp and Shell committing to developing two gridscale renewable energy projects (with delivery projected for 2022— subject to negotiations).
However, when it comes to incorporating renewables into upstream operations, DeNovo Energy and Trinity Exploration recently announced their intention to introduce low carbon technologies into their facilities.
During the reading of the National Budget 2021–2022 the Minister of Finance, the Honourable Colm Imbert, made a step forward in attempting to reduce emissions from the transport sector in T&T.
The Chairman, Board of Directors and Executive office of the Energy Chamber would like to express their deep gratitude to Eugene Tiah who recently retired as Executive Chairman, Energy and Industrial Gases Business Unit Massy Energy.
Despite the disruptions caused by the COVID pandemic, Trinidad & Tobago’s gas industry has managed to deliver some major new projects over the past two years, with BHP’s Ruby project, Shell’s Barracuda and bp Trinidad and Tobago’s (bpTT’s) Matapal project being the most recent projects to come online.
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DeNovo Energy Limited (DeNovo) today announced that the company has awarded the contract for the construction, installation, and commissioning of its Zandolie Platform in Block 1 (a) to local construction company, United Engineering Services Limited (UESL).
Leading energy logistics company Peterson is delighted to announce the award of a contract with energy company DeNovo Energy Limited (DeNovo) for the Zandolie Development Project. The Zandolie Field, located in Block 1A, will be DeNovo’s second field development project, with the first gas expected in the first half of 2022.
ExxonMobil increased its estimate of the discovered recoverable resource for the Stabroek Block offshore Guyana to approximately 10 billion oil-equivalent barrels.
The Energy Chamber of Trinidad & Tobago welcomes the Minister of Finance’s commitment that the government will conduct a comprehensive review of our oil and gas taxation regime to ensure that we remain an internationally competitive hydrocarbon province. The Energy Chamber would welcome the opportunity to work closely with the government in this review process, that is vital to ensure the continued investment in upstream oil and gas production.
The National Energy Corporation of Trinidad and Tobago Limited (National Energy) signed a Memorandum of Understanding (MOU) with Methanex Trinidad Limited (Methanex) to conduct a feasibility study to explore the viability of methanol as an alternative fuel for transport in Trinidad and Tobago and the region.
