IN MANY OF his recent public statements, including at the launch of the major grid-scale solar project, the restructuring of Atlantic and the opening of bids for the onshore bid round, the Minister of Energy, the Honourable Stuart Young, has made impassioned pleas for the pace of delivery to be accelerated. The need to speed up the pace of approvals was the first point in the Energy Chamber’s six-point plan for the future of the gas industry released in June 2022. And past Minister of Energy, Kevin Ramnarine, has also made a similar point in a recent media interview. So, this is one point on which everybody seems to be aligned.
Caribbean countries are in the midst of a multi-faceted crisis. The region has long struggled with electricity prices nearly double those of the United States, economic privation from the collapse of international tourism due to the COVID-19 pandemic, and elevated risks from extreme weather and rising sea levels. Today, these challenges are exacerbated by volatility in the price of oil and gas commodities—on which the region is still dependent—as well as disappointment in the Glasgow Climate Pact’s failure to materially address the plight of island nations.
IETA’s 2022 GHG Market Report tracks the evolution of carbon markets through a series of issue-based articles tackling MRV, policy certainty, decarbonisation in emerging economies, scaling carbon markets, and technological innovations.
Shell Petroleum NV, a wholly owned subsidiary of Shell plc (Shell), has reached an agreement with Davidson Kempner Capital Management LP, Pioneer Point Partners and Sampension to acquire 100% shareholding of Nature Energy Biogas A/S (Nature Energy) for nearly US$2 billion (€1.9 billion). The acquisition will be absorbed within Shell’s current capital range, which remains unchanged.
Shell and Eneco have won the tender to build an offshore wind farm at Hollandse Kust (west) lot VI. The project will have an installed capacity of approximately 760 MW and will be located approximately 53 km off the Dutch coast from the town of IJmuiden. The new wind farm will be delivered through a joint venture called Ecowende and is due to be operational in 2026. Shell and Eneco have already taken final investment decision for the wind farm.
HDF Energy has signed a Memorandum of Understanding (MoU) with PetroVietnam Technical Services Corporation (PTSC) to jointly develop, finance and build HDF’s Renewstable® and HyPower® hydrogen power plants in Vietnam. In addition, both parties will explore the potential of producing green hydrogen in Vietnam for the local market and the Asia Pacific region.
Hydrogen technology development is shifting towards low-emissions solutions such as electrolysis, according to a joint study of patents by the European Patent Office (EPO) and the International Energy Agency (IEA).
QatarEnergy, in a consortium with TotalEnergies and Petronas, has been awarded the Agua-Marinha Production Sharing Contract (PSC), under the 1st Cycle Permanent Offer round, by Brazil’s National Agency of Petroleum, Natural Gas, and Biofuels (ANP).
Norway: Five new years with drilling and wells rig alliances Aker BP has entered into drilling and wells alliance agreements with Noble Corporation, Odfjell Drilling and Halliburton. Through the last five years, the jack-up rig alliance and the semi rig alliance have delivered over 100 wells and world-class drilling operations on the Norwegian shelf. Now the alliance partners up to deliver even more wells in the coming five years. The jack-up alliance comprises Noble, Halliburton and Aker BP. The semi alliance comprises Odfjell Drilling, Halliburton and Aker BP. On 11 January, Aker BP signed new agreements for both alliances with a five-year contract term.
The non-energy fiscal balance of Trinidad and Tobago is a cause for great concern to me. Specifically, the non-energy fiscal balance has deteriorated from TT$-3.74 billion in FY 2002 to an expected non-energy fiscal deficit of approximately TT$-25 billion in fiscal year 2022/23. In recent times, in order to run these huge non-energy fiscal deficits the government of TT have been spending out the revenues it receives from the energy sector in order to create some kind of equilibrium in the overall fiscal deficit. This mode of economic governance is certainly unsustainable, and I urge the government of Trinidad and Tobago to work hard in the corridors of fiscal space to increase non-energy fiscal revenues and to reduce overall total expenditures.
The European Union faces a potential shortfall of almost 30 billion cubic metres of natural gas in 2023—but this gap can be closed and the risk of shortages avoided through stronger efforts to improve energy efficiency, deploy renewables, install heat pumps, promote energy savings and increase gas supplies, the IEA says in a new report
Conversations about the future of energy invariably evolve into conversations about climate action and adaptation.
The Ministry of Energy and Business of the Government of Barbados announced the postponement of the Barbados 2022 Offshore Licensing Round. The bid round was originally scheduled to commence on December 1, 2022.
Speaking at the Goldman Sachs, Global Energy and Clean Technology Conference, CEO of Hess Corporation John Hess stated that the official figure for crude oil production from Guyana is estimated to reach 1.2 million barrels per day by 2027, an upward estimate from the previously reported 850,000 barrels per day.
The Chairman of Heritage Petroleum Company Limited (Heritage) Michael Quamina, Deputy Chairman Reynold Ajodhasingh and the Executive Leadership of Heritage met with the Honourable Stuart Young, Minister of Energy and Energy Industries, and the Permanent Secretary in the Ministry of Energy and Energy Industries Penelope Bradshaw-Niles, at the Heritage Corporate Office, Port of Spain, to present the company’s 2022 results and 2023 plans and strategy.
Subsea 7 has announced the award of a contract to Subsea Integration Alliance to support the development of bp’s Cypre project, a gas development located offshore Trinidad and Tobago. Subsea 7’s scope of the awarded Subsea Integration Alliance contract is substantial.
International energy logistics provider Peterson has announced it has been awarded carbon neutral status across global operations under the PAS 2060 accreditation scheme from National Quality Assurance certification body.
In May 2022, the Energy Chamber officially launched a six-point plan to secure new natural gas supplies and maximise exports from Trinidad and Tobago
31st January 2023 – Port-of-Spain: Secondary School students want child-friendly energy education, clean energy solutions, and greater environmental responsibility for a better quality of life in Trinidad and Tobago. This summarises the views of one hundred and thirty (130) secondary school students attending the Heroes of Energy Youth Forum at the 2023 Trinidad and Tobago Energy Conference.
Touchstone Exploration has announced that its indirect wholly owned Trinidadian subsidiary, Primera Oil and Gas Limited, has entered into an Asset Exchange Agreement for the exchange of certain onshore Trinidad assets with Lease Operators Limited, a privately held Trinidadian entity.
