The global pandemic had a profound impact on expectations about where people work. With lockdowns, companies were forced overnight to implement the remote work practices that had often been discussed in the past but rarely executed. For many employees this was a positive experience and lots of people have been keen to maintain remote working practices even as the pandemic has retreated.
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.
The Energy Chamber fully supports the privatization of the Pointe-a-Pierre refinery to put the asset to productive use. Significant capital investment is needed to bring the assets of the refinery back into productive and profitable use. This investment will need to be very carefully deployed and managed and there is significant risk involved. For this reason, the Energy Chamber is clear that no further Trinidad & Tobago tax-payers funds should go into this investment and that the capital must come from the private-sector. Given the size of the needed investment, the capital will likely be from an international investor, though local private-sector involvement would also be welcome. Click to read more…
bp Trinidad and Tobago (bpTT) has entered into an agreement with Perenco T&T to divest its Immortelle, Flamboyant, Amherstia and Cashima offshore gas fields and associated production facilities. The agreement also includes the undeveloped resources from the Parang field.
Prime Minister, the Honourable Dr Keith Rowley has announced that a preferred bidder has been selected for the sale or lease of the state-owned Point-a-Pierre refinery in Trinidad & Tobago. The refinery was moth-balled in 2018, amidst a radical restructuring of Petrotrin, the integrated national oil company. The upstream portion of Petrotrin was spun off into Heritage Petroleum (one of the sponsors of the upcoming Trinidad and Tobago Energy Conference, 31st May – 2nd June 2022 while the refinery was put up for sale or lease.
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.
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.
Maersk has announced that it has entered a contract with BG International Ltd., a subsidiary of Shell, for work offshore Trinidad and Tobago on a two-well development project for the semi-submersible rig Mærsk Developer.
The Board and Executive Office of the Energy Chamber is very saddened at the sudden passing of Dennis Patrick, CEO of Methanol Holdings Trinidad Limited (MHTL). Mr. Patrick was an active member and supporter of the Energy Chamber in his capacity as CEO of MHTL and was a presenter at our TTEC 2019 in February at Hyatt Regency. He will be remembered as a well-respected leader in the energy sector. We extend sincere condolences to his family and the MHTL and the Proman Group on Mr. Patrick’s untimely passing. May he rest in peace.
BHP has indicated that it has approved US$283 million (BHP share) in funding to develop the Ruby Project in Trinidad and Tobago.
Recently, it was reported that Qatar Petroleum has farmed into two blocks offshore Guyana (Orinduik & Kanuku blocks). It was stated that the Qatari oil company takes 40% of Total’s stakes in the blocks – which means that the company now owns 10% in each block.
Credit rating agency Moody’s has announced that the National Gas Company of T&T will maintain a Ba1 rating for 2018.
BPTT’s Cassia Compression development will access 1 TCF of resources, according to Regional President Claire Fitzpatrick.