The surprise news that the cost of offshore wind power in the UK has halved from 2015 levels has been welcomed by the renewables sector and environmental advocates alike. In the latest round, CfDs were awarded to Innogy (Triton Knoll), EDPR (Moray East) and DONG Energy, whose Hornsea 2 will become the world’s largest windfarm when it produces first power in 2022-23. At the same time, downward pressure on oil prices continues to accelerate the interest of oil and gas majors in renewable energy – which in turn has driven greater investment in development of technology.
Oilfield control was the reason behind many 20th-century conflicts. European colonization of Trinidad and the Caribbean was driven by a desire for territory, new sources of food, raw materials, minerals, and – later in Trinidad’s case – oil.
Earlier this year, it was announced that Trinidad and Tobago ratified the Paris Agreement. This is a commitment by the government to reduce carbon dioxide (CO2) emissions by 15 per cent in three main sectors of the economy, namely industry, power generation and transport, by 2030. The government therefore has a significant role in driving the changes needed to achieve these targets.
After a period of dormancy, drilling activity is starting to ramp up. As an operator, you will be looking to take advantage of low rig rates and will ideally be looking for a ‘hot rig’ (i.e. an operational rig), to avoid risk and delay which can occur from contracting nonoperational rigs that require reactivation from a state of warm or cold stacking.
The Energy Chamber of T&T hosted a breakfast meeting with the members of the chamber and the Sekondi Takoradi Chamber of Industry and Commerce and the Ghana National Petroleum Corporation (GNPC).
The Trinidad and Tobago energy sector finds itself at a very critical juncture requiring a mindset to navigate a difficult period to survive the long term. It was in this context that NGC provided its insights at this year’s Energy Conference. The contributions made by sector colleagues have undoubtedly bolstered the theme of “Maximizing Value Through Collaboration”, as the sector leverages synergies and partnerships for a successful 2018 and beyond.
The World Bank has indicated that it will provide just over $17m in funding for a Dominican geothermal plant.
Staatsolie is excited about their drilling prospects in 2018/2019. At the Trinidad and Tobago Energy Conference (Energy Conference), hosted by the Trinidad and Tobago Energy Chamber (Energy Chamber) in January, Rudolf Elias, Managing Director of Staatsolie, outlined the plans for the state-owned oil company for the upcoming year.
The oil and gas industry in the United States has come out strongly against the steel and aluminum import tariffs introduced by President Donald Trump. On Thursday 8th March, President Trump signed into effect tariffs of 25 per cent on steel and 10 per cent on aluminum, a measure that was a campaign promise geared towards helping waning U.S. industries.
During the Trinidad and Tobago Energy Conference in January, BPTT announced that they would take a delegation of Trinidad and Tobago stakeholders to Altamira, Mexico where the Angelin platform is being fabricated. The delegation, including Senator the Honourable Franklin Khan, Minister of Energy and Energy Industries, visited the fabrication yard later that month.
The Prime Minister of Grenada, Dr. the Right Honourable Keith Mitchell, has confirmed a commercial hydrocarbon find offshore Grenada, the day before national elections are carded.
Recently released figures from the Ministry of Energy and Energy Industries have confirmed that average gas production in 2017 was up slightly from the previous year. While the year-on-year increase in total production was just 1 per cent, it represents the first year-on-year increase in average production since 2013.
I was impressed by the obvious passion and commitment from many different Guyanese stakeholders at the recently concluded GIPEX Conference in Georgetown. There is a clear, strong desire to get the development of the oil industry right and for the country not to squander the opportunities presented by the truly amazing exploration success enjoyed by Exxon and their partners. There was a lot of spirited discussion on policy and governance of the oil industry, including local content, revenue transparency, contract transparency, sovereign wealth funds and regulatory independence.
Over the past month, Petrotrin has been experiencing some significant restructuring and several of the top tier of management were asked to resign following the resignation of its president. While Petrotrin continues to suffer with financial constraints and struggles to find its footing in a new landscape, other state-run oil companies around the world have been seeing success. Colombian oil company, Ecopetrol, is one such company.
The Energy Chamber of Trinidad and Tobago has commissioned a major study into the value added by the energy sector to the local economy. The preliminary results of the study were presented at the annual Trinidad and Tobago Energy Conference in January 2018 and showed that the sector adds significant value to the economy above and beyond direct taxation. Note, this does not mean we should ignore the value of tax return. Using 2016 as the base year, the study showed that the energy sector added four and a half times more overall value to the economy than if you only considered taxes paid to the government.
With the first floating production storage and offloading (FPSO) for the Liza Phase 1 project under construction in Singapore, Exxon and its partners are not only far advanced in the approval process for a larger second FPSO for Liza Phase 2, but also actively considering a third FPSO for Guyana.
Exploration in the Caribbean continues to pick up. This week it was announced that Repsol has awarded the drilling contractor Seadrill, for an ultra-deepwater drillship to be used offshore Aruba.
In any renegotiations, the Government must be mindful of our well-deserved reputation as a jurisdiction that fully respects commercial contracts. We must ensure that this reputation is preserved or even strengthened in this process.
The Prime Minister of Grenada, Dr Keith Mitchell has confirmed a commercial hydrocarbon find offshore Grenada, the day before national elections are carded.
McDermott International announced via press release that it has been awarded a detailed engineering and long lead procurement services contract from BP Trinidad & Tobago, LLC (bpTT) for the Cassia C Compression Platform, located 40 miles (65 kilometers) off the southeast coast of Trinidad and Tobago.
