All stories
Globally, the demand for energy and energy-related products has been collapsing due to the measures introduced to slow the spread of the coronavirus. The effects have also manifested in the liquefied natural gas (LNG) market. Amid plunging gas demand, LNG producers are under pressure to dump their cargoes on the spot market, further depressing already low prices.
In recent weeks, there has been sharpened focus on the price of oil. The price of oil has collapsed dramatically due to the Russia-Saudi Arabia price war and then further exacerbated by weak demand brought about by the novel coronavirus.
During the Trinidad and Tobago Energy Conference, there was a very stimulating conversation about local content. The perspectives that were explored ranged from global to local. One perspective that was very pertinent was the Guyana perspective which was highlighted by Nicholas Deygoo Boyer, President of the Georgetown Chamber of Commerce and Industry (Georgetown Chamber).
BPTT’s Matapal and Cassia C projects are on track, according to Project General Manager, Michael Daniel.
How do we build skills for the new energy sector and the energy transition? According to Aneesh Chopra it needs handshakes and handoffs. As the keynote speaker at the Trinidad and Tobago Energy Conference 2020, Chopra gave some stellar advice to stakeholders on how to prepare for what’s next in the energy sector.
In 2005, the U.S. outlook for energy was vastly different from what it is now according to Shawn Bennett, Deputy Assistant Secretary for Oil and Natural Gas, Department of Energy (DOE), United States of America. Bennett was speaking at the 2020 Trinidad and Tobago Energy Conference.
April 2020 saw unprecedented movement of oil prices, with the benchmark US WTI futures price in particular entering uncharted territory when it went into negative territory on the eve of the close of the May delivery contracts. The unprecedented collapse in oil prices was caused primarily by a huge drop in demand for petroleum products, with the implementation of lock-down measures across major markets and the collapse of global air travel. The brief oil price war, primarily between Saudi Arabia and Russia, launched in March 2020 and brought to an end in April 2020, exacerbated this situation.
Nutrien has announced the temporary shut down of one of its facilities in Pt Lisas Trinidad for a period of 3 months.
NGC signed a Framework Agreement with Primera Oil and Gas Limited - a wholly owned subsidiary of Touchstone Exploration Inc. (Touchstone) - and Heritage Petroleum Company Limited (Heritage), to develop plans and foster a strategic partnership with respect to the development, sale and purchase of natural gas and natural gas liquids produced from the Ortoire Block, onshore South East Trinidad.
The oil, gas and petrochemical sector in the Caribbean is facing an unprecedented crisis brought about by the COVID-19 pandemic and sharply falling commodity prices, mainly due to a massive and sudden global decrease in demand but made worse by the collapse of the Organization of the Petroleum Exporting Countries (OPEC) supply controls. In the Caribbean, this crisis is exacerbated by continued political uncertainty in Guyana, the region’s newest, and already its biggest, oil producer. Outside of the oil, gas and petrochemical sector, electricity utilities across the region, which typically benefi t in periods of lower commodity prices, are facing liquidity problems as demand has plummeted with the shutting down of the tourism sector and with many of their customers unable to meet their monthly bills.
The global oil, gas and petrochemical industry is facing a perfect storm of low commodity prices and disruptions caused by the fight against the coronavirus. Within the Caribbean, these two factors have been intensified by the political uncertainty in the region’s newest and biggest oil producer, Guyana.
The Covid-19 pandemic represents the biggest shock to the global energy system in more than seven decades, with the drop in demand this year set to dwarf the impact of the 2008 financial crisis and result in a record annual decline in carbon emissions of almost 8%.
The energy research firm, Rystad Energy indicated that global E&P revenues forecasted for 2020 will drop by approximately 40% year-on-year. The expected drop equates to a 1 trillion-dollar decline.
Columbus Energy has announced an oil discovery at the Saffron well located in the South West Peninsula, onshore Trinidad.
BHP released their operational review this week and according to the report, the Ruby project in Trinidad and Tobago is on schedule and budget and is 23% complete.
In February, the new crude oil producing nation Guyana, opened a bid process to market the Government’s share of crude produced from Exxon’s Liza development. The process was supposed to be concluded in March but was extended to into April. Through the process, 34 companies submitted bids for the one year contract.
The energy services sector has been badly impacted by the current overlapping coronavirus and oil price crises. While most of the activities undertaken by these companies are essential services, the volume of activity has significantly decreased since mid-March, as operator companies have implemented measures to reduce the possible transmission of the virus.
