Tax revenues as a share of GDP in Latin America and the Caribbean rebounded to their pre-pandemic level in 2021, amid an economic recovery and higher commodity prices, according to a new report.
Revenue Statistics in Latin America and the Caribbean 2023, released at the 35th Regional Fiscal Seminar in Santiago, Chile, revealed that the average tax-to-GDP ratio in the region rose by 0.8 percentage points (p.p.) in 2021 to 21.7%, which is the same level as in 2019, prior to the COVID-19 pandemic. The average tax-to-GDP ratio remained lower than the OECD average of 34.1% of GDP in 2021, by 12.5 p.p.
Located in Trinity’s Palo Seco Lease Operatorship area, the Jacobin well has been designed to test an extensive and lightly drilled Miocene-age deeper turbidite play mapped across the prolific southern onshore basin and will provide the company with critical new data on this extensive play and the wider Palo Seco acreage. Trinity has a 100% interest in the Palo Seco area sub-licences, where nine deeper prospects have already been mapped.
A DECADE AGO, when we first started holding a separate event to look at renewable energy and energy efficiency issues in Trinidad and Tobago, we got very limited participation. Back then we had the event on the third day of the annual T&T Energy Conference and if we got fifty people registering, we thought we had done well.
A detailed, European Union-funded, expert report was delivered to the Government of Trinidad and Tobago in May 2023, that outlined a pathway to enable wind-energy generation in the country. The report outlined in detail the steps that need to be taken to deliver 2 gigawatts (GW) of installed wind capacity by 2035, using both onshore and offshore wind locations. The report provides an excellent strategic plan to move forward with the development of wind energy, including all the policy, regulatory, and legislative changes that are required to move this initiative forward.
At the close of the 19th century, the city of New York was grappling with an urban crisis. With thousands of horses pulling carriages and cabs through its streets every day, millions of pounds of manure were being produced and deposited along its thoroughfares. Mechanisms for collecting and disposing of this waste could not keep pace, leading to a host of mobility, health, and sanitation issues.
Isn’t carbon leakage already addressed by EU’s Emissions Trading System (ETS)?
The ETS is the world’s first international emissions trading scheme and the EU’s flagship policy to combat climate change. It sets a cap on the amount of greenhouse gas emissions that can be released from industrial installations in certain sectors. Allowances must be bought on the ETS trading market, though a certain number of free allowances is distributed to prevent carbon leakage. That system has been effective in addressing the risk of leakage, but it also dampens the incentive to invest in greener production at home and abroad. The CBAM will progressively become an alternative to this. Under the EU’s new proposal for a revised ETS, however, the number of free allowances for all sectors will decline over time so that the ETS can have maximum impact in fulfilling our ambitious climate goals. Furthermore, for the CBAM sectors, the free allowances will gradually be phased out as from 2026.
I am delighted to welcome you to our annual Caribbean Sustainable Energy Conference. This is the event where we really get into the details of the energy transition and what companies, governments and other stakeholders need to do to meet the challenge of providing the world with secure, affordable, low carbon electricity, fuels and petrochemicals.
We have themed this year’s conference “From Ideas to Action” because we want the next three days to focus on the actions that we need to take to meet this challenge.
Rystad Energy expects the global market for oil and gas contractors to rise to a peak of $1 trillion in 2025 and remain at high levels for several years thereafter. Helped by strong growth in the midstream part of the industry to liquefy, transport, and re-gasify natural gas, overall oil and gas spending will stay above $920 billion annually on average for the 2022–2028 period.
Alongside the increasing demand for electricity being driven by economic growth, the global demand for sustainable heat is also increasing. This demand has led to a growing trend in the use of geothermal resources for heating and cooling applications where technically and economically feasible.
“Today, we are seeing strong momentum behind energy efficiency. Countries representing over 70% of the world’s energy consumption have introduced new or improved efficiency policies since the global energy crisis began over a year ago. We now need to push into a higher gear and double energy efficiency progress by the end of this decade. I believe this major global conference, which I’m delighted to co-host with French Minister Pannier-Runacher, can be a vital impetus for accelerating ambition and action.”
Rules, procedures, and guidelines continue to be essential elements, but they mean less if they are not embraced by crew, or if they don’t become ingrained in the safety culture of a company. This will lead to a deeper awareness of the safety hurdles and a more comprehensive understanding of new technologies.
At what temperature should the air conditioner be set to get the best cooling effect during the heat season, while still using the least amount of electricity?
Households place a high demand on air conditioners because of the heat. The air conditioner will not provide the best cooling effect and will also result in significant power loss if not used properly.
So, what is the most efficient and cost-effective way to use an air conditioner?
Carbon market participants are optimistic that ambitious reforms will continue to drive compliance market prices higher in the coming years, while voluntary carbon stakeholders are confident that the market will grow to meet increasing demand for carbon reductions, according to IETA and PwC’s 18th annual GHG Market Sentiment Survey.
The National Gas Company of Trinidad and Tobago Limited (NGC) deepened its presence and participation along the local natural gas value chain, with its latest acquisition of shareholdings in several upstream gas assets. Following the execution of a Sales and Purchase Agreement in July 2021, NGC E&P Investments Limited - a wholly owned subsidiary of NGC - completed the acquisition of Heritage Petroleum Company Limited’s (Heritage’s) participating interest in the Offshore Blocks NCMA 4 (20%), Block 22 (10%) and Block 9 (100%), which are in Trinidad’s North Coast Marine Area (NCMA). It also acquired Heritage’s 19.5% shareholding in Point Fortin LNG Exports Limited (PFLE). Gas is sold to NGC for the Domestic market and to PFLE for the LNG export market.
Trinity Exploration & Production plc (AIM: TRIN), the independent E&P company focused on Trinidad and Tobago, is pleased to announce that it has been advised by the Government of Trinidad and Tobago Ministry of Energy and Energy Industries ("MEEI") that Trinity's application for the Buenos Ayres block offered in the 2022 Onshore and Nearshore Competitive Bid Round has been successful.
Touchstone Exploration Inc. announced that it’s wholly owned subsidiary, Primera Oil and Gas Limited (Primera) was awarded the Cipero onshore block in the Trinidad and Tobago 2022 Onshore and Nearshore Competitive Bid Round.
The Honourable Stuart R. Young, MP Minister of Energy and Energy Industries and Minister in the Office of the Prime Minister delivers keynote address at the Energy International Summit of the Association of International Negotiators Under the theme- “Pursuit of Energy Security and Sustainability - A Caribbean Perspective” on June 1st, 2023 in Miami, Florida.
bpTT has announced the successful completion of the first phase of its “small pools” drilling campaign which began in October 2022. The campaign includes three wells in the Mango field, one well in the Savonette field and 3 wells in the Angelin field.
Chairman Michael Quamina SC and the Board of Directors of Heritage Petroleum Company Limited (Heritage) have selected Erik Keskula as the CEO of the Company. Mr. Keskula will serve as the CEO Designate for the period June 1st to June 13th and will assume full responsibility when Ms. Arlene Chow current CEO retires from the Company on June 13th, 2023.
