Energy professionals from the Ministry of Energy and Energy Industries (MEEI) welcomed delegates from the Korea Energy Agency (KEA) and H2Korea on Friday 3rd November,2023, for a day of knowledge exchange focused on the renewable energy sector. The MEEI team led by Margaret Edwards Barran, Senior Energy Analyst (Ag.) along with Hannibal Anyika, Senior Sustainable Energy Development Analyst and Dr. Winston O’Young, Senior Policy and International Relations Officer, met with Dr. Sang-Hoon Lee, President, and Chief Executive Officer; Young Seop Lee, Chief Secretary and Na Young Kim, Project Manager of the KEA along with Dr. Han Sangme, Chief Operating Officer and InJoon Oh, Senior Researcher of H2Korea at the Energy Chamber of Trinidad and Tobago, Point Lisas. At this meeting the Republic of Korea delegation was updated on the local renewable energy sector with focus on the national commitments to reduce greenhouse gas emissions by 15% from our main emitting sectors by 2030.
PETRONAS has announced that its subsidiary, PETRONAS Suriname E&P B.V. (PETRONAS Suriname E&P), has made an oil discovery at the Roystonea-1 exploration well in Suriname’s Block 52.
The Honourable Stuart R. Young, MP, Minister of Energy and Energy Industries and Minister in the Office of The Prime Minister along with Ms. Penelope Bradshaw-Niles, Permanent Secretary, Ministry of Energy and Energy Industries; and Ms. Sandra Fraser, Permanent Secretary, Ministry of Energy and Energy Industries; met with representatives of the Saudi Fund for Development (SFD), a Saudi Arabian government agency. The meeting took place on Wednesday 1st November, 2023 at the Ministry of Energy and Energy Industries’ International Waterfront Complex, Head-Office. The representatives of the Saudi Fund for Development present at the meeting were Mr. Yaser Albakri, Director General of Sectoral Expertise, Saudi Fund for Development and Mr. Yaser Alzuwayed, Director of Development Monitoring, Saudi Fund for Development.
The National Gas Company of Trinidad and Tobago Limited (NGC) has completed negotiations with Proman for the execution of Gas Sales Contracts for Caribbean Nitrogen Company Limited (CNC) and Nitrogen (2000) Unlimited (N2000). These GSCs were signed at NGC’s Head Office in Point Lisas on October 20th, 2023 by NGC President Mark Loquan and Jerome Dookie, Managing Director of CNC and N2000.
In a demonstration of its unflagging commitment to transparency and alignment with global best practice, The National Gas Company of Trinidad and Tobago Limited (NGC) has published its 6th annual Sustainability Report, covering the period January to December 2022. To date, NGC maintains its leadership role in sustainability reporting among local state enterprises.
The National Gas Company of Trinidad and Tobago Limited (NGC) has completed negotiations with Proman for the execution of a Gas Sales Contract for Methanol Holdings (Trinidad) Limited (MHTL). The GSC was signed at NGC’s Head Office in Point Lisas on October 20th, 2023 by NGC President Mark Loquan and Jerome Dookie, Managing Director of MHTL, marking the culmination of many months of negotiation.
Chevron Corporation has announced that it has entered into a definitive agreement with Hess Corporation to acquire all of the outstanding shares of Hess in an all-stock transaction valued at $53 billion, or $171 per share based on Chevron’s closing price on October 20, 2023. Under the terms of the agreement, Hess shareholders will receive 1.0250 shares of Chevron for each Hess share. The total enterprise value, including debt, of the transaction is $60 billion.
The National Gas Company of Trinidad and Tobago Limited (NGC) and Methanex have partnered to sponsor Sustain-U, a sustainability and ESG (environment, social, governance) training platform developed by Caribbean Ideas Academy.
Minister of Energy and Energy Industries and Minister in the Office of the Prime Minister, the Honourable Stuart R. Young, M.P. hereby confirms that on October 17, 2023 the Office of Foreign Assets Control (OFAC) of the Department of Treasury of the United States Government issued a license amendment to the Government of the Republic of Trinidad and Tobago (GORTT) based upon requests made by GORTT dated March 8, 2023 and September 15, 2023 with respect to, inter alia, the development of the Dragon gas field.
With the political progress taking place between the Government and Opposition in Venezuela, the United States has lifted almost all of the sanctions on the Venezuela oil and gas industry for the next six months, with an expectation that this will be extended once political progress continues to be made towards free democratic elections in 2024. This comes on the back of the announcement of the extension of the waiver on the Dragon field gas project through to October 2025 and the removal of restrictions on the types of payments that Trinidad & Tobago could make for any gas received.
The Energy Chamber of Trinidad & Tobago warmly welcomes the announcement from the Trinidad & Tobago Minister of Energy and Energy Industries, The Honourable Stuart Young, of the further progress with the development of Dragon field and the granting of an amended license from the United States Treasury Department Office of Foreign Asset Control (OFAC) to the Government of Trinidad & Tobago. This amended license, extended through to 25th October 2025, will allow the Government of Trinidad & Tobago to pay for natural gas exported from the Dragon field in Venezuela in any currency or in humanitarian aid.
Paria Fuel Trading Company Limited (Paria) is pleased to announce its partnership with Pennacool.com, a renowned educational company, to donate books to students within our fenceline communities. This initiative aims to foster an environment for learning and to provide educational resources to enhance student’s academic performance.
The 8th Annual Meeting (AGM) of the Shareholders of Trinidad and Tobago NGL Limited (‘TTNGL’), was hosted on 12th October, 2023. The meeting primarily focused on the operang performance of TTNGL and its underlying asset Phoenix Park Gas Processors Limited (PPGPL), and the strategies being pursued to enable growth amid persistent downside risk in the industry.
The National Gas Company of Trinidad and Tobago Limited (NGC) and Methanex Trinidad Limited (Methanex) have signed a new Gas Sales Contract (GSC) for the supply of gas to the Titan methanol plant on the Point Lisas Industrial Estate (PLIE). The agreement with Methanex - the world’s largest producer and supplier of methanol - was signed on October 12th 2023 at the Hilton Trinidad and Conference Centre.
Methanex Corporation has announced that it has signed a two-year natural gas agreement with the National Gas Company of Trinidad and Tobago (NGC) for its currently idled, wholly owned, Titan methanol plant (“Titan”) (875,000 tonnes per year capacity) to restart operations in September 2024. Simultaneously, the Company announced its intention to idle the Atlas methanol plant (“Atlas”) (Methanex interest 63.1% or 1,085,000 tonnes per year capacity) in September 2024, when its legacy 20-year natural gas agreement expires.
The Minister of Energy and Energy Industries and Minister in the Office of the Prime Minister, The Honourable Stuart R. Young, MP, met with the European Union (EU) Ambassador, His Excellency Peter Cavendish; David Mogollon, Head of Cooperation, EU Delegation to Barbados and Sanjin Soldatic, Head of Political Section, EU Delegation to Trinidad and Tobago, today, Tuesday 10th October, 2023 at the Parliament of the Republic of Trinidad and Tobago.
The Honourable Stuart R. Young MP Minister of Energy and Energy Industries and Minister in the Office of the Prime Minister met with Mrs. Kellyanne Lochan, President and Country Chair at Woodside Energy. The meeting took place at the Parliament of the Republic of Trinidad and Tobago on 10th October 2023.
The Energy Chamber of Trinidad & Tobago warmly welcomes the announcement of the 2023 Shallow Water Bid Round earlier today. Coming on the back of the signing of three deepwater production sharing contracts last week and the successful onshore bid round earlier this year, this bodes well for future development of Trinidad & Tobago oil and gas resources. It is important for the future of the country that we have a consistent and active exploration programme within Trinidad & Tobago’s economic zone to ensure that resources are identified, and reserves are brought into production as quickly as possible.
The National Gas Company of Trinidad and Tobago Limited (NGC) and Point Lisas Nitrogen Limited (PLNL) have successfully concluded negotiations for the execution of a Gas Sales Contract (GSC) to govern the sale of natural gas to PLNL and represents a critical step forward for both companies after a fruitful period of negotiations.
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