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I stand before you with a great deal of enthusiasm at the Energy Chamber’s 11th Local Content Forum. I am enthusiastic because I know the collaborative efforts that we are about to embark on today will yield greats benefits for our ever changing energy industry. This gathering of our member companies exemplifies our collective commitment to fostering growth, sustainability, and competitiveness in our dynamic industry.
In its continuing efforts to solidify partnerships in the petrochemical sector and support the sector’s continued growth, NGC completed the signing of a Gas Sales Contract (GSC) with PCS Nitrogen Trinidad Limited (Nutrien). The contract, one of several with ammonia exporters operating in Trinidad and Tobago, affirms this country’s position as one of the world’s leading exporters of ammonia.
Hess Corporation has announced startup of production from the Payara development on the Stabroek Block offshore Guyana, utilizing the Prosperity floating production, storage and offloading (FPSO) vessel. The Prosperity is expected to reach its initial production of 220,000 gross barrels of oil per day over the first half of 2024 as new wells are brought online. Production capacity on the Stabroek Block is now approximately 620,000 gross barrels of oil per day.
Woodside’s CEO, Meg O’Neill and Shiva McMahon, EVP International Operations spoke at the company’s Investor Briefing Day about the future of the Calypso deepwater development in T&T. The Calypso development is one that the energy industry in T&T is keenly watching.
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. Karinsa Tulsie, Deputy Permanent Secretary at the Ministry of Energy and Energy Industries visited the Atlantic LNG, Point Fortin facilities with members of the PETRONAS, Malaysia delegation on 7th November 2023. This was part of the two-day knowledge sharing programme hosted by the Ministry of Energy and Energy Industries.
The University of Trinidad and Tobago has announced the dedication of the administrative building at the UTT Tamana Campus in honour of Professor Kenneth Julien (Emeritus), TC, UTT’s founding Chairman and President.
The Honourable Stuart R. Young, M.P., 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, Ms. Sandra Fraser, Permanent Secretary Ministry of Energy and Energy Industries and Ms. Karinsa Tulsie, Deputy Permanent Secretary at the Ministry of Energy Industries, met with representatives of Petroliam Nasional Berhad (PETRONAS) at the Ministry of Energy and Energy Industries’ Head Office Port-of-Spain on 6th November 2023 as part of a two-day knowledge sharing energy sector visit by PETRONAS to the Republic of Trinidad and Tobago.
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.
