Last month, the consortium of Shell and the National Gas Company of Trinidad signed the license to develop the Dragon gas field in Venezuela. The gas from the field is destined for export from Venezuela to Trinidad & Tobago via the Shell operated Hibiscus platform, just across the maritime border.
The Energy Chamber has received the news that Mr Mark Loquan will be retiring from his role at NGC in August 2024. Mark has been a stalwart of the Trinidad & Tobago energy industry for many decades and has made huge contributions to the development and transformation of the industry.
The National Gas Company of Trinidad and Tobago Limited (NGC) wishes to announce that Mr. Mark Loquan will not renew his contract with NGC; and his appointment as Director on the NGC Board and its affiliates will also cease. This becomes effective on August 31st, 2024, and follows eight distinguished years as President of NGC, which he joined in 2016.
Over the past few years, the local energy sector has been embracing the transition towards a cleaner energy future. NGC has been leading that movement, by pursuing a diverse Green Agenda, and integrating sustainability into all aspects of our business. NGC has delivered a milestone achievement to cement its green agenda through the formation of a new subsidiary of The NGC Group of Companies – NGC Green Company Limited (NGC Green).
On 17th January 2024, The Honourable Stuart R. Young, MP, Minister of Energy and Energy Industries and Minister in the Office of the Prime Minister along with Mrs. Penelope Bradshaw-Niles, Permanent Secretary at the Ministry of Energy and Energy Industries and Ms. Sandra Fraser, Permanent Secretary at the Ministry of Energy and Energy Industries; met with Perenco executives at the Ministry of Energy and Energy Industries’ International Waterfront Complex Head Office, Port-of-Spain.
The NGC Group (“The Group/the Group”) has announced a profit of $2.38 billion, maintaining a position of profitability for the year ended 31 December 2022. According to the 2022 summary consolidated financial statements, this solid performance is just 5.2% lower than the $2.51 billion after-tax profit recorded in 2021.
On December 22nd 2023, the Ministry of Energy and Energy Industries (MEEI) announced the signing of the Dragon Field Exploration and Production License between NGC Exploration & Production Ltd (NGC), Shell Venezuela S.A. (Shell) and Venezuela’s Ministro del Poder Popular de Petróleo (MPPP). The signing took place on December 21st 2023, in Caracas, Venezuela.
The Ministry of Energy and Energy Industries has announced that the Bolivarian Republic of Venezuela has granted the license for the Dragon Gas Field to The National Gas Company of Trinidad and Tobago Limited and Shell to develop and produce gas for export to Trinidad and Tobago.
NGC has successfully closed another important gas sales contract with the Trinidad Nitrogen Company Limited, (TRINGEN), one of the longest-operating companies on the Pt Lisas Industrial Estate.
The task of securing the future of domestic energy must be a collaborative undertaking, with the involvement of all stakeholders along the energy value chain. This is the thinking behind NGC’s continued engagement with upstream suppliers in unprecedented, targeted discussions around energy matters, including energy security and the energy transition.
The Honourable Stuart R. Young, MP, Minister of Energy and Energy Industries and Minister in the Office of the Prime Minister along with Mrs. Penelope Bradshaw-Niles, Permanent Secretary at the Ministry of Energy and Energy Industries; Ms. Sandra Fraser, Permanent Secretary at the Ministry of Energy and Energy Industries; and Mr. Terrance Ali, Senior Chemical Engineer Ag, Ministry of Energy and Energy Industries met with Woodside Energy Executives at the Ministry of Energy and Energy Industries’ International Waterfront Complex Head Office, Port-of-Spain.
The Ansa McAL Group, a major conglomerate operating across the Caribbean, and Kenesjay Green Limited (KGL), an indigenous regional leader in green energy project development, have signed an MOU to accelerate the development of new, and commercially viable green energy projects in the Caribbean.
The Energy Chamber of Trinidad & Tobago welcomes the news of the final signing of the Atlantic restructuring agreement. The Energy Chamber would like to thank and compliment the negotiating teams from bpTT, Shell, the National Gas Company of Trinidad and Tobago Limited and the Government of Trinidad and Tobago, for completing this complex process and for delivering the new commercial and legal structure for Atlantic. This is a major development for the Trinidad & Tobago gas sector and therefore the overall economy of the country.
NGC welcomes the Ministry of Energy and Energy Industries official announcement, made December 5th 2023, that an agreement for a new unitised commercial structure for Atlantic LNG has been successfully executed. This announcement is the culmination of almost five years of demanding yet collaborative negotiations and is a testament to the unending dedication of all shareholders to reach a mutually agreeable outcome. The landmark commercial arrangement for the facility signals the country’s pursuit of excellence on a global scale, in an effort to maximise all opportunities for bolstering the sustainable development of Trinidad and Tobago’s LNG and energy sectors.
On December 1st, at the world’s capstone climate conference for 2023 - COP28 – currently underway in the United Arab Emirates, the global Oil and Gas Methane Partnership (OGMP) released its signature report on methane emissions, which outlines the commitments made by member companies to reduce their methane output. In this report, NGC - an OGMP member since 2021 - was highlighted as one of 84 companies achieving the “Gold Standard” status for their level of reporting and methane reduction ambitions. This is the second consecutive year that NGC has achieved this recognition.
Saipem has been awarded two offshore contracts, one in Guyana and the other in Brazil, worth approximately 1.9 billion USD.
bp has agreed to acquire the 50.03% interest it does not already own in Lightsource bp, one of the world’s leading developers and operator of utility-scale solar and battery storage assets. The parties agree that now is the right time for bp to take full ownership, enabling Lightsource bp’s continuing growth and high performance.
McDermott has received a limited notice to proceed for an engineering, procurement, construction and installation (EPCI) contract from Shell Trinidad and Tobago Limited for the Manatee gas field development project, located off the east coast of Trinidad and Tobago.
One of the topics discussed at the Local Content Forum this week was creating a uniform pre-qualification system across the energy sector. This idea got resounding support from the members who attended the Forum from across the supply chain. The discussion at the Forum concentrated on how this could best be achieved and the issues that will need to be overcome.