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Staatsolie Maatschappij Suriname N.V. signed a Letter of Agreement (LoA) with PETRONAS and ExxonMobil on Monday, March 4, 2024. The LoA is necessary for further exploration of the gas discovery made in 2020 with the Sloanea-1 exploration well in Block 52.
The Honourable Stuart R. Young, MP, Minister of Energy and Energy Industries and Minister in the Office of the Prime Minister led a high-level delegation from the Ministry of Energy and Energy Industries, representing the Government of the Republic of Trinidad and Tobago, to the 7th Gas Exporting Countries Forum (GECF), Summit, in Algiers, the Democratic Republic of Algeria.
Global demand for liquefied natural gas (LNG) is estimated to rise by more than 50% by 2040, as industrial coal-to-gas switching gathers pace in China and South Asian and South-east Asian countries use more LNG to support their economic growth, according to Shell’s LNG Outlook 2024.
ASCO has announced that the company secured a five-year contract with bp Trinidad and Tobago (bpTT).
“Collaboration” was a word that kept popping up at the Guyana Energy Conference this week, just as it did at the T&T Energy Conference a few weeks ago. In Georgetown this week there was a strong feeling of collaboration and cooperation between Guyana, the new oil giant and the worlds fastest growing economy, and Trinidad & Tobago, one of the worlds oldest oil producers and an important player in natural gas and petrochemicals. This was surely helped by the presence of the Trinidad & Tobago Prime Minster, Dr Keith Rowley, and the Minister of Energy, Stuart Young, and strong statements about regional integration from President of Guyana, Irfan Ali and other leaders from Guyana.
bp Trinidad and Tobago has announced that the first well on Cypre has been spud.
In a move towards improving production and operational efficiency, Heritage Petroleum Company Limited (Heritage) selected Hiber Global’s LoRaWAN wireless well monitoring solution, called HiberHilo, to provide real-time data for its highest-producing offshore wells. The installation of the technology facilitates real-time data on well performance, minimizes downtime, and significantly reduces exposure to offshore environments.
The National Gas Company of Trinidad and Tobago Limited (NGC), has taken note of the recent statements in the public domain regarding NGC’s participation in the Dragon Field gas deal.
Woodside Energy has joined the United Nations Environment Programme (UNEP) Oil & Gas Methane Partnership 2.0 (OGMP 2.0), a leading measurement-based reporting framework which enables improved accuracy and transparency for methane emission reporting.
I have never been someone afraid of speaking in public, but I must admit that I was nervous about conducting a one-to-one interview with the Honourable Dr Keith Rowley, the Prime Minister of Trinidad & Tobago, in front of more than seven hundred delegates and the entire nation via TV and the wide world via the livestream.
Over the past year, there have been many positive developments in our energy sector here in Trinidad and Tobago. The Atlantic restructuring has been completed; the Dragon license has been signed; the onshore/nearshore bid round was closed, and the winners announced; new production sharing contracts for deepwater exploration blocks were issued; a new shallow water bid round was launched; the first large-scale solar energy project began construction; and new gas supply contracts were signed across a wide cross-section of the downstream sector.
It is my pleasure to deliver the keynote address to this distinguished audience at the Energy Chamber’s Annual Conference. I also wish to thank the Energy Chamber for this opportunity to provide an update on the Government’s policies and initiatives in the domestic energy sector. On behalf of the Government of Trinidad and Tobago, I extend a warm welcome to all attendees of the Conference and trust that your participation is informative and rewarding.
In the year since the last T&T Energy Conference there have been many positive developments in the local energy sector: we have seen the Atlantic restructuring completed, a license signed for the Dragon gas field, deepwater exploration blocks PSCs signed, onshore licenses awarded, a shallow water bid round launched (with more attractive terms), the Manatee project moving towards construction, continued activity to progress the Calypso project, new downstream supply contracts signed and the first major solar project in the country under construction. We have had first gas from Cascadura, and the Mento and Cypre projects are under execution.
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.
