UPSTREAM SUCCESS
- Hosted the Spotlight on Energy which revealed the revenue leakage from the Natural Gas Industry
- Negotiated enhanced revenues for T&T from Gas of TT$6.5B over the period 2018 to 2027
- Finalized new LNG marketing arrangements, resulting in additional revenues for T&T of TT$800M per year
- Settled the long outstanding Gas Royalty issue with BP, resulting in revenue for T&T of $500M
- Settled a long outstanding Gas Sales Agreement with Shell, resulting in Gas at a preferential price for T&T
- Increased Natural Gas Production from 3.3 bscfd in 2016 to approximately 3.8 bscfd in 2018
- Facilitated TT$60B in capital investment in the Energy Sector from 2016 to 2019
- Facilitated the drilling of a significant number of exploration wells, adding to new discoveries of oil and gas, increasing oil reserves by over 700%
- Facilitated new gas production from various platforms and fields totalling 1.3 bcfd
PETROTRIN / HERITAGE PETROLEUM TRANSFORMATION
Petrotrin was successfully restructured in 2018, giving way to Trinidad Petroleum Holdings Limited (TPHL), which yielded the following positive outcomes:
- Heritage, the upstream subsidiary of TPHL made a profit of TT$1.4B in 2019, compared to the former Petrotrin’s annual $2B loss
- Heritage increased oil production back to 2018 levels
- Heritage paid the Government over TT$800M in royalties, levies and taxes
- TPHL/Heritage successfully refinanced a USD $850M (TTD $5.8B) Bond taken out by Petrotrin, which was due for repayment in August 2019, without a Government guarantee
- Paria Trading Company, another new subsidiary, successfully supplied the local market without any disruption in the availability of fuel and returned a profit of TT $100M in its first year
- Ensured uninterrupted supply of LPG and Bitumen to the local market
- Government accepted an offer from Patriotic Energies, a company wholly owned by the OWTU, for the sale and purchase of the Pointe-a-Pierre Refinery
LATEST GAS RESERVES AUDITS
The 2017 and 2018 Ryder Scott Audits showed an increase in T&T’s gas reserves, after decreases from 2014 to 2016, creating investor confidence
ENERGY DIPLOMACY AND INTERNATIONAL AGREEMENTS
- Venezuela: Trinidad and Tobago and Venezuela reached an agreement 2019 to cancel the Unitization agreement and to separately develop the reserves in each country
- Barbados: A MOU was signed with Barbados to collaborate on energy exploration matters.
- Guyana: An MOU was signed with Guyana to cooperate in the energy sector
- Ghana: Agreement was reached with Ghana for further cooperation in the energy sector
RENEWABLE ENERGY
130MW Renewable Energy Solar projects, on a Build, Own, and Operate Basis, awarded to a consortium of Lightsource Bp, BPTT and Shell to build two solar energy plants with a capital investment of US$123 Million (TT$835M) – will satisfy our commitment to the Paris Agreement.
