Petroleum / Mining in Trinidad and Tobago
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TRINIDAD AND TOBAGO, 2015/12/27
Trinidad and Tobago’s oil and gas industry is exploring new strategies to respond to weaker hydrocarbons prices, inclunding enhanced oil recovery (EOR) techniques and potential sources of new supply.
T&T’s hydrocarbons industry, which accounted for 42% of GDP in 2014, according to the Central Bank of T&T, continues to face headwinds on both the price and production front.
West Texas Intermediate crude oil, which is traditionally viewed as an appropriate price proxy for Trinbagonian output, fell from additional than $106 per barrel in June 2014 to around $43 as of mid-November.
The concomitant decline in gas prices has as well impacted the twin-island country’s economy. US Henry Hub prices – a key component of the formulas for pricing sales contracts – were down at around $2 per million British thermal units in November, a decline of additional than 65% since February last year.
Additionally, key exports based on gas feedstock, such as ammonia and methanol, have as well seen double-digit price adjustments during 2015.
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COLOMBIA, 2013/09/05
Venezuela and Trinidad and Tobago have reached a transaction to jointly produce gas from fields located between the South Americn country's coast and the two Caribbean islands, Venezuelan Energy Minister Rafael Ramirez said.
Venezuelan national-owned oil giant PDVSA and U.S. supermajor Chevron Corp. will produce the gas from unified offshore fields that contain nearly 12 trillian cubic feet of natural gas, the energy minister said.
The transaction was sealed on Tuesday night with Trinidadian Energy Minister Kevin Ramnarine, who traveled to Caracas to wrap up the agreement, Ramirez said.
