Things you probably didn't know about Trinidad and Tobago's oil and gas industry
Monday, July 17 2017 @ 04:24 PM AST
Contributed by: AleemKhan
* The country's two largest natural gas producers can bypass the National Gas Company (NGC) to supply Atlantic LNG
* Unusual feature with Production Sharing Contracts (PSCs): The Energy Minister of the day can enter into PSCs that over-rule the application of the Petroleum Act and Petroleum Regulations. Does this leave room for corruption?
* Poten & Partners discovered what many who cover the oil and gas industry already know: There is no contract transparency in the sector and successive governments cite 'confidentiality agreements to protect commercial interests' as the reason. In so doing are they not putting commercial interests ahead of the national interest?
* Trinidad and Tobago is not as un-competitive as a country for oil and gas companies to do business as they say it is. In fact, it's the fourth best in the world:
* Trinidad and Tobago reserves have been trending down
* Trinidad and Tobago reserves are projected to continue to trend down
* Only cross-border reserves on the Venezuelan side were looked at in the Natural Gas Master Plan. Reserves on the Grenada and Barbados side were not.
* Not even cross-border gas could reverse the trend. (Non-Grenada and non-Barbados gas, of course)
* Most of Trinidad and Tobago's natural gas is exported as liquified natural gas (LNG) so unless reserves/production ratio improves drastically, the proverbial 'gas shortage' will persist for many years, if not decades, to come.
* The Government of Trinidad and Tobago gets the least from LNG and the most from ammonia and methanol