Page 8 - LatAmOil Week 06 2023

LatAmOil TRINIDAD & TOBAGO LatAmOil

Dragon is adjacent to Trinidad and Tobago’s Hibiscus gas field (Image: Mitsubishi)

“You know, in the energy sector we don’t make Dragon contains 4.2 trillion cubic feet
planning decisions for one year, for two years, (118.9bn cubic metres) of gas. It lies in Vene-
for three years, for four years. So when we look zuelan waters, very close to the maritime bor-
at what the gas production looks like right now; der with Trinidad and Tobago, and is adjacent
okay, we are fine for a few years. But what Vene- to Hibiscus, a gas field that Port of Spain has
zuelan gas does for us is that it allows us to plan assigned to Shell.
our business for five, 10, 15, 20 years out,” he This proximity is expected to make con-
remarked. necting the two sites a relatively simple task.
Rampersad was referring to the fact that the However, Shell, NGC and its state-owned Ven-
island state’s gas production has been declining. ezuelan partner PdVSA, which signed an initial
As Prime Minister Keith Rowley reported at the agreement on the project in 2018, may need
Trinidad and Tobago Energy Conference, gas more than two years to establish the necessary
output is currently averaging 2.8bn cubic feet links and start production.
(79.29mn cubic metres) per day, far below the Meanwhile, Rampersad went on to say that
peak of 4.1 bcf (116.1 mcm). other joint projects with Venezuela might help
Rowley and other officials in Port of Spain boost Trinidad and Tobago’s gas production
have talked about bringing yields up to 4.0 bcf figures. He expressed particular interest in the
(113.3 mcm) per day, but the path to reaching possibility of developing Loran-Manatee, a field
that target was unclear, as efforts to bring new that contains approximately 10 tcf (283.2 bcm)
reserves online and offer new licences to inves- of gas. Loran-Manatee straddles the maritime
tors have not been as successful as anticipated. boundary between Trinidad and Tobago and
The Dragon field may help fill that gap, thereby Venezuela, and about a quarter of its reserves lie
allowing Trinidad and Tobago to achieve its pro- within Manatee, within Trinidad and Tobago’s
duction goals. territorial waters. ™

COLOMBIA
Ecopetrol to continue investing in oil, gas

despite expanding focus on renewables

COLOMBIA’S national oil company (NOC) decarbonisation initiatives such as renewable
Ecopetrol will continue to invest in oil and gas energy, green hydrogen and carbon capture and
exploration and development projects, even as storage (CCS) to 25-30%.
it expands its operations in the area of low-car- The NOC’s investment budget demonstrates
bon energy, according to the state-owned firm’s that it is committed “not only to the traditional
outgoing CEO, Felipe Bayon. businesses but also to the transitional busi-
In an interview with S&P Global Platts, nesses,” he said.
Bayon noted that Ecopetrol aimed to raise the Bayon did not give an exact timeline for
share of total capital expenditures devoted to achieving the goal of 25-30%.

P8 www. NEWSBASE .com Week 06 08•February•2023