Page 7 - LatAmOil Week 01 2022

LatAmOil TRINIDAD AND TOBAGO LatAmOil

“After a difficult year for the global industry,
the NGC Group has rebounded with great agil-
ity, proving once more its capacity to navigate
change, evolve and prosper,” chairman Conrad
Enill was quoted as saying in the company’s
latest interim report. According to Enill, NGC
remains committed to its core principles of
accountability, transparency and responsible
leadership as it looks to capitalise on the changes
being brought about by the emerging energy
landscape.
Several economic conditions have proved
conducive to the NGC’s efforts to recover from
its previous financial losses. These include the
worldwide coronavirus (COVID-19) vaccina-
tion rollouts and the resultant increase in eco- NGC and DeNovo have a signed a contract on Zandolie gas (Image: DeNovo Energy)
nomic activity and energy demands, as well as
the surge of gas prices in Europe amid the global Management Co. in a bid to assess the possibil-
supply shortage. ity of using domestic landfill gas as an alternative
Some of the significant moves made by the motor fuel.
NGC over the nine-month period included Due to the NGC’s inflated sales in 2021, natu-
the signing of the gas sales contract (GSC) ral gas and oil now accounts for 80% of Trinidad
with DeNovo Energy Ltd for the sale of gas and Tobago’s total exports.
from the Zandolie field, as well as the launch Data and analytics company GlobalData
of CariGreen, a website aimed at fuelling aca- has projected that approximately 25% of the
demic and investor research into clean energy Americas’ total gas production will come from
across the Caribbean. Additionally, NGC signed the Caribbean nation by 2025. Much of this con-
a memorandum of understanding (MoU) tribution is expected to be derived from seven
with the Trinidad and Tobago Solid Waste upcoming projects. ™

VENEZUEL A
Venezuela reports impressive output rise

VENEZUELA has reportedly succeeded in
pushing its crude oil production up significantly
in the last two months of 2021, thereby recover-
ing from the record lows that were recorded in
the previous year.
It appears to have achieved this increase
because the national oil company (NOC)
PdVSA managed to enter into new contracts
that enabled it to ramp up output. Some of these
new deals were with small drilling firms that
helped PdVSA sink new wells.
However, the NOC also secured some of
the supplies it needed to push production
upwards under a swap contract with National
Iranian Oil Co. (NIOC) last September. Just PdVSA reportedly saw production top 1mn bpd on some individual days (File Photo)
two months later, in November, it reported that
yields had risen to 824,000 barrels per day, up by synthetic fuels that resemble medium or heavy
nearly 57% on the average level of 525,000 bpd grades of crude oil.
reported for the first nine months of 2021. On Meanwhile, PdVSA’s financial position has
several occasions, it even managed to bring daily also improved on the back of rising oil exports
output up to the 1mn bpd level for the first time to Asia and expanding domestic fuel sales. Since
in almost three years. both of these have generated foreign currency
This increase occurred because NIOC had revenue, the state-run company has managed to
supplied PdVSA with gas condensate. The Ven- settle some of its overdue debts and has amor-
ezuelan NOC mixes this light hydrocarbon tised others. Still, the NOC is still carrying a
liquid with its own extra-heavy crudes from large debt burden and continues to delay pay-
the Orinoco Belt region to produce exportable ments to a sizeable number of contractors.

Week 01 06•January•2022 www. NEWSBASE .com P7