Page 7 - LatAmOil Week 04 2023

LatAmOil TRINIDAD & TOBAGO LatAmOil

The most recent bidding round included 11 onshore and near-shore blocks (Image: MEEI)

He did not say when any changes might be made country expand diversity and participation
or whether any potential investors had been levels among the companies that are investing
approached. in the natural gas industry, the prime minister
Meanwhile, geopolitical turmoil and uncer- added. The government ought to do more on
tainty may also help make direct negotiations a this front as it seeks to secure additional supplies
better option than competitive bidding, Rowley of gas to meet local demand, he said.
said. “Given the uncertain global energy envi- Trinidad and Tobago is currently capable of
ronment, Trinidad and Tobago may need to processing around 4.2bn cubic feet (118.9mn
consider such options to maximise the extrac- cubic metres) per day of gas, according to a Reu-
tion of our hydrocarbon resources, both oil and ters report. Some of these volumes are sent to the
natural gas,” he remarked. Atlantic LNG plant, where they are made into
Taking this approach could also help the LNG for export. ™

COLOMBIA
Velez: Colombia determined to halt new

oil and gas exploration contract awards

COLOMBIA’S Energy and Mines Minister has been very controversial, it’s a clear sign of
Irene Velez said at the World Economic Forum our commitment in the fight against climate
(WEF) in Davos, Switzerland, last week that change,” she remarked. “This decision is abso-
her country’s government remains determined lutely urgent and needs immediate action.”
to stop awarding new oil and gas exploration The Petro administration’s aim, she said, is to
contracts. put Colombia in a position to “leave behind coal
Speaking during a panel discussion on the and hydrocarbons while surviving as a nation.”
transition to renewable energy, Velez expressed This will involve investing heavily in other sec-
agreement with Colombian President Gustavo tors of the economy, such as agriculture and
Petro’s concerns about fossil fuels. The govern- tourism, she said.
ment views the issue as one that demands urgent Petro, who also spoke in Davos, indicated
attention, despite the country’s long-standing that his government did not intend to disrupt
dependence on oil, gas and coal revenues, she any ongoing projects. Colombian authorities
said. will permit oil, gas and coal producers with valid
“We have decided not to award new oil contracts to “carry on normally”, even though no
and gas exploration contracts, and while that new exploration deals will go forward, he said.

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