Page 11 - LatAmOil Week 01 2023

LatAmOil TRINIDAD & TOBAGO LatAmOil

He also emphasised that this figure did not “We’ve also completed significant negotiations
include the contributions made by local oilfield for future gas for T&T and we have been work-
service providers (OSPs). “I can tell you we’ve ing with the downstream petrochemical sector
contributed directly out of our oil and gas com- in T&T on the ammonia and the methanol side,
panies and our petrochemical sector approx- where prices have been higher than they have
imately TTD30bn in revenue, [which] does been in many, many years.”
not include all of the directly associated service Additionally, he noted that Trinidad and
companies related to the energy sector, out of a Tobago was now a signatory to the Global Meth-
revenue of approximately TTD53bn,” he said in ane Pledge (GMP), a head of state-level effort to
a speech posted to his Facebook page. reduce methane emissions in ways that support
Young stressed, though, that Trinidad and the UN-backed campaign to limit global warm-
Tobago’s oil and gas sector had not played a key ing to 1.5 degrees Centigrade: “[We] have signed
role in the national economy purely as a result of the methane pledge. We have been looking and
the increase in world energy prices that followed doing all of our homework with methane, which
the Russian invasion of Ukraine. Certainly, he is one of the most harmful gases.”
said, geopolitical developments in Eastern He continued: “We are also looking at how
Europe did trigger price rises on global energy can we clean up and decarbonise our energy sec-
markets and did lead to increases in demand for tor, so we are looking at carbon capture, seques-
fuel from the Atlantic LNG plant. But these were tration and utilisation. And I hope that we will
not the only events that had had an impact on be able to come to you, the citizens, with the plan
Port of Spain, he asserted. as to how we can get that done.” ™
Among other things, he declared, Trinidad
and Tobago has been acknowledged for the role
it plays in global energy trade. “This year has
been a very significant year,” he commented.
“One of the things that we have achieved is more
global recognition and being at the tables where
the global decision-making is taking place with
respect to the energy sector.”
Additionally, he said, Port of Spain has gained
more leverage in negotiations with international
oil companies (IOCs): “I can also report to you
right here domestically and locally we have con-
tributed significantly not only to our economy
but also to the welfare of our people in T&T.”
Young also hailed the signing of an agree-
ment on the reorganisation of Atlantic LNG
under a unitary ownership structure, saying: Young says Port of Spain also sees decarbonisation as a priority (Photo: Facebook)

VENEZUELA
Chevron gearing up to resume

shipments of oil from Venezuela

THE US oil company Chevron is reportedly earlier January. It will deliver naphtha to Petro-
preparing to resume shipments of Venezuelan piar, one of Chevron’s joint ventures with Vene-
crude oil after a hiatus of nearly four years. zuela’s national oil company (NOC) PdVSA, for
An anonymous source familiar with the mat- use as a diluent, he explained.
ter informed Reuters in the last week of Decem- Chevron is sending the tankers to Vene-
ber that the US major was sending two tankers zuela after receiving a six-month licence from
to the South American country. As of December the United States Treasury Department in late
30, the source said, one of the Chevron-char- November. The terms of this document, known
tered vessels, the Bahamas-flagged tanker as General License (GL) 41, give Chevron the
Caribbean Voyager, had arrived in Venezuelan right to take an expanded role in four Venezue-
waters to collect the first shipment of crude. lan oil joint ventures involved in the production,
Meanwhile, the source said, a second tanker, refining and export of petroleum products, as
the Marshall Islands-flagged tanker UACC well as the right to import oil and fuel produced
Eagle, is scheduled to arrive at the port of Jose in by these companies to the US.

Week 01 04•January•2023 www. NEWSBASE .com P11