Page 9 - LatAmOil Week 12 2023

LatAmOil TRINIDAD & TOBAGO LatAmOil

He wrote: “The International Monetary Fund
says the T&T economy will grow by 3% in 2023.
They predicate this assumption on 2.9% growth
in the energy sector. I do not see it. This would
mean natural gas production in 2023 would
have to exceed natural gas production for 2022.”
Ramnarine has previously noted that Trin-
idad and Tobago’s gas production sank to an
18-year low in 2021. And last week, he said he
anticipated that there would be no improve-
ments this year. Instead, he stated that he
expected output to remain steady on 2022 levels
at best – and that the slow downward march of
production was likely to continue.
Officials in Port of Spain are not oblivious to Trinidad and Tobago has been seeking additional volumes of gas to ensure that
the problems that a continued downswing in the Atlantic LNG plant can operate closer to full capacity (Photo: Atlantic LNG)
gas yields could present. Trinidad and Tobago’s
Prime Minister Keith Rowley warned last year gas and associated liquids facility on or about
that the country’s citizens might see their quality June 30, 2023, and Trinidad and Tobago was
of life deteriorate if no new gas fields came on recently given a green light from the US to start
stream soon. He also made note of the country’s negotiations with Venezuela on a deal for devel-
heavy dependence on oil, gas and petrochemical oping Dragon, an offshore field near the mari-
revenues to sustain its budgetary commitments. time border between the two countries. Port of
Rowley’s government has not given up hope, Spain is now in talks with Caracas on the Dragon
though. State-owned National Gas Co. of Trin- project, and Stuart Young, the current Minister
idad and Tobago Ltd (NGC) is expecting to of Energy and Energy Industries, hopes gas may
receive its first gas from the Cascadura natural begin flowing in as little as two years. ™

COLOMBIA
Ecopetrol chairman says company must

up production to finance energy transition

SAUL Kattan, the chairman of Colombia’s
national oil company (NOC) Ecopetrol, has said
that the firm must focus on increasing crude oil
and natural gas production in order to cover the
cost of helping the country’s transition from fos-
sil fuels to renewable energy.
In an interview with Reuters last week, Kat-
tan stated his belief that Colombia can become
a world leader in the production of renewable
energy, particularly green hydrogen and wind
power.
He also insisted, though, that the company
should still seek to boost fossil fuel output.
“I’d make a very big effort so that oil produc-
tion reaches or gets close to 1mn barrels per day,”
Kattan declared. He suggested that Ecopetrol’s
oil and gas business could fund transition efforts
and stressed that the NOC would need to priori-
tise natural gas production in particular in order
to guarantee the country’s energy sovereignty Ecopetrol published its energy transition strategy last year (Image: Ecopetrol)
and cover the cost of the transition.
As of the fourth quarter of 2022, Ecopetrol’s boosting domestic gas supplies, Kattan dis-
oil production amounted to approximately missed the notion that the country could begin
720,100 barrels per day (bpd). importing gas from Venezuela, its neighbour to
When asked about Colombia’s options for the east.

Week 13 29•March•2023 www. NEWSBASE .com P9