Page 7 - LatAmOil Week 22 2022

LatAmOil TRINIDAD AND TOBAGO LatAmOil

Energy minister criticises report on

ability to gain market share in Europe

TRINIDAD and Tobago’s Minister of Energy ensure sustainability of not only LNG but of
and Energy Industries Stuart Young has criti- our petchem sector, and we do think outside the
cised Reuters for a recent report suggesting that box.”
Peru is better positioned to capture LNG market Young’s statements drew a sharp response
share in Europe, which is seeking new natural from David Lee, a member of Trinidad and
gas suppliers in the wake of Russia’s invasion of Tobago’s Parliament from the opposition UNC
Ukraine. Party. Lee said in a statement on June 1 that the
Speaking at an industry conference in Port of Reuters report vindicated the UNC’s assertions
Spain on June 1, Young faulted the news agency that the current government, led by Prime Min-
for attempting to compare Peru with Trinidad ister Keith Rowley, was misleading the public
and Tobago on this front. The two countries may about the poor state of the oil and gas sector.
be the only large-scale producers of LNG in the The MP has spoken similarly in recent weeks.
broader Latin American region, but their LNG For example, he told CNN in an interview last
production facilities have more differences than month that he believed Trinidad and Tobago’s
similarities, he asserted. energy industry had become so decrepit that it
“Another Reuters article, attempting rather could not reap any benefits from the increase in
mischievously and without the correct infor- crude oil and fuel prices since late February.
mation to compare LNG production in Peru, The island state is home to Atlantic LNG, a
off a one-train facility, with what we are doing four-train gas liquefaction plant and export ter-
here in TT utilising three of our four trains,” he minal in Point Fortin. The facility is not owned
commented. “I will use this opportunity just to by a single company or a consortium but has
put on record that there is a lot of fallacy in that. four different sets of owners, or one set for each
It is not based on a proper fact comparison. Our of its four production trains. Train 1 is owned
LNG exports, even with a reduced natural gas 46% by Shell (UK), 34% by BP (UK), 10% by
output, [are] double, more than double with National Gas Co. of Trinidad and Tobago Ltd
what is taking place out of Peru.” (NGC) and 10% by China Investment Corp.
He also took exception to Reuters’ prediction (CIC). Meanwhile, Trains 2 and 3 are owned
that Atlantic LNG, the four-train gas liquefac- 57.5% by Shell and 42.5% by BP, while Train 4
tion plant in Point Fortin, was likely to see out- is owned 51.11% by Shell, 37.78% by BP, and
put levels sink for the third year in a row in 2022. 11.11% by NGC.
The data available to the ministry indicate that Atlantic LNG’s output has been falling since
the facility is on track to see yields rise this year, 2018, and its shareholders have been in talks for
he said. He did not offer any specific numbers, several years due to concerns about the decline.
saying only that Port of Spain hoped to provide Their concerns began growing more acute in
figures to back up its statements “in the not-too- 2019, after BP announced that it could not main-
distant future.” tain gas supplies to the plant at the level of 500
He continued: “The lesson is: This is our mmcf (14.16mn cubic metres) per day because
TT, and don’t always believe what you hear its infill drilling project was having disappoint-
the naysayers say as they attack us here in TT. ing results. Since then, Atlantic LNG’s output
I can assure you the government is working has declined even more, and its first train has
overtime, through me leading the ministry to suspended operations for want of feedstock. ™

Young criticised Reuters’ comparison of Atlantic LNG to Peru LNG (Photo: Atlantic LNG)

Week 22 02•June•2022 www. NEWSBASE .com P7