Released February 21, 2024 | SUGAR LAND
en
Written by Amir Richani for Industrial Info Resources (Sugar Land, Texas)--Trinidad and Tobago Prime Minister Keith Rowley said Monday that "the Caribbean energy economies--Trinidad and Tobago, Guyana, and Suriname--are significant players in this [energy] market and will not be irresponsible nor will we shy away from beneficial opportunities."
Rowley made his remarks at the Guyana Energy Forum and Supply Chain Expo.
Guyana has taken the world's energy stage by developing its promising energy industry by installing three platforms at the Stabroek block since 2020, which contains more than 11 billion barrels of recoverable oil, according to estimates. Today, Guyana has oil production between 550,000 barrels per day (BBL/d) and 600,000 BBL/d, with a projected output of more than 1.2 million BBL/d in Stabroek by 2027.
The development of Guyana's energy industry has significantly boosted the country's economy, and it is opening the door to other energy developments, such as downstream infrastructure.
Meanwhile, Suriname is following in the footsteps of its neighbor by promoting opportunities for exploring its offshore waters. This has led to significant discoveries, such as the ones announced by APA Corporation (NASDAQ:APA) (Houston, Texas) and TotalEnergies SE (NYSE:TTE) (Courbevoie, France), who are considering the construction of an offshore platform with a production capacity of 200,000 BBL/d.
The announcement and discoveries have attracted the interest of other companies, such as Petronas (Kuala Lumpur, Malaysia), which continues to explore Surinamese waters.
Meanwhile, Trinidad and Tobago is rekindling its energy industry after experiencing a decline in natural gas production in recent years. It seeks to attract supply from nearby countries to be processed in its robust natural gas infrastructure. According to Rowley, the nation has closed exploration agreements with other islands, such as Barbados and Granada, to find new resources.
More importantly, Trinidad and Tobago has spearheaded negotiations with Venezuela to exploit the Dragon natural gas field. This would allow the Caribbean island to secure gas supplies to feed its industry while Venezuela can find an export market. The Dragon Field agreement could also usher in a deal for exploiting the Lorant-Manatee gas field, which lies between both nations.
However, with the latest political tensions between Washington and Caracas, the White House could decide to reimpose sanctions on Venezuela, affecting the energy deals with Trinidad and Tobago.
Despite individual energy developments, Trinidad and Tobago, Suriname and Guyana also have signed memorandums of understanding to coordinate and develop their energy industries together.
During his presentation, Rowley highlighted Trinidad and Tobago's effort to diversify its energy mix and promote renewable energy despite its hydrocarbon developments. As a result, the nation is building a new solar plant in collaboration with Shell plc (NYSE:SHEL) (London, England) and BP (NYSE:BP) (London) that will provide up to 8% of the nation's energy balance in the near future.
Rowley also said his nation is striving to develop other types of renewable energy: "The government of Trinidad and Tobago is positioning our country to become a leader in this transformative technology known as green hydrogen as part of the energy transition."
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 Trillion (USD).
Rowley made his remarks at the Guyana Energy Forum and Supply Chain Expo.
Guyana has taken the world's energy stage by developing its promising energy industry by installing three platforms at the Stabroek block since 2020, which contains more than 11 billion barrels of recoverable oil, according to estimates. Today, Guyana has oil production between 550,000 barrels per day (BBL/d) and 600,000 BBL/d, with a projected output of more than 1.2 million BBL/d in Stabroek by 2027.
The development of Guyana's energy industry has significantly boosted the country's economy, and it is opening the door to other energy developments, such as downstream infrastructure.
Meanwhile, Suriname is following in the footsteps of its neighbor by promoting opportunities for exploring its offshore waters. This has led to significant discoveries, such as the ones announced by APA Corporation (NASDAQ:APA) (Houston, Texas) and TotalEnergies SE (NYSE:TTE) (Courbevoie, France), who are considering the construction of an offshore platform with a production capacity of 200,000 BBL/d.
The announcement and discoveries have attracted the interest of other companies, such as Petronas (Kuala Lumpur, Malaysia), which continues to explore Surinamese waters.
Meanwhile, Trinidad and Tobago is rekindling its energy industry after experiencing a decline in natural gas production in recent years. It seeks to attract supply from nearby countries to be processed in its robust natural gas infrastructure. According to Rowley, the nation has closed exploration agreements with other islands, such as Barbados and Granada, to find new resources.
More importantly, Trinidad and Tobago has spearheaded negotiations with Venezuela to exploit the Dragon natural gas field. This would allow the Caribbean island to secure gas supplies to feed its industry while Venezuela can find an export market. The Dragon Field agreement could also usher in a deal for exploiting the Lorant-Manatee gas field, which lies between both nations.
However, with the latest political tensions between Washington and Caracas, the White House could decide to reimpose sanctions on Venezuela, affecting the energy deals with Trinidad and Tobago.
Despite individual energy developments, Trinidad and Tobago, Suriname and Guyana also have signed memorandums of understanding to coordinate and develop their energy industries together.
During his presentation, Rowley highlighted Trinidad and Tobago's effort to diversify its energy mix and promote renewable energy despite its hydrocarbon developments. As a result, the nation is building a new solar plant in collaboration with Shell plc (NYSE:SHEL) (London, England) and BP (NYSE:BP) (London) that will provide up to 8% of the nation's energy balance in the near future.
Rowley also said his nation is striving to develop other types of renewable energy: "The government of Trinidad and Tobago is positioning our country to become a leader in this transformative technology known as green hydrogen as part of the energy transition."
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 Trillion (USD).
