Energy sector focuses on regional collaboration

TT's energy sector is moving forward with human resource and infrastructural collaborations with its energy neighbours.

The National Energy Corporation, a subsidiary of the National Gas Company Ltd (NGC), says it has been working closely with Guyana and Suriname to build human and infrastructural capacities in the energy sector, to the mutual benefit of all parties.

Vernon Paltoo, president of National Energy, told members of the Energy Chamber of TT that since last year National Energy has been working closely with the Energy Chamber to access its members, as well as relevant entities within the region, to build those bridges and (increase) capacity, but more so since a memorandum of understanding (MoU) was signed between TT and Suriname earlier this year.

Paltoo was speaking on a panel discussion hosted by the Energy Chamber on Wednesday, following its annual general meeting (AGM), in which the executive committee were elected unchallenged.

National Energy describes itself as "committed to the sustainability of the local and regional energy sector" through the development of gas and energy-based industries while providing the associated infrastructure to support these industries.

Paltoo said there are parallels between the objectives of the company and that of exporTT, whose mandate includes assisting its local small and medium enterprises to navigate export markets.

He said TT has been exploring not just nearby regional markets but also the US and parts of West Africa. He added that this country and the wider Caricom will benefit to a greater degree if it operates with collective objectives.

In June, TT and Suriname signed an MoU, following a meeting between the two heads of state, Prime Minister Dr Keith Rowley and Suriname President Chandrikapersad Santokhi.

“Both countries will now establish technical teams which will produce feasibility studies for their respective governments and this exercise will determine the way forward,” the Office of the Prime Minister said in a statement following the signing of the MoU.

The MoU aims to increase energy co-operation and could lead to natural gas from Suriname being piped to TT.

Paltoo said that since TT has been developed through proceeds of the energy industry for the past century, the intention is to assist Suriname and Guyana, while avoiding some of the challenges faced by this country in developing the industry.

The Energy Chamber’s re-elected chairman Jerome Dookie, in his opening remarks at the post-AGM discussion, said, “As a country, we have been unable to secure the investments that we need in upstream gas production in order to maintain our mid and downstream industry at full capacity.

"Given the size of the downstream sector in the country and the natural declining rates of gas reservoirs in TT, securing the investment dollars needed in the upstream production would have been challenging.

"But then,” he added, “we also need to layer over the global capital markets and have a major influence over where they will allocate their investment dollars."

He said addressing this challenge is vital for the success of both its large and smaller companies.

“In addition to getting the right climate for continued investment into the gas industry in TT, the Energy Chamber has placed a major focus on the integration of the energy services sector within the Caricom Single Market and Economy (CSME),” said Dookie.

He added that the announcement that Caricom governments would fully implement the free movement of citizens in 2024 is a major breakthrough and something the Energy Chamber has been pushing for many years.

“The majority of our advocacy work on regional integration takes place outside of the media spotlight and through institutions such as the Caribbean Chambers Network and the Caricom Private Sector Organisation.

“I am pleased to say that the Energy Chamber plays a leading role in both of those bodies, as well as other mechanisms that foster regional co-operation and integration,” he said.