Energy Minister meets with Perenco, Methanex executives

MINISTER of Energy and Minister in the Office of the Prime Minister Stuart Young and Ministry of Energy PS Sandra Fraser met on December 2 with senior executives from Perenco and Methanex at the ministry at the International Waterfront Complex, Port of Spain.

The meeting was led by Perenco’s CEO Armel Simondin, general manager Gregoire de Courcelles and business adviser Allan Russel.

A media release from the Ministry of Energy said Young extended a warm welcome to Simondin, who became global group CEO in April.

Young expressed gratitude for Perenco’s significant contributions to Trinidad and Tobago’s energy industry, said the release.

Discussions focused on Perenco’s global and domestic operations, with special emphasis on the Teak, Samaan and Poui (TSP) fields off the east coast of TT.

Simondin said the company’s robust annual investment is US$2 billion in global upstream operations, alongside additional funding for midstream projects.

The release said since acquiring operations on the TSP platform in 2016, Perenco has invested US$300 million into its local operations.

Preliminary figures for November indicate Perenco’s production at approximately 7,000 barrels of oil a day. The release said this makes it the second-largest crude oil producer in TT after Heritage Petroleum Company Ltd.

This milestone reflects the impact of Perenco’s commissioning of a replacement pipeline linking the TSP asset to onshore facilities, said the release.

Young acknowledged Perenco’s expertise in managing mature fields and shallow-water assets, recognising the company’s efforts to maximise oil and gas recovery.

Young said TT holds the fourth position among the 14 countries within Perenco’s global exploration and production portfolio.

The meeting ended with both parties reaffirming their commitment to open dialogue and collaboration.

Simondin said Perenco’s long-term vision is in strategic alignment with the country’s energy objectives.