Brooks: More gas for TT

GAS supply in TT has improved considerably. National Gas Company (NGC) chairman Gerry Brooks made this comment at a TT NGL annual general meeting at the Hilton Trinidad yesterday. Brooks recalled that from 2013 to 2015, gas production in TT had diminished from 4.4 billon cubic feet (bcf) to 2.2 bcf and was “falling precipituously.” He said NGC was able to stem this decline by collaborating with upstream energy producers.

Brooks said this resulted in 2018 being the highest year for provision of natural gas since 2013. He said gas from the Trinidad Onshore Compression Project, Juniper, Starfish and DeNovo fields played a role in “getting out of that trough.” When bpTT’s Angelin field comes onstream later this year, Brooks said, “That will help us in terms of replenishment and improvement.” The objective is to get gas production up to four bcf and then 4.2 bcf.

Brooks said the latter figure is the level required for the LNG and petrochemical sector. He said the NGC’s memorandum of understanding with Beijing Rheingau Investment Corporation this month, provides a springboard for further energy collaborations in China. Brooks said China is a market which has seen growth in LNG demands and imports.

Closer to home, Brooks said Guyana has become a “sweet spot” for energy collaboration. He estimated that by 2024, Guyana’s oil production could reach as high as 50,000 barrels of oil per day. Against this background, Brooks said NGC felt it was important for the company to leverage its expertise in Guyana. He said NGC is helping local energy service companies to establish operations in Guyana.

Brooks said some benefits of this initiative include “work for our own nationals and repatriation of our own income.” Cuba and Suriname are other Caricom countries in which TT is exploring opportunities. He said Phoenix Park Gas Proccessors Limited’s (PPGPL) earnings grew by 12 per cent year on year with a profit after tax of US$92.1 million in 2018. PPGPL recorded an after tax profit of US$82.2 million in 2017.

TT NGL’s board of directors approved a final dividend of $1.00 per share, bringing the total dividend for 2018 to $1.50 per share. Brooks said discussions are ongoing with Finance Minister Colm Imbert for the dividend to be paid in US dollars.