Good Read27 Oct 2020 17:30
This is a very good post from Mount Teide on ADVFN, hope you don,t mind me passing this on.
Current market research suggests TXP's Ortoire's nat gas discoveries and future exploration potential will be of keen interest to the National Gas Company of T&T - as despite a slight recovery in Nat Gas production volumes since 2018, T&T continues to face a material and growing shortfall between supply and demand. The country currently consumes 1.5tcf of natural gas per year, both as a result of its downstream industries and the country’s reliance on gas for electricity generation. So concerned were the T&T government with the growing nat gas shortfall, in an attempt to help manage this challenge, the energy ministry signed a memorandum of understanding with the Venezuelan government in August 2018 to purchase 150mmcfd, subsequently increased to 300mmcfd. However, with the imposition of sanctions by the US on Venezuela, the deal was suspended. “We were hoping to import gas from Venezuela and those plans were well advanced, but there is almost no expectation that there will be progress on this in the short term,” Thackwray Driver, CEO of the T&T Energy Chamber, told OBG. Sanctions on Venezuela also led to the February 2020 decision to halt the joint development of the Dragon cross-border shallow-water natural gas field, which was agreed upon in 2013. The following Country report on the T&T O&G Industry by the Oxford Business Group gives excellent insight on the current health of the industry and the challenges it and the Nation's also globally important petrochemical industry faces over the next decade. New oil and gas discoveries support energy sector's recovery in Trinidad and Tobago - Oxford Business Group hTTps://oxfordbusinessgroup.com/overview/firing-new-oil-and-gas-discoveries-and-increased-investment-support-recovery-hydrocarbons-industry