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  1. BPTT investment in Trinidad and Tobago could be under threat, executive says

    BP Trinidad & Tobago’s ( BPTT ) Pres. Norman Christie has warned the Trinidad and Tobago government that BPTT’s $5-billion investment could be under threat if it does not provide clarity on where future natural gas supplies will go and the prices they will attract. In a blunt speech given Sept. 15, Christie said, “No sensible business person recognizing the context we are in is going to invest approximately $5 billion over the next 3-4 years into natural gas projects without knowing where the gas is going to go, and under what pricing mechanism.” Christie’s comments come as the Caribbean twin-island nation and BPTT are expected to negotiate new gas agreements. Negotiations also are due with Atlantic LNG on a new gas-supply contract. BPTT is the second-largest shareholder in Atlantic LNG. Speaking at the presentation of BP PLC’s 2016 Energy Statistical Review, Christie opined that a lack of clarity and investment could lead to more gas shortages in the future, even going so far as to suggest that it could be worse than the country has experienced over the last 2 years. “Failure to bring clarity to these matters quickly will result in a sharp decline in investments, which will lead to a repeat of the circumstances that have materially contributed to the natural gas supply and demand imbalance that we are currently experiencing—only it will be worse.” Christie said. Trinidad and Tobago has suffered from gas curtailment over the last 4 years and cost the government hundreds of millions of dollars in taxes and also negatively impacted the country’s reputation for reliably supplying its petrochemical customers. Christie said his comments followed a “longstanding request that the current Gas Master Plan [(GMP)] deliberations must result in clear policy decisions regarding matters such as gas allocation and price and must incentivize upstream investments in an increasingly competitive environment.” Trinidad and Tobago’s Energy Minister Nicole Oliverre told the Guardian that the GMP will be going before the Standing Committee on Energy, which is chaired by the country’s prime minister, and its findings will then be released to the public. But Oliverre was clear that the recommendations were based on the findings of the consultants who were hired to develop the plan and also it took into consideration the views of “all the stakeholders.” Asked if that meant the GMP would address the issues raised by Christie, the minister said, “You know that the consultant actually recommended an expanded role for National Gas Co. of Trinidad & Tobago (NGC). The fact is that the NGC provided a secured market for the upstream gas suppliers and a guarantee supply to the downstreamers.” In fact, the role of NGC and ensuring that Atlantic LNG gets its supply of gas appear to be a major point of contention between BPTT and the twin-island’s government. Asked about whether BPTT wanted a review of the role of NGC, Christie admitted this was an issue, saying also it was a key component of getting this right so that there is balance in the risk vs. reward in the business. Christie said BPTT has worked hard and against significant odds to develop the Juniper and onshore compression projects, which will start production in 2017. He said, “Beyond these projects though, the next phase of planned major developments starting with Angelin are still not sanctioned and will not be sanctioned unless policy decisions properly recognize the context within which we are operating. We at BPTT have always said that it is not a matter of whether or not the hydrocarbon resources are here in Trinidad, but rather it is matter of how industry and government continue to work together to create an enabling environment to efficiently monetize those resources with fair returns for all stakeholders.”

    Online Articles

    Online Articles

    Fri, 23 Sep 2016

  2. Xcel Energy to increase wind energy by more than 60 percent

    The additional wind energy is part of the company’s long-term plan to more than double its renewable energy portfolio and deliver 63 percent of our energy from carbon-free resources in the next 15 years

    Online Articles

    Online Articles

    Fri, 23 Sep 2016

  3. Suzlon targets $3bn in Australian wind energy investments

    India’s Suzlon has targeted a $3bn drive to develop wind power in Australia and is hoping to attract partnerships with high profile investment firms with that aim in mind.

    Online Articles

    Online Articles

    Thu, 22 Sep 2016

  4. Oil and Gas News: Bigfork man being investigated for securities fraud

    A Bigfork man that a federal judge once said was "dangerous to the money and property of others" is being investigated in a case alleging he defrauded 36 investors.

    Online Articles

    Online Articles

    Fri, 23 Sep 2016

  1. Schlumberger executes contract with PETRONAS for deepwater seismic survey in the Campeche Basin

    Online Articles

    Online Articles

    Fri, 23 Sep 2016

  2. Maersk splits oil, transport businesses

    A.P. Moller-Maersk AS, Copenhagen, is separating its transportation and oil businesses and starting a 2-year strategic review of the latter.

    Online Articles

    Online Articles

    Fri, 23 Sep 2016

  3. Are virtual power plants the next evolution of American infrastructure?

    The dipping cost of solar installations over the last three years has made them all the more appealing to businesses and homeowners looking to offset high energy bills.

    Online Articles

    Online Articles

    Tue, 20 Sep 2016

  4. Petrobras slashes 5-year spending plan by 25%

    Petroleo Brasileiro SA has set its planned spending for 2017-2021 to $74 billion, down 25% from its 2015-2019 plan, under the direction of new Chief Executive Officer Pedro Parente.

    Online Articles

    Online Articles

    Wed, 21 Sep 2016

  5. Coal News: Vattenfall gets EU green light to sell German coal assets

    Energy company Vattenfall AB says it has received approval from the European Commission to sell its loss-making coal assets in Germany.

    Online Articles

    Online Articles

    Thu, 22 Sep 2016

  6. Templar Energy closes comprehensive restructuring

    Templar Energy LLC has closed a comprehensive restructuring transaction on a fully consensual out-of-court basis, having obtained consent from 100% of each of its second lien lenders, equity holders and first lien RBL lenders.

    Online Articles

    Online Articles

    Thu, 22 Sep 2016

  7. Petrochemical Op-Ed: Chemical Imbalance

    The petrochemical industry has been rocked by oil’s roller coaster ride, driving down prices and profitability. It’s exposed the limitations of both hedging strategies and risk management processes that are supposed to tip off trading desks when a price dip or spike is imminent.

    Online Articles

    Online Articles

    Wed, 21 Sep 2016

  8. Ansaldo Energia-led consortium completes South African gas-fired power plant

    A consortium led by Italy’s Ansaldo Energia with Fata (Danieli Group) has successfully completed the construction of a second electric power plant in Avon, South Africa.

    Online Articles

    Online Articles

    Thu, 22 Sep 2016

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