Energy and Energy Industries Minister, Dr. Roodal Moonilal

Introduction to New Energy Opportunities

PORT OF SPAIN, Trinidad, CMC—The Energy Chamber of Trinidad and Tobago said Monday it has taken note of the new government’s statements on the possibility of securing gas resources in Grenada.

“Gas was discovered in the waters between Grenada and Trinidad in 2017 with the Nutmeg well, but there has been minimal information about the find since then. When the field was being explored, all of the support services for the program were staged through Trinidad, with the active involvement of Energy Chamber member companies in the services sector,” the chamber said in a statement.

Potential for Economic Development

It said that if this field can be economically developed, “there will be an excellent opportunity to export gas into the Trinidad gas network through existing infrastructure.

“Trinidad’s downstream petrochemical and LNG industry could quickly monetize any gas resources in Grenada. A partnership between Trinidad and Tobago and Grenada presents an exciting opportunity to develop these resources to benefit both economies,” the chamber added.

Shift in Focus from Dragon Field Project

Last weekend, Prime Minister Kamla Persad Bissessar gave the biggest hint that her administration, unlike the previous People’s National Movement (PNM) governments, would not emphasize the Dragon Field project with Venezuela.

Last month, the United States government revoked the Office of Foreign Assets Control (OFAC) license granted to Trinidad and Tobago to allow Shell, the National Gas Company (NGC), and contractors to explore, produce, and export natural gas from the Venezuelan Dragon Gas Field.

The license was valid until October 31, 2025, and enabled Trinidad and Tobago to pay for gas in various currencies and through humanitarian measures. On December 21, 2023, Trinidad and Tobago also secured a 30-year exploration and production license from the government of Venezuela for the Dragon gas field.

Washington has also revoked the Cocuina-Manakin license granted to Port of Spain on May 31, 2024.

Port of Spain had been planning to request an extension from Washington for a license granted to Shell and the NGC to develop the Dragon gas project in Venezuela.

The license, issued in early 2023, allows the companies to plan the project. The project aims to supply gas to Trinidad by 2027. The Dragon Field is located in Venezuelan waters near the maritime border with Trinidad.

New Minister of Energy and Energy Industrial

But Persad Bissessar said that the newly appointed Minister of Energy and Energy Industrial, Dr. Roodal Moonilal, has been “mandated, instructed “to ensure that Trinidad and Tobago benefits from the energy sector, one of the oldest in the hemisphere, “which we could use to market to our CARICOM neighbor and of course further afield.

“My Minister of Energy has been mandated from day one. Let us explore Guyana’s offer to bring gas to Trinidad and Tobago. Let us also explore what we can do with Suriname…which is also energy-producing. Again, we can partner with them.

“But I have a surprise for you. I intend to send my Minister of Energy to Grenada because I have been told that Grenada offshore has more gas and oil than Dragon Field. Shall we explore that?” she asked, adding, “Let us explore that so we can live and work together in CARICOM.”

Congratulations and Future Collaborations

The energy chamber also congratulated Moonilal on his appointment, saying it is looking “forward to collaborating closely with the incoming Ministers on behalf of our 400 member companies, as we seek to build a resilient energy sector that delivers value for the people of Trinidad & Tobago.

“There are many areas within the energy sector where urgent policy action is required, particularly policies to ensure that the pace at which new gas fields are developed increases.

“Without investment in new gas developments, the future of Trinidad’s energy sector is uncertain, with serious implications for government revenue, foreign exchange availability, business opportunities for small and medium service providers, and employment,” the chamber added.

Conclusion

The Energy Chamber of Trinidad and Tobago has taken note of the new government’s statements on the possibility of securing gas resources in Grenada. With the potential for economic development and the shift in focus from the Dragon Field project, the future of Trinidad’s energy sector looks promising. The newly appointed Minister of Energy and Energy Industrial, Dr. Roodal Moonilal, has been mandated to ensure that Trinidad and Tobago benefits from the energy sector.

FAQs

Q: What is the potential for economic development in Grenada?

A: The potential for economic development in Grenada is significant, with the possibility of exporting gas into the Trinidad gas network through existing infrastructure.

Q: What is the Dragon Field project?

A: The Dragon Field project is a gas field located in Venezuelan waters near the maritime border with Trinidad.

Q: Who is the newly appointed Minister of Energy and Energy Industrial?

A: The newly appointed Minister of Energy and Energy Industrial is Dr. Roodal Moonilal.