NGC Chairman Predicts Major Turnaround For Energy Industry
Trinidad and Tobago is on the cusp of an energy revolution.
This is the prediction from Chairman of the National Gas Company of Trinidad and Tobago Limited, Gerald Ramdeen.
With the National Gas Company of Trinidad and Tobago’s acquisition of a 20% interest in the Manakin cross-border field, Mr Ramdeen is predicting renewed foreign direct investment in the local energy sector.
« Point Lisas, the port of Galeota, the Labidco estate, the Union estate, and the National Energy Corporation. You know there is a new life, right? There is oxygen that has gone into the energy sector. Investors are coming every week to this country. Sitting with the government, sitting with the NGC, there is a renewed interest. And I said it over and over, we are on the cusp of an energy revolution in this country because of the policies that have been pursued by this government. »
Mr Ramdeen blamed the former government administration for gas contract issues that have affected gas supply to the downstream industry.
« Unwind contracts that we found there to be able to secure gas in the upstream for our downstreamers. And we’ve been very successful at it. All of these projects that were sanctioned under the last administration, there was absolutely no attempt to be able to secure gas for the downstream suppliers. And they are quick to talk about which plant has shutdown and which plant has been put to rest. Those things are the results of the failed policies of the last administration. »
But he noted that those issues have been resolved and the NGC is moving forward.
« We’ve taken up those challenges, and we’ve been able to successfully increase the supply of gas to the NGC. And we look forward, in one month’s time we’re going to start negotiations for new gas sales contracts that come to an end on the 31st of December. And for the first time, I am proud to sit here as the chairman of the NGC, for the first time, we are going to enter into those contracts with the ability to be able to secure longer-term contracts at better economic pricing for our downstreamers. »
The NGC chairman noted that the negotiation of these more favourable terms will result in benefits.
« It will be to the advantage not only of the downstreamers but also to the revenue-generating capacity of Trinidad and Tobago. That will allow the government to be able to provide goods and services for our citizens. »
Earlier this year, NGC acquired full ownership of the Trinidad Region Onshore Compression Asset, which will be used to boost low-pressure gas input to secure steady domestic supply volumes.
