An article carried by Manhattan-based financial news service, Bloomberg, is suggesting that Russian state-controlled gas giant Rosneft PJSC could seek to develop close ties with Trinidad and Tobago, to produce gas from two gas fields given to it by Venezuela.
The article suggests that Trinidad and Tobago's LNG trains in Point Fortin could be used to develop the gas for export.
An accord signed by both Russia and Venezuela earlier this month will give Rosneft tax breaks to produce and export gas from the Patao and Mejillones fields off Venezuela’s east coast.
A report carried by a pan-Latin American news organisation, Panam Post, is stating that Venezuelan president Nicolas Maduro has given Russia two gas deposits near to Trinidad and Tobago.
The report says that Maduro offered up 100% of the project and all gas rights exploited.
The article says this is further evidence that Russian president Vladimir Putin is challenging the US government in the region, and reinforcing his plans to stay in the South American country.
The Caribbean must aspire to be energy efficient as the region is one of the world’s largest untapped sources of renewable energy, with potential in solar, wind, geothermal and marine energy.
This was the appeal from acting Prime Minister Colm Imbert as he addressed the opening of the Caribbean Development Bank’s (CDB) 49th annual meeting of the Board of Governors at the Hyatt Regency hotel in Port-of-Spain yesterday.
The northeast region of Trinidad has the potential to become a gas and oil industry similar to Point Galeota and Guayaguayare which can provide a better quality of life for citizens who live below the economic pyramid.
Trinidad and Tobago's oil exports to the United States, reached a notable but not-overly-significant seven-year high in December last year.
This is according to figures released by the US Energy Information Administration.
The data shows that in December 2018, this country's export of crude oil to the US was 1.127 million barrels, the most ever exported in one month, since November 2011.
It was also the highest December delivery to the US, since 2007.
The data does not explain the reason why that month, in particular, accounted for such a high volume.
Oil rose above $52 a barrel as the White House announced new sanctions against Venezuela’s state oil company Monday, bringing another supply risk to the market.
Futures rose as much as 1.2 percent in New York, following a 3.2 percent drop Monday.
The Trump administration issued fresh sanctions on PDVSA which effectively block President Nicolas Maduro’s regime from exporting Venezuela’s crude to the U.S.
That came hours after Saudi Arabia pledged deeper cuts in February as part of a deal with its allies to cut oil production.to the market.
Trinidad and Tobago faces the possibility of losing Caricom markets for the export of fuel as the price of fuel coming out of T&T is likely to increase.
Minister of Energy and Energy Industries, Franklin Khan told the Senate today that Caricom countries now have the option of sourcing their products on the open market.
He said that Petrotrin still has the ability to supply small cargoes, including aviation fuel, to small Caricom countries, which gives it a strategic advantage.