Trinidad and Tobago’s Energy Sector: Initiatives and Reassurances

In a recent interview on Altos, Stuart Young, Minister of Energy and Energy Industries, and acting Prime Minister, elaborated on Trinidad and Tobago’s energy initiatives and diplomatic efforts to secure the country’s energy future. Young, a practising Catholic, began by reflecting on how his faith has influenced his approach to public service.

“I have to say, and as I was telling a colleague this morning, I’ve always believed I am simply a vessel of God. So whatever God’s will, let it be done,” Young stated.

He emphasised the importance of prayer in his daily routine, noting, “Faith has played a very important part for me.” The Minister also highlighted his diverse religious background, having grown up in a family with Muslim roots before his mother’s conversion to Catholicism.

Young then transitioned to addressing the pressing matters of Trinidad and Tobago’s energy sector, detailing several key initiatives and the government’s diplomatic efforts on the international stage.

Young acknowledged the challenges facing the sector, including low gas production and recent developments with major energy companies. However, he said the government has been proactive in addressing these issues.

Young highlighted several key initiatives:

• BP-Perenco Asset Sale: The Minister viewed the sale of BP’s assets to Perenco positively, especially in the area of Perenco’s cost efficiency. He explained, “So as I was explaining last weekend, if BP does something, let’s say [at] $100, Perenco, because of it being small, how nimble it is, it’s a cost-efficient operator, may be able to do the same task at $50.”

• Seismic surveys: Young revealed ongoing seismic work over the Manakin field by BP, and negotiations to extend this to the Cocuina field. He stated, “This week I negotiated and got, with the assistance of Vice President Delcy Rodriguez who is now the Minister of Energy in Venezuela as well, got their permission to cut out some red tape to get that same seismic vessel over on the Cocuina field.”

 • Dragon Field Development: The Minister mentioned Shell’s ongoing work on the Dragon field, with plans for a survey vessel to be deployed soon.

• Bid Rounds: Young noted successful bid rounds in onshore, shallow water, and deep-water areas, with rapid processing times.

• Petrotrin and Atlantic LNG Restructuring: The Minister described these as necessary and successful initiatives, with Atlantic LNG’s restructuring being particularly unique. He stated, “The restructuring of Atlantic LNG has never happened anywhere else in the world. … What that did is it gave an extension of life of investment for Trinidad and Tobago.”

• Long-term Leases: Young emphasised the success in securing long-term leases for key fields. He stated, “A 30-year license for Dragon, a 20-year license for the Cocuina field.” These extended leases provide stability and allow for long-term planning and investment in these crucial energy assets. 

Addressing concerns about potential geopolitical shifts, particularly regarding the US elections, Young reassured citizens that the government has been engaging with both sides of the political aisle in the United States. He said, “We’ve been meeting with the Republicans as well as the Democrats. So, this is not a government that has put all of its eggs one way or the other.”

The Minister expressed confidence in the country’s energy future, citing successful bid rounds and ongoing exploration activities. However, he also stated the importance of responsible management, stating, “We as a population, have a serious choice we’re going to have to make very soon. And that is where my concern lies, because the population needs to decide who can successfully manage this.”

While acknowledging the uncertainties inherent in the energy sector, Young urged citizens not to be overly concerned. He concluded by stressing the government’s efforts to position Trinidad and Tobago favourably in the global energy landscape, despite challenges.

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