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 fate of T&T’s continued economic growth could be partially hinged on the success of BPTT and Atlantic finding a solution to the shortfall in gas supply that is projected in 2020/2021, as failure could hurt the country’s revenue stream.
Asked about the worst-case scenario following BPTT’s recent disappointing drilling at two infill wells yesterday, Energy Chamber CEO Dr Thackwray Driver told Guardian Media that it could lead to Atlantic’s Train 1 being mothballed.
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.
Prime Minister Dr Keith Rowley has said that this country's gas production is on the rise and that the government is hoping that with some new initiatives production will continue to steadily increase.
Dr Rowley, who was speaking at the opening of the Energy Conference on Monday, said new production is expected to be brought on stream, which will bring this country's production level to 3.9 billion cubic feet in 2019.
Minister in the Office of the Prime Minister Stuart Young has said that the government does not know as yet if the US sanctions on Venezuela's state-owned oil company PDVSA would affected the gas deal between Venezuela and Trinidad and Tobago.
"We are seeking advice to determine how they may affect the deal," Young said in response to a question by Opposition Leader in the Senate, Wade Mark.
He said it was premature at this time to say what, if any, effects it may have.
This country has stocks of Regular gasoline to last until the end of this month and into December.
But the Government is still currently examining ways to determine how best this type of fuel can be imported in the small quantities being demanded, Energy Minister Franklin Khan said yesterday.
Speaking to members of the media at the Gas Exporting Countries Forum (GECF) at the Hyatt Regency, Port-of-Spain, however, Khan rubbished the notion that T&T is experiencing a “fuel situation.”