00:00BP, the global multinational energy giant, announced that it has been awarded the NCMA-2
00:07Block Offshore Trinidad as part of the Shallow Water 2023-2024 Bid Round that closed in May
00:14of this year, as the government has been managing through a shortfall in local natural gas production.
00:21BP said that NCMA-2 is located approximately 30 miles off Trinidad's north coast and
00:28opens a new area of exploration for BP in Trinidad and Tobago, as all current production
00:34comes from the Columbus Basin off Trinidad's east coast.
00:38BP quoted BPTT President David Campbell as having said that continued exploration activity
00:44is crucial for sustaining their industry, and he is very pleased that BP has secured
00:49this block.
00:50The Energy Ministry also announced that a negotiated production-sharing contract, or
00:56for Block NCMA-2, was signed between the government and the successful bidder, BP, on Tuesday,
01:02November 19, at the Ministry's International Waterfront Complex head office in Port of
01:07Spain.
01:08The Energy Ministry noted that Energy Minister Stuart Young, who is presently the Acting
01:13Prime Minister, said that this marks the second PSC signed in record time in 2024, and that
01:20the Energy Ministry is committed to working with upstream operators to boost the supply
01:25of hydrocarbons and secure Trinidad and Tobago's energy future.
01:29TV6 News is sent a question to Minister Young to find out if such production-sharing contracts
01:34demonstrate that Trinidad and Tobago is not putting all of its eggs in one basket, so
01:39to speak, with regard to the deal for the supply of natural gas for Venezuela's Dragonfield.
01:45While the government previously said it has not been doing so, concerns have recently
01:50been expressed locally about the deal since the Republican Party's candidate, former
01:55President Donald Trump, won the recent U.S. general election.
01:59In response to our question, Acting Prime Minister Young told TV6 News that he has said
02:05on numerous occasions, at no point in time has the government ever said that all of the
02:11country's energy eggs are in the dragon basket.
02:15The Acting Prime Minister told TV6 News that cross-border gas will benefit Trinidad and
02:20Tobago tremendously, and hence the government's focus on securing it whilst continuing its
02:25domestic work.
02:27On Friday, Minister Young gave the Parliament an update in response to a question from the
02:32opposition.
02:33Madam Speaker, as is expected in normal course and process and timing, Shell has not made
02:39a final investment decision, FID, for the production of the Dragon gas field.
02:45This decision does not arise until various studies and reports are completed.
02:51These studies and reports are in progress and on schedule at this time, pursuant to
02:57the terms of the license granted by the government of Venezuela.
03:01Minister Young is the Acting Prime Minister in the absence of Prime Minister Dr. Keith
03:05Rowley who flew to Guyana to join his fellow Caribbean Community Heads of Government for
03:10the second CARICOM India Summit and engagement with the Prime Minister of the Republic of
03:15India, Jule Brown, TV6 News.
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