00:00What will be the impact of the conflict in Iran on TNT's energy revenues?
00:05Energy Minister Dr. Rudal Munilal says increased revenue is expected.
00:10I don't like to talk too much about, you know, the benefit of conflict because conflict is not good in
00:18that, you know, people are at war, we lose lives, we lose, you know, there are a lot of issues
00:24at stake.
00:25But they have indicated that the pricing mechanisms will result in some bump in terms of the revenue.
00:33But it's not going to be to the tune many are expecting, with constraints like limited upstream output, contractual obligations
00:42at point leases subject to gas curtailment.
00:45We don't even have enough gas for domestic optimal production, so in terms of export, I think that's another issue.
00:54In terms of the Atlantic LNG, as I said, they already have their own global markets and so on and
01:01will not be able to do much more given the shortage of natural gas that we have experienced over many
01:08years, you know, over the last eight years or nine years or so.
01:13So that is a constraint that we face now.
01:18However, higher prices may not require higher volumes.
01:22He offered one example as it relates to oil production.
01:27Pre-conflict, it was $72 Brent.
01:29It is now hovering around $85, I believe.
01:33And so if we sell for about $12 more, assuming a government take of 50%, we get $6 per barrel.
01:43So that this works out incidentally to about $350,000 United States dollars extra per day and $10 million United
01:51States dollars per month.
01:53So at this stage, between $72 and $85, we project a $10 million United States dollars extra per month.
02:00And there's good news for shareholders of TTNGL.
02:04TTNGL shareholders who over the last three years under the former administration were not paid a dividend.
02:12These shareholders were not paid any dividend.
02:14Today, we can announce, having received the information from NGC, that $308 million will be paid in dividends for those
02:27shareholders.
02:27A resolution was passed today at the AGM that would allow 11,000 shareholders to receive a dividend.
02:35It was announced that the board will be considering making that payment in United States dollars.
02:42This, of course, we believe is the reward to shareholders for placing a good government in place so that the
02:50shareholders themselves have received today relief and their share value has impacted upon positively.
03:00We believe that the shareholders now of TTNGL would be extremely happy, as they were today, to hear that they
03:07will receive a dividend for the first time in three years.
03:10The Energy Minister presented a report on production and price data to Cabinet today.
03:15At October 2025, we can indicate that we have had an increase in production of crude oil and condensate, which
03:27averaged around 55,448 barrels per day.
03:31And I say this in the context that at April 2025, upon assuming office, then the average was 52,000
03:41barrels per day, more or less, so that we have raised that by about 3,000 plus barrels per day.
03:48Dr. Munilal was also very eager to share increased revenue data, particularly with production expected to increase in coming months
03:55as more projects come online.
03:57The energy sector recorded an increase in revenue and treasury deposits of more or less $390 million between the calendar
04:07years 2024 to 2025.
04:09So between 2024 and 2025, in pure calendar year terms, our receipt increased and our contribution to the national treasury
04:21increased from $7.8 million in 2024 to $8.2 billion.
04:27$7.8 billion to $8.2 billion in 2025.
04:31Additionally, blocks 24 and 25, which lies 45 to 50 miles off the northern coast of Trinidad, has been awarded.
04:40And we are happy to announce that today's cabinet considered and agreed to the award of production-sharing contracts for
04:48blocks 24 and 25, and that was in response to our bid round.
04:53This will mean that we will now enter into another round of negotiations with CNOC, and we will seek to
05:00award those blocks via the appropriate production-sharing contracts.
05:07Arvashi Tawari, Rabnarine, TV6 News.
05:11Arvashi Tawari, Rabnarine, TV6 News.
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