Trinidad and Tobago Energy and Energy Industries Minister, Stuart Young, Monday said he supports reports that despite the trend to renewables, there is agreement that oil and gas will continue to be important primary fuels for the coming decades.
“I believe this, and I am an advocate for the continued and increased use of natural gas, as it is the cleanest fossil fuel. In 2020, fossil fuels represented approximately 79 percent of primary energy consumption worldwide and by 2050, they are projected to represent approximately 65 percent of primary energy under the GECF assumptions, but in a much larger market,” Young told the conference of the Geological Society of Trinidad and Tobago.
He said the share of petroleum and other liquids in the primary energy mix is projected to decrease from 30 percent in 2020 to 25 percent by 2050.
“Natural gas demand is projected to increase by 46 percent and its share in the energy mix from 23 percent in 2020 to 27 percent by 2050. The Asia Pacific region, almost doubling its current gas consumption, will make the largest contribution to this growth with more than 45 percent of the additional global gas volumes through to 2050,” he added.
Young said the power generation sector will also take a frontline place, accounting for 42 percent of the total increase in gas demand.
“As a small island state and a hydrocarbon economy, we recognize our responsibility to transition to a low carbon economy and, thankfully, decades ago we identified natural gas as the fuel of choice in achieving this objective.”
He said in this regard, the Trinidad and Tobago government is aligned with the policies of its major gas producers who consider natural gas production as the transition fuel in the movement to net-zero carbon emissions.
“We have been, and intend to continue, working closely with our stakeholders whether in the upstream, midstream, and downstream sectors toward the achievement of a low carbon economy. We are determined to keep Trinidad and Tobago competitive in the changing and evolving global energy sector.”
Young said for the foreseeable future, the twin island republic’s economy will be dominated by oil and gas, adding “we are fortunate to have as partners energy majors BP, Shell, Woodside (formerly BHP), Repsol, EOG Resources, and the smaller outfits, like Perenco and Touchstone who have committed to tangible and sustained investment in the upstream.
CMC/
