Trinidad's NGC faces gas shortage

Oct 27, 2010 12:00 AM

The National Gas Company’s (NGC) predicament is this: an oversupply of natural gas in the short term and a possible shortage in the long term.

In identifying this, Energy Minister Carolyn Seepersad-Bachan charged the new board with finding a balance to ensure the downstream sector continues to thrive despite the predicament.

The board, chaired by First Citizens managing director Larry Howai, received their instruments of appointment and held their first board meeting at NGC’s office in Point Lisas. “As you move forward in this industry, the cost of finding and producing gas is higher. As a result of that any new gas coming on stream... . The NGC will have to be paying higher prices for gas and they will have to be selling at higher prices,” she said.

Seepersad-Bachan said NGC faces a number of challenges, “and these are the challenges this board will start dealing with almost immediately... so that we can get practical and implementable solutions.” The NGC’s mandate include: a National Energy Consultation, ensuring its subsidiary NEC has the support it needs to continue the country’s gas-based development, managing its gas supply contracts, and nurturing deeper links with Ghana. “I have high expectations of this board,” said Seepersad-Bachan.

Howai described the appointment as a learning experience. “I see myself bringing a different perspective to bear on the discussions and deliberations that we will take part in. I am in the business of making money. I know how to. Part of our mandate will be is to make sure we develop the projects to make sure that will help to enhance the revenue flows to Trinidad and Tobago in the years to come.” Seepersad-Bachan also gave instruments of appointment to the board of the Trinidad and Tobago National Petroleum Marketing Company Ltd (NP).

Board of the National Gas Company Chairman: Larry Howai

Deputy chairman: Roop Chan Chadeesingh

Directors: Rabindra Jaggernauth, Carlton Gibson, Premchand Beharry, Cathal Healy-Singh, Clyde Ramkhalawan, Haseena Ali and Andrew Jupiter.

Trinidad and Tobago National Petroleum Marketing Company Ltd Chairman: Neil Gosine

Directors: Nigel Darwent, Rabindranath Lackhan, Antonia Lucky, Kerry Rampersad, Gregory Marchan, Keith Narayansingh, Kenneth Samlal, Carla Scipio, Brendan Gray, Ranjit Ramnarine and Mark Alfonso.

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