Young, Perenco discuss energy goals | Local Business

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Energy Minister Stuart Young yesterday met with executives of independent producer Perenco to discuss the company’s global and local operations.

Young met with Perenco group chief executive Armel Simondin, general manager Gregoire de Courcelles, and business adviser Allan Russel at the Ministry of Energy’s head office in Port of Spain.

Simondin was appointed Global Group CEO of Perenco in April 2024. Discussions focused on Perenco’s global and local operations, particularly the Teak, Samaan, and Poui (TSP) fields located off Trinidad and Tobago’s east coast, the ministry said in a media release yesterday.

During the meeting, Simondin noted the company’s annual investment of US$2 billion into its global upstream operations, alongside additional investments in midstream projects.

A total of US$300 million has been invested by Perenco in its TSP platform operations in Trinidad and Tobago since it took over in 2016, the Energy Ministry stated.

“Preliminary data indicates that Perenco is currently producing approximately 7,000 barrels of oil per day for the month of November 2024, which ranks the company as second only to Trinidad and Tobago’s largest crude oil producer, Heritage Petroleum Company Ltd. This can be attributed to the company’s expertise which lies in managing mature fields and shallow-water operations,” the ministry stated.

Further, this marks an improvement in the company’s production profile following the successful commissioning of the replacement pipeline from its TSP asset to shore, it stated.

Young expressed appreciation for Perenco’s contributions to the local energy sector, particularly the company’s efforts to maximise production through modern technology and optimise gas recovery.

Young was pleased to be informed that Trinidad and Tobago ranks fourth among the 14 countries within Perenco’s global exploration and production portfolio, the release noted.

Simondin reaffirmed Perenco’s commitment to Trinidad and Tobago, emphasising the company’s long-term vision and strategic alignment with the country’s energy goals, it said.

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Young, Perenco discuss energy goals | Local Business

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