The National Gas Company of Trinidad and Tobago Limited (NGC) and its wider group have experienced a remarkable turnaround, recording an after-tax profit of TT$0.54B for the period ending September 30, 2024. This marks a substantial improvement from the previous year, where a loss of TT$1.3B was reported due to impairment charges amounting to TT$1.8B.
Emphasizing the company’s commitment to optimizing value in a secure and efficient manner across its various business units, NGC is paving the way for a sustainable future. Through strategic initiatives and partnerships, NGC is securing its position as an integrated energy company with a focus on innovation and growth.
Key accomplishments for the first nine months of 2024 include:
– Acquisition of 20% participating interest in the Cocuina gas field
– Carrying a 20% participating interest in the Charuma, Cipero, and Rio Claro onshore blocks
– Final Investment Decision on the Beachfield Manatee Upgrade onshore Project
Moreover, collaborations with joint venture partners have propelled projects like the Dragon gas project and Trinidad and Tobago’s first industrial-scale solar park at Brechin Castle. The launch of NGC Green and the establishment of the first Green Energy Map signify NGC’s commitment to sustainability and clean energy solutions.
Looking ahead, NGC has outlined key strategic focus areas for the remainder of 2024 and beyond, including:
– Shipping NGC’s first LNG cargo from Atlantic LNG Trains 2 and 3 post-commercial restructuring
– Optimizing value chain operations through molecular optimization and integrated energy solutions
– Supporting the completion of ongoing gas developments like the Manatee, Dragon, and Cocuina projects
– Facilitating the sanctioning of planned projects such as the deepwater Calypso gas development
As NGC continues to drive innovation and collaboration within the energy sector, the future looks bright for the company and the communities it serves. By focusing on sustainability and efficiency, NGC is poised to make a lasting impact on the industry and beyond.
Leave feedback about this