‘The future is extremely bright for T&T’

Mar 11, 2023

Bryan Ramsumair, co-founder and managing director of DeNovo Energy Ltd. —Photo: Jermaine Cruickshank

WHILE renewable energy and going green are important, continuing to develop natural resources for the benefit of citizens, is also imperative.

So said co-founder and managing director - DeNovo Energy Ltd Bryan Ramsumair, as he spoke to Express Business on day one of the Caribbean Sustainable Energy Conference held at the Hyatt Regency Hotel, Port of Spain.

Ramsumair said he agreed with Energy Minister Stuart Young that while the country needs to continue to go green, in the same vein the energy sector must develop the resources for the benefit of the people.

"I am fully supportive of that, and concerning natural gas and hydrocarbons concerning oil. We have to get after it now and we must have the right incentives to go after it. I think the minister said we need to continue to go green, and we need to continue to decrease the carbon intensity in some cases, which is what some of these companies are already doing like BP and Shell for example," he acknowledged.

Ramsumair drew reference to the wind resource assessment programme which the minister did mention in his address that they are doing to evaluate the potential for wind resources with the Inter-American Development Bank (IDB) so that is going to go ahead through the carbon capture and utilisation storage programme that's ongoing.

"So we do have initiatives, some are already tangible and the studies will continue, and what we look forward to from the government is the requisite legislation and incentives to couple that so people can start making the investments in the country. I 100 per cent agree with the minister that we need to continue to exploit our natural resources, gas, and oil, for now, in terms of what the market is, but we also have to look ahead," the managing director disclosed.

He said regarding energy, everyone is facing the need for a renewable agenda.

"Two things governments will need; one would be the disincentives, in terms of taxation, that are coming into effect and I don't think the Americans are going to be far behind. The United States is putting things in place for investors to make huge investments, including energy companies like Proman who are looking for renewable projects," Ramsumair explained.

In terms of ongoing financing for renewable energy, the executive said there is a need for firms that exist in an international sphere and understand international legislation.

"So we need our legislation down here accordingly so these entities can look and say it is not a problem to invest in TT because the legislation in effect is the same legislation which they are familiar with, and would give effect to scenarios they are already aware of coupled with that we would need a committee system in place, to reduce how long things would take to get approved. This is not just a TT thing but throughout the world," he emphasised.

Ramsumair believes that the financing, given the maturity of this sector, the establishment based in the English-speaking systems the sector occupies, the guarantee and sanctity of contracts... investments will flow once those ingredients are in place.

"I think as we put the legislation in place you will have systems that have already been adopted internationally and once we adopt best practices, policies, and procedures, we can be as efficient or even more so in terms of getting this done.

"We have a fantastic future in TT and are blessed already to have the hydrocarbons and we will be more blessed when we realise and actualise how much renewable power we already have, we have the people, the resources, the skills, and the infrastructure which already exists in the petrochemical sector....so I think the future is extremely bright for TT and I am excited and energised by the future," he articulated.

Asked how DeNovo is mapping out renewable energy into its scope, the managing director said the company's plan was designed to meet codes and standards, so already the energy company has low emission, one of the lowest gas processing units.

"The company uses thermal electric generators which means we use natural gas to power the plants, we have solar panels as well, solar and wind which is fully renewable. So we continue with the thrust of bringing down the energy consumption in our platforms. The methane emissions we try to keep at zero as much as possible and we are trying to lower the carbon intensity score for the end product that we produce," he expressed.

Ramsumair divulged that DeNovo is looking for additional acreage in terms of getting space to utilise and implement a very agile efficient model so that it can tap into the more marginal fields that exist and be able to bring products into production by utilising the technology and the people which has developed over the last seven years to bring them to fruition to bring natural gas out of the ground.

Questioned on whether the company is in the process of drilling, he said no the energy company is just producing gas.

"At this point, we are looking at additional opportunities both in and outside the current portfolio," Ramsumair added.

DeNovo (part of the Proman group of companies), states on its website that it is "…committed to delivering its business with zero harm to people and the environment, and increasingly reducing its carbon footprint by using innovative and green technology."

Their efforts are in alignment with the United Nations’ Sustainable Development Goals, to which Trinidad and Tobago is a signatory. Since its inception, the company has sought to actively manage the carbon footprint of its operations.

Their first gas production commenced in 2018 on the Iguana field and from the beginning, they have focused on sustainable development goals, which are integrated into the company's design and operations. The Iguana platform utilises Thermoelectric Generators to generate power and the facility also uses solar panels to power navigational aids on the platform. Onshore, DeNovo's Gas Processing Unit is designed to ensure that any emissions are flared, as opposed to vent, since vented methane has a carbon footprint 21 times higher than CO2.

WHILE renewable energy and going green are important, continuing to develop natural resources for the benefit of citizens, is also imperative.

So said co-founder and managing director - DeNovo Energy Ltd Bryan Ramsumair, as he spoke to Express Business on day one of the Caribbean Sustainable Energy Conference held at the Hyatt Regency Hotel, Port of Spain.

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