The National Gas Company (NGC) of Trinidad and Tobago Limited (NGC) has recorded an unaudited after-tax profit of TT$1.045 billion for the nine-month period ended September 30, 2021.

This represents an extraordinary rebound from the net loss of $42 million for the prior corresponding period.

The company also achieved revenues of TT$15.6 billion, an increase of 93 per cent when compared with the TT$8.1 billion recorded in the previous corresponding period.

The results, according to NGC Group Chairman Conrad Enill, signals a strong recovery and significant upturn of the group’s profitability.

“After a difficult year for the global industry, the NGC Group has rebounded with great agility, proving once more its capacity to navigate change, evolve and prosper. In all that we undertake, we are committed as ever to the principles of good governance, transparency, accountability and responsible leadership, and our ultimate goal remains service to country. As our people retool for the new normal, and we resource the organisation for a new energy landscape, we expect to build on the successes of the past 46 years to continue delivering exceptional value for Trinidad and Tobago,” Enill said in the report.

Concurrently, the global environment has shown some recovery in 2021. Gas prices in Europe have been extremely high due to a global supply shortage, and there has been an uptick in ammonia, methanol, and LNG prices.

Additionally, worldwide vaccination programmes are allowing for the easing in the novel coronavirus restrictions, coupled with a resultant increase in industrial and commercial activity and energy demand.

NGC indicated that over the reporting period progress was made on the monetisation of small and marginal fields, which included the signing of a Gas Sales Contract (GSC) with DeNovo Energy Limited for gas from the Zandolie Field.

The group completed its acquisition of the Heritage Petroleum Company Limited’s non-operated joint venture participating interest in block 3(a), which increased its stake from 11.41 per cent to 31.54 per cent. This provided additional equity crude to enhance the energy marketing and trading portfolio results.

Earlier in June, NGC launched CariGreen, a website to facilitate investor, academic and citizen research into clean energy across the Caribbean region.

The Group also signed a memorandum of understanding with the Trinidad and Tobago Solid Waste Management Company to examine the possibilities of harvesting and using domestic landfill gas as an alternative motor fuel.

According to data and analytics company GlobalData, Trinidad and Tobago is expected to contribute around 25 per cent to the Americas natural gas production by 2025 from seven planned and announced projects.

Natural gas and oil accounts for 80 per cent of the country’s total exports.

Uses of natural gas include powering of turbines for wind and solar energy generation. Compressed natural gas, which is gas stored at high pressure, is used in some residences for heating and cooking purposes.