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In March 2016, ProCom completed its acquisition of the assets of FT Farfan’s rigging business unit. The acquisition of the assets serves to bolster ProCom’s position in the local market. ProCom’s CEO, Mark Laughlin, said that the acquisition was a strategic move to acquire market share by removing a major competitor and adding 30% market share to ProCom. The acquisition became effective on March 31st 2016.
With Exxon in the midst of their highly anticipated appraisal drilling campaign offshore Guyana, the government has been taking its time to increase its understanding of the oil and gas industry and where it needs to be heading, according to Raphael Trotman, the Minister of Natural Resources.
Trinidad and Tobago, the only non-associated gas producer and exporter in the Caribbean, will be playing a major role in the Caribbean Energy Security Conference, which Prime Minister Dr. Keith Rowley is due to attend in Washington D.C. on May 3 and 4.
No producer is making money at a US$37-US$40 oil price, insisted Scotiabank’s Mark A Ammerman in a recent presentation to the Trinidad Energy and Finance Forum.
Though some experts have their own ideas on when the world oil price, currently hovering between US$37-US$40 a barrel, will rise again, one of the foremost among them, Dr. Lester Henry, has adopted a posture of caution.
The Government of Trinidad and Tobago has followed through on its commitment to begin to address the transport fuel subsidy when it increased the price of super gasoline and diesel by a further 15% in its mid-year budget review. This came on top of a previous increase of 15% in September 2015 and a decision not to reduce the prices when VAT was reduced from 15% to 12.5% (effectively increasing the price of fuel pre-VAT).
At the Trinidad and Tobago Energy Conference in January 2016, Touchstone CEO, Paul Baay called for government to take a look at the tax structure for the oil sector. He provided the netback figures for Touchstone and illustrated that the company earns less money with an oil price of $50-$60 per barrel than they do at $49.99 or $60.01. He calls this a disincentive for companies to move back into the field as prices begin to increase during this “recovery zone”.
La Brea-based, local energy service company, Perfection Services Ltd (PSL), has recently been accredited by the United Kingdom Accreditation Service (UKAS) as an inspection body, and has acquired the ISO 17020 Certification for Inspection.
Apply sanctions to those oil and gas-producing companies in Trinidad and Tobago who vent carbon dioxide (CO2) emissions into the atmosphere, rather than sequestering it underground – that's the firm advice of the country's leading geologist, Dr. Krishna Persad.
Earlier this year, the news came that Exxon Mobil had found oil offshore Guyana. It appears to be a major find. The news created a sense of euphoria among Guyanese. This discovery came during the tenure of the previous government and immediately, the then President Donald Ramotar arranged for a series of seminars to prepare the nation for the impact of an oil economy.
The likelihood of Trinidad and Tobago ever supplying liquefied natural gas (LNG) to Jamaica, as was mooted at one time, seems more and more remote and probably won't happen at all.
Is the “viability” of the all-important gas sector in Trinidad and Tobago being “threatened”?
Yes, says Poten and Partners, the UK consultants hired to prepare the Natural Gas Master Plan by the previous People's Partnership (PP) administration.
Speech delivered by The Hon. Nicole Olivierre, Minister of Energy and Energy Industries, Republic of Trinidad & Tobago. January 18th, 2016
Trinidad & Tobago’s upstream capital investment levels have been sustained through 2015, despite the slashing of capital investment budgets across the globe. Speaking in Parliament in December 2015, Nicole Olivierre, Trinidad & Tobago’s newly installed Minister of Energy, revealed that investment levels in 2016 were predicted to be in the US$3.0 billion range in 2016, a similar level of 2015.
Speaking at the annual Trinidad & Tobago Energy Conference, Giselle Thompson, Vice President Corporate Operations, BP Trinidad and Tobago outlined details of the company’s impressive investment plans over the next few years.
BHP Billiton will be drilling two wildcat prospects in their Trinidad & Tobago deep-water acreage in 2016, with the possibility of a third well depending on the outcome of the first two wells.
I am sure that a significant number of persons will agree with the view that as an oil producing country we are at a critical juncture in our existence. Whether this situation becomes a crisis or not depends on our approach to survival and managing our affairs.
A year ago I stood before you and said that our industry should not let a downturn go to waste. My colleagues from the Energy Chamber also addressed lower commodity prices during their speeches.
First gas from the Sercan field is expected in the fourth quarter of 2016. The new development, that has received very little publicity, is located in the East Manzanilla Joint Venture Development Block located 65 km off the east coast of Trinidad.
Despite oil prices around the US$ 30 mark and downward pressure on the price of Trinidad & Tobago’s major export, liquefied natural gas (LNG), participation in what has become the biggest annual energy conference in the Caribbean region remains high.
