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The Ministry of Energy and Energy Resources recently announced the finalization of negotiations between the Government and Shell Trinidad and Tobago Limited on gas related issues.
Senator the Honourable Franklin Khan, the Minister of Energy and Energy Industries met with Mr. Tatsuo Hirayama the Japanese Ambassador Extraordinary and Plenipotentiary to Trinidad and Tobago at the Ministry’s Office on August 7, 2019. Also in attendance at the meeting was the Permanent Secretary is the Ministry of Energy and Energy Industries – Ms. Azizah Baksh-Backredee and other Senior Technical Officers.
Tullow has indicated that Jethro prospect may be a stand alone development. According to Upstream, the company plans to drill its first appraisal well in 2020.
Last week, Tullow confirmed that Jethro-1 is the first discovery on the Orinduik licence and comprises high quality oil bearing sandstone reservoirs of Lower Tertiary age. The well encountered 55m of net oil pay which supports a recoverable oil resource estimate which exceeds Tullow’s pre-drill forecast. Tullow will now evaluate the data from the Jethro discovery and determine appropriate appraisal activity.
Jethro-1 is expected to hold more than 100 million recoverable barrels of oil, in excess of Tullow’s expectations.
Tullow’s CEO Paul McDade said that they have a relatively high degree of confidence at the moment that they have something already that can be commercial.
According to Reuters, Suriname’s state-owned oil company is planning a bond sale next year to finance offshore oil exploration.
According to Tullow evaluation of logging data confirms that Jethro-1 is the first discovery on the Orinduik licence and comprises high quality oil bearing sandstone reservoirs of Lower Tertiary age. The well encountered 55m of net oil pay which supports a recoverable oil resource estimate which exceeds Tullow’s pre-drill forecast.
The Board and Executive Office of the Energy Chamber is very saddened at the sudden passing of Dennis Patrick, CEO of Methanol Holdings Trinidad Limited (MHTL). Mr. Patrick was an active member and supporter of the Energy Chamber in his capacity as CEO of MHTL and was a presenter at our TTEC 2019 in February at Hyatt Regency. He will be remembered as a well-respected leader in the energy sector. We extend sincere condolences to his family and the MHTL and the Proman Group on Mr. Patrick’s untimely passing. May he rest in peace.
Touchstone spudded the Coho-1 exploration well on the Ortoire exploration block on August 7, 2019 using Well Services rig #80. The Coho-1 well is targeting gas prospects in the Herrera formation at depths between 5,200 and 8,500 feet.
BHP has indicated that it has approved US$283 million (BHP share) in funding to develop the Ruby Project in Trinidad and Tobago.
BP will combine its Brazilian biofuels and biopower businesses with that of Bunge to create a world-scale, highly-efficient producer of sugarcane ethanol in Brazil, BP Bunge Bioenergia. BP’s interest in the new venture will grow its existing biofuels business by more than 50%.
According to a release from the company, BHP has established a US$400m Climate Investment Program to develop technologies to reduce emissions from its own operations as well as those generated from the use of its resources.
The results of the much-anticipated Jethro Lobe wildcat drilling by Tullow will be revealed in mid-August according to Canadian based project partner Eco (Atlantic) Oil & Gas.
There is continued interest in offshore Suriname. Apache has 100% working ownership in block 58 and plans to spud a well in September 2019.
Recently, it was reported that Qatar Petroleum has farmed into two blocks offshore Guyana (Orinduik & Kanuku blocks). It was stated that the Qatari oil company takes 40% of Total’s stakes in the blocks – which means that the company now owns 10% in each block.
Qatar Petroleum has acquired 40% of Total’s stake in the Orinduik and Kanuku blocks. This means that the Qatari company now owns 10% stake in each block.
It is reported that TechnipFMC won a major contract worth over $7b for the Arctic 2 LNG project in western Serbia.
Tullow along with their joint venture partners (Pluspetrol and Ratio Exploration) have decided to move into phase two of their operations in block 47 offshore Suriname.
Credit rating agency Moody’s has announced that the National Gas Company of T&T will maintain a Ba1 rating for 2018.
BPTT’s Cassia Compression development will access 1 TCF of resources, according to Regional President Claire Fitzpatrick.
According to Upstream Online, Exxon has asked two groups seeking the multi-billion-dollar contract to revise their prices as original bids exceeded original budgeted figures.