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Value and volume of business for energy services companies remain below normal

Value and volume of business for energy services companies remain below normal

Fifty per cent of energy services companies polled indicated that the value of their business was down in the second quarter of 2019. When asked for reasons that their value of business was down, all respondents indicated that it was due to a decrease in demand for their services. Other major reasons cited were less business opportunities and loss of contracts/projects. Fifty per cent of respondents also indicated that the volume of their business was down in the second quarter of 2019. Respondents indicated that this was due to a decrease in demand for their services and less business opportunities. 

CNG sales experience 136% increase over 15 months

CNG sales experience 136% increase over 15 months

Compressed natural gas (CNG) is clearly expanding by any metric. At a recently concluded CNG Symposium and Open House organised by the NGC CNG, Curtis Mohammed, President of CNG NGC, provided an update on the CNG initiative. During the update, Mohammed provided some key statistics showing the uptake for CNG from 2014 to present. 

Venezuelan nationals working in the downstream energy sector

Venezuelan nationals working in the downstream energy sector

Within recent times, the Venezuelan migrant crisis has dominated the international and local media. Over the past year in particular, there have been waves of arrivals of Venezuelans into Trinidad, driven in large part by the collapse of the economy and deteriorating living conditions. Many of them have sought employment in different areas of both Trinidad and Tobago. Given Venezuela’s global reputation as a major player in the oil and gas industry, there has been concern in some quarters about Venezuelans coming to work in the energy industry, particularly the petrochemical sector and displacing locals. 

Late payments persist and continue to take a toll on contractors

Late payments persist and continue to take a toll on contractors

In a recent survey undertaken by the Energy Chamber of Trinidad and Tobago (Energy Chamber), it was revealed that late payments for work completed continues to occur. The respondents were all energy services companies that are currently engaged in work in the sector. Over 94 per cent of respondents reported that they have significant or very significant financial impacts due to late payments. In addition, almost 70 per cent of companies have reported that the situation has been getting worse over the last three years.

Atlantic: coping with an uncertain future

Atlantic: coping with an uncertain future

With its recent 20th anniversary celebrations now in the proverbial rear-view mirror, liquefied natural gas (LNG) production company, Atlantic, is peering into the journey ahead and exploring how it will continue to navigate a very competitive global business. 

Shell Trinidad and Tobago Limited commits to STOW Charter with the Energy Chamber

Shell Trinidad and Tobago Limited commits to STOW Charter with the Energy Chamber

On Thursday 9th May, 2019, Mr. Derek Hudson, Vice President and Country Chair of Shell Trinidad and Tobago Limited, signed the Safe to Work (STOW) Charter, demonstrating the Company’s commitment to the objectives of STOW. Also present at the signing which took place at the Energy Chamber of Trinidad and Tobago’s Executive Office were Dr. Thackwray Driver, President & CEO of the Energy Chamber of Trinidad and Tobago; Mr. Fitzroy Harewood, Chairman of the STOW Implementation Board and President of Pt. Lisas Nitrogen Limited and Mr. Eugene Okpere, Chief Operating Officer of Shell Trinidad and Tobago Limited.

Results from shallow water bid round 2019

Results from shallow water bid round 2019

The 2019 shallow water bid round was the first offer of new acreage for oil and gas exploration in Trinidad & Tobago since the downturn in global oil prices in late 2014.   The bid round, that closed earlier today, saw bp and Shell, the two major existing gas producers in Trinidad & Tobago jointly bidding on three of the six blocks on offer.  The joint bp and Shell bids were received for the three east coast blocks on offer, with no other bids being received for the blocks.  No bids were received for the two blocks off Trinidad’s north coast and for the one block on offer in the Gulf of Paria.

BHP encounters hydrocarbons in latest T&T deepwater well

BHP encounters hydrocarbons in latest T&T deepwater well

BHP has announced that it has found hydrocarbons in its latest deepwater well in Trinidad & Tobago’s deepwater block 23(a). The Bélé-1 well is the first of a three well programme to test prospects around the Bongos discovery, made in 2018. The well is being drilled by the Deepwater Invictus rig and was spud on 2 March 2019 in 2,102 meters water depth. The total planned well depth is 3,693 meters. The 31st March BHP operational review noted that drilling was still in progress.

Trinidad & Tobago players pushing for tax reforms

Trinidad & Tobago players pushing for tax reforms

Oil players in Trinidad & Tobago are urging changes to the government’s supplemental petroleum tax on oil production, which they say in its current form discourages investment and inhibits oil exploration.

Building a robust safety culture – key to a successful energy sector in Guyana

Building a robust safety culture – key to a successful energy sector in Guyana

If Guyana is to experience sustained growth leading to the development of a worldclass energy industry that benefits the local economy, it is critical that a robust safety culture is embraced now. Imperative would be the adoption of safety systems and procedures that international operators consider basic to a safe and productive operation. Adherence to such systems would also give locally owned and operated contractors greater access to work in the sector, which will enhance local content development. 

Harnessing all the talent from the energy sector

Harnessing all the talent from the energy sector

The energy sector has predominantly had more males than females in senior roles. This is a global phenomenon and is not unique to Trinidad and Tobago. The International Energy Association (IEA) stated in an article in 2018 that the energy sector remains one of the least gender-diverse sectors, despite recent efforts to promote and encourage women’s participation. The IEA article alludes to inclusion of all human resources for key drivers of innovative and inclusive solutions. 

DeNovo's technology driven model

DeNovo's technology driven model

DeNovo moved from start-up, new upstream operator to Trinidad and Tobago’s first local natural gas producer in just under 3 years, delivering first gas from the Iguana field in Block 1(a) in November 2018.  Founded in 2016 by Joel “Monty” Pemberton, DeNovo’s Iguana greenfield development involved drilling three production wells, installing a Sea Swift conductor supported platform, along with a 45 km offshore and onshore pipeline, and constructing an onshore Gas Processing Unit with a capacity to process up to 90 MMSCFD of natural gas.

Need to increase oil production

Need to increase oil production

In 2018, the national spotlight was on the closure of the Petrotrin refinery and many were concerned about the availability of refined products, in particular, transport fuels. Most of these concerns appear to have been alleviated with the functioning of the new company, Paria Fuel Trading Company. 

New exploration push in T&T

New exploration push in T&T

The first few months of 2019 are set to be a busy time for deepwater exploration in Trinidad and Tobago, with BHP reportedly set to drill three wells to follow up its Bongos 2 discovery last year. The Bongos 2 well was drilled in BHP’s Trinidad and Tobago Deep Atlantic Area (TTDAA) Block 14, in deepwater east of Tobago. BP holds a non-operator share in the block. The wells will be drilled by the Deepwater Invictus drillship, which has been drilling for BHP in TTDAA and the Gulf of Mexico.  

Opening remarks from Energy Chamber's Chairman, Eugene Tiah

Opening remarks from Energy Chamber's Chairman, Eugene Tiah

It gives me great pleasure to welcome you to the Trinidad & Tobago Energy Conference 2019. I would like to say a special welcome to all our international visitors and also to those of you who are attending the conference for the first time.