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Energy Services Sector Survey (ESSS) Q2 2018

Energy Services Sector Survey (ESSS) Q2 2018

Despite an uptake in activity in 2018 due to new drilling programmes coming on stream, local companies are not feeling optimistic about their business prospects. 

Declines in Trinidad LNG exports primarily to Argentina and Brazil

Declines in Trinidad LNG exports primarily to Argentina and Brazil

The decline in Trinidad and Tobago’s liquefied natural gas (LNG) exports over the past few years, on the back of falling natural gas production, has seen big declines in the volume of exports to Argentina and Brazil. Volumes destined for Trinidad and Tobago’s other major markets, such as Chile, USA, Central America and the Caribbean have remained relatively robust. 

Iguana drilling completed — More gas to Point Lisas in 2018

Iguana drilling completed — More gas to Point Lisas in 2018

Over 36 years after being discovered, the Iguana gas field in Block 1(a) is on track to begin production in 2018. Local drilling contractor, Well Services Petroleum Company Limited (Well Services), has announced the completion of a three-well development campaign for the Iguana field, which is owned and operated by DeNovo Energy Limited (DeNovo). 

NiQuan completes sale, purchase agreement for GTL facility

NiQuan completes sale, purchase agreement for GTL facility

NiQuan Energy has finally made progress on the gas-to-liquids facility (GTL). The project has been uncertain for quite some time now and there have been many hurdles along the way, but it appears now that NiQuan has the green light to proceed. 

SBM Offshore gets contract for 2nd FPSO in Guyana

SBM Offshore gets contract for 2nd FPSO in Guyana

Weeks after the announcement of an eighth find in Guyana by Exxon and the addition of a third drillship to the drilling programme, SBM Offshore has announced that it has received another contract for a second floating production storage and offloading (FPSO) unit. 

Angelin arrives in T&T waters

Angelin arrives in T&T waters

The much anticipated Angelin platform has arrived in Trinidad and Tobago. Angelin, which will be BPTT’s 15th offshore platform, was fabricated in Altamira, Mexico. Construction of the topside and jacket was completed at Altamira and sailed on June 30th. The platform arrived at the end of July. 

Let’s think beyond Petrotrin. Let’s make the future now.

Let’s think beyond Petrotrin. Let’s make the future now.

Petrotrin is and will continue to dominate the news. And for good reason. We must keep asking ourselves how we got where we are. Why Petrotrin – the company supposed to be our crown jewel – ended up in such dire situation. And how we can prevent more joining the same fate as Petrotrin’s refinery, the Arcelor steel plant, the idle platform production sites in La Brea and many other abandoned or underutilised manufacturing sites across the islands.

What is the likely impact of the refinery shut-down on contractor and energy service companies?

What is the likely impact of the refinery shut-down on contractor and energy service companies?

The Petrotrin Point-a-Pierre refinery has been a major customer for many of the service companies and contractors who make up the membership of the Energy Chamber.  A recent survey of over 400 companies who have been certified to work as contractors in the energy sector has revealed that 59% of these companies have provided goods and/or services to the refinery over the last 5 years.  Thirty-nine percent of them currently provide goods and/or services.

Saipem awarded new contracts for Liza phase 2

Saipem awarded new contracts for Liza phase 2

Italy based contractor, Saipem has been awarded contracts for the second phase of the ExxonMobil led Liza development offshore Guyana. These contracts are in addition to those awarded to Saipem in 2017 for Liza Phase 1.

BHP hits hydrocarbons at Bongos-2

BHP hits hydrocarbons at Bongos-2

BHP has reported that they have encountered hydrocarbons at Bongos-2. The well was spud on July 22nd 2018 and was drilled using the Deepwater Invictus.

Touchstone announces operational and drilling update

Touchstone announces operational and drilling update

It was revealed that four of the seven wells are yet to contribute to the current stabilized production of Touchstone. Paul Baay, CEO Touchstone said "We are excited to increase production in the near-term. With the combination of these four wells and the remaining three to be drilled this year, 3 we are looking forward to a strong start to 2019.

SBM gets contract for 2nd FPSO at Liza

SBM gets contract for 2nd FPSO at Liza

SBM Offshore recently announced that ExxonMobil subsidiary Esso Exploration and Production Guyana Limited (EEPGL) has awarded the Company contracts to perform Front End Engineering and Design (FEED) for a second Floating Production, Storage and Offloading vessel (FPSO) for the Liza development located in the Stabroek block in Guyana

Tullow completes Jamaica seismic

Tullow completes Jamaica seismic

Tullow Oil has completed seismic work on its operated offshore Walton Morant licence according to an article in Upstream. London-listed partner, United Oil and Gas (UOG), indicated that the conclusion of the 2,250 square kilometres 3D – seismic acquisition survey has moved the partners closer to de-risking the high-graded Colibri target. Tullow holds an 80 per cent interest in the licence and the remaining 20 per cent is held by UOG. 

Kosmos to respud well in Suriname

Kosmos to respud well in Suriname

According to a press release from London-listed Kosmos Energy (Kosmos), the company will respud an exploration well off Suriname after encountering difficulties while drilling. 

Range Resources hits output target

Range Resources hits output target

According to an article in the Upstream, Range Resources has not only realised it forecast production target but has done so comfortably ahead of schedule. The article goes on to explain that their success can be largely attributed to its optimisation programme in Trinidad, which contributed to the company registering a 43 per cent increase in output over the last 12 months, having forecast 800bpd but registering an average of 820bpd. 

Efficiency, renewables must be at the core of energy policy

Efficiency, renewables must be at the core of energy policy

Trinidad and Tobago is one of the least energy-efficient economies in the world and has one of the highest per capita greenhouse gas emissions rates. The introduction of renewable energy, improving energy efficiency and reducing our greenhouse gas emissions have become policy issues on the government’s agenda and are usually included in statements from the current Minister of Energy and Energy Industries and other senior politicians and government officials. However, they often seem to be presented as additional policy issues for consideration, rather than issues at the core of overall energy policy. 

The opportunity cost subsidy for electricity in 2017: US$508M

The opportunity cost subsidy for electricity in 2017: US$508M

The Energy Efficiency and Alternative Energy Committee of the Energy Chamber has taken a critical look at the electricity sector in Trinidad and Tobago and continues to show the opportunities where government can reclaim value in the gas sector. According to the Committee led by Christopher Narine-Thomas, the opportunity cost subsidy in 2017 rose to US$508M. 

Minister calls for greater energy efficiency

Minister calls for greater energy efficiency

Decreasing electricity consumption will have a major overall economic benefit for Trinidad and Tobago. This is because every unit of natural gas not sold to low-priced domestic electricity generation can instead be sold to the higher priced petrochemical and LNG sectors, which also means increased export earnings and more foreign exchange.