In the 2019-2020 budget presentation, Minister Imbert announced some changes to the fiscal environment under which the oil and gas companies operate, but more so oil. Many oil producers have lobbied for the government to adjust the Supplemental Petroleum Tax (SPT) to make it less burdensome. When the Minister announced the changes, at first glance it seemed like a positive change, however the Minister also announced changes to the capital allowance schedule for energy companies involved in exploration and development. The result will have a negative impact for companies in the oil sector. Paul Baay, President and CEO of Touchstone Exploration said in an interview, “We’re definitely in a worse position than we were before the budget.”
Even though Trinidad and Tobago’s energy sector is dominated by natural gas, oil production continues to play an important role in the economy. For many years the state-owned oil company, Petrotrin, accounted for the majority of oil produced in Trinidad.
On 27 January 2020, Mrs. Arlene Chow, Chief Executive Officer, Heritage Petroleum Company Limited, signed the Safe to Work (STOW) Charter committing the company to utilise the STOW certification system to assess contractors’ health, safety and environmental (HSE) management systems. The company set a deadline date of 31 July 2020 for their contractors to be certified to the STOW HSE requirements if they wanted to continue to do business with the company.
National Energy has awarded Blue Ocean Marine, a contract for the crewing and manning of its vessels according to a release from the company.
BHP recently released their operational review for 2019. According to the report, in Q4 2019, the company completed the exploration programme on the Trinidad and Tobago Northern Licenses.
Shell Trinidad and Tobago Limited has announced a Final Investment Decision (FID) on the development of Block 5C (Barracuda) in the East Coast Marine Area (ECMA).
Touchstone Exploration through a release announced that flowback testing of the first stage of the Cascadura-1ST1 well has been completed, confirming that the well is a significant liquids rich natural gas discovery.
Touchstone Exploration has announced initial results from testing done on its Cascadura-1ST1 Well on the Ortoire exploration block, onshore Trinidad. The company has indicated that significant pressures and natural gas volumes were encountered.
The Noble Fleet Report for December reveals that the company has secured a contract with BHP for work in Trinidad. The update highlights that the contract begins in September 2020 and ends in February 2021.
Transocean announced that the semisubmersible Development Driller III has been awarded a one-year contract off the coast of Trinidad and Tobago.
Touchstone announced final production test results for the Coho-1 well on the Ortoire exploration block. According to the company, flow and build-up test results suggest an Absolute Open Flow (AOF) rate of 46.0 million cubic feet per day (mmcfd) which is equivalent to approximately 7,671 barrels of oil equivalent per day (boe/d).
Maersk Drilling has announced that the company has secured a three-well contract for the semi-submersible rig Maersk Discoverer with BP for development drilling at the Matapal project offshore Trinidad and Tobago.
Touchstone Exploration announced that the company has made a significant crude oil discovery with the Cascadura-1ST1 well on the Ortoire exploration block, onshore Trinidad.
Aker Solutions announced that the company was awarded the contract to deliver front-end engineering and design (FEED) for the first platform in a potential series of future assets within BP’s Trinidad and Tobago (BPTT) portfolio.
Recently BPTT hosted a technology open house at their Albion Plaza headquarters in Trinidad. Speaking at the event, Regional President, Claire Fitzpatrick said that “Technology is central to achieving our energy future”.
Valaris, the company formed after the merger of Ensco and Rowan has announced a series of new drilling contracts around the world including the Gulf of Mexico, North Sea and one contract extension in Trinidad for two-wells.
Australian Gas Networks (AGN) announced the construction start of a pilot facility in South Australia that will produce green hydrogen and blend some of it into the local gas distribution network.
Honeywell announced that it will design and deliver the Integrated Control and Safety System (ICSS) that will help BP remotely manage its offshore compression platform off Trinidad and Tobago’s southeast coast.
Heritage Petroleum Company Limited (HPCL) has confirmed that surveillance and a sting operation at a scrap yard in the Penal area has led to the discovery of seventeen (17) motors belonging to Heritage Petroleum Company Limited (HPCL) and its Lease Operators.
The National Gas Company of Trinidad and Tobago Limited (NGC) and Shell Trinidad and Tobago Limited (Shell T&T) announced that they have successfully concluded negotiations for a fully-termed Domestic Gas Sales Contract (“DGSC”).
