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The company however has stated that it awaits government approval to proceed with a third production vessel for the Payara development. As a result, some 2020 activities are now being deferred, creating a potential delay in production startup of six to 12 months.
An Energy Chamber survey of our members shows that companies are only sending the most essential front line workers to job sites.
Columbus Energy told investors that it looks forward to the next stage of continuous gas injection at the Inniss-Trinity project, in Trinidad. Inniss-Trinity is being progressed as a pilot project, testing enhanced oil recovery within a mature field by Columbus Energy with partner Predator Oil and Gas.
According to energy research company Rystad Energy, (globally) more than a million jobs in the oilfield service industry are likely to be cut in 2020 due to low project volumes.
The Energy Chamber of Trinidad & Tobago has been constantly monitoring guidelines and updates related to the novel coronavirus (COVID-19) pandemic and has sought to put the best measures in place to mitigate risks to our employees and persons visiting our offices. As such we have taken the decision to suspend normal operations at the Centre until 1st April 2020.
The Energy Chamber of Trinidad & Tobago welcomes the short-term policy measures that have been enacted by the Government and the Central Bank and commends the response by the banking sector to implement new policies and procedures that will assist both individuals and companies in these extremely difficult circumstances. We have seen a vital part of the private sector, both local and foreign, stepping forward to help the nation through this difficult time. Access to liquidity will be essential for most companies during this crisis period, when their revenue is likely to be very significantly reduced. If companies are to be able to meet the common objective of preserving jobs, many will need liquidity support just to meet their payroll costs.
The Joint Chambers of Commerce, in collaboration with the Confederation of Regional Business Chambers, recognize that this is an unsettling time for everyone. It also presents a unique and challenging business environment, and this is likely to be exacerbated by the necessary restrictions on the movement of people.
Shell Trinidad and Tobago announced that the company has taken Final Investment Decision (FID) for the development of Block 22 and NCMA-4 in the North Coast Marine Area (NCMA).
Touchstone Exploration indicated that after the second stage of testing at the Cascadura 1ST1 well, the tests delivered a combined average of 10,600 boe/d.
Trinidad and Tobago is now one step closer to having significant renewable energy on the grid. At the post cabinet briefing, Prime Minister, Dr Keith Rowley announced that the cabinet took a decision in T&T to proceed with our renewable energy initiative”
BP set a new ambition to become a net zero company by 2050 or sooner, and to help the world get to net zero.
The Ministry of Energy and Energy Industries has released the Ryder Scott report on the Natural Gas Reserve Audit 2018.
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.
