Nutrien has announced the temporary shut down of one of its facilities in Pt Lisas Trinidad for a period of 3 months.
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NGC signed a Framework Agreement with Primera Oil and Gas Limited - a wholly owned subsidiary of Touchstone Exploration Inc. (Touchstone) - and Heritage Petroleum Company Limited (Heritage), to develop plans and foster a strategic partnership with respect to the development, sale and purchase of natural gas and natural gas liquids produced from the Ortoire Block, onshore South East Trinidad.
The oil, gas and petrochemical sector in the Caribbean is facing an unprecedented crisis brought about by the COVID-19 pandemic and sharply falling commodity prices, mainly due to a massive and sudden global decrease in demand but made worse by the collapse of the Organization of the Petroleum Exporting Countries (OPEC) supply controls. In the Caribbean, this crisis is exacerbated by continued political uncertainty in Guyana, the region’s newest, and already its biggest, oil producer. Outside of the oil, gas and petrochemical sector, electricity utilities across the region, which typically benefi t in periods of lower commodity prices, are facing liquidity problems as demand has plummeted with the shutting down of the tourism sector and with many of their customers unable to meet their monthly bills.
The global oil, gas and petrochemical industry is facing a perfect storm of low commodity prices and disruptions caused by the fight against the coronavirus. Within the Caribbean, these two factors have been intensified by the political uncertainty in the region’s newest and biggest oil producer, Guyana.
The Covid-19 pandemic represents the biggest shock to the global energy system in more than seven decades, with the drop in demand this year set to dwarf the impact of the 2008 financial crisis and result in a record annual decline in carbon emissions of almost 8%.
The energy research firm, Rystad Energy indicated that global E&P revenues forecasted for 2020 will drop by approximately 40% year-on-year. The expected drop equates to a 1 trillion-dollar decline.
Columbus Energy has announced an oil discovery at the Saffron well located in the South West Peninsula, onshore Trinidad.
BHP released their operational review this week and according to the report, the Ruby project in Trinidad and Tobago is on schedule and budget and is 23% complete.
The energy services sector has been badly impacted by the current overlapping coronavirus and oil price crises. While most of the activities undertaken by these companies are essential services, the volume of activity has significantly decreased since mid-March, as operator companies have implemented measures to reduce the possible transmission of the virus.
This has been an unprecedented time for Trinidad and Tobago, the world and indeed the global oil industry. Heritage Petroleum Company Limited has not been insulated from all that is occurring. The precipitous drop in the world’s demand for oil and gas and the accompanying slowdown of economic activity due to COVID-19 also came with a simultaneous increase in supply as a result of the recent price war between Russia and Saudi Arabia.
BPTT has created a $1 million COVID-19 response fund accessible to non-governmental and community-based organisations (NGOs and CBOs) to complement the government’s social relief programmes.
Trinidad Petroleum Holdings Limited (TPHL) announced that it, along with its subsidiaries handed over the Augustus Long Hospital and Hostel to the Ministry of Health. The readiness of the Augustus Long Hospital now adds approximately 60 beds to the fight of the pandemic.
CARPHA: Call for Experts
BHP Trinidad and Tobago announces a TT$ 3.35 million dollar contribution (three point three five million dollars) in equipment and services to support the country’s COVID 19 response. BHP’s commitment to Social Value investment ensures a continued focus on contributing to Trinidad and Tobago’s communities, through resource development, economic contribution and social support.
BHP Petroleum is implementing emergency measures to support cash flow to suppliers by making immediate payments of outstanding invoices and moving to seven-day payment terms for the next six months for small and local businesses that support BHP’s Petroleum business. This is a reduction from the current payment terms and covers over 200 suppliers. The revised payment term arrangements will take effect in the week commencing April 13th.
Shell has released its Report on Payments to Governments 2019. According to the report, Shell in total paid the government of T&T 1.2b TTD in 2019 ($189m USD). The report shows that the company paid USD$76.9m in production entitlements, USD$12.1m in taxes, USD$3.9m in royalties, USD$85m in bonuses, USD$11m in fees.
The latest report says that it estimates that oil demand destruction in April could amount to 27 million barrels per day, of which nearly 5 million barrels per day will come from the three largest consumers; China, Japan and India.