Subsea 7 announced the award of a sizeable contract for work offshore Trinidad and Tobago. According to the company, the size of the contract is between US$50 million and US$150 million.
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In Trinidad and Tobago, the coronavirus has not had a huge impact in terms of project execution. Many of the large oil and gas projects around the world have experienced cancellations or significant postponements. There are two ongoing projects you should keep your eye on in Trinidad and Tobago.
South America has made a cost-cutting leap since 2013, when it was the world’s most expensive region for deepwater oil and gas production costs. Average operational expenditure (opex) per barrel of oil equivalent has more than halved since then, from roughly $26 to $12.7 in 2020, a Rystad Energy report shows. The region also enjoyed the largest cost decline globally this year, in both absolute and percentage terms according to energy research firm, Rystad Energy.
EnergyNow Issue 33
The oil sectors of Trinidad and Tobago, one of the world’s oldest oil producers, and Guyana, the newest, have seemed to be on a vastly different trajectory over recent years. While Guyana has seen an unprecedented string of exploration successes and new production already on stream from the Liza field, Trinidad and Tobago has experienced a decade-long decline in its oil sector.
Shearwater GeoServices Holding announced the award of a large towed streamer 3D seismic survey for Block 52, offshore Suriname by PETRONAS Suriname.
The four-month project is scheduled to commence in Q4, 2020.
The Ministry of Energy and Energy Industries hosted a virtual press conference and has indicated that BHP is currently drilling the Broadside well in TTDAA3. Minister of Energy, Franklin Khan said that this well will be the deepest in T&T’s history. The well will be over 20,000 ft deep and will be drilled in a water depth of over 6,000 ft.
Apache provided an update to the technical evaluation of the Kwaskwasi-1 discovery well offshore Suriname.
The Energy Chamber of Trinidad and Tobago announces the launch of its Local Content Management System. The launch of the system took place in a virtual event on September 9th, 2020. In attendance were over 300 representatives from the Upstream, Downstream and Energy Service contractors and suppliers, from Trinidad & Tobago, the wider Caribbean and internationally.
bp Trinidad and Tobago (bpTT) today announced the successful completion of negotiations with the Government of Trinidad and Tobago on extensions to its Exploration & Production licences.
Kosmos Energy (Kosmos) has entered into an agreement with B.V. Dordtsche Petroleum Maatschappij (Shell), a wholly-owned subsidiary of Royal Dutch Shell, to farm down interests in a portfolio of frontier exploration assets for approximately $100 million, plus future contingent payments of up to $100 million.
ExxonMobil has made its 18th discovery offshore Guyana at the Redtail-1 well which will add to the previously announced estimated recoverable resource of more than 8 billion oil-equivalent barrels on the Stabroek Block.
The Ministry of Energy and Energy Industries (MEEI) continues to closely monitor the developing situation with regards the Venezuelan FSO NABARIMA. As stated earlier in the MEEI’s press release on September 2nd, 2020, the NABARIMA stores crude produced from the COROCORO field which is operated by a Joint Venture (PDVSA 74% ENI- Italian Multinational 26%).
As part of its program to support emerging entrepreneurs in the Latin America and Caribbean (LAC) region to overcome the challenges of the pandemic, IDB Lab, together with its partners Deetken Impact Sustainable Energy and CABEF-HREFF, approved new debt financing to the Trinidadian company Energy Dynamics Limited (EDL) to provide services throughout the Caribbean to help companies convert to clean energy, improve their energy efficiency and install technology that reduces possibility of COVID outbreak in internal office spaces.
Entrepreneur, Michael Parris has been shortlisted among 21 finalists for the 2020 Shell LiveWIRE Top Ten Innovators Awards, a global competition that highlights and rewards businesses that demonstrate excellence in innovation. Parris’ company, Soular, is the only Trinidad and Tobago company to be shortlisted from among 136 applications received from 15 countries.
io consulting (io) announced that it has been awarded a contract for a bankable feasibility study (BFS) by NewGen Energy Limited (NewGen) to support development of a proposed carbon-neutral/green hydrogen production facility in Trinidad and Tobago (T&T). The hydrogen output from the project is intended as a “green” input to ammonia production at the Trinidad Nitrogen Company (Tringen) facilities in the Point Lisas Industrial Estate. io is a joint venture of Baker Hughes and McDermott.
The Minister of Energy and Energy Industries, Franklin Khan in a live virtual press conference has indicated that the crude oil reserves in T&T has increase since 2012. In the Minister’s presentation, he said that the crude oil reserves audit was conducted by Netherland Sewell and Associates (NSAI) and reflected the reserves position at the end of 2018.
Apache announced a major oil discovery at the Kwaskwasi-1 well drilled offshore Suriname in Block 58. The well was drilled using the Noble Sam Croft with Apache as operator holding a 50% working interest and Total holding a 50% working interest.
According to the company, the well identified two additional high-quality reservoirs, one adjacent to, and the other below the Yellowtail Field, further demonstrating the world class quality of this basin.
The National Gas Company of Trinidad and Tobago Limited (NGC) and BHP announced the successful completion of negotiations of a Gas Sales Agreement for the Ruby Field.