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The Energy Chamber of Trinidad & Tobago (ECTT) recently signed a Memorandum of Understanding with Staatsolie Maatschappij Suriname N.V. (Staatsolie) to collaborate on building health, safety and environmental (HSE) capacity in the Surinamese oil & gas sector.
Press Release: US Embassy in T&T
Statement on Nabarima
16/10/20
The United States remains concerned by the potential risk to safety and environment posed by the Venezuelan-flagged vessel, Nabarima, in the Gulf of Paria. We strongly support immediate actions to bring the Nabarima up to international safety standards and avoid possible environmental harm, which could negatively impact not only the Venezuelan people but also those in nearby countries. PdVSA has a responsibility to take action to avoid an environmental disaster in Venezuelan waters.
Press Release: Ministry of Foreign and Caricom Affairs
Trinidad and Tobago Government continues action on issue of FSO Nabarima
16/10/2020
Since learning of reports that there had been tilting of the Venezuelan oil storage vessel the FSO Nabarima, the Government of Trinidad and Tobago has engaged in consistent action in the best interest of our citizens. There was swift communication of our concerns to the Government of Venezuela on behalf of our people and our environment.
Touchstone Exploration Inc. announced that it has completed drilling the Chinook-1 exploration well on the Ortoire exploration block, onshore Trinidad and has revealed that the well encountered significant hydrocarbon accumulations based on wireline log data.
Lloyd’s Register Group (LR) announced that it has entered into a definitive agreement to sell its Energy business unit to Inspirit Capital, a London-based investment firm focused on building long-term value. The agreement follows a comprehensive review of LR’s business portfolio and strategic direction.
Let me start by thanking my fellow Board members, and by extension the wider membership of the Energy Chamber, for the trust that you have placed in me. The Energy Chamber is an important institution with a long and distinguished history, and I am honoured and humbled by the opportunity to lead the organisation. I would like to especially thank Eugene Tiah, who has stepped down today after three years as Chairman and many more as a Board member. Eugene has been an exemplary leader in the energy sector, with a well-deserved reputation for his calm, structured and even-handed approach to difficult situations and in making tough decisions. On behalf of the entire sector thank-you for all your hard work and dedication.
bpTT has announced that they have commenced work on the Matapal field development and the project is on track for first gas in 2022.
bp Trinidad and Tobago LLC (bpTT) announced the safe start-up of the Galeota expansion project (GEP). The project has been under construction since late 2016 and was started up on 28 September 2020. Its completion is a major milestone for bpTT.
Monday 28th September 2020 saw the inaugural loadout of methanol from the Port of Brighton, La Brea. This cargo of methanol was produced from Caribbean Gas Chemical Limited (CGCL) located at Union Industrial Estate, La Brea, which is an industrial estate owned by National Energy Corporation of Trinidad and Tobago Limited (National Energy), a subsidiary of NGC. CGCL, a joint venture enterprise with NGC as one of the equity investors, is a locally registered and operated company formed to oversee the project development stage of the Complex.
The successful ExxonMobil (Exxon) campaign in Guyana has been halted due to lengthy delays in approvals for the Payara project.
According to Predator Oil and Gas (Predator), the company served written notice on July 14th 2020 of its intent to exercise its option to enter into a share purchase agreement to acquire the entire outstanding issued share capital of FRAM Exploration Trinidad Ltd (FRAM) assuming zero net debt at the time of completion, and subject to contract, technical, legal and commercial due diligence.
The Pt. Lisas Energy Association (PLEA) has engaged the Trinidad and Tobago Laboratory Accreditation Service (TTLABS), a Department of the Trinidad & Tobago Bureau of Standards (TTBS), to provide auditing services for its Drug and Alcohol Testing Certification Programme. The programme is aimed at improving the reliability of drug and alcohol test results that are offered as proof of sobriety among the contractor workforce.
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.
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.
