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Tullow Oil has completed seismic work on its operated offshore Walton Morant licence according to an article in Upstream. London-listed partner, United Oil and Gas (UOG), indicated that the conclusion of the 2,250 square kilometres 3D – seismic acquisition survey has moved the partners closer to de-risking the high-graded Colibri target. Tullow holds an 80 per cent interest in the licence and the remaining 20 per cent is held by UOG.
According to a press release from London-listed Kosmos Energy (Kosmos), the company will respud an exploration well off Suriname after encountering difficulties while drilling.
According to an article in the Upstream, Range Resources has not only realised it forecast production target but has done so comfortably ahead of schedule. The article goes on to explain that their success can be largely attributed to its optimisation programme in Trinidad, which contributed to the company registering a 43 per cent increase in output over the last 12 months, having forecast 800bpd but registering an average of 820bpd.
Trinidad and Tobago is one of the least energy-efficient economies in the world and has one of the highest per capita greenhouse gas emissions rates. The introduction of renewable energy, improving energy efficiency and reducing our greenhouse gas emissions have become policy issues on the government’s agenda and are usually included in statements from the current Minister of Energy and Energy Industries and other senior politicians and government officials. However, they often seem to be presented as additional policy issues for consideration, rather than issues at the core of overall energy policy.
The Energy Efficiency and Alternative Energy Committee of the Energy Chamber has taken a critical look at the electricity sector in Trinidad and Tobago and continues to show the opportunities where government can reclaim value in the gas sector. According to the Committee led by Christopher Narine-Thomas, the opportunity cost subsidy in 2017 rose to US$508M.
Decreasing electricity consumption will have a major overall economic benefit for Trinidad and Tobago. This is because every unit of natural gas not sold to low-priced domestic electricity generation can instead be sold to the higher priced petrochemical and LNG sectors, which also means increased export earnings and more foreign exchange.
Earlier this year, it was announced that Trinidad and Tobago ratified the Paris Agreement. This is a commitment by the government to reduce carbon dioxide (CO2) emissions by 15 per cent in three main sectors of the economy, namely industry, power generation and transport, by 2030. The government therefore has a significant role in driving the changes needed to achieve these targets.
The Energy Chamber of T&T hosted a breakfast meeting with the members of the chamber and the Sekondi Takoradi Chamber of Industry and Commerce and the Ghana National Petroleum Corporation (GNPC).
The oil and gas industry in the United States has come out strongly against the steel and aluminum import tariffs introduced by President Donald Trump. On Thursday 8th March, President Trump signed into effect tariffs of 25 per cent on steel and 10 per cent on aluminum, a measure that was a campaign promise geared towards helping waning U.S. industries.
The Prime Minister of Grenada, Dr. the Right Honourable Keith Mitchell, has confirmed a commercial hydrocarbon find offshore Grenada, the day before national elections are carded.
Recently released figures from the Ministry of Energy and Energy Industries have confirmed that average gas production in 2017 was up slightly from the previous year. While the year-on-year increase in total production was just 1 per cent, it represents the first year-on-year increase in average production since 2013.
With the first floating production storage and offloading (FPSO) for the Liza Phase 1 project under construction in Singapore, Exxon and its partners are not only far advanced in the approval process for a larger second FPSO for Liza Phase 2, but also actively considering a third FPSO for Guyana.
Exploration in the Caribbean continues to pick up. This week it was announced that Repsol has awarded the drilling contractor Seadrill, for an ultra-deepwater drillship to be used offshore Aruba.
In any renegotiations, the Government must be mindful of our well-deserved reputation as a jurisdiction that fully respects commercial contracts. We must ensure that this reputation is preserved or even strengthened in this process.
According to a press release by Range Resources (Range), they are very pleased with the production results from the latest well which, according to the company, is one of the best producing wells drilled by Range in recent years in Trinidad.
The Government of Guyana has made public the production sharing contract between the Government of Guyana and ExxonMobil affiliate, Esso Exploration and Production Guyana Limited. The release of the agreement came on the heels of several sections of the business community in Guyana calling for it.
In early January, Exxon Mobil Corporation announced positive results from its Ranger-1 exploration well, marking ExxonMobil’s sixth oil discovery offshore Guyana since 2015. The Ranger-1 well discovery adds to previous world-class discoveries at Liza, Payara, Snoek, Liza Deep and Turbot, which are estimated to total more than 3.2 billion recoverable oil-equivalent barrels. ExxonMobil affiliate, Esso Exploration and Production Guyana Limited, began drilling the Ranger-1 well on November 5, 2017 and encountered approximately 230 feet (70 metres) of high-quality, oilbearing carbonate reservoir. The well was safely drilled to 21,161 feet (6,450 meters) depth in 8,973 feet (2,735 meters) of water.
Successful plant maintenance turnarounds in the downstream petrochemical and heavy industrial sector are key to the successful longterm operation of facilities. These turnarounds (or TARs as they are commonly called in the industry) are also key business opportunities for the myriad of service companies and contractors who support the industry. TARs are also important for the thousands of contract workers who pick up temporary employment during these periods, often working long hours and accumulating significant overtime income.
Ammonia prices have rebounded. This rebound comes after a low in August when it dipped below 150 US$/tonne. According to the Food and Agriculture Organisation (FAO), the price continued the upward trend at the end of the year due to lower supplies in the Black Sea where portions of ammonia were diverted to produce urea.
Earlier this month, Prime Minister, Dr. the Honourable Keith Rowley, delivered an address to the nation. While the address touched on several economic issues facing the country, there was specific mention of the future of the energy sector and in particular, the role that the state oil company, Petrotrin, plays in the economy. Dr. Rowley stated, ‘Petrotrin has contributed significantly to the growth and development of Trinidad and Tobago but is now in need of fundamental restructuring, which cannot be put off any longer’.
