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The company stated in a press release that a binding conditional agreement was signed with LandOcean for the sale of Range Resources Trinidad in exchange for offsetting all outstanding debt due from Range to LandOcean (currently estimated at US$91 million) and cash consideration payable to Range of US$2.5 million.
The Energy Chamber is liaising with CARICHAM, the Caribbean regional network of Chambers of Commerce, who are the official private-sector representatives on CDEMA, the official CARICOM coordinating mechanism. Through CARICHAM we are in touch with the Bahamas Chamber of Commerce, who has established a GoFundMe page to collect donations.
Heritage Petroleum confirms that Arlene Chow has been appointed as the interim CEO Heritage Petroleum Company Limited pending the recruitment of a permanent CEO to replace Mike Wylie.
The Department of Energy in Guyana (DoE) has announced that the government will set up a Local Content Compliance Unit which, according to Dr. Mark Bynoe, will help validate information from the operators.
Fernando Zúñiga, Executive Director, said: “Being able to distribute the first dividend only nine months after the IPO represents a huge success for the Company. The dividend corresponds to 8.9% on share capital and exceed our initial projections in the IPO prospectus substantially. This places MPC Caribbean Clean Energy Ltd. among the top dividend-paying stocks on the Jamaica and the Trinidad and Tobago stock exchanges.
The Liza Destiny, Guyana’s first oil production vessel has arrived in the Stabroek Block.
The Floating, Production, Storage and Offloading (FPSO) vessel arrived following a 42 day journey from Singapore.
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Weeks after the discovery at Jethro Lobe, Tullow and its partners have begun drilling the Joe prospect offshore Guyana.
The Liza Destiny, the first FPSO (floating production, storage and offloading) vessel for the Liza Development in Guyana, is reported to be in Atlantic waters and is expected to arrive within days.
The Office of the Prime Minister announced the signing of a MOU between the government of Trinidad and Tobago and Barbados. The signing took place on Saturday 24th August, 2019 in Barbados.
The Energy Chamber of Trinidad & Tobago is relieved to learn that the “contempt of court” case against the Trinidad & Tobago Chamber of Industry and Commerce, Gabrielle Faria, Frank Mouttet and Derek Ali has been dropped by the Industrial Court.
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The Ministry of Energy and Energy Resources recently announced the finalization of negotiations between the Government and Shell Trinidad and Tobago Limited on gas related issues.
Senator the Honourable Franklin Khan, the Minister of Energy and Energy Industries met with Mr. Tatsuo Hirayama the Japanese Ambassador Extraordinary and Plenipotentiary to Trinidad and Tobago at the Ministry’s Office on August 7, 2019. Also in attendance at the meeting was the Permanent Secretary is the Ministry of Energy and Energy Industries – Ms. Azizah Baksh-Backredee and other Senior Technical Officers.
Tullow has indicated that Jethro prospect may be a stand alone development. According to Upstream, the company plans to drill its first appraisal well in 2020.
Last week, Tullow confirmed that Jethro-1 is the first discovery on the Orinduik licence and comprises high quality oil bearing sandstone reservoirs of Lower Tertiary age. The well encountered 55m of net oil pay which supports a recoverable oil resource estimate which exceeds Tullow’s pre-drill forecast. Tullow will now evaluate the data from the Jethro discovery and determine appropriate appraisal activity.
Jethro-1 is expected to hold more than 100 million recoverable barrels of oil, in excess of Tullow’s expectations.
Tullow’s CEO Paul McDade said that they have a relatively high degree of confidence at the moment that they have something already that can be commercial.
According to Reuters, Suriname’s state-owned oil company is planning a bond sale next year to finance offshore oil exploration.
According to Tullow evaluation of logging data confirms that Jethro-1 is the first discovery on the Orinduik licence and comprises high quality oil bearing sandstone reservoirs of Lower Tertiary age. The well encountered 55m of net oil pay which supports a recoverable oil resource estimate which exceeds Tullow’s pre-drill forecast.
The Board and Executive Office of the Energy Chamber is very saddened at the sudden passing of Dennis Patrick, CEO of Methanol Holdings Trinidad Limited (MHTL). Mr. Patrick was an active member and supporter of the Energy Chamber in his capacity as CEO of MHTL and was a presenter at our TTEC 2019 in February at Hyatt Regency. He will be remembered as a well-respected leader in the energy sector. We extend sincere condolences to his family and the MHTL and the Proman Group on Mr. Patrick’s untimely passing. May he rest in peace.
Touchstone spudded the Coho-1 exploration well on the Ortoire exploration block on August 7, 2019 using Well Services rig #80. The Coho-1 well is targeting gas prospects in the Herrera formation at depths between 5,200 and 8,500 feet.
