An Energy Chamber survey of our members shows that companies are only sending the most essential front line workers to job sites.
Columbus Energy told investors that it looks forward to the next stage of continuous gas injection at the Inniss-Trinity project, in Trinidad. Inniss-Trinity is being progressed as a pilot project, testing enhanced oil recovery within a mature field by Columbus Energy with partner Predator Oil and Gas.
Apache Corporation announced a significant oil discovery at the Sapakara West-1 well drilled offshore Suriname on 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.
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Exxon Request for Information: Safety, Security, HSE Training Services
According to energy research company Rystad Energy, (globally) more than a million jobs in the oilfield service industry are likely to be cut in 2020 due to low project volumes.
Banking sector responses to COVID-19
The Energy Chamber of Trinidad & Tobago has been constantly monitoring guidelines and updates related to the novel coronavirus (COVID-19) pandemic and has sought to put the best measures in place to mitigate risks to our employees and persons visiting our offices. As such we have taken the decision to suspend normal operations at the Centre until 1st April 2020.
The Energy Chamber of Trinidad & Tobago welcomes the short-term policy measures that have been enacted by the Government and the Central Bank and commends the response by the banking sector to implement new policies and procedures that will assist both individuals and companies in these extremely difficult circumstances. We have seen a vital part of the private sector, both local and foreign, stepping forward to help the nation through this difficult time. Access to liquidity will be essential for most companies during this crisis period, when their revenue is likely to be very significantly reduced. If companies are to be able to meet the common objective of preserving jobs, many will need liquidity support just to meet their payroll costs.
The 2019 World Economic Forum (WEF) Global Competitive Index (GCI) ranking for Trinidad & Tobago (T&T) dropped by one (1) place at 79/141 countries when compared to 2018. This places T&T in the bottom 50th percentile. One of the reasons for low competitiveness lies in the low innovation capacity and dynamism of our businesses. T&T’s ranking of 87 for Business Dynamism (BD) is relatively low for a high income (GNI per capita) country (i.e. well above the trend line of income vs GCI rank). From the chart below one can see countries with similar income to T&T e.g. Panama and Latvia with higher BD rankings than T&T. More interestingly are lower income countries that have much better BD rankings e.g. Jamaica (33rd) and Rwanda (46th, whose Government launched an innovation fund in 2018). In this context, the narrative of Business Transformation (BT) arises i.e. the evolution or revolution of the business model.
The world is experiencing a decoupling of energy production and economic growth. Even if demand for fossil fuels persists, the Fourth Industrial Revolution (4IR) will transform the oil and gas (O&G) value chain. Many economies are still tightly coupled with O&G complicating predictions of what the future workforce may look like.
Ten million people in the Caribbean are without access to electricity due to a lack of financial resources for needed advancements. The Caribbean transportation and power sectors rely on dirty and expensive fuels. Natural gas vented into the air during oil production in Trinidad can be used to generate resources for transformative low emission and renewable energy projects in the Caribbean.
The Joint Chambers of Commerce, in collaboration with the Confederation of Regional Business Chambers, recognize that this is an unsettling time for everyone. It also presents a unique and challenging business environment, and this is likely to be exacerbated by the necessary restrictions on the movement of people.
Shell Trinidad and Tobago announced that the company has taken Final Investment Decision (FID) for the development of Block 22 and NCMA-4 in the North Coast Marine Area (NCMA).
The Joint Chambers fully support the sentiments expressed at this morning’s press conference by the Minister of Labour, Small and Micro Enterprises. We commend the Minister and the Government for taking proactive steps to address this unprecedented threat to the people of Trinidad & Tobago.
Apache announced that the company will be taking multiple actions being taken in response to the current oil price environment. The changes include adjustments to its 2020 capital investment plan which drops to a range of $1.0 billion to $1.2 billion from a previous range of $1.6 billion to $1.9 billion.
Touchstone Exploration indicated that after the second stage of testing at the Cascadura 1ST1 well, the tests delivered a combined average of 10,600 boe/d.
The Network of Caribbean Chambers of Commerce (CARICHAM) notes with significant concern the current situation in Guyana.
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Expression of Interest: Provision of Marketing Services for the Cooperative Republic of Guyana’s Oil Entitlement from the Liza Destiny FPSO Vessel