Columbus Energy has announced an oil discovery at the Saffron well located in the South West Peninsula, onshore Trinidad.
BHP released their operational review this week and according to the report, the Ruby project in Trinidad and Tobago is on schedule and budget and is 23% complete.
In February, the new crude oil producing nation Guyana, opened a bid process to market the Government’s share of crude produced from Exxon’s Liza development. The process was supposed to be concluded in March but was extended to into April. Through the process, 34 companies submitted bids for the one year contract.
The energy services sector has been badly impacted by the current overlapping coronavirus and oil price crises. While most of the activities undertaken by these companies are essential services, the volume of activity has significantly decreased since mid-March, as operator companies have implemented measures to reduce the possible transmission of the virus.
This has been an unprecedented time for Trinidad and Tobago, the world and indeed the global oil industry. Heritage Petroleum Company Limited has not been insulated from all that is occurring. The precipitous drop in the world’s demand for oil and gas and the accompanying slowdown of economic activity due to COVID-19 also came with a simultaneous increase in supply as a result of the recent price war between Russia and Saudi Arabia.
BPTT has created a $1 million COVID-19 response fund accessible to non-governmental and community-based organisations (NGOs and CBOs) to complement the government’s social relief programmes.
Trinidad Petroleum Holdings Limited (TPHL) announced that it, along with its subsidiaries handed over the Augustus Long Hospital and Hostel to the Ministry of Health. The readiness of the Augustus Long Hospital now adds approximately 60 beds to the fight of the pandemic.
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BHP Trinidad and Tobago announces a TT$ 3.35 million dollar contribution (three point three five million dollars) in equipment and services to support the country’s COVID 19 response. BHP’s commitment to Social Value investment ensures a continued focus on contributing to Trinidad and Tobago’s communities, through resource development, economic contribution and social support.
BHP Petroleum is implementing emergency measures to support cash flow to suppliers by making immediate payments of outstanding invoices and moving to seven-day payment terms for the next six months for small and local businesses that support BHP’s Petroleum business. This is a reduction from the current payment terms and covers over 200 suppliers. The revised payment term arrangements will take effect in the week commencing April 13th.
Shell has released its Report on Payments to Governments 2019. According to the report, Shell in total paid the government of T&T 1.2b TTD in 2019 ($189m USD). The report shows that the company paid USD$76.9m in production entitlements, USD$12.1m in taxes, USD$3.9m in royalties, USD$85m in bonuses, USD$11m in fees.
The latest report says that it estimates that oil demand destruction in April could amount to 27 million barrels per day, of which nearly 5 million barrels per day will come from the three largest consumers; China, Japan and India.
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Work continues in Guyana but pending government approvals for 3rd FPSO will delay Payara development
The company however has stated that it awaits government approval to proceed with a third production vessel for the Payara development. As a result, some 2020 activities are now being deferred, creating a potential delay in production startup of six to 12 months.
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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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.