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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.
BPC, the Caribbean and Atlantic margin focused oil and gas company, announced that it has received formal notification from Stena Drilling, nominating the Stena IceMAX as the intended drill rig for the upcoming Perseverance #1 drilling campaign.
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
“Oil is still good business’ has been one of Minister of Energy and Energy Industries Franklin Khan’s signature catch phrases over the past few years. The newly reappointed Minister of Energy and Energy Industries has consistently pointed out that oil remains an important and very valuable commodity for Trinidad and Tobago, notwithstanding the fact that our hydrocarbon sector is dominated by natural gas.
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.
The Energy Chamber of Trinidad and Tobago announces the launch of its Local Content Management System. The launch of the system took place in a virtual event on September 9th, 2020. In attendance were over 300 representatives from the Upstream, Downstream and Energy Service contractors and suppliers, from Trinidad & Tobago, the wider Caribbean and internationally.
Shell EOI: National Science, Technology, Research, Engineering, Arts, Mathematics (STREAM) Programs
bp Trinidad and Tobago (bpTT) today announced the successful completion of negotiations with the Government of Trinidad and Tobago on extensions to its Exploration & Production licences.
Kosmos Energy (Kosmos) has entered into an agreement with B.V. Dordtsche Petroleum Maatschappij (Shell), a wholly-owned subsidiary of Royal Dutch Shell, to farm down interests in a portfolio of frontier exploration assets for approximately $100 million, plus future contingent payments of up to $100 million.
ExxonMobil has made its 18th discovery offshore Guyana at the Redtail-1 well which will add to the previously announced estimated recoverable resource of more than 8 billion oil-equivalent barrels on the Stabroek Block.
BHP EOI for provision of Freight Forwarding and Customs Clearance Services
Expression of Interest for Property and Facility General Construction Services
The Ministry of Energy and Energy Industries (MEEI) continues to closely monitor the developing situation with regards the Venezuelan FSO NABARIMA. As stated earlier in the MEEI’s press release on September 2nd, 2020, the NABARIMA stores crude produced from the COROCORO field which is operated by a Joint Venture (PDVSA 74% ENI- Italian Multinational 26%).
EOI
As part of its program to support emerging entrepreneurs in the Latin America and Caribbean (LAC) region to overcome the challenges of the pandemic, IDB Lab, together with its partners Deetken Impact Sustainable Energy and CABEF-HREFF, approved new debt financing to the Trinidadian company Energy Dynamics Limited (EDL) to provide services throughout the Caribbean to help companies convert to clean energy, improve their energy efficiency and install technology that reduces possibility of COVID outbreak in internal office spaces.
