Tullow Oil names new CFO

Dec. 8, 2022

Courtesy Richard Miller LinkedIn
Offshore staff

LONDON — Tullow Oil Plc has appointed Richard Miller CFO and executive director of Tullow.

Miller is currently interim CFO and group financial controller. The effective date of the appointment will be Jan. 1, 2023.

He has been acting as interim CFO since April 2022.

Miller has been with Tullow for more than 11 years. During that time, he led the Tullow finance team, supporting a number of acquisitions, disposals and capital markets transactions. According to the Tullow news release, he played a significant role in the continued turnaround of Tullow with the successful rebasing of Tullow’s cost structure, the resetting of the balance sheet and the change to a more focused capital allocation.

Miller is a chartered accountant, and he joined Tullow from EY where he worked in the audit and assurance practice.

In June Tullow Oil and Capricorn Energy agreed on an all-share combination of the two E&P companies.

12.08.2022

 

 

Suriname

TotalEnergies, APA Corp. conduct Sapakara flow test offshore

Nov. 29, 2022

TotalEnergies and joint venture partner APA Corp. have switched their focus in Block 58 offshore Suriname to a well test on the Sapakara-South-2 (SPS-2) appraisal well.

HOUSTON — TotalEnergies and joint venture partner APA Corp. have switched their focus in Block 58 offshore Suriname to a well test on the Sapakara-South-2 (SPS-2) appraisal well.

This follows a non-commercial result from recently concluded drilling operations on the Awari prospect in the previously untested northwest part of the block.

SPS-2 is 4.6 km south of the Sapakara South-1 discovery well. Flow-test operations will begin after drilling has reached the targeted Maastrichtian-Campanian formation, with results expected during December.

11.29.2022

 

 

 

Barbados

IMF Executive Board Approves US$113 Million under the Extended Fund Facility and US$189 Million under the Resilience and Sustainability Facility

December 7, 2022

The Executive Board of the International Monetary Fund (IMF) approved a 36-month Extended Fund Facility (EFF) in the amount of US$113 million, in addition to a Resilient and Sustainability Fund (RSF) in an amount of US$189 million.
The new IMF-supported program will build on the achievements of Barbados’ 2018-22 EFF and draw on the authorities’ updated economic reform program (BERT 2022), including on efforts focusing on building resilience to natural disasters and climate change as well as reducing greenhouse gas emissions and transition risks.

Despite a series of global and regional economic shocks, Barbados continues its strong implementation of its ambitious economic reform program aimed at restoring fiscal sustainability, increasing reserves, and unlocking growth potential. Economic activity in Barbados is starting to recover from the COVID-19 pandemic but risks to the outlook remain elevated, with higher global commodity prices pushing up inflation.

Washington, DC: The Executive Board of the International Monetary Fund (IMF) approved a 36-month arrangement under the Extended Fund Facility (EFF) in an amount equivalent to SDR 85.05 million (about US$113 million) and an arrangement under the Resilience and Sustainability Facility (RSF) in an amount equivalent to SDR 141.75 million (about US$189 million) for Barbados to maintain and strengthen macroeconomic stability, support the structural reform agenda, and increase resilience to climate change.

Despite a series of economic shocks, Barbados continues its strong implementation of its comprehensive Economic Recovery and Transformation (BERT) plan aimed at restoring fiscal sustainability, increasing reserves, and unlocking growth potential. The new IMF-supported program will build on the achievements of Barbados’ 2018-22 EFF and draw on the authorities’ updated economic reform program (BERT 2022). The global coronavirus pandemic and higher global commodity prices, along with Barbados’ exposure to climate change and natural disasters, are posing major challenges for the tourism-dependent economy. Reform efforts focus on building resilience to natural disasters and climate change as well as reducing greenhouse gas emissions and transition risks.

Following the Executive Board’s discussion, Mr. Kenji Okamura, Deputy Managing Director and Acting Chair of the Board, issued the following statement:

“Barbados continues to make good progress in implementing its homegrown Economic Recovery and Transformation Plan, despite a very challenging global economic environment. Macroeconomic stability was restored in 2018 and 2019 with a combination of fiscal consolidation, comprehensive debt restructuring, and structural reforms to support growth. This created space for a countercyclical policy response to the COVID-19 pandemic in 2020 and 2021. Public debt was put back on a clear downward trajectory starting FY2021/22.

“While Barbados continues to confront challenges owing to the global pandemic and Russia’s invasion of Ukraine, the economic recovery is now well underway. Inflation has been rising since the second half of 2021 owing to supply chain disruptions and increasing global food and oil prices. The economic recovery is expected to continue over the medium term, but downside risks to the outlook remain high.

“Building on the successful completion of a 2018-22 Extended Fund Facility (EFF), the new EFF arrangement aims to maintain and strengthen hard-won macroeconomic stability and promote the unfinished structural reform agenda. Key elements of the program would be the gradual and sustained increase in primary surpluses and ambitious structural reforms, such as strengthening of tax and customs administration as well as Public Financial Management (PFM), adoption and implementation of pension reform, the rationalization and consolidation of State-Owned Enterprises (SOEs), and growth-enhancing measures, including additional steps to improve the business climate. The program targets a primary surplus of 2 percent of GDP in FY2022/23, up from minus 1 percent of GDP recorded in both FY 2020/21 and FY 2021/22.

“The arrangement under the RSF will provide financing to support the country’s climate change adaptation and mitigation efforts, and support Barbados’ ambitious goal of transitioning to a fully renewable-based economy by 2030. Reforms under the RSF include the mainstreaming of climate change in the budget, the introduction of ‘green Public Financial Management’, including in procurement, and measures that would incentivize private sector investments in climate resilient infrastructure and into renewable energy projects. These measures were identified in close coordination with the World Bank and other international partners.”

IMF Communications Department MEDIA RELATIONS
PRESS OFFICER: RANDA ELNAGAR

PHONE: +1 202 623-7100EMAIL: MEDIA@IMF.ORG

 

 

Dominica

Skerrit has been in office since 2004

December 7th 2022

Incumbent Prime Minister Roosevelt Skerrit’s party scored yet another victory in the country’s snap elections, according to preliminary results which showed the ruling DLP winning 15 of the 21 parliamentary seats at stake.

The 50-year-old Skerrit, of the Dominica Labor Party (DLP), thus becomes the longest-serving Prime Minister in the history of the country. Around 81,000 people were registered to vote in the early elections (two years ahead of the deadline), which were boycotted by the opposition, the United Workers Party and the Dominica Freedom Party, who sought electoral reforms first. The Organization of American States and the Caribbean Court of Justice, among others, also have recommended changes to fight potential voter fraud. The elections were monitored by observers from the Caribbean Community (Caricom), the Organization of American States (OAS), and the Commonwealth.

As per the national Constitution, the Prime Minister may call elections at any time. After securing his fifth mandate, Skerrit, in office since 2004, said this would be his last. His DLP automatically grabbed several House of Assembly seats since the opposition did not submit candidates. The remaining nine members are chosen by the assembly or president and two other positions are ex-officio, held by the speaker and attorney general.

 

 

CARICOM-Cuba Summit

December 5, 2022

This year marked the 50th anniversary of diplomatic relations between CARICOM and Cuba.

His Excellency Dr Irfaan Ali left for Barbados to participate in the 8th CARICOM-Cuba Summit, on December 6) at the Lloyd Erskine Sandiford Centre.

This December also marks the 50th anniversary of the establishment of diplomatic relations between CARICOM and Cuba. The Head of State is accompanied by the Minister of Foreign Affairs and International Cooperation, the Honourable Hugh Todd; Guyana’s Ambassador to CARICOM George Talbot and other officials.

Cuba invited CARICOM to join several projects that can augment the Community’s efforts to confront climate change. Cuba proposed a project to recover sandy beaches; another on low carbon and resilient tourism cooperation; and a third on the preservation of coral reefs.

South Korea through the Association of Caribbean States (ACS) is funding the project on the recovery of sandy beaches which has been implemented in Trinidad and Tobago and Antigua and Barbuda.

With respect to the low carbon and resilient tourism cooperation project, Cuba said it is working on the region-wide project to present to the Green Climate Fund. Working together, Cuba and CARICOM could develop a project of common interest.

Cuba is also arranging to obtain funding for a high-level impact project to preserve coral reefs in the Caribbean from the effects of climate change. The project seeks to boost capability to access climate financing. Cuba created the IRIS United for Climate Foundation to promote cooperation in the region by exploring opportunities that CARICOM could take advantage of.

In the interest of sustainable development, Cuba suggested holding a workshop on disaster risk management and climate change adaptation with emphasis on early warning systems. As part of efforts to build capacity in Member States, Cuba volunteered training based on the experience its environmental agency has acquired in the construction of regional projects.

IMF Executive Board Concludes 2018 Article IV Consultation with St. Kitts and Nevis

November 21, 2022

Washington, DC

On September 14, 2018, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation [1] with St. Kitts and Nevis.

Growth decelerated marginally in 2017, as the continued decline in CBI inflows slowed growth in construction. Consumer inflation was low, partly due to a small contraction in food prices. The overall fiscal balance remained in surplus but has deteriorated markedly since its 2013-peak, and the debt-to-GDP ratio increased marginally from the previous year.

The current account deficit remains high and only marginally declined in 2017, as the decline in CBI receipts was more than offset by growing tourism receipts and a significant decrease in imports. Foreign reserves at the ECCB remained at comfortable levels, well above the various reserve-adequacy metrics. The banking sector has reported capital and liquidity ratios that are well above the regulatory minimum but has elevated NPLs and risks, including delays in completing the debt-land swap arrangement and loss of Corresponding Banking Relationships (CBRs).

Medium-term growth is projected to fluctuate around 3 percent under the current policies. It is projected to improve in 2018-20 as the implementation of FDI projects in the tourism sector accelerates and decelerate to around 2.7 percent over time as the momentum slows down. The current account deficit is projected to worsen over the medium term, driven by higher FDI-related imports associated with tourism projects and a tapering of CBI inflows, partially offset by growth in tourism receipts.

Downside risks include lower than projected CBI inflows; further delays in resolving the debt-land swap; failure to tackle worsening financial sector vulnerabilities; exposure to major natural disasters; a tighter financial environment from higher U.S. interest rates; and spillovers from regional financial challenges, including loss of CBRs. On the upside, stronger CBI inflows and higher growth in advanced economies could support growth compared to the baseline.

Executive Board Assessment [2]

Executive Directors welcomed St. Kitts and Nevis’s good macroeconomic performance in recent years. However, growth has slowed over the past year, and the medium‑term outlook remains moderate. Directors acknowledged significant challenges, including those associated with declining Citizenship By Investment (CBI) inflows, financial sector vulnerabilities, tighter global financial conditions, and weather‑related shocks. Against this background, Directors encouraged policies to safeguard macroeconomic and financial stability, together with reforms to strengthen competitiveness and foster inclusive growth.

Directors noted that, absent any corrective policies, public debt is expected to increase over the medium term, as revenue from CBI receipts further declines. They considered that a significant fiscal adjustment is needed to reverse debt dynamics. The adjustment could focus on both revenue and expenditure measures, including streamlining tax incentives, restructuring activities funded by the Sugar Industry Diversification Foundation, and containing the wage bill through a multi‑year framework.

Recognizing the need to maintain fiscal buffers to assist in covering the cost of natural disasters, Directors recommended the establishment of a Growth and Resilience Fund (GRF), which should be linked to a fiscal responsibility framework. They suggested that access to the GRF could be used to respond to adverse shocks and to support natural disaster resilience investment projects. The GRF should have a sovereign wealth fund structure in line with international best practices.

Directors expressed concern about the high level of NPLs and urged the authorities to prioritize their resolution, which would include the operationalization of the Eastern Caribbean Asset Management Corporation, a credit bureau, and the strengthening of foreclosure and insolvency legislation. They supported the implementation of IFRS9 and new regulations on provisioning and valuation and encouraged the authorities to closely monitor capitalization levels of the banking system.

Directors encouraged the authorities to take decisive steps to accelerate land sales under the debt‑land swap arrangement to mitigate the fiscal and financial sectors from contingent liabilities. They also emphasized the importance of remaining vigilant to CBR risks, enhancing the AML/CFT regime, and strengthening the transparency of the CBI program.

Directors agreed that comprehensive structural reforms would strengthen the potential for diversified and inclusive growth, and address competitiveness challenges. They welcomed ongoing efforts to improve the ease‑of‑doing business, support skills development, promote growth in tourism and other sectors, and strengthen social policies and security. Improving labor productivity and promoting trade integration at the regional and international level are also necessary to support competitiveness.

[1] Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board.

[2] At the conclusion of the discussion, the Managing Director, as Chairman of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country’s authorities. An explanation of any qualifiers used in summings up can be found here: http://www.IMF.org/external/np/sec/misc/qualifiers.htm .

St. Kitts and Nevis: Selected Economic and Financial Indicators 2015 –20

			Est.	Proj.
	2015	2016	2017	2018	2019	2020
	(Annual percentage change; unless otherwise specified)
National income and prices
Real GDP (factor cost) 1/	2.7	2.9	2.1	2.7	3.5	3.5
Consumer prices, end-of-period 2/	-2.4	0.0	0.8	2.0	2.0	2.0
Consumer prices, period average 2/	-2.3	-1.2	0.4	1.4	2.0	2.0
Real effective exchange rate appreciation (+) (end-of-period)	-2.8	-0.4	-2.5	…	…	…
Banking system
Change in net foreign assets 3/	-5.3	-1.3	-7.8	3.6	1.4	0.0
Credit to public sector 3/	-0.8	-5.1	0.7	-3.7	2.5	3.2
Credit to private sector 3/	1.5	0.4	0.8	1.1	1.2	1.3
Broad money	2.5	-4.0	-3.4	0.9	5.2	4.5
	(In percent of GDP)
Public sector 4/
Total revenue and grants	36.3	32.2	30.2	32.7	27.6	26.8
o/w Tax revenue	20.1	19.3	19.1	19.4	19.3	19.3
o/w CBI fees	11.6	6.8	5.7	7.4	2.6	2.0
Total expenditure and net lending	31.0	28.2	29.6	29.2	30.4	30.3
Current expenditure	24.4	24.0	24.8	24.6	26.1	26.2
Capital expenditure and net lending	6.6	4.2	4.8	4.6	4.3	4.2
Primary balance	7.3	5.6	2.1	5.1	-1.3	-1.8
Overall balance	5.3	4.0	0.5	3.5	-2.8	-3.5
Overall balance (less CBI inflows) 5/	-5.5	-3.0	-5.4	-4.0	-5.3	-5.4
Foreign financing	-6.8	-1.9	-0.9	-0.9	-0.9	-0.8
Domestic financing	1.2	-0.9	-0.1	-3.0	3.3	3.9
Change in arrears	-0.1	0.0	0.0	0.0	0.0	0.0
Sale of assets	0.5	0.4	0.4	0.4	0.4	0.4
Extraordinary financing 6/	0.3	0.0	0.0	0.0	0.0	0.0
Total public debt (end-of-period) 7/	66.1	61.5	62.9	63.6	63.4	63.3
Public debt service (percent of total revenue and grants)	24.5	11.2	8.5	7.6	8.6	9.6
External sector
External current account balance	-9.2	-12.0	-11.2	-10.9	-17.3	-17.8
Trade balance	-26.5	-30.7	-27.9	-30.4	-32.4	-32.4
Services, net	27.8	26.9	25.1	27.4	23.0	22.6
o/w Tourism receipts	32.6	33.4	37.6	38.0	38.3	38.6
FDI (net)	13.6	13.3	8.9	10.2	12.8	12.7
External public debt (end-of-period)	25.2	20.2	16.1	14.2	12.2	10.4
	(In percent of exports of goods and nonfactor services)
External public debt service	6.8	3.8	3.5	2.9	3.0	2.7
External public debt (end-of-period)	44.9	38.7	31.5	26.6	24.9	21.5
Memorandum items
Net international reserves, end-of-period
(in millions of U.S. dollars)	280.4	312.8	358.2	358.2	354.5	350.7
(in percent of broad money)	25.0	29.0	34.4	34.1	32.1	30.4
Holdings of SDRs, in millions of U.S. dollars	13.8	13.8	14.8	15.8	16.8	17.8
Nominal GDP at market prices (in millions of EC$)	2,528	2,591	2,602	2,714	2,868	3,031
Sources: St. Kitts and Nevis authorities; ECCB; UNDP; World Bank; and Fund staff estimates and projections.
1/ Authorities revised historical GDP growth backwards from 2015.
2/ Includes St. Kitts and Nevis (in the past, only St. Kitts data was reflected).
3/ In relation to broad money at the beginning of the period.
4/ Consolidated general government balances unless otherwise noted. Primary and overall balances are based on above-the-line data.
5/ Excludes CBI budgetary fees, SIDF grants and Investment proceeds, and CBI due diligence costs.
6/ Reflects operations linked to the restructuring of public debt.
7/ Reflects the debt-land swap equivalent to EC$565 million in 2013 and EC$231 million in 2014. IMF Communications Department: MEDIA RELATIONS PRESS OFFICER: ROSA HERNANDEZ GOMEZ PHONE: +1 202 623-7100EMAIL: MEDIA@IMF.ORG