bpTT announces start of production from Cypre gas project

3 Apr 2025

bp Trinidad and Tobago confirmed that its Cypre development has safely delivered its first gas. On April 3, bpTT said Cypre is one of its ten major projects expected to start up worldwide between 2025 and 2027. It is part of the energy giant’s reset strategy to grow upstream.

“Production from Cypre will make a significant contribution towards the 250,000 barrels of oil equivalent per day (boed) combined peak net production expected from these ten projects,” bpTT said.

Cypre is bpTT’s third subsea development. It will comprise seven wells tied back into bpTT’s existing Juniper platform. At peak, it is projected to deliver around 45,000 boed (approximately 250 million standard cubic feet of gas a day). The first phase of the development – four wells – was completed at the end of 2024. The second phase is expected to commence in the second half of this year.

William Lin, bpTT’s executive vice president of gas and low carbon energy said the company’s focus was on consistent execution and safe delivery of major projects like Cypre.

“The second of ten major projects across our global portfolio that we expect to start up by 2027, Cypre is also the first of a series of projects we will be bringing online in Trinidad to deliver gas to the nation and add value for bp.”

David Campbell, bpTT’s president said Cypre is another key milestone in bpTT’s strategy to maximise production from its shallow water acreage using existing infrastructure.

“The project not only reinforces our commitment to maintaining production but also plays a crucial role in satisfying our existing gas supply commitments. Cypre represents a significant investment in the country’s energy sector. We are proud to be part of this journey and look forward to continuing our collaboration with government and other stakeholders to unlock TT’s energy future.”

Cypre is bp’s second major start-up of 2025, following the start of production from the second development phase of the Raven field, offshore Egypt. The project meets bp’s expected returns from upstream projects and is fully accommodated within bp’s capital expenditure plans.

The Cypre gas field is located 78 kilometers off the southeast coast of Trinidad within the East Mayaro Block, in water depth of approximately 80 metres. Cypre is 100% owned by bp Trinidad and Tobago which is owned by bp (70%) and Repsol (30%)

bp’s key operations in Trinidad are located off Trinidad’s east coast. bp Trinidad and Tobago currently operates 12 offshore platforms, three subsea installations and two onshore processing facilities.

 

Young hails Cypre gas production

3 Apr 2025

Prime Minister Stuart Young said he was pleased with the news from bp Trinidad and Tobago (bpTT) that the Cypre field has produced its first gas. This project has seen a record turnaround, having been approved in late 2022. He told media Cypre was an example of a project which was not outside TT borders.

“I’m bringing this up because those who mislead the population say all our eggs are in cross-border gas. This project was sanctioned by the head of bpTT in London in a meeting with Dr Rowley and myself in autumn 2022 as a result of the negotiations and discussions we were having in the boardroom of bp in London. Then CEO Bernard Looney told then PM Rowley and myself that based on the discussions and the relationship, etc., bp would sanction Cypre.”

Turnaround came less than three years later, with a significant amount of gas being produced from within TT’s domestic waters.

“At the highest level it will reach about 250 million standard cubic feet of gas a day. I’m asking the population to take note of the facts. This comes on the heels of an announcement a week ago with respect to Ginger and Frangipani, two projects as well being conducted in TT. This is the third sub-sea project after Juniper and Mapatal with bp. It will be followed shortly, you will hear an announcement from bpTT and EOG Resources, about gas production from Mento.”

Young said he met president of integrated gas at Shell globally, Sir Cederic Cremers and discussed the Manatee project.

“This is proceeding full speed ahead and we’re expecting the first gas by 2027. Part of the platform is being fabricated here at Trinidad Offshore Fabrication Company (TOFCO) in La Brea, the largest fabrication that’s ever taken place here, and the other part in Mexico. All that is needed to be done has been done and we expect that first gas production.

“He came with some exciting news, along with Mr Adam Lowmass, with respect to the possibilities of Manatee, so I’m hoping those discussions will lead to things they are saying can happen, because that will mean more gas production than initially predicted from that project, which is the largest hydrocarbon project in TT for decades.”

The Manatee project was not a simple one as it meant de-unitising a shared field with Venezuela, 27 per cent for TT and the other 73 per cent in Venezuelan waters. TT had negotiated with Venezuela to produce the Manatee side.

He updated the Shell staff on the Dragon gas deal, including negotiations with Venezuela and discussions with US Secretary of State Marco Rubio.

“NGC and Shell are going full speed ahead with our plans, understanding we live in a world of uncertainty but all is progressing and if everything goes according to plan, that will assist us significantly with our production.”

Loran-Manatee is a cross-border field , with an estimated resource of 10.04 trillion cubic feet (tcf), including 2.712 tcf within the Manatee field.In 2007, the governments of Venezuela and Trinidad and Tobago executed a Framework Treaty regarding unitisation of hydrocarbon reservoirs that extend across the delimitation line between them. In October 2019, the Loran Manatee Unitisation Agreement was terminated, delinking the development of the Manatee field from the Loran field. Manatee will also increase T&T’s production from 2027 and keep it stable. Apart from these local developments, negotiations are ongoing with respect to Dragon Gas.

 

 

bpTT greenlights Ginger gas project, hails Frangipani discovery

Mar 27, 2025

Ginger gas development, 50 miles offshore southeast Trinidad, officially received the BP greenlight . Expected to produce an average of 62,000 barrels of oil equivalent per day, the project is set to be one of its ten major projects slated to start up in the next two years. bpTT president, David Campbell, said the Final Investment Decision (FID) on Ginger demonstrates the company’s commitment to producing the gas the country needs.
Sanctioning of Ginger was one of two announcements by bpTT today. The second was the gas discovery at the Frangipani well.

“BP Trinidad and Tobago has achieved two major milestones, sanctioning the Ginger gas development and exploration success at its Frangipani well. Taking FID on Ginger and discovering gas at Frangipani are the latest demonstrations of upstream activity this year for bp, in line with its strategy to grow its oil and gas business.”

Located in water depths of less than 300 feet, the Ginger gas project will become bpTT’s fourth subsea project and will include four subsea wells and subsea trees tied back to bpTT’s existing Mahogany B platform.

“First gas from the project is expected in 2027 and will make up one of bp’s ten major projects expected to start up between 2025 and 2027. At peak, the development is expected to have the capacity to produce average gas production of 62 thousand barrels of oil equivalent per day.”

bpTT said the Ginger development and the Cypre gas project, scheduled to start up in 2025, are part of its strategy of “maximising production from existing acreage, developing capital-efficient projects that tie into existing infrastructure. The project meets bp’s expected returns from upstream projects and is fully accommodated within bp’s capital expenditure plans. bp will leverage learnings from prior subsea projects to bring gas to market as quickly and safely as possible.”

Drilling at the Frangipani exploration well identified multiple stacked gas reservoirs within the same geological structure.

“Options are currently being evaluated to move the discovery forward at pace. bp Trinidad and Tobago has a 100% working interest in both Ginger and Frangipani.”

Campbell said: “I am very proud to announce these two milestones. With Frangipani, our objective was to prove that our continued progress in exploration and appraisal activity could unlock new fields and investment opportunities for the region. And the sanction of Ginger represents our commitment to continuing the development of resources in our existing acreage and to producing the gas that Trinidad and Tobago – and the world – needs.”

“Drilling on the first well began in January and is expected to resume in Q4 of this year. Frangipani is located east of the existing Mahogany field, approximately 50 miles off the southeast coast.”

“In addition to growing its production activity in Trinidad, bp has achieved milestones offshore Egypt in the first quarter of 2025, including completing drilling operations and making two gas discoveries at the El Fayoum-5 and El King-2 exploration wells and starting production at the second development phase of the Raven field.”

In key operations off the east coast of Trinidad , bpTT currently operates 12 offshore platforms, two subsea installations and two onshore processing facilities.

 

 

Shell & BP

27 Mar 2025

“Over the past few months we have made significant strides in delivering our strategy which includes maximising production from the Columbus Basin off the east coast while at the same time continuing to invest in developing gas resources that enable growth.”

Officials said bpTT is actively pursuing the development of new acreage such as fields in deep-water provinces with joint partners. They are continuously investing in bringing more gas to market through TT.

“In the short term we will continue to work towards delivering our strategy by bringing our Cypre project online in 2025 as well as Mento with our joint venture partner EOG.

bpTT already operates in TT deep-water acreage through partnerships with Woodside in the Calypso development and in joint venture projects with Shell in deep-water blocks 25a 25b and 27, awarded after the 2023 deep-water bid round.

“We welcome the continued drive to offer more deep-water acreage for bid including the recently launched 2025 deep-water bid round opportunities.”

The Energy Ministry officially launched the latest deep-water bid round during the Energy Chamber’s two-day conference in February, opening 26 blocks off the northern and eastern coasts.

In a Reuters report on March 20, Shell disclosed plans to begin producing natural gas at Venezuela’s Dragon gas field ahead of schedule. Partners in the project plan to begin survey work in the next month amid sanctions on the Venezuelan oil and gas industry controlled by state company PDVSA.

TT secured a licence for exploration and production in the Dragon gas field in 2023 but the US administration announced a secondary tariff, in response to Venezuela sending criminals to the US.

Prime Minister Stuart Young will meet US secretary of state in Jamaica.

Shell goals for TT coincide with its global strategy. On March 25, Shell revealed plans to boost annual Liquefied Natural Gas (LNG) sales by 4 to 5 percent over the next 5 years through annual production growth of 1 per cent. Shell estimated global demand for LNG would grow by 60 per cent by 2040.

 

 

 

Focus on Calypso gas

2025, 03/27

Awaiting full details of the meeting between Prime Minister Stuart Young and US Secretary of State Marco Rubio in Jamaica , former Energy Minister, Kevin Ramnarine, says uncertainty still looms over gas deals with Venezuela.   Both Young and Rubio said the meeting was excellent. Young will provide more details today.

Ramnarine told media the Trump administration made its position clear about Venezuela’s oil and gas industry.   President Trump said the US will impose a 25 per cent tariff on countries that purchase oil from Venezuela. Since his re-election in November, uncertainty around Dragon and Coucina-Manakin has significantly increased.

“What we do know is Secretary of State Rubio is very hawkish on Venezuela and the Republican party has received heavy support from the Venezuelan community in Florida. That Venezuelan community in Florida wants to see their country return to democracy.”

He advised relevant authorities to plan this country’s economy for the scenario where we do not get Dragon gas.

“If it happens, then great. If not, we have to rely on our resource base, especially our deepwater gas reserves which remain undeveloped. If neither Venezuela nor our own deepwater gas materialise, we will continue with the slow decline of our energy sector with its related challenges such as dwindling foreign exchange supplies.”

The Calypso gas field project should have started producing natural gas two years ago.

“To this day, that project has not achieved a final investment decision and by the time we get to that, it’s another five years to first gas. This is one of the reasons why the country finds itself behind the eight ball.”

Located 220 kilometres off the east coast of Trinidad in 2,100 metres of water, the Calypso field is estimated to hold 90.6 bcm (3.2 tcf) of natural gas. It is licensed to Woodside, with a 70 per cent participating interest, and partner BP, which holds 30 per cent.

Sharing his views, economist Mariano Browne said the Calypso field is subject to different commercial considerations than those raised by Senator Rubio.

“The Calypso field is not a large one. And it is in relatively deeper waters. This requires careful commercial negotiations by the government to ensure that they obtain real benefit from the negotiations.”.

On the talks between the prime minister and Rubio, Browne said he has been known to be a Venezuela “hawk” meaning that he is unfriendly to Venezuela’s interests.

“Our interest is in getting a 25-year OFAC licence. There is nothing in the text that suggests that Secretary Rubio has a concession of this nature in mind. We also need to be aware of the Liberation Day example April 2, on which President Trump will announce the new import tariff regime. This is of greater significance in the short run as it is likely to affect all TT exports to the US. The talking points ahead of the meeting yesterday did not address this area.”

 

 

Calypso for future gas

On Monday, US President Donald Trump signed an executive order in which he found that :

“the actions and policies of the regime of Nicolás Maduro in Venezuela continue to pose an unusual and extraordinary threat to the national security and foreign policy of the United States.”

In the order, Mr Trump said the activities of the Tren de Aragua gang, which he described as a Venezuelan transnational criminal organisation, have intensified the threat, which he identified in his first term by imposing sanctions against Venezuela and its leaders.

Venezuela constitutes an extraordinary threat to the US, according to its president’s reckoning, because of its suppression of free and fair elections, its endemic economic mismanagement and public corruption, the regime’s responsibility for the deepening humanitarian and public health crisis in the country and its destabilisation of the Western Hemisphere through forced migration of millions of Venezuelans, imposing significant burdens on neighbouring countries.

The trajectory of Trump’s comments and orders and the statements of his Secretary of State indicate a clear intention by the US, the Western Hemisphere hegemon, to isolate Venezuela and reduce the amount of foreign exchange the country earns. The US may also be interested in forcing regime change in Venezuela. On Monday, Mr Trump also said the ongoing destabilising actions of Venezuela necessitate further economic measures to protect US interests.

The main economic measure he announced is the imposition of a 25 per cent tariff on or after April 2, “on all goods imported into the United States from any country that imports Venezuelan oil, whether directly from Venezuela or indirectly through third parties.”

While it is noteworthy that the US has not imposed tariffs on countries seeking to develop Venezuela’s natural gas resources, that may simply be a matter of time.   Despite Prime Minister Stuart Young’s negotiating skills, it would be prudent for his administration to generate scenarios that include the US government cancelling the OFAC exemptions for Dragon and Cocuina/Manakin natural gas fields.

The main element of the scenario planning has to be hastening negotiations to bring the Calypso field closer to its final investment decision. Located in deep water off Trinidad’s north-east coast, Calypso field is estimated to hold 3.2 trillion cubic feet of natural gas. It is licensed to Woodside Energy, the operator, with a 70 per cent participating interest, and partner BP, which holds 30 per cent.

In March 2024, Woodside Energy CEO Meg O’Neill said that the field development would take place when the “commercial matters are sorted.” This suggests that Woodside Energy is seeking better fiscal terms from the Government and that focusing attention on the Dragon field in shallow water off Trinidad’s north-west coast, is a means of encouraging the Calypso operator to come to the table.

If T&T’s hold on the Dragon is becoming increasingly tenuous, it behooves the Government to close off negotiations with Woodside Energy and inform the population about what Calypso can mean for the future.

Dragon reserves will eventually decline and TT will have to find new reserves to sustain petrochemical plants. The writing on the wall suggests a bird in the hand is worth two in the bush and development of indigenous reserves must be a priority.

 

1. [ Alcohol companies can divest rum to produce ethanol for biofuel for transport.
2. Wind turbines on coasts can supply energy to ports and hotels.
3. Solar projects on brownfield and industrial sites and waste to energy facilities at Beetham and other dumps can boost energy security.
4. A new regime must mobilise scientific talent to deliver utilities and infrastructure.
5. Divestiture of state assets of land will create wealth from agriculture and cut food imports while reducing homelessness and crime. ]

 

 

Local energy projects

3 Apr 2025

Prime Minister Stuart Young received a courtesy call from Shell President of Integrated Gas, Cederic Cremers, at Whitehall.

Following delivery of first gas from bpTT Cypre off the southeast coast of Trinidad, Prime Minister Stuart Young outlined other energy projects under way locally, highlighting the “good news” announced by bpTT regarding the Cypre development to counter claims that the country has all its eggs in the cross-border gas basket.

The Cypre project was sanctioned in 2022 during a meeting he and then Prime Minister Dr Keith Rowley had at the energy giant’s London headquarters.

“And what you have seen is a record turnaround from that autumn 2022. Less than three years later, first gas is being produced here and it is a significant amount of gas from domestic waters. At its highest level, it will reach about 250 million scuffs (standard cubic feet) of gas a day, which is significant…take note of the facts.”

bpTT also announced it had sanctioned the Ginger gas development and discovered gas at Frangipani, both local projects. Cypre is bpTT’s third subsea development locally, following Juniper and Matapal.

“Very shortly you should hear an announcement from bp and EOG on gas production from Mento. All projects here.”

Young said that during a courtesy call from Cederic Cremers, Shell President of Integrated Gas, they discussed the Manatee project.

“The Manatee project is proceeding full speed ahead; we expect first gas by 2027. Part of the platform is being fabricated in La Brea at TOFCO (Trinidad Offshore Fabricators Unlimited), the largest fabrication that has ever taken place here. The other part in Mexico. All that is needed to be done has been done and we expect that first gas production.”

“And he came with very exciting news along with Mr Adam Lowmass, Shell country chair for T&T, with respect to Manatee and what are the possibilities, so I am hoping that those discussions will lead to what they are saying can happen—because it will only mean more gas production than we initially predicted from the Manatee project. NGC and Shell are continuing full speed ahead with our plans, understanding that we live in a world of uncertainty, but all is progressing and if everything goes according to plan, that will also assist us significantly with our production.”

. Cederic Cremers, formerly Shell Executive Vice President, Liquefied Natural Gas was appointed President, Integrated Gas, joining the Executive Committee effective 1 April 2025. The Dutch citizen joined Shell’s Retail business in 2002 and held finance and commercial roles across Shell upstream and downstream businesses in Europe, Asia and Russia.

 

 

 

No doom and gloom in energy sector

Proman CEO: investing in T&T

David Cassidy, chief executive of global energy producer Proman, told media there is no “doom and gloom” surroun­ding the energy sector in Trinidad and Tobago, which is moving in the right direction. Cassidy expressed confidence that Proman’s optimism is driving continued investment of millions of dollars in foreign direct investment. Proman is invested in both upstream and downstream energy sectors. In 2015, Proman invested US$250 million in DeNovo, becoming the first downstream group to invest in the upstream sector in Trinidad and Tobago.

“I think people don’t realise the amount of foreign direct investment that is applied by just continuing to operate and make sure that our facilities are cutting edge, in terms of environmental compliance and so forth. So last couple of years, this year, next year between our maintenance programmes and some of our upgrade programmes, that is US$500 million of capex (capital expenditure) and foreign direct investment.”

Cassidy said Proman is committed to T&T. Through its operations, Proman contributed US$12 billion to Trinidad and Tobago’s economy to date, with CSR investment between 2014-2024 amounting to US$9.5 million.

“We are definitely not divesting. We are a global company so we have investments all over the world, including an exciting project in Mexico—where, by the way, we use the intellectual and human capital of Trinidad to train our workforce in Mexico. So we absolutely continue to leverage our position in Trinidad and continue to invest.”

“We will absolutely continue to invest here, and in terms of the opportunity for Trinidad, as we start to collaborate with the upstream and improve gas supply over the second half of this decade, we have idle capacity in Trinidad that could definitely benefit from these new markets,” he said.

Cassidy said demand for methanol has been increasing.

“As demand is increasing, there is going to be a motivation to bring these facilities back up to 100%; there will be incentives for everybody to collaborate, in terms of getting that gas supply there, and that’s what we have seen; we have seen some pretty positive announcements from BP and Shell, in particular, obviously, the Woodside Transaction to Perenco tells you a lot about how people feel about Trinidad.”

In the past month, bpTT announced that its Cypre development has safely delivered first gas, it reached a final investment decision on the Ginger gas project and achieved exploration success at Frangipani.

On March 28, Perenco announced it had entered an agreement with Woodside Energy to acquire its Greater Angostura producing oil and gas assets for US$206 million.

“It is not doom and gloom. I think the policy clarity we have seen over the last five years and that facilitation of dialogue between upstream and downstream, and together with the NGC (National Gas Company of T&T) has just made us get on the right track, and I think we are going in the right direction,” Cassidy said.

Proman earlier this week named Anand Ragbir, former vice-president, Commercial and Finance, Atlantic LNG, as managing director of its Trinidad operations.

Giselle Thompson, former vice-president, Corporate Operations, bpTT, has been appoin­ted deputy managing director.

Cassidy said the appointments reflect the global organisation’s continued commitment to Trinidad and Tobago.

“Proman has been investing in Trinidad for over 30 years and I guess this just shows the confidence we have that we have got a lot to achieve over the next decade or so. I am absolutely delighted to be welcoming Anand and Giselle into the organisation. We have obviously known them and worked with them at other organisations over their careers and we have admired their abilities. We have had a pretty interesting recruitment process and we have been delighted with the amount of people who applied for the job and, with the things we want to try and achieve over the coming five to ten years, we think these are a great couple of hires and it is really going to benefit us with what we are doing.”

He described Ragbir and Thompson as “two highly-experienced and well-regarded local energy executives”.

“Trinidad and Tobago remains at the heart of our global operations and I am looking forward to working with Anand, Giselle and the senior leadership team as we look to drive the business here forward.”

“De Novo was a major pivot for us in terms of making sure that we had more exposure to the upstream sector. We continue to work on that.

It is not only the potential developments in Venezuela, which we are keeping an eye on, but our own upstream sector has improved over the last five years. The collaboration that we see between upstream, downstream, and the Government is so much better than it was.

We see clear policy direction, and the fact is that the two of them (Ragbir and Thompson), although they have other experiences, both have tremendous experience in the upstream—Anand as well in LNG and Atlantic—and so it fits us, and it fits our view of how we continue to make sure that our energy sector and our downstream sector is vibrant by connecting and being better connected with the upstream.”

Methanol Holdings (Trinidad) Ltd (MHTL), part of the Proman family of companies, owns five methanol plants and an AUM (ammonia, urea ammonium nitrate, melamine) complex comprising seven individual plants. Cassidy said the M4 plant is currently in turnaround and approximately 1,600 were on site.

“So there is direct economic impact when a company like Proman or our other companies on the estate are doing these large maintenance investments, and I don’t see that going away. We wouldn’t be making these decisions, in terms of our succession planning and bringing in Anand and Giselle, if we didn’t have some optimism for the future based on what we have seen over the last five years.”

Cassiday said Trinidad and Tobago is one of the largest global exporters of methanol, with an installed annual production capacity of eight million MT (metric tonnes). Proman has 4.1 million MT annual installed capacity at the Point Lisas Industrial Estate.

“Point Lisas is an economic powerhouse for the whole country, and every plant on the estate represents a cluster of investment, skills and services, which cumulatively gene­rates huge trickle-down value for the national economy.

But the value of Point Lisas also lies in the technical, operational and contractor expertise contained within it. That’s why we have highlighted methanol’s versatility as Trinidad and Tobago’s opportunity.”

Ragbir said: “I have long admired Proman’s role in Trinidad’s energy sector and the global energy transition. I’m looking forward to getting to work and bringing my experience to support the next phase of the business as we seek to open new opportunities for our products and our people. I am also looking forward to getting to know the Proman family and learning from the great expertise that I know exists within its ranks.”

Thompson said: “With close to two decades of experience in the upstream energy business, I am excited to be joining Proman. I look forward to expanding my knowledge and expertise in the downstream side of our energy sector. The energy industry remains core to Trinidad and Tobago’s economic prosperity, and Proman has enjoyed a long and successful history in this country. I look forward to joining the Proman family and to continuing to apply my skills and expertise to add value to our energy sector and our wider economy.”

Ragbir will start in his new role on May 26 and Thompson on June 2.

Proman is an integrated energy company and the world’s second largest methanol producer headquartered in Switzerland, with assets in Trinidad and Tobago, the United States and Oman and ongoing expansion in Mexico and the UAE.

 

 

 

Perenco expands footprint with Woodside acquisition

28 Mar 2025

Perenco will expand its energy footprint offshore Trinidad and Tobago on acquisition of Woodside Energy’s Greater Angostura oil and gas assets. The deal includes producing fields in the northeast shallow waters, an onshore oil terminal and associated production and transportation infrastructure.

Once the transaction is finalised, Perenco will assume control of two Woodside subsidiaries and take over operations of the 2(C) and 3(A) Production Sharing Contracts.

On March 28 it announced the acquisition will close by the third quarter of 2025.

The Greater Angostura fields, developed through seven fixed platforms and subsea infrastructure, produce over 300 million standard cubic feet per day (mmscfd) of natural gas and approximately 50,000 barrels of oil equivalent per day. The fields supply around 12 per cent of TT’s total gas production. Acquisition will enhance Perenco’s presence in the Columbus Basin, where it has operated since acquiring the Teak, Samaan, and Poui (TSP) fields in 2016.

Operating globally in 14 countries, Perenco focuses on revitalising mature oil and gas assets to extend their productive life through investment and efficiency improvements.

The Greater Angostura assets lie about 40 km north of Perenco’s existing TSP operations. Perenco CEO Armel Simondin expressed confidence in the company’s ability to integrate the new assets successfully.

“We are delighted to be further expanding our portfolio in TT. Following the recent safe and smooth transition of the CAFI perimeter to Perenco operatorship in late 2024, we have demonstrated our ability to be a trusted partner in ensuring the continuity of gas production for TT. We welcome the transferring employees and look forward to an exciting new chapter together.”

Upon completion of the acquisition, Perenco’s gas production in TT is projected to exceed 500 mmscfd. The company expects to leverage operational synergies from its expanded asset base, increasing efficiency and enabling further investment in the country’s energy sector.

Since entering the TT market in 2016, Perenco has focused on modernising and improving efficiency in its offshore operations. The company initiated a comprehensive electrification programme at the TSP fields, aiming to boost gas production while enhancing sustainability. In late 2024, Perenco expanded its local operations by acquiring the Cashima, Amherstia, Flamboyant and Immortelle (CAFI) assets.

Perenco’s global business model emphasises cost-efficient hydrocarbon production with a focus on sustainability. Beyond its core energy activities, the company is committed to corporate social responsibility initiatives, focused on literacy, education and workforce skills development in TT. Investment strategy is centred on sustainable energy production while fostering economic and social benefits where it operates.

 

 

Woodside to sell key Greater Angostura assets to Perenco

March 28, 2025

Woodside Energy is selling its Greater Angostura assets in Trinidad and Tobago to Perenco for $206 million. The two companies announced the deal, which is subject to customary conditions, joint venture, governmental and regulatory approvals, on 28 March. The deal is expected to close in the third quarter of this year, with an effective date of 1 January 2025.

Included in Woodside’s divestment are the shallow-water Angostura and Ruby offshore oil and gas fields, associated production facilities and the onshore terminal.

Over the past two decades, Woodside CEO Meg O’Neill said the company has invested over $1 billion in major capital shallow-water developments in Trinidad and Tobago and paid over $2 billion in taxes. Greater Angostura field produces approximately 12% of Trinidad and Tobago’s gas supply.

Woodside’s proceeds from the deal, which is simplifying the Australian operator’s portfolio, will be used to “support ongoing investment in core priorities,” O’Neill said.

Woodside will continue to operate the Greater Angostura assets until the close of the transaction. Following the transaction’s close, ownership and operatorship of the assets will be transferred to Perenco, which will be responsible for all restoration obligations in relation to the Greater Angostura assets. Woodside said it expects most of its employees based in Trinidad and Tobago will transfer to Perenco.

The Greater Angostura offshore fields, which have been developed by seven fixed platforms and additional subsea facilities targeting the Angostura and Ruby oil and gas fields, produce over 300 MMcf/D (50,000 BOEPD). The Great Angostura assets are about 40 km north ofTeak, Samaan, and Poui assets, which Perenco acquired in 2016. In 2024, Perenco took over as operator of Cashima, Amherstia, Flamboyant, and Immortelle producing assets.

When the transaction closes, Perenco will have a gross gas production base of over 500 MMcf/D in the country.

The transaction does not include the Woodside-operated deepwater Calypso field in 2100 m water depth offshore Trinidad and Tobago. Woodside will continue to work with partner BP on developing the deepwater gas project, which has recently moved closer to final investment decision, with Woodside and the government reaching an agreement on the project’s commercial terms.

 

 

 

US will work with T&T after Dragon talks

2025, 04/19

US Secretary of State Marco Rubio met media at the NATO Headquarters in Brussels yesterday.

He agreed to “work very closely” with the T&T Government to find solutions to the Dragon gas deal.

On April 8, the US administration announced revocation of T&T’s licences granted by the United States’ Office of Foreign Assets Control (OFAC) to facilitate the exploitation of gas fields in Venezuelan waters.

In a phone call with the Prime Minister yesterday, Rubio’s team reaffirmed “the strong US-Trinidad and Tobago bilateral relationship, emphasising shared priorities in regional energy security and economic cooperation.”  Rubio said.

Secretary Rubio recognised that energy security is important to Trinidad and Tobago’s prosperity and economy. “Any outcomes of sanctions upon the Maduro regime and Venezuela is in no way indicative of our relationship with Trinidad and Tobago and the value we place on it.”

The Secretary recognised the strategic importance of Trinidad and Tobago’s energy initiatives, and Young’s effective leadership in this area. “Both sides agreed that we are going to work very closely to find a solution that achieves US objectives regarding Venezuela without harming Trinidad and Tobago.”

Rubio said he welcomed Young’s exploration of viable options that support the country’s energy needs while remaining consistent with US sanctions policy.

Rubio said during their conversation, “Young emphasised the Government’s continued commitment to responsible energy sector development and regional security cooperation, while Rubio reiterated United States’ support for democratic governance and long-term stability across the region.”

T&T was granted an OFAC licence on October 31, 2023, paving the way for the potential extraction of gas from Dragon field in Venezuelan waters. A second licence was granted on May 31, 2024, for the Cocuina-Manakin field. Both licences were granted for a period of two years.

 

 

 

PPPGL shines with after tax profit growth of 136 per cent

2025, 04/12

Phoenix Park Gas Processors Ltd (PPGPL) ended 2024 with a stunning financial performance of approximately 136 per cent growth in profit after tax from 2023.

Despite a dynamic energy environment and various challenges, its strategic focus on operational excellence and disciplined execution, supported by a robust safety culture and innovative team,  yielded positive results.

Key drivers included optimizing gas throughput and efficiency, enhancing natural gas liquids (NGL) yields, rigorous cost control and leveraging favourable market conditions.

PPGPL’s North American subsidiary, Phoenix Park Energy Marketing LLC (PPEM) also delivered a strong performance with 21 per cent volume growth and ongoing strategies.

“These achievements reinforce the company’s commitment to strengthening its core, pursuing strategic goals, and investing sustainably, confirming PPGPL is moving firmly in the right direction,”

In executing its business strategy, PPGPL outlined that it continues to maximise the value of the country’s natural gas resources in process plant operations, safety, and sustainability. PPGPL purposefully invested in value-adding growth strategies along the NGL value chain, locally and internationally.

“Its US-based subsidiary, Phoenix Park Energy Marketing (PPEM), embarked on a strategic expansion project to boost its loading capacity at Hull Terminal from 28 railcars per day in 2023 to an impressive 44 railcars per day in 2024.

This expansion translates to a remarkable capacity of approximately 500 million gallons of natural gas liquids (NGLs), with a capital expenditure of US$7 million.

To further strengthen its position, PPEM continued its product and service diversification in 2024, as part of its strategy to mitigate against price and demand risk.”

 

 

 

Challenger Energy to exit T&T completely

Challenger Energy Group PLC will completely exit Trinidad and Tobago after an overwhelming majority of shareholders voted in favour of selling all its assets in the country.

At an emergency general meeting held on March 27, 99.93% of shareholders backed the decision, as the company’s operations in Trinidad and Tobago have been unprofitable.

Challenger Energy operates three small onshore fields, Goudron, Innis-Trinity and Icacos. Challenger announced in mid-February it entered a transaction to exit Trinidad & Tobago by divesting its assets for US$6 million.

The transaction has the possibility of reaching US$8 million.

“Challenger Energy is pleased to announce that it has entered into a transaction for the sale of all of the Company’s remaining business in Trinidad and Tobago, for a total transaction value to the Company of US$6 million (which could increase to up to US$8 million under certain future production criteria). The Transaction represents a complete exit of the Company from its operations in Trinidad and Tobago, including from all liabilities and potential exposures associated with those operations.

“The Company has agreed to sell 100% of its St Lucia domiciled subsidiary company, Columbus Energy (St Lucia) Ltd, which in turn holds various subsidiary entities that collectively represent all of the Company’s business, assets and operations in Trinidad and Tobago.”

The purchaser is Caribbean Rex Ltd, an entity jointly owned by T-Rex Resources (Trinidad) Ltd (51%), a wholly owned subsidiary of Predator Oil & Gas Holding Plc, and the West Indian Energy Group Limited (49%), a Trinidadian company active in the domestic oil industry.

Challenger said it expects the asset disposal to conclude by April 30, after the pending approval from Heritage Petroleum.

Eytan Uliel, chief executive officer of Challenger Energy said:    “As previously advised, for some time we have been considering the future for our business in Trinidad and Tobago, ultimately concluding that our capital and efforts can be better deployed.

Through this Transaction we receive both upfront and deferred consideration, we retain an ability to benefit from future upside performance of the assets sold, we remove various liabilities, provisions and exposures from our balance sheet, and we streamline our activities.

Most importantly, exiting from Trinidad and Tobago allows full focus on our core assets in Uruguay, where we believe the opportunity to create near-term value for our shareholders is considerably greater, as we execute on our busy work programme in both AREA OFF-1 and AREA OFF-3 in 2025. We look forward to updating the market in due course.”

The sale reflects a complete exit of the Company from Trinidad and Tobago. For the year ended June 30, 2024, CEG Trinidad made a loss of approximately US$0.6 million. As at 30 June 2024, CEG Trinidad had total net assets of approximately US$5.8 million.

“Proceeds received from the Transaction will be used for general working capital in the Company’s operations. In respect of POGH shares received as part of the consideration, the Company’s intention is to liquidate those shares for cash, but in an orderly fashion and at a time of the Company’s choosing,” it stated.

Challenger held an Emergency General Meeting for shareholders to vote on the potential disposal of CEG Trinidad and its various subsidiary entities, which collectively represent all of the company’s business, assets, undertakings, and operations in Trinidad and Tobago

“As a result of the meeting, the disposal of all of the Company’s remaining business in Trinidad and Tobago, as announced on 18 February 2025 has now been approved by shareholders but remains subject to obtaining approval from Heritage Petroleum Limited, the state-owned national oil company of Trinidad and Tobago, as a condition precedent to complete the Trinidad Disposal.

Anticipated completion is due to occur by 30 April 2025.” it stated.

More than 37.1 million shareholders voted for the assets to be sold, while 27,397 voted against it.   Some 8.5 million shareholders withheld their vote.

Challenger Energy is an energy company focused on the Atlantic-margin, with significant operations in Uruguay. The company holds two offshore exploration licenses in Uruguay, covering a total of 19,000 square kilometres, and is partnered with Chevron on the AREA-OFF 1 block. Challenger Energy is listed on the AIM market of the London Stock Exchange.

Challenger Energy is the operator of three producing fields, all onshore Trinidad. Across these fields there are a total 250 wells, of which approximately 60 are in production at any given time. Within the fields, regular well workover operations are undertaken on the existing production well stock, including well stimulation operations, reperforations, reactivations and repairs to shut-in wells, as and when appropriate.

Assets

Goudron

Challenger Energy owns and operates 100% of the Goudron field by way of an enhanced production service contract (EPSC) with Heritage Petroleum Company Limited (“Heritage”), the Trinidadian state-owned oil and gas company. The current term of the EPSC runs until June 30, 2030.

Inniss-Trinity

Challenger owns and operates 100% of the Inniss-Trinity field by way of an incremental production service contract (“IPSC”) with Heritage. The current term of the IPSC runs until 30 September 2031.

SWP

The SWP contains the Icacos producing oilfields and the Perseverance and Columbia nonproducing fields, in which Challenger Energy Group holds a 100% operated interest via a number of private leases covering the Bonasse, Cedros and Icacos licence areas.

Breakdown of the Transaction:

Consideration represents a total transaction value of US$6 million, whereby:

* the Company will receive cash and liquid securities of US$1.75 million, to be applied to general working capital and further strengthening the Company’s balance sheet:

— an initial deposit of US$0.25 million in POGH shares (approximately 4.4 million POGH shares to be issued to the Company);

— US$0.75 million on completion – US$0.25 million in cash and

US$0.5 million in POGH shares (the number of POGH shares to be issued will be based on the exchange rate and market price of POGH shares at the time of completion); and

— US$0.75 million, in cash, in three equal instalments at year-end 2025, 2026 and 2027; and

* on completion WEIGL will assume all liabilities, provisions and potential exposures of the business, assets and operations in Trinidad and Tobago, which for the purposes of the proposed Transaction are agreed to be US$4.25 million.

* At year-end 2027, an additional contingent payment of potentially up to US$2 million is also available, under certain conditions linked to production exceeding 750 bopd.

 

 

T&T average natural gas prices

2025, 04/03

Last week, we shared information on benchmark prices in three key natural gas markets internationally and some of the factors which impact the price of gas internationally and the potential for impacts in T&T.

Within T&T, there are no published benchmark gas prices, but it is possible from published data in the annual reports and other regulatory filings to get an indication of average realised gas prices.

These average realised gas prices are a combination of differently priced contracts under which natural gas is sold by the producer. This will typically include tranches of gas sold at a low price to NGC for onward sale to T&TEC for electricity generation,

1. gas sold under contract to NGC for onward sale to downstream petrochemical producers and
2. gas sold through various LNG marketing contracts (minus transport and liquefaction costs).

While the specifics of each sales contract are commercially confidential, companies publish an average price arising for the mix of each of the sales contracts.

One of the major gas producers, EOG Resources, publishes their average Trinidad & Tobago realised gas price.

The two biggest T&T producers, bpTT and Shell, publish South American average realised prices, which would be significantly influenced by the T&T price, especially in the case of bpTT where almost all of their Latin American gas production is in T&T. The South American gas price reported by bpTT and Shell can therefore be regarded as broadly indicative of their T&T prices.

The realised gas prices reported by these three producers generally mirror the international gas prices, but with some disparity between the prices received by some operators.

EOG Resources sells directly to the National Gas Company (NGC), while Shell and bpTT sell gas to both NGC and internationally through LNG. This difference would likely account for the significant increase in average wellhead prices received by bpTT and Shell, when European and Asian LNG prices surged after the Russian invasion of Ukraine in 2022.

The realised gas price obtained by the major producers is very important for the Government and people of Trinidad & Tobago, as it determines the amount of taxes and royalties received by the state for each unit of gas produced.

The revenue from the upstream gas producers is the most important source of tax revenue for the government. Higher prices also help to attract the upstream capital needed to sustain gas production.

On the flip side, however, high domestic gas prices can make it difficult for downstream producers to profitably stay in business.

 

 

Bridging the gap between gas production and utilisation

Dr Curtis Boodoo Sustainable Energy Expert
1 Apr 2025

In an ideal world, what you produce and what you can utilise are the same. In the real world, however, this is not the case. Ask any engineer, farmer or food vendor and they will tell you about losses after production.

Minimising these losses is what they all strive to accomplish. The same principle can be applied to natural gas production: there is a difference between the volume of gas we produce and how much we can utilise.

Let’s call this difference by the unimaginative name Production Utilisation Gap (PUG); we can use other terms, but I don’t want to introduce any biases, at least not yet.

What is PUG gas?

We produce and use natural gas for power generation, liquefied natural gas (LNG) for export, and ammonia and methanol also for export. We also have other uses for natural gas, smaller in volume which we will ignore and not discuss.

What consumes the difference between production and utilisation? Mr Anthony Paul, an energy expert, gave a comprehensive breakdown on these losses in an article.

They include:

1. the flaring of natural gas—a safety measure;
2. the compression and reinsertion of natural gas into existing wells;
3. directly vented, an environmental concern;
4. natural gas leakage during transportation and distribution, another environmental concern;
5. the starting up of industrial plants;
6. and lastly, for in-field use, which could be power production and any other process or production activity.

It is the latter, in-field use, which accounts for most of the PUG gas volume. For example, to produce LNG at the large volumes we do, we have 28 General Electric (GE Frame 5) turbines that act as compressors—the same principle as compressors in your air-conditioning unit, but, of course, at a larger and more powerful scale—to compress the gas to make LNG.

The GE turbines are gas guzzlers, with efficiencies of between 26% and 36%, and they produce a total power output of between 728 MW and 840MW, larger than the 720MW installed capacity of our largest power plant, Trinidad Generation Unlimited (TGU) in La Brea. These GE turbines do not produce electricity, however, but compress the natural gas using a mechanical drive system, and as such, don’t fall under the remit of our 80-year-old Electricity Act.

The scale of the problem

While the data for 2024 is incomplete, in recent years, PUG gas accounted for between 3.9% and 4.6% of total natural gas production. That sounds small, but don’t be fooled by percentages; 4.6% of my personal worth is small, but 4.6% of Elon Musk’s personal worth is not.

To better compare the volumes of PUG gas, compare its volume to the volumes of gas used in the electricity sector. Between 2006 and 2011, PUG gas exceeded the total volume of gas used for electricity production; in 2009 it was as much as 140.6%.

In recent years this has dropped to between 36.5% and 50.2%—which is, of course, still significant.

Economic impact

A basic question is: what is the worth or value of the PUG gas, and how much could we have potentially earned from it? By applying historical natural gas spot prices at Henry Hub to the volume of PUG gas, we can estimate its value.

In 2023, the most recent complete year of data, PUG gas had a value of $US107.54 million. The cumulative total value of PUG gas, since 2000, is US$4.5862 billion, or 52% of our election year national budget for 2024/2025.

How do we reduce PUG gas? Companies are reducing flaring and monitoring leaks but the biggest consumer is in-field use. Is the in-field use of PUG gas monetised? Are we getting money for it? If we are getting money, is it a fair value for the gas? I don’t know. I am not privy to those contracts; few people are.

Solutions and next steps

Reducing the use of natural gas in the electricity sector to redirect it to the higher-value petrochemical sector represents a prudent and economically beneficial strategy for T&T. The primary focus, however, should be on achieving this shift through positive, incentive-driven measures. This means actively enabling and fostering the widespread adoption of renewable energy sources (like solar and wind power) across the country.

Simultaneously, we must incentivise the use of energy-efficient technologies. This includes promoting inverter-type AC split units, district cooling systems, variable-speed drive motors for industrial applications and other high-efficiency equipment for both homes and businesses. These proactive steps will naturally reduce the demand for natural gas in electricity generation.

Increasing electricity rates to reduce natural gas demand without first implementing comprehensive renewable energy programmes and energy efficiency incentives would be counterproductive and place an unfair burden on consumers.

A more effective and equitable approach is a holistic one, encompassing the entire natural gas value chain. This means addressing inefficiencies at every stage, from production and processing to distribution and end-use. We must prioritise reducing PUG gas and ensuring that when natural gas is used, it generates the maximum possible value for the nation.

Let’s not try to save a few hundred dollars on a cheap, pair of sneakers when we pay over $5,000 to play mas.

 

 

PLIPDECO

…alleged procurement breaches, executive exodus and ongoing probes

Apr 20, 2025

Management and governance of majority State-owned Point Lisas Industrial Port Development Corporation Ltd have come under intense scrutiny over procurement procedures and transparency. Senior executives were sent on administrative leave, retired or resigned over the last nine months.

PLIPDECO woes were magnified since then-chairman Daniel Dookie placed former president Ashley Taylor on administrative leave in July 2024. Months later in October, Dookie’s contract was not renewed and he was succeeded by Annette Wattie as chairman.

Under Wattie’s chairmanship, the PLIPDECO board sent president, Dr Averne Pantin, on administrative leave on January 20, 2025 and installed Curtis Dennie, VP of port operations, as the acting president. Pantin resigned three weeks later. On January 29, vice-president of business services Niegel Subiah and corporate secretary Richelle Lyman were both placed on administrative leave until March 15.

In a notice of material change posted on the T&T Stock Exchange website on March 21, 2025, PLIPDECO stated Subiah and Lyman’s administrative leave had been extended from March 16 to May 2.

In recent weeks, the board has come ­under increasing pressure, with insiders ­indicating legal action is imminent from employees on administrative leave over recent months. In the midst of this controversy, lingering questions remain about former president Taylor who was placed on administrative leave and then later retired at the age of 60.

Internal documents raised concerns about Taylor’s alleged breach of procurement practices, PLIPDECO’s attempted procurement of an LCL scanner and the payment of legal fees for an internal investigation that notably failed to address or even mention the investigation into Taylor’s alleged breach.

Purchasing manager Ian Murray sent a memorandum dated May 24, 2024, to then-corporate secretary Lyman, entitled “Breaches of Procurement Regulations.”

Murray stated, “As requested by the Board of Directors, please see the detailed listing of breaches which were reported to the Office of Procurement Regulation based on the implementation of the Act in April 2023.”

These alleged breaches occurred on ­Taylor’s watch.

The first item in the memo was entitled “Rental of Crane to Facilitate MV Beautranga Vessel Operations”.

Murray said in the document, “The breach of the procurement regulations has occurred in the engagement of The Paramount Transport & Trading Co Ltd for the rental of 1 *500 (sic) Ton Crane (PTT) at a value of TT$114,080 to facilitate the MV Beautranga, Berth #4/3 Operations. The process started prior to the application of the procurement procedures for sourcing and pre-selection, as required by the Regulations (Procurement Methods and Procedures), as well as Section 5 of the objects of the Act.”

Murray explained in the memorandum to Lyman on the orders of the board that, “In the Public Procurement and Disposal of Public Property (Procurement Methods and Procedures) Regulations, 2021, Section 5 defines a context unless a restriction of the market is justified due to the complexity of the procurement or market conditions renders another method more appropriate for achieving the best value for money.

“Single sourcing is an alternative, but Section 13 outlines the use as follows: ‘Where a public body decides to engage in single-source selection, it shall:

(a) gain approval from the ‘named Procurement Officer’ who makes a recommendation which is thereafter approved by the Accounting Officer or equivalent in a public body, after sufficiently detailing the justification for the need to engage in single-source selection;

(b) request a proposal or contract price quotation from the supplier or contractor; and

(c) engage in negotiations with the supplier or contractor unless the negotiations would not be feasible in the circumstances.

“Section 5 of the Act, in speaking to accountability, also shows there must be separation of duties and authorisations to ensure a transparent and smooth decision-making process.”

“On September 05, 2023, Paramount Transport & Trading Co Ltd was contacted by the accounting officer on a single-sourced basis and engaged with negotiations in a market that has competition. The accounting officer was subsequently advised that the purchasing department should have been given the opportunity to approach the market line with due process.

Paramount Transport & Trading Co Ltd would have already negotiated the rates, and going to the market at that time would not have yielded a competitive result.

“Subsequent to this award, on September 6, 2023, a representative from Sammy’s Multilift Services Ltd, who is a competitor in this line of business, also called asking about early opportunities to bid on similar requests.”

Murray indicated in his memo that this matter was reported to the Procurement Regulator’s office on September 6, 2023.

The second matter Murray addressed dealt with “Engine for an RTG”.

“The breach of procurement regulations occurred whereby a QSX engine for an RTG was issued to Sookhai’s Diesel Services Ltd to review on December 18, 2023, by the Engineering Maintenance Department, prior to the application of the procurement procedures for sourcing and pre-selection, as required by the Regulations Public Procurement and Disposal of Public Property (Procurement Methods and Procedures) Regulations 2021.”

He again quoted from Section 13 here, which was also stated earlier in the memo and indicated that this matter was reported to the Regulator’s office on May 17, 2024.

The third matter Murray raised reviewed the “Award of transportation services to support the contract with Perez y Cia”.

“The Logistics Unit under the Cargo Handling Department was awarded a contract by Perez y Cia to transport four hundred and seventy-eight (478) forty-foot containers from the Port of Point Lisas to Warehouse Complex II on Atlantic Avenue. The time-frame for this project is May 15, 2024, to September 30, 2024.”

“The Logistics Unit subsequently breached the procurement regulations for Preselection, Procurement Methods and Procedures, and Simplified Procurement by single-sourcing engagement of Ramprem Enterprises Ltd for the transportation services to support the contract with Perez y Cia. In the breach, the market was restricted for a line of business that is competitive with over 20 ­prequalified providers.”

“Sections 5 and 13 of the Procurement Methods and Procedure Regulations, 2021, were breached as neither open bidding was applied nor was justification and approval by the (named procurement officer) and accounting officer given prior to the market selection. Services were executed by Ramprem Enterprises Ltd on two occasions at a value estimate of $62,000, for which the provider is awaiting ­payment, with further moves pending.”

This matter, he indicated, was reported to the Regulator’s office on May 17, 2024.

The fourth and final matter Murray reported in his memo was “Correction of transmission fault on Stacker #9”.

Murray said, “The Engineering and Maintenance Department noted a transmission fault code in the operations of Stacker #9, and on May 06, 2024, directly engaged the agent for these Kalmar stackers (Oceanland Equipment LLC) to facilitate diagnostics and repairs.

Fault was corrected on May 07, 2024, by Oceanland Equipment LLC, and a PR was subsequently created to cover facilitation of the work.

While the use of the OEM/agent may be justified, the department’s engagement of the provider did not align with the Simplified Procurement Regulations, where the prerequisite approval from the ‘named’ procurement officer and subsequently that of the accounting officer was not provided and as such constituted a breach. The value of the transaction is yet ­undetermined.”

Murray warned in his closing lines that should any further breaches occur at the corporation, he will bring it to the attention of the board.

Dookie responds

Two months and a week after Murray’s memorandum, then-PLIPDECO chairman Dookie wrote to Taylor on an official company letterhead on July 29, 2024, with the heading “Leave pending investigation and alleged breaches of policy and procedures”.

“It was brought to the attention of the Board of Directors:

1. The negotiation of the TT Iron Steel Deed of Assignment and Variation appeared to be to the detriment of the corporation. You, as the corporation’s representative in negotiations, agree to terms and conditions without the approval of the board. Additionally, the financial clauses were not in the best interest of the corporation and

2. Alleged breaches of the Procurement Regulations, which can bring the corporation into disrepute. These matters fall within your remit as the president and if breaches of policy and/or procedure are proven to have occurred, may undermine the trust and confidence that we placed in you as leader of the team.”

Dookie added that the board decided to launch a full investigation into these matters and indicated that the specific matters to be examined were:

“1. Whether the outcome of the negotiation of the TTIS Deed of Assignment and Variation was to the detriment of the corporation and whether due diligence was followed by you in undertaking and/or guiding/leading these negotiations.

2. Whether in the procurement of goods and services on behalf of the organisation, there were any procedural breaches and/or whether due diligence was followed in establishing the procedural framework for procurement or whether there was a failure to establish a procedural framework for procurement as required by regulation.”

Dookie said the investigation would begin on the same day and asked that Taylor not report for duty “except when specifically requested to do so to participate in the investigation”.

He specified that he would not be allowed on the compound pending the investigation’s outcome. Dookie added that Taylor’s leave with pay “is not a disciplinary action and does not imply any presumption of wrongdoing on your part. It is a precautionary measure to ensure that the investigation can be conducted impartially and without any influence. You will be contacted when required to provide information or clarification regarding the issues under investigation…”

While Dookie gave the assurance of an investigation, his tenure came to an end in October 2024 and Wattie assumed his position as chairman.

On April 8, questions were sent to Wattie, through the supervisor of corporate communications Gizelle Crooks, enquiring about the status of the investigation into Taylor’s alleged violations of company policy and procedures. On April 12, manager of legal services and assistant secretary to the corporate secretary Kelly Jackson-Baynes sent a brief response to 12 questions.

Indicating she was responding on behalf of chairman Wattie, Jackson-Banes stated: “We wish to inform you that the information you are seeking pertains to ongoing internal investigations. As such, the releasing of pertinent details could potentially prejudice the integrity and undermine the investigations’ effectiveness.”

Contacted for comment, line minister Rohan Sinanan said the matters were operational ones that the board had to address.

• Part 2—Procurement practices associated with the LCL scanners.

 

 

TOSL Engineering acquires Ansa Tech

17 April 2025

In a major milestone on its growth journey, TOSL Engineering Ltd (TOSL) announced its acquisition of Ansa Technologies Ltd – a well-established provider of electrical, instrumentation and automation solutions.

Ansa construction sector head Christian Llanos reported the divestment is part of Ansa McAl’s ongoing portfolio optimisation strategy, in the Energy Chamber publication Energy Now.

“(It allows) us to focus more deeply on our core areas of growth in service of our 2X business strategy. We are confident that TOSL is well positioned to take Ansa Technologies to the next level, and we believe this transaction represents a positive outcome for employees, customers and the broader industry.”

TOSL is expected to significantly enhance its service capabilities with the acquisition, by incorporating Ansa Technologies’ specialised expertise and advanced technologies across key industries. The deal will also extend TOSL’s market reach by leveraging Ansa Technologies’ regional footprint.

“The combined technical depth and collaborative culture of both organisations are expected to accelerate innovation”.

TOSL managing director Ricardo Mahadeo welcomed the Ansa Technologies team into the TOSL family.

“Their culture of technical excellence and shared vision align perfectly with our growth strategy. This acquisition not only deepens our service capabilities but also underscores our commitment to delivering unmatched value to our customers and partners.”

Ansa McAl chairman Norman Sabga said the conglomerate will suspend dividend payments for the next three years, in another move to reach the group’s ambitious 2X plans for the conglomerate to double its size, scale, impact and capacity by 2027.

Responding to media at a conference at Ansa McAl’s head office on March 24, Group CEO Anthony N Sabga III said the retention of the dividends was the best strategy.

“Given the very aggressive agenda that is 2X, it stands to reason that if we want to deliver growth there are certain short-term constraints that are available. The management and board of directors looked at quite a few combinations given what is in front of us. The best use of our capital is toward the realisation of our agenda.”

Dividends, calculated at $1.80 per share, would amount to around $318 million for 2024. Revenue grew by five per cent to $7.4 billion in 2024. Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) rose 11 per cent to $1.518 billion, while profit before tax increased eight per cent to $906 million.