Excelerate and Equinor perform first ship-to-ship transfer of LNG in The Bahamas

17 Feb 2019
On February 7, 2019, Excelerate Energy and Equinor completed the first ever ship-to-ship (STS) transfer of liquefied natural gas (LNG) in The Bahamas. Utilizing Excelerate’s floating storage regasification unit (FSRU) Exemplar and Equinor’s LNG carrier Arctic Voyager, a full LNG cargo was transferred using the double-banked LNG transfer system while moored at Equinor’s South Riding Point storage and transshipment terminal which is strategically located for storage and transshipment of crude, products and LNG.

‘Excelerate conducted the industry’s first commercial STS transfer of LNG in 2007, and since then, STS transfers have been completed and proven safe in a wide range of environments, now including The Bahamas,’ stated Excelerate’s Chief Commercial Officer Daniel Bustos. ‘This new STS location allows us to provide additional commercial flexibility to our customers and respond to prompt market needs in a safe and reliable manner.’

Excelerate recently completed its 1500th commercial STS transfer on February 3, 2019, at the Engro Elengy Terminal in Port Qasim, Pakistan. To date, Excelerate has successfully transferred over 170,900,000 cubic meters of LNG using its STS protocol – of the 1500 operations, over 1300 have been with third-party vessels.

Source: Excelerate Energy

Bahamas Petroleum extends Bahamas licence terms to 31 December 2020

22 Feb 2019
Bahamas Petroleum Company, the oil and gas exploration company with significant prospective resources in licences in The Commonwealth of The Bahamas, received formal notification from the Government of The Bahamas as to the term of the second exploration period of the Company’s four southern licences in the territorial waters of The Bahamas, confirming that the (current) second exploration period of the licences is extended until 31 December 2020.

The notification received is in response to BPC’s request for clarification from the Government as to the term, timing of, and work obligations pertaining to the Licences, in view of time disruptions outside of the control of the Company since 2015. The notification provides clarity and certainty to all parties as to the tenure of the licences.

The Company’s obligation during this second exploration period is to safely implement an environmentally responsible exploratory well. At the conclusion of this period, based on the results of the initial exploration well and in accordance with the existing terms of the Licences and the pertaining regulations, the Company will have the option to apply for a production lease over all or part of the licence area, and / or extend the licences into a third exploration period and / or apply for an appraisal extension.

The notification also stipulates that the Government and BPC must in the coming months agree a forward work programme for 2019 and 2020 and a reconciliation of licence fees already paid, including during the period of disruption, with any future licence fees due up to the end of 2020. The forward programme will include the process for Environmental Authorisation, in accordance with the relevant Act and Regulations, based upon an application already submitted by the Company in April 2018. The Government has advised of the engagement of Black & Veatch, a leading petroleum industry consultant, to assist with this process. Black & Veatch previously advised the Government in the process for the Company’s Environmental Impact Assessment (EIA), filed in 2012.

At the same time, along with its advisers, the Company continues the process to secure a farm-in partner for the initial exploration well – discussions are continuing with multiple third parties.

 

Simon Potter, Chief Executive Officer of Bahamas Petroleum Company, said:

‘The confirmation from the Government of The Bahamas that the current term of our four southern licences extends to 31 December 2020 provides the Company with a certainty of tenure over the Company’s licences, replacing any perceived “above ground” issues with complete clarity in fact and law. This position has been arrived at following extensive government consultation and whilst this has taken the Company a while to establish, there is now a very clear two-year window to advance plans for and to drill an exploratory well providing certainty to potential partners as we move forward in our farm-out discussions. Today’s news will add considerable impetus to this process. BPC’s focus remains singular: to implement an exploratory well on its highly prospective assets in The Bahamas to the benefit of shareholders and the people of The Bahamas. We are encouraged by the support the Government has shown throughout this process, thank them for it and look forward to updating shareholders on further progress when appropriate.’

Source: Bahamas Petroleum

Dominica

Following the meeting with Prime Minister Roosevelt Skerrit in Roseau, Mr. Tao Zhang, Deputy Managing Director of the International Monetary Fund (IMF), made the following statement:

“It is my pleasure to visit Dominica for the first time. I would like to thank Prime Minister Roosevelt Skerrit, members of the cabinet, and representatives of the business community of Dominica for their warm welcome and the frank and candid discussions.

“During our meeting, Prime Minister Skeritt and I discussed economic developments in Dominica. I also had an opportunity to visit some of the resilience-building projects being undertaken by Dominica. I commended the Prime Minister and the people of Dominica for their steely resolve in making a rapid recovery from the massive devastation caused by hurricane Maria.

“In our conversation, we agreed on the importance of strengthening resilience to climate change and natural disasters by placing a greater focus on preparedness and adaptation efforts. Prime Minister Skerrit and I also discussed the issue of derisking or the loss of correspondent banking relationships, and how the IMF will partner with countries in the region in finding durable solutions to address this challenge. We at the IMF value our relationship with Dominica and remain committed to continue supporting it and its people to build a stronger and resilient economy.”

IMF Staff Concludes Visit to Barbados
End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. This mission will not result in a Board meeting.

• Barbados continues to make good progress in implementing its ambitious and comprehensive economic reform program.
• All indicative targets for end-December under the EFF have been met.
• Two key pieces of legislation—the Public Financial Management Act, and the Town and Country Planning Act—were adopted in early 2019.
• At the request of the Government of Barbados, an International Monetary Fund (IMF) team led by Bert van Selm visited Bridgetown from February 5–8, to discuss implementation of Barbados’ Economic Recovery and Transformation (BERT) plan, supported by the IMF under the Extended Fund Facility (EFF). A concluding meeting was held with Prime Minister Mottley in Washington D.C on February 11, 2019. To summarize the mission’s findings, Mr. van Selm made the following statement:

“Barbados continues to make good progress in implementing its ambitious and comprehensive economic reform program.

“All indicative targets for end-December under the EFF have been met. The program target for Net International Reserves was met by a wide margin, as was the target for the Central Bank of Barbados’ Net Domestic Assets (NDA). The target for the primary surplus for end-December 2018 was also met by a wide margin.

“Good progress has been made in implementing end-December 2018 structural benchmarks under the EFF. Two key pieces of legislation—the Public Financial Management Act, and the Town and Country Planning Act—were adopted in early 2019.

“Preparation of the budget for FY2019/20 targeting a primary surplus of 6 percent of GDP is well underway. Full year effects of reforms set in motion during the current (2018/19) fiscal year, including the introduction of several new taxes and ongoing streamlining of public sector work force at state-owned enterprises, should help achieve this target. A detailed assessment of the budget will be made when it is finalized.

“Progress being made by the authorities in furthering good-faith discussions with external creditors is welcome. Continuing open dialogue and sharing of information will remain important in concluding an orderly debt restructuring process.

“The team is looking forward to return to Barbados in May to conduct the discussions for the first review under the EFF and would like to thank the authorities and the technical team for their openness and candid discussions.”

IMF Communications Department
MEDIA RELATIONS
PRESS OFFICER: RANDA ELNAGAR

Eastern Caribbean Currency Union :

2018 Discussion on Common Policies of Member Countries

-Press Release; Staff Report; and Statement by the Executive Director for the Eastern Caribbean Currency Union

Author/Editor:        International Monetary Fund. Western Hemisphere Dept.

Publication Date:  February 22, 2019

Electronic Access:  Free Full Text. Use the free Adobe Acrobat Reader to view this PDF file.    N.B.  Includes many useful charts and statistical tables etc.

Summary:

• • The Eastern Caribbean Currency Union (ECCU) is gradually recovering following the catastrophic impact of Hurricanes Irma and Maria in 2017.
  • Tourism is slowly picking up in hurricane-stricken countries and has remained strong elsewhere in the ECCU.
  • Conditions remain favorable to growth, but risks are increasing.
  • The fiscal balance for the region as a whole—which is particularly important in a quasi-currency board arrangement—worsened in 2017, reflecting lower inflows from citizenship-by-investment programs and higher reconstruction and current spending.
  • While public debt has declined, helped by debt relief operations in some countries, the ECCU debt target of 60 percent of GDP by 2030 remains elusive for most countries.
  • Important progress has been made in financial sector reforms, but long-standing weaknesses and emerging risks weigh on growth prospects and may entail fiscal costs.
  • External deficits remain large, highlighting low competitiveness. Natural disasters are becoming more frequent and intense, compounding these vulnerabilities.

Series:Country Report No. 19/62  ENGLISH

Jamaica

Tullow’s Colibri prospect resource estimate boost
Tullow’s undrilled Colibri prospect in the Walton-Moran license offshore Jamaica has been given a boost to Gross Unrisked Mean Oil Prospective Resources, following an independent Competent Person’s Report by ERC Equipoise.

United Oil & Gas Plc, Tullow’s partner in the block, said that the CPR report, commissioned following the acquisition of new 2018 3D seismic data, has increased in Gross Unrisked Mean Oil Prospective Resources estimate for the Colibri prospect to 229 MMstb recoverable from 219 MMstb. It has also provided and an increase in the geological chance of success from 16% to 20%.

ERCE was commissioned to update its 2017 volumetrics for the undrilled Colibri prospect following the acquisition of 2,250 sq km of 3D seismic data, the first ever acquired offshore Jamaica, in May 2018.

“The CPR represents the culmination of a defined work programme to de-risk highly prospective Cretaceous and Tertiary-aged clastic and carbonate reservoir targets, including Colibri, that have been mapped by Tullow on 2D seismic data,” UOG said.

Check the chart below for more details on the estimated Colibri size based on the  latest data.

Chart by UOG

United Oil & Gas PLC CEO, Brian Larkin, said: “The high-grade undrilled Colibri prospect has not only passed robust and comprehensive technical scrutiny by an independent third party, but ERCE has seen fit to upgrade the gross Mean Unrisked Prospective Resources to 229 MMstb and to increase the likelihood of success. This is a standout outcome, as it is not uncommon for volumes to be downgraded when structures, that have previously been identified on 2D seismic, are mapped on a 3D dataset.

“The next step for Colibri would be making the decision to drill what could be a transformational well for United and with this in mind, we are working closely with Tullow on a forward plan for the Licence.”

Eye-catching resource. Farm-down ahead?

He added: “Gross Unrisked Mean Prospective Resources of 229 MMstb are eye-catching, particularly for a company of our size. While not included in this CPR, we have identified a number of other structures which we believe would be significantly de-risked were a well targeting Colibri to be successful.

“We have already seen considerable industry interest in the Walton Morant Licence. This CPR and the ongoing seismic interpretation will provide additional impetus to the joint farm down process which we are confident will allow United to participate in this licence at a low-cost exposure, while continuing to offer considerable potential upside for shareholders.”

In its operational report earlier this month Tullow said the interpretation of the 2,200 sq km 3D seismic survey recorded in 2018 continued “as Tullow matures prospects that can compete for capital for drilling in 2020.”

Antigua and Barbuda.

 Photo courtesy of Minesto AB (publ).

Marine energy developer Minesto signs a Memorandum of Understanding with the Government of  Antigua and Barbuda  Through a feasibility study, facilitated by the United Nations Office for Project Services, the parties will explore the possibilities of supplying the Eastern Caribbean with renewable ocean energy by Minesto’s technology.

Minesto and the Government of Antigua and Barbuda have agreed to conduct a joint ocean resource feasibility study of the potential deployment of Minesto’s marine energy technology Deep Green around Antigua and the wider Eastern Caribbean region. The collaboration will be facilitated by the United Nations Office for Project Services (UNOPS) Antigua and Barbuda Science and Innovation Park.

“The need for building resilient and sustainable energy infrastructure in this region presents a very interesting opportunity for Minesto. Our technology could be a key component as the Government of Antigua and Barbuda looks to replace diesel generation with affordable, reliable and clean electricity, including applications such as water desalination”, said Dr Martin Edlund, CEO of Minesto. “We look forward to the collaboration with the Government of Antigua and Barbuda and with UNOPS, who are looking for sustainable solutions such as ours for projects around the world.”

Honourable E P Chet Greene, Minister of Foreign Affairs, International Trade and Immigration of the Government of Antigua and Barbuda said: “The opportunities to be explored under this MoU could see Antiguans and Barbudans catapulted in the Green and Blue economies. Antigua and Barbuda more so looks forward in welcoming Minesto to study the possibilities of adding to our power grid by using ocean currents to generate clean energy to power the two island state.”

In January 2019, UNOPS opened its first science and innovation centre in Antigua and Barbuda to support national and regional innovation in the fields of science and technology. In 2017, UNOPS delivered around $1.8 billion in peace and security, humanitarian and development projects around the world.

Jonas Svensson, Head of Global Innovation and Technology at UNOPS said: “The purpose of our global innovation centres is to bring together needs and solutions. The collaboration between Minesto and the Government of Antigua and Barbuda is an excellent example of this, and we look forward to support the initiative.”

Source: Company Press Release

Suriname

Apache books drillship for offshore well
02/28/2019

HOUSTON – Apache Corp. expects to drill its first exploration well on block 58 offshore Suriname around mid-year, using an already contracted drillship.

The company’s geological and geophysical evaluation has identified numerous, large prospects across multiple different play concepts.

In the UK North Sea, the company had three rigs in service on average during 4Q 2018, drilling and completing four wells. Its North Sea production was 63,000 boe/d, the highest for two years, mainly due to start-up of the Garten field development in late November, and a full three months of production from the fourth development well at the Callater field.