Jamaica- United Oil & Gas update

22 Jan 2024

AIM-listed United Oil & Gas, the full-cycle oil and gas company with a portfolio of production, development, exploration and appraisal assets, issued an operations update on its Jamaican asset.

United Oil and Gas announced that the terms for a two-year extension to the Initial Exploration Period of the Walton Morant Licence in Jamaica, have been agreed with the Ministry of Science, Energy, Telecommunications and Transport (‘MSETT’), pending final signature by MSETT.

Following final signature on an amendment to the Production Sharing Agreement (‘PSA’) the licence will run to 31 January 2026. United is coconducting a programme of technical studies including piston core surveying and seismic reprocessing.

The Walton Morant licence is a 22,400 sq km offshore exploration block situated to the south of the island of Jamaica.

The licence benefits from excellent data coverage which helped provide compelling evidence for a working hydrocarbon system and defined multiple plays and material prospects within the acreage. An independent evaluation of 11 high-graded leads and prospects indicated the potential for a combined estimated 2.4 billion barrels unrisked mean prospective resources.

The company is seeking a strategic partner to support its planned work programme, including piston core surveying and seismic reprocessing. This is expected to further de-risk the acreage, with a view to drilling the Colibri prospect – estimated to hold unrisked mean prospective resources of 406 million barrels.

United currently holds and operates a 100% equity interest in the Walton Morant Licence, Jamaica.

Chief Executive Officer, Brian Larkin commented:

‘We are very pleased to announce the agreement of terms for a two-year license extension in Jamaica. United has dedicated significant effort to the technical aspects of this asset, which has over 2.4 billion barrels of unrisked oil potential and the promising Colibri prospect.

This extension will empower us to confidently continue our farm-out campaign, seeking a strategic partner to unlock the immense potential in this region. The support from the Government of Jamaica underscores our relationship and the optimistic industry outlook in Jamaica. We will continue to focus on the recent positive interest that has been shown by a number of parties, and with the extended licence, this is a significant opportunity for the benefit of all stakeholders.’

Source: United Oil & Gas

 

 

Positive response to Jamaica licence extension

Jan. 22, 2024 Offshore staff

DUBLIN, Ireland — United Oil & Gas has agreed to terms with Jamaica’s Ministry of Science, Energy, Telecommunications and Transport for a two-year extension of the offshore Walton Morant license.

Pending signature on an amendment to the production sharing agreement, the license’s initial exploration period will now run until Jan. 31, 2026. United has committed to technical studies including piston core surveying and seismic reprocessing.

Walton Morant covers 22,400 sq km south of Jamaica. According to United, there is evidence for a working hydrocarbon system, and multiple plays and prospects have been defined across the acreage.

An independent evaluation of 11 high-graded leads and prospects suggested potential for about 2.4 Bbbl.

United is looking to bring in partners to support its planned work program, the ultimate aim being to drill the 406-MMboe Colibri prospect.

01.22.2024

 

 

 

 

Gaffney Cline upgrades offshore Jamaica licence potential

Dec. 8, 2020 Offshore staff

DUBLIN, Ireland

United Oil & Gas has received Gaffney Cline’s evaluation of potential hydrocarbons in the Walton Morant license offshore Jamaica.

This indicates unrisked mean prospective resources of more than 2.4 Bbbl for 11 prospects and leads, including 406 MMbbl for the prime exploration target, Colibri. In addition, the Thunderball lead could hold 603 MMbbl.

The figures are said to represent an uplift of 77% compared to the previous independent report.

“We are actively seeking partners to join us in making this happen – and unlocking the potential that is clearly present in Jamaica.”

The license spans an area of 22,400 sq km (8,649 sq mi). To date 11 wells have been drilled (two offshore and nine onshore), with all but one delivering hydrocarbon shows. United’s initial exploration period terms included a drill-or-drop decision by Jan. 31, 2022.

As part of this agreement, the company was mandated to carry out a low cost, geotechnical work program, building on the $30 million+ that has been invested to date.

CDB 

2024. 01/18

 

Caribbean Development Bank VP Finance & Corporate Services Gregory Hill delivered the feature address at AMCHAM T&T’s Economic Outlook Forum 2024 .

“The next 10 years will bring more change than the previous 100 years, so it would be important for the regional business community to position itself to catch this new wave of commerce, by aligning resources and strategies to keep balance, and riding the wave to shore.”

So said Gregory Hill, vice president of Finance and Corporate Services at the Caribbean Development Bank (CDB), as he delivered the feature address at AMCHAM T&T’s Economic Outlook Forum 2024,. Hill said the next decade can be the surfboard that carries the region and T&T forward, to capitalise on the many opportunities for expansion and advancement that are now opening up.

“We are already seeing the start of these dynamic changes: renewable energy, quantum computing, nuclear fusion, open AI architecture, Chat GPT, machines behaving like humans, the healthcare revolution, how people work/communicate and the geopolitics. But the next 10 years? We’re talking about a complete reboot.

“Right now, the world is in what is called the ‘5th Industrial Revolution’, which is all about deepening the integration between people, technology, and the environment. Compared to previous periods of technological expansion, it prioritises ensuring that productivity gains, are balanced with care for the lives of people, greater inclusion of all, and the protection of the environment.”

He said leveraging the technology is where he sees the potential for CDB boosting T&T’s economy, based on providing the necessary policy support for the required pivoting, strengthening the knowledge culture and investing—

“together with our global partners—for T&T’s future well-being.”

For example, investments in methanol fuel, one of this country’s recognised products, will help to drive the transition away from fossil fuels.

Hill noted that the rapid expansion of digital payments also offers opportunities for the country’s micro, small, and medium-sized enterprises, which account for a significant portion of GDP and employment, to flourish. The changing global marketplace allows T&T to pivot towards a more resilient, sustainable and inclusive country.

This also aligns with a policy mandate of CDB which is building resilient prosperity for all.
“T&T, with its high income levels, universal access to basic services, strong regional and international connectivity, and a buoyant stock of foreign reserves, is well situated to build an even more prosperous economy in the coming years.”

In noting the interest in the proposed, new regional ferry service between Guyana, T&T and Barbados, Hill said this aligns with the fact that in 2022, CDB announced it would finance the consultancy services for a study on the options available to establish a new shipping service across Barbados, Grenada, Guyana, and this country.

 

 

 

CDB silent on senior officials sent on leave

2024, 01/18
Peter Richards BRIDGETOWN, Barbados, Jan 17, CMC

Barbados-based Caribbean Development Bank (CDB) acknowledged “an ongoing administrative process” involving its president, Dr Hyginus ‘Gene’ Leon, but remained silent on reports that senior officials of the region’s premier financial institution had been sent on administrative leave.

Caribbean Media Corporation (CMC) had reported that it was reliably informed that senior officials of the CDB had been sent on administrative leave, but that its sources could not provide further details at this time.

However in a terse one paragraph statement the bank said “Caribbean Development Bank acknowledges an ongoing administrative process involving the President. The Bank will not be making any further comments on this internal matter at this time”.

The statement followed the earlier announcement by the bank that it had postponed to next month, its annual news conference where it was expected to outline recommendations on how it intended to harness regional and international alliances to broker new partnerships for holistic and inclusive development.

The news conference was originally scheduled for Tuesday next week, but the one paragraph statement announcing the postponement to February 20, gave no reason.

“The Caribbean Development Bank (CDB) will now be holding its 2024 Annual News Conference on Tuesday, February 20, 2024. Subsequent updates will be shared directly and published via Facebook, Instagram, and LinkedIn,” the statement said.

Asked for reasons for the postponement, the CDB responded saying “the Bank’s teams needed more time”.

When it announced the scheduled news conference earlier this month, the CDB said that it would be held under the theme “Facilitating Resilient Prosperity” at its headquarters in Wildey, on the outskirts of the capital.

It said the participants would have been Leon, Vice President Finances and Corporate Services, Gregory N. Hill, director of the Projects Department, Mrs. Therese Turner Jones and the director of the Economic Department, Ian Durant.   The statement had informed local and regional journalists that they could expect an overview of CDB’s strategies for resource mobilisation, a review of 2023 regional economic performance and the forecast for 2024 as well as results of the CDB-supported projects implemented in 2023.

It said that a preview of planned projects, rationale and expected outcomes for 2024 would have also been made during the news conference.

Leon is the sixth president of the regional development finance institution. He was elected at a special meeting of the CDB Board of Governors held on January 19, 2021 for a five-year term, and assumed office on May 4, 2021.

The highly regarded St. Lucian-born economist heads a team of over 200 employees headquartered in Bridgetown, and came to the assignment with 35 years of experience in economics, financial policy development and executive management, more than 20 of which were spent working with the Washington-based International Monetary Fund (IMF). He had succeeded the Jamaican Dr. Warren Smith who retired in 2021 after serving as president for 10 years.

Last week, Leon was in Guyana for talks with the Caribbean Community (CARICOM) chairman, Guyana’s President Irfaan Ali and CARICOM Secretary General Dr Carla Barnett.

 

 

 

Guyana allocates $97.6B budget to advance agriculture

17 January 2024,

During the Budget Address 2024 on January 15, Senior Minister Dr Ashni Singh announced a massive $97.6 billion budget to advance the agricultural sector of Guyana in 2024. $527.4 million will support agro-processors and provide opportunities to add value to products while $100 million will fund production of Citrus and Spices,

The sector continues to diversify into new crops while recording massive growth . Agriculture is thriving because of major investments and sustainable policies made by the government. $1.3 billion has been allocated for the GRDB (Guyana Rice Development Board) to support increased production and productivity of the rice industry.

For Corn and Soya Bean, $967.8 million will improve the capacity of the Tacoma facility, which includes the installation of a conveyor system. $78 million has been allocated to expand the coconut sub-sector. $2.6 billion will fund other crop interventions.

$1.2 billion was allocated for Fisheries and Aquaculture development initiatives. $1.5 billion will support the livestock sector.

During the 2024 budget presentation the Minister announced that the government will continue to promote investments in the large-scale agriculture sector by opening up new lands while motivating the launch of modern farms to ease the utilization of technology and more efficient farming practices.

He expressed the government’s intention to promote increased aquaculture and shrimp farming, cultivate new crops and boost livestock production while upgrading both drainage and irrigation to market infrastructure and support services. $72.3 billion will be used for drainage/ irrigation.

Guyana will stay consistent with its projects mentioned in budget 2023 and plans to start construction of a regional food hub on the highway of Soesdyke/Linden.

Government will also launch the hydroponic project, which will benefit more than 300 young people in Regions 2, 5 and 10.

Planting materials and equipment, livestock, shade houses materials and poultry were distributed to develop agriculture, especially in the hinterland intermediate savannahs. Provision of a tissue culture laboratory at the National Agricultural Research and Extension Institute (NAREI) is anticipated to produce one million plantlets yearly. Guyana is thus poised to achieve food self-sufficiency and food security locally and around the region by next year.

UWI alumna cops Caribbean Women in Science award

Sunshine de Caires Ph.D, a graduate of The University of the West Indies, is one of two inaugural recipients of the L’Oréal-UNESCO Caribbean Women in Science Award. During the 23rd Biennial Conference and General Meeting of the Caribbean Academy of Science the award ceremony was held UWI St Augustine . This marked the first inclusion of the Caribbean region in the L’Oreal programme which has been recognising outstanding contributions to Science, Techno-logy, Engineering, and Mathematics (STEM) for 25 years. Present were , Gilles Delaunay, GM of L’Oréal Caribe, Prof Mark Wuddivira, Dean in Faculty of Food and Agriculture at UWI St Augustine, Sunshine De Caires and Dr Sarah Buckland, Dr Tagore Ramlal, Anthony Chadee, Chair IEEE TT and Dr Anna Paolini, Director and Representative of the UNESCO Office for the Caribbean.

The recipients, Dr Sarah Buckland and De Caires, were honoured for their contributions in the fields of soil science and geography, particularly on climate change and its effects in the region.

Buckland’s research at UWI Jamaica, focused on microclimatic comparisons and their impact on agriculture, while De Caires’s work at St Augustine campus centred on understanding the effects of climate change on soil quality and sustainable land management.

The L’Oréal-UNESCO Caribbean Women in Science Award, in its Young Talents Caribbean Region Programme, is an initiative that promotes female representation and contribution in the scientific field.

This collaboration between L’Oréal Caribe, the UNESCO Office for the Caribbean, and the Caribbean Academy of Sciences, focuses on addressing the challenges of Caribbean development, scientific research and female empowerment. It recognises and honours young female scientists with an endowment to support their scientific work.

De Caires successfully defended her Ph.D thesis in Tropical Earth and Environmental Science from the Department of Food Production, at the Faculty of Food and Agriculture at UWI St Augustine.

“I am deeply honoured and humbled to receive the L’Oreal Caribbean Woman in Science Award. This recognition means the world to me and serves as a testimonyto the dedication and perseverance that all women in science embody.”

This programme is part of L’Oréal’s global initiative, For Women in Science, which aims to foster a more inclusive environment for women in scientific careers and catalyse a broader societal transformation in this domain. The initiative underlines the belief in the indispensable connection between science and women, aiming to cultivate a community of female scientists who are empowered to pursue leadership roles and become inspirational mentors.

The Young Talents Caribbean Region marked the 53rd national and regional L’Oréal UNESCO For Women in Science programme globally, covering 24 islands in the region. The selection process is rigorous, with candidates evaluated based on intellectual merit, research potential, scientific excellence, and their commitment to supporting women and girls in science. The significance of this award extends beyond individual achievement; it is a celebration of every woman in science breaking barriers, challenging norms and making substantial contributions to the scientific community.

De Caires emphasised the importance of supporting aspiring scientists, especially young women.

“To all aspiring scientists, remember that your potential knows no bounds. Believe in yourselves, surround yourselves with mentors who uplift you, and never shy away from pursuing your passions.”

She attributed her success, in part, to the invaluable support and guidance received from Professors Mark Wuddivira and Duraisamy Saravanakumar, which emphasizes the pivotal role of mentorship in one’s scientific journey

 

 

 

Guyana/Trinidad/Barbados ferry service

January 5, 20240

President Dr Irfaan Ali announced that Guyana, Barbados and Trinidad and Tobago have agreed to the establishment of a joint ferry company.

Regional leaders recognised that affordable intra-regional travel remains one of the major bugbears to trade and movement of skilled labour and have been working on a regional ferry network.

In 2022, the Caribbean Community had approached the United Arab Emirates for funding to establish this intra-regional ferry service. The Caribbean Development Bank was tasked with a proposed roadmap study for a fast ferry service with an initial focus on trade between Guyana, Trinidad and Tobago, Grenada, and Barbados. According to President Ali, the establishment of the ferry service between Guyana, Barbados and Trinidad will open up tremendous opportunities for regional movement.

 

 

Guyana, Trinidad, Barbados form ferry company

January 6, 2024

President Irfaan Ali yesterday announced that the Governments of Guyana, Barbados and Trinidad and Tobago on Thursday formed a new company that will introduce a passenger and cargo ferry system.

At the contract signing for the US$35 million Mackenzie/ Wismar Bridge in Region 10 (Upper Demerara- Berbice), he said that through this company, the ferry system is expected to transport passengers and cargo between Guyana, Trinidad and Tobago and Barbados.

 

 

 

LIAT flights end on January 24…

CAL opportunity?

2024, 01/06

The court-appointed Administrator for the bankrupt regional airline, LIAT, Cleveland Seaforth, says the airline will wind up its operations in its current form on January 24 this year.

In a letter to staff outlining the latest position regarding the Antigua-based LIAT (1974) Ltd, Seaforth wrote, “After careful consideration and evaluation of the present operations, a decision has been taken by the court-appointed Administrator to permanently cease all commercial flying operations as of close of business on January 24, 2024.

“As a result of the foregoing, you are hereby notified that your employment with LIAT (1974) Limited (in administration) will be made redundant effective February 4, 2024.”

The move is expected to make over 90 employees redundant without payment and a promise that obligations will be met.

The airline is owned by the governments of Antigua and Barbuda, Barbados, Dominica and St Vincent and the Grenadines. During presentation of the national budget last month, Antigua and Barbuda Prime Minister Gaston Browne said his government had embraced the responsibility to restructure and resurrect LIAT,

“with a vision of returning the airline to the regional skies”.

The crippled airline, under administration since July 24, 2020, “has long been an essential thread in the fabric of Caribbean connectivity”.

Barbados-based Caribbean Development Bank (CDB) will play a critical role in solidifying the arrangement among governments, to set the stage for finalising the arrangement with Air Peace, a private Nigerian airline founded in 2013,

“so that LIAT 2020 can begin operations, thereby securing a promising future for regional travel”.

In 2024, Antigua and Barbuda will spend an estimated EC$30 million (One EC dollar=US$0.37 cents) to “ensure LIAT 2020 Ltd has all the aircraft needed and appropriate maintenance and operational arrangements are in place for the safe, reliable, and efficient delivery of service to the people of the region.”

Seaforth told staff the company was not in a position to make severance payments at this stage but it would not shy away from its obligations to them on severance, vacation pay, retroactive pay and any outstanding salaries.

Air Peace has a history of controversy and accidents.

Here is an obvious opportunity for cash-strapped Caricom to support the regional Caribbean AIrlines, with long experience and a better reputation for safety. This aligns with the plan for a ferry serving Caricom, now in jeopardy as it squanders public funds on junkets, indebted to totalitarian PRC allowing BRI to amass resources.

 

 

Trinidad and Tobago, Barbados, Guyana ferry deal

January 10

Trinidad and Tobago will participate in a regional ferry service with Guyana and Barbados, utilising the Galleons Passage as one of the vessels.

At the opening of the Phoenix Park Industrial Estate in Pt Lisas, TT Prime Minister Rowley announced economic benefits arising out of this initiative..

“.. you would have heard of the closing of discussions to establish a regional cargo ferry service between Guyana, Trinidad and Tobago and Barbados. This decision is driven by the need to move raw materials and fresh produce from producing areas to the consumption and manufacturing areas within this sub-zone of Caricom (TT, Guyana, Barbados). The outcome of such a transportation service can only improve our food security, stimulate production across the region, create jobs and support affordable prices of the many agricultural products, which we desire at our tables and in our hotels. Tomorrow, Thursday, the Cabinet (at its regular weekly meeting) will sign off on this issue.”

Once this happens, Works and Transport Minister Rohan Sinanan has been advised to make the Galleons Passage ready to participate in this system.

Commissioned on October 8, 2018, the Galleons Passage is classified as a Catamaran RoRo passenger ferry, according to Lloyd’s Register Rules and Regulations for Classification of Special Service Craft. The vessel can accommodate 400 passengers and 60 cars. Onboard facilities include a cafeteria, bar and a VIP lounge.

The Galleons Passage, APT James, Buccoo Reef, TT Spirit and the Cabo Star are the five vessels used on the domestic seabridge, When the Galleons Passage first sailed between Trinidad and Tobago in October 2018, Sinanan was confident that the vessel would end woes on the seabridge.

“I am confident all the challenges on the sea bridge are over now that we have three vessels operating efficiently to transport cargo and passengers daily. I am more confident that things will only get better now that we have the acquisition of two new fast ferry vessels, and we are currently looking at procuring a third vessel so we can replace the older ones. We can now work on rebuilding confidence in the sea bridge.”

In 2018, the Cabo Star and TT Spirit were the only other vessels operating on the domestic seabridge. They were joined by the APT James and the Buccoo Reef in 2021. Problems occur periodically when any of the vessels experienced mechanical problems or were drydocked for maintenance.

Venezuelan vessel Emprendadora replaced the Cabo Star on the seabridge after a fire last August took it out of commission until September, disrupting regular cargo shipments to Tobago. The Galleons Passage, APT James and Buccoo Reef assisted in cargo transport while the Cabo Star was out of service.

In April 2021, the Galleons Passage transported TTDF troops and relief supplies to St Vincent and the Grenadines to provide humanitarian assistance following the eruption of La Soufriere Volcano and evacuate TT nationals resident in St Vincent.

Should the Galleons Passage be used in the TT-Guyana-Barbados ferry service, it remains to be seen how often it will be used , if it will still operate on the seabridge or if another ferry will take its place.

On January 4, at a contract signing event for a new US$35 million Mackenzie/Wismar Bridge in the Upper Demerara- Berbice district, Guyana, President Dr Mohammed Irfaan Ali disclosed that the TT-Guyana-Barbados ferry initiative was close to reality. A company to facilitate the establishment of this ferry was launched on January 3 and the three governments were discussing the venture.

“We have to get this going and then we have to work on expanding.”

Subsequently, Foreign and Caricom Affairs Minister Dr Amery Browne said no company has been formed yet and all three governments should have more to say on this issue within the next month.

Indebted Caricom reviewed intra-regional transport for many years. Last year, the Caribbean Development Bank (CDB) announced it would finance the consultancy services for a study on the options available to establish a new shipping service across Barbados, Grenada, Guyana, and TT.

Last October, at the AfriCaribbean Trade and Investment Forum in Guyana, Ali said the African Export-Import (Afrexim) Bank is keen to support a Caribbean private sector proposal for an intra-regional system for cheaper transportation of goods and people by sea. He encouraged regional private sector players to form a consortium to launch the service. . At a Caricom HoGs meeting in Suriname in July 2022, Rowley expressed support for an inter-regional ferry service.

“If you really want to help Caricom, one of the best things is help the team of governments to fund and have operating, within the Caricom region, vessels of that nature to bring people together by sea.”

A ferry service between TT and Guyana was discussed at the Agri Investment Forum in Guyana from May 19-21, 2022 and was included in a memorandum of understanding TT and Guyana signed then.

UWI economist Dr Vaalmiki Arjoon said the Port of Port of Spain could be used by Guyana’s private sector, especially manufacturers, as a transhipment hub. Raw materials and equipment imported by Guyana could be delivered to Port of Spain and then transported to Guyana on smaller vessels.

“Guyana is also regarded as Brazil’s gateway to the Caribbean. Exports from Brazil to the region via Guyana can go through our port as a transhipment venue.”

Tembladora was an entrepot port for Alcoa bauxite from Guyana to be shipped to Trinidsd for export.

The newly upgraded port commissioned in 2021, supports the specialized needs of the energy sector by providing logistics.

On Wednesday, Rowley said TT is pursuing other economic initiatives within Caricom through the appointment of commercial attaches in Guyana and Jamaica. This will assist exporters in overcoming trade barriers, entering new markets and forging new business relationships in their respective markets.

“Our bilateral partners within Caricom and extra-regionally are also very important as we seek to further develop our economy and our people.”

20 September 2023

 

 

 

 

 

Multinational CARICOM was unilaterally designated the sixth region of the African continent at the second annual Africa-Caricom Day on September 7, at the University of the West Indies headquarters in Jamaica. without a referendum for the cosmopolitan community.

The forum, a conversation on cultural exposition, reaffirmed the commitment to forging stronger bonds between Africa and the Caribbean.

Chair of the Caricom Reparations Commission and UWI vice chancellor Prof Sir Hilary Beckles , who organised the jamboree, attended by Caricom secretary-general Dr Carla Barnett, hailed the “tremendous honour“, emphasising UWI’s s role in nurturing collaboration and solidarity between Africa and the Caribbean and unwavering commitment to advancing shared principles through education and advocacy.

His colleague reiterated dedication to fostering regional identity. In July 2023 Ashanti warriors, whose hegemon flaunted his arm encrusted with a gold brace, visited TT to celebrate emancipation with progeny of slaves they traded but brought no lasting benefit to Caricom, stunted by crime and corruption.

 

 

 

Caricom-Saudi Arabia Summit

2024, 01/22

Prime Minister Dr Keith Rowley spoke with Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince of Saudi Arabia, at the Caricom-Saudi Arabia Summit in November, 2023

TT spent $217,180 ton regional ravel, allowances and contingencies on trip. for which the Saudi Arabian government facilitated air travel and accommodation for all attendees at last November’s Caricom-Saudi Arabia Summit, the T&T Government incurred expenditure associated with return flights to Barbados – and the expenditure associated with Prime Minister Dr Keith Rowley cost $38,375.40.

This was confirmed in a written reply from the Prime Minister to an Opposition question that was circulated in Parliament .The T&T Government participated in the first Caricom-Saudi Arabia Summit and Trinidad and Tobago-Saudi Arabia Bilateral Meetings in Riyadh, Saudi Arabia, from November 16-19, 2023.

Prime Minister Rowley subsequently said the Saudi government sent two jets to transport Caricom leaders to Saudi Arabia. One jet was sent to Barbados to transport Caricom leaders from  T&T, Grenada and Suriname.

Another jet was sent to Miami to transport leaders from Jamaica, Belize, et cetera. The written reply to the question on the trip stated that for the event, the delegation, led by the Prime Minister, comprised:

1. Prime Minister, Dr Keith Rowley
2. Foreign and Caricom Affairs – Minister Dr Amery Browne, Foreign Service Officer II Saschele Griffith, Director, Africa, Asia, Middle East and Pacific Division Bruce Lai
3. Energy Minister Stuart Young, Agriculture Minister Kazim Hosein,
4. Caribbean Airlines chairman Shameer Ronnie Mohammed
5. Office of the Prime Minister – Protocol and International Relations Officer, Kirk Francois, Deputy Press Secretary, – Abby Brathwaite
6. TTPS (Security Officers) – Julius Francois, Felix Stephen

The Saudi Arabian government facilitated air travel and accommodation for all delegates at the summit. Trinidad and Tobago Government incurred expenditure associated with return flights to Barbados.

The agencies/departments of the State attending the Caricom Saudi Arabia Summit were:

1. 1. 1. Office of the Prime Minister,
      2. Ministry of Foreign and Caricom Affairs,
      3. Ministry of Energy and Energy Industries,
      4. Ministry of Agriculture, Land and Fisheries
      5. Caribbean Airlines Limited,
      6. T&T Police Service

• Expenditure of $38,375.40. associated with the Prime Minister Airfare – $ 2,806.00. Allowances- $23,205.00 Contingencies – $12,364.40Expenditure associated with each agency/departments of the State
• Office of the Prime Minister- $67,577.00 -Airfare inclusive of that paid for the Prime Minister – $8,418.00 -Allowances inclusive of that paid to the Prime Minister – $46,795.00 -Contingency – $12,364.40
• Ministry of Foreign and Caricom Affairs- $46,603.00 -Airfare – $8,418.00 -Allowances – $38,185.00
• Ministry of Energy and Energy Industries- $17,401.00 Airfare – $2,806.00
  Allowances – $14,595.00
• Ministry of Agriculture, Land and Fisheries- $17,401.00 Airfare – $2,806.00 Allowances – $14,595.00
• T&T Police Service- $29,202.00 – Airfare – $ 5,612.00 – Allowances – $23,590.00
• Caribbean Airlines Limited-$621.00 – Airfare – $621.00

 

 

Economic progress in Trinidad & Tobago

2024, 01/04

As the Cabinet begins work for 2024, this New Year may be more propitious for the domestic economy than the eight previous New Years.

The Central Bank Monetary Policy Announcement “suggest steady economic recovery during the first nine months of 2023, led by the non-energy sector,” along with declining unemployment and moderating inflation.

The CB cites data from the Central Statistical Office that indicate headline inflation was a remarkable 1.1 per cent (year-on-year) in November 2023, compared with 4.1 percent three months earlier.

The start of 2024 is quite unlike the 2021 and 2022 New Years, when T&T, and much of the rest of the world, was grappling with COVID-19 deaths and lockdowns. Economic circumstances are also different to those at the beginning of 2016, when the current administration was planning to cut expenditure to accommodate declining fiscal revenue, as a result of plunging global prices.

There is a difference, as well, to the first week of 2017, when workers at state energy company Petrotrin, represented by the Oilfields Workers’ Trade Union, went on strike to demand higher wages, which sent the entire transportation sector into a panic.

They eventually settled for a five per cent wage increase for the 2011-2014 bargaining period. Less than two years after that brief strike, Government was forced to shutter the Petrotrin refinery and retrench thousands of workers.

In the first week of 2024, the Government is in a position to boast that it paid approximately $900 million in backpay to teachers, fire, prison and police officers out of the $1 billion promised to the trade unions that accepted the four per cent settlement offer.

Leading into the start of this year, the Government is able to bask in its natural gas sector achievements, with signed agreements signalling major advances in the development of the Dragon and Manatee gas fields, restructuring of Atlantic LNG ownership and recalibration of its trading revenues, marred by the troubling neglect to disclose pertinent details of these agreements.

Years of negotiating effort that went into the conclusion of last month’s Dragon agreement with Venezuela, exposes a major flaw in the regime’s thinking about the domestic economy. While commendable, emphasis on securing the natural gas future, forestalled efforts to diversify sources of tax revenue.

Projects as diverse as the development of a ship-repair facility in Chaguaramas, to the plans to restructure the Port-of-Spain Port and greenlight the NewGen hydrogen project are stymied by bureaucracy that is the true bane of progress in the once prosperous petro-state.

Abysmal governance of the current regime since its election to office in September 2015 and failure to facilitate any new major investment in the non-energy sector, or the downstream energy sector, have serious consequences for the economy in the near future, when the prices of T&T’s volatile energy revenues tumble.

Promoting significant new investments in the non-energy and energy sectors can only be achieved if the arrogant government gets a grip on the catalogue of crime tyranny, the scourge of brazen brutal homicides continuing relentlessly into the new year and perennial issues of ease of doing business, especially at the Customs and Excise division.

Late former prime minister Basdeo Panday championed constitutional reform. Here are thoughts for progress in TT-

1. Abolish the presidency. Convert the mansion to a hospital.

2. A troika of Prime Minister, Industry leader and Senate president can have power to rule for one 3-year term only.

3. Halve the number of MPs, ministries and civil servants

4. Divest all state assets to cut bureaucracy and release resources.

5. Invest in UWI, UTT, NESC, schools, colleges, hospitals and NGOs.
6. Abolish state funerals. Commemorate past leaders with photographs.
7. Promote private investment in food, health, commerce, housing, transport, tourism, utilities and environment.
8.. Restore death penalty for murder and rape..