Suriname
Fabio Palmigiani South America Correspondent | Rio de Janeiro
4 March 2024
Suriname’s state-owned oil company and market regulator Staatsolie, under managing director Annand Jagesar, believes there is “no reason” to consider delaying the nation’s first offshore project.
TotalEnergies and US independent APA Corporation are working on the Sapakara-Krabdagu joint development in Block 58, with plans to produce first oil in 2028.
In a conference call with investors, TotalEnergies chief executive Patrick Pouyanne said Block 58 is an important project for the company and work is under way to reach a final investment decision on the $9 billion development by the end of this year. While Suriname sees ‘no reason’ for delay, TotalEnergies warned that rising costs will influence the timing of a final investment decision on the Block 58 project.
Colombia
Canacol strikes Gas in Magdalena Basin
by Jov Onsat|Rigzone Staff | Friday, March 29, 2024 |
Canada-based company, Canacol Energy Ltd. declared the Pomelo 1 well a natural gas discovery, in the latest of successful drilling campaigns in the Magdalena Basin.
Drilled to a total depth of 12,276 feet, the exploration well showed 96 feet of true vertical depth of net gas pay with an average porosity of 21 percent in the primary Cienaga de Oro (CDO) sandstone reservoir.
“The CDO reservoir was perforated over a 48-foot Interval and was tied into the existing flowline to the Betania substation. The well is producing with a downhole gauge into the Jobo gas treatment facility. The well started at a production rate of 4 million standard cubic feet per day (MMscpd) for 6 hours at a choke 21/128”. The rate was subsequently increased to 6 MMscfd and 8 MMscfpd for 6 hours and 24 hours respectively. The well was tested at a rate of up to 10 MMscfpd at choke of 30/128”, and is now producing into the Jobo gas treatment plant at a controlled rate of 8 MMscpd”.
Canacol was mobilizing the rig that drilled Pomelo to the Chontaduro 1 exploration well, about three kilometers (9,842.5 feet) of the new discovery.
Expected to be spudded before April, “[t]he Chontaduro 1 well is targeting the CDO sandstone reservoir, with a secondary uphole target within the Porquero sandstone reservoir, both of which are productive in the area.”
The wells sit in the VIM21 exploration and production contract, 100 percent-owned by Canacol. The conventional gas contract covers 27,410 acres, according to information from Canacol’s website.
The Pomelo discovery follows that of the Lulo discovery in VIM21 last year. Drilled to a total depth of 8,434 feet, the Lulo 1 exploration well encountered 207 feet of true vertical depth of net gas pay with an average porosity of 21percent in the same reservoir as Pomelo.
VIM21 is one of 11 Canacol gas contracts in the Lower and Middle Magdalena basins, which total 1.5 million net acres. Only one has been put into production, the 16,055-acre Esperanza, based on Canacol’s online inventory of its assets.
Canacol holds 100 percent in 10 of the contracts. India’s state-owned ONGC Videsh Ltd. owns 50 percent interest in the SSJN7 contract.
Canacol also owns oil assets in Colombia through 20 percent stakes in the VMM2 and VMM3 contracts with operator Texas-based ConocoPhillips Co., as well as the producing Rancho Hermoso contract (30 percent) with Colombia’s state-owned Ecopetrol SA.
Canacol had 106.6 million barrels of oil equivalent in proven and probable (2P) oil and gas reserves, valued at $1.8 billion post-tax, as of year end 2023, it said in an update March 21.
“In 2023 we added 20 Bcfe [billion cubic feet equivalent] of 2P reserves and deemed volumes, an increase of 3 percent, and added 21 Bcfe to the 1P [proved] reserve and deemed volumes for an increase of 6 percent”, chief operating officer Ravi Sharma said.
“Our core fields, Clarinete, Nelson, Aguas Vivas and Pandereta continue to perform well and saw increases in 1P reserves. Our 2P increases were limited due to lack of exploration success at the near field Cereza and Piña Norte prospects, and our inability to get the Natilla exploration well drilled to the target interval due to technical difficulties drilling the well and the sidetrack”.
To contact the author, email jov.onsat@rigzone.com
Caribbean-China trade
March 28
UWI Prof. Roger Hosein told a virtual seminar on China- Caribbean Trade Trends and Implications for Regional Growth that the region can explore economic opportunities with PRC. “There is still tremendous scope for Latin America and the Caribbean to engage China in a greater amount of economic activity via trade.” The Economics don identified tourism which could have potential benefits for the Caribbean and China.
“One of the areas that Caribbean people will have to pay more attention to is travel from China, growing significantly in terms of numbers. This may be the right time to challenge the Chinese (tourism) market and to a lesser extent the Indian (tourism) market, because those markets are high and growing.”
Assistant Prof Dr Mark Werner of Virgin Islands University agreed about potential economic opportunities for the region. Traditionally a nation of tea addicts, China now facilitates coffee drinkers, an opportunity for Jamaica to promote Blue Mountain coffee to the Chinese market. The same argument holds for Trinidad and Tobago Carnival, which many Chinese like, fascinated by the steelband, creating opportunities for them to play or manufacture the drums.
Authoritarian PRC is an emerging economic and military player in global affairs, different from the socialist state of 1949-1976, when Communist China was more centralized in governance and world affairs. Its outlook on the world and louder voice in the global conversation changed with the launch of a Belt and Road Initiative (BRI) in 2013 to boost global development by investing in infrastructure in countries the PRC chooses as partners, numbering 155 in August 2023. Phoenix Park Industrial Estate in Pt Lisas in Trinidad is a BRI project which opened in January .
Caveat emptor.‘Debt Trap Diplomacy and ‘String of Pearls Strategy’
Countries question the indebtedness brought by BRI, an ambitious plan for sea routes, rail links, and digital connectivity to gain leverage and bind continents to China. Venezuela is heavily indebted after PRC loans of USD 50 billion, to be repaid with oil.
PRC espionage threatens democratic norms and the rule of law to undermine western economic security and fundamental human rights. Flagrant violations of international laws project their authoritarian view around the world. The totalitarian president changed the rules to stay in power for a third term.
PRC deplores sanctions against Russia for invading Ukraine, opposes military aid to Ukraine and urges a political settlement addressing Russian security concerns. PRC is strengthening its position to avoid economic sanctions with 30 state companies in acquisitions of ports central to world trade and freedom of navigation, with significant military implications. PRC controls naval bases around the Indian Ocean. PRC owns or operates ports and terminals at nearly 100 locations in over 50 countries, spanning every ocean and every continent, along some of the most strategic waterways, at the heart of global supply chains. PRC exploits diaspora to dominate transnational affairs.
IDB Lab and Precision Cybertechnologies enhance cybersecurity
2024, 03/26
IDB country representative to T&T Carina Cockburn, Precision Cybertechnologies and Digital Solutions Ltd chairman Richard Smith and managing director Dr Ronald Walcott attended the establishment of the first Security Operations Centre at the IDB office Port-of-Spain
The IDB Lab, the innovation and venture laboratory of the InterAmerican Development Bank (IDB) Group, entered a partnership with local company Precision Cybertechnologies and Digital Solutions Ltd to bolster cybersecurity for micro, small and medium enterprises (MSMEs) in T&T.
The blended finance operation of IDB Lab includes loans and non- reimbursable technical cooperation funding for Precision to support the establishment of the Caribbean’s first Security Operations Centre (SOC). It will provide relevant solutions to reduce vulnerability and increase the resilience of MSMEs to cybersecurity attacks through monitoring, detection and rapid response to threats, ensuring businesses can operate securely in the digital age.
At the inauguration of the centre in the IDB office in Port-of-Spain, Carina Cockburn IDB Country Representative T&T said there has been an acceleration in cyberattacks on Government institutions and private sector entities and individuals.
“Within this context, IDB Lab’s partnership with Precision Cybertechnologies and Digital Solutions is an important and timely response that offers small and medium-sized enterprises in particular, a solution to increase resilience and bolster their cybersecurity posture through access to 24/7 monitoring. For the IDB Group, this project underscores our commitment to supporting SMEs in sustaining their business operations; investing in digital businesses; and addressing one of the main impediments to digital transformation efforts.”
By making cybersecurity services available on a subscription basis-from between $60 to $100 per month-this partnership will facilitate the rollout of cybersecurity services that specifically target the SME sector.
IDB country strategy with T&T 2021 to 2025 has as its main focus digital transformation in alignment with the priorities outlined in the s post-pandemic recovery plan.
Chairman of Precision Cybertechnologies and Digital Solutions Ltd Richard Smith disclosed that the initiative would serve as a hub for collaboration, information sharing, and coordinated response to cyber incidents across the region.
“By bringing together expertise from Government agencies, private sector organisations, academia, and international partners, we aim to foster a culture of cybersecurity resilience and readiness that transcends borders and sectors.
“Why is this initiative so crucial? MSMEs form the backbone of our regional economy. Yet, they often lack the resources and expertise to navigate the complex landscape of cybersecurity. “By establishing this dedicated monitoring and remediation centre, we are empowering both large organisations and MSMEs with the tools and insights needed to protect their digital assets and safeguard their businesses.”
Managing director Dr Ronald Walcott noted that in today’s interconnected world, the threat of cyberattacks looms larger than ever.. From sophisticated nation-state actors to opportunistic cybercriminals, organisations worldwide are facing an unprecedented onslaught of cyberthreats.
“According to all our threat intelligence, the frequency and severity of cyberattacks continue to rise, with no signs of abating.”
In the Caribbean, the cyberthreat landscape is rapidly evolving, presenting unique challenges and vulnerabilities.
While the region is assiduously transitioning to digital economies and advancing technological initiatives, it also faces increasing risks from cybercriminals seeking to exploit gaps in cybersecurity defences. Recent incidents have highlighted the growing sophistication and brazenness of cybercriminals, targeting organisations across the Caribbean, adding that it is important to recognise that a cyberattack on an MSME is unprepared and can be catastrophic.
Guyana, world model
March 24, 2024
At the Embassy of the Dominican Republic (DR), Ambassador to Guyana, Ernesto Torres-Pereyra, said that Guyana has the possibility to serve as a model for the world, commending President Dr Irfaan Ali preparing to embrace a massive economic transformation,
Noting that Guyana has all the conditions to become a global leader, Torres-Pereyra said: “You have the possibility here in Guyana of serving as a paradigm for the entire world.” In terms of building a society with sound values, institutions, respect for the environment and the promotion of transparency, Guyana is already checking the boxes in these areas.
“… that type of leadership that you have now serves as inspiration. President Ali has been preparing this country to embrace this economic transition while setting the foundations to face the imminent challenges that come together with this process.”
Torres-Pereyra elaborated on how Guyana and the DR relations deepened, highlighting important landmarks that have been attained so far. Putting things into perspective, he noted how Sky High Dominicana is playing a key role in bridging the gap and aiding in building a direct connection between the two nations. This airline will not only facilitate the exchange of people but also provide business opportunities.
Sky High Dominicana Airlines officially opened its new office in Georgetown, weeks after its inaugural flight at the Cheddi Jagan International Airport (CJIA). Continuing to list the ways in which the relationship between the two nations has become stronger, the Ambassador said that trade balance has increased significantly since the Embassy opened its doors.
“Our trade balance has increased significantly after the opening of the embassy. People are getting to know more about what you offer here in Guyana and what the Dominican Republic has to offer as a solid partner to supply some of the growing needs during this incredible massive process of transformation of the country. …There’s basically no limit to what we can do together.”
Shifting his attention to the six memoranda of understanding (MoU) signed last year between the two nations, the Ambassador said that many of them have undergone advances. “And in both of our countries because of the type of leadership that we have, the advances have been unbelievable,” he said, noting that both President Ali and the DR’s President, Luis Abinader have done “unbelievable things in a very short period of time.”
He emphasised that patience is key, as Caribbean people often adopt the mentality of wanting to see immediate results regardless of the magnitude of the project. For context, at the DR’s National Palace, in August last year, the agreements for the oil and gas industry, the establishment of an oil refinery, a petrochemical plant, and a study for participation in Guyana’s Oil Exploration Block were signed by the countries’ respective representatives. Agreements were also signed to enhance the two nations’ agriculture, tourism and trade industries.
“The agreements were signed in August and these type of projects, they not only [are] massive in terms of the amount of investment that they [require], but also in terms of planning, you need planning that goes beyond architecture, engineering, you have to go through environmental impact and also everybody who invest has an expectation. So the negotiation process is ongoing. The discussions are ongoing.”
“Your government has been very diligent and both private sectors…Guyanese and Dominican have been very diligent… It’s just that because of the magnitude of the projects, it will take time to reach an agreement to say ‘okay, let’s go.’”
Both of the nations’ private sectors are actively collaborating.
Venezuela’s latest claim to Essequibo
March 23, 2024
During the opening of a conference of the Caribbean Community (CARICOM) Regional Security System, Guyana Home Affairs Minister, Robeson Benn expressed deep concerns over Venezuela’s persistent disregard for the Argyle Declaration regarding Guyana’s Essequibo territory.
The backdrop stems from recent developments in Venezuela, where lawmakers allied with President Nicolás Maduro approved the creation of a new state in resource-rich Essequibo. Despite ongoing international court proceedings, Venezuela asserted its right to govern the territory, citing a December referendum as justification. Benn highlighted Guyana’s commitment to resolving the issue through legal means.
“We are unhappy that the Government of Venezuela and its National Assembly just Thursday agreed that they will make Essequibo no longer a Zona de Reclamación but Venezuelan territory. This is highly regrettable, and it is in violation of the principles of the good faith discussions which were undertaken at Argyle and more lately in Brazil.”
Benn reiterated Guyana’s stance that the matter would be settled in the courts, expressing confidence that Guyana would be vindicated through this process. He emphasised the risks and challenges posed by Venezuela’s actions, highlighting the presence of non-state actors, remnants of the Revolutionary Armed Forces of Colombia (FARC) and the National Liberation Army (ELN) , two guerrilla groups.
FARC and the ELN support Venezuelan “sindicatos” or “malandros” involved in drug trafficking, Trafficking in Person (TIP) and illegal mining.“ The Guyana/Venezuela issue, matter will be resolved in the courts. Guyana will be vindicated through that process.
The International Court of Justice (ICJ) is tasked with resolving the territorial controversy, yet Venezuela has expressed reluctance to acknowledge the court’s jurisdiction. Despite this, Guyana remains steadfast in its position, asserting that its borders are non-negotiable and reaffirming its sovereignty over the region.
“We know the challenges which are in Venezuela, and we are concerned about the questions of instability, particularly in the presence of non-state actors in eastern Venezuela, particularly on our borders.”
Flashback: The historic face-to-face meeting between President Dr Irfaan Ali and President Nicolás Maduro of Venezuela in the presence of CARICOM, CELAC, Brazil and the United Nations officials, on December 14, 2023, in St. Vincent and the Grenadines
The minister underscored Guyana’s dedication to protecting Venezuelan migrants within its territory, stressing the mutual relationship between the two countries.
Guyana does not harbour any territorial ambitions towards Venezuela and remains committed to fostering peaceful relations.
“Guyana does not have any designs on Venezuelan territory. Guyana provides support to perhaps more than 30,000 registered Venezuelan persons in our territory. We still view Venezuelans as our cousins,” Benn stated, highlighting Guyana’s humanitarian efforts towards Venezuelan migrants.
The Minister said that as Guyana continues to deplore the recent situation, it looks forward to “reasonable rational conversations and engagements” to ensure that the issue between Guyana and Venezuela is mitigated and poses no risk to either territory.
He reaffirmed that the Caribbean Community (CARICOM) region must remain a ‘zone of peace’ in relation to this issue. Venezuela’s unilateral actions have sparked condemnation from Guyana and its allies, including support from regional partners within CARICOM and further afield. Benn commended the backing of international partners, including the United States, the United Kingdom, the European Union, and Brazil, for upholding Guyana’s sovereignty.
“The controversy, which was dissolved in 1899, full, perfect and final and only came into some issue when a letter obtained from the crypt suggested that something unwarranted and improper happened,” Benn said, regarding the historical context of the dispute.
The creation of the new state, named ‘Guayana Esequiba’, by Venezuela, adds another layer of complexity to the longstanding territorial dispute. The law establishing the new state delineates its borders, encompassing Guyana’s territory. Venezuela, last year, had increased claims to two-thirds of Guyana’s Essequibo region. This area is known for its wealth in oil, timber, and other natural resources, drawing attention and contention from both sides.
In 2018, Guyana took a decisive step by approaching the ICJ seeking affirmation of the award’s legitimacy. Venezuela, taking a defiant stance, initially claimed that the ICJ lacked jurisdiction, a contention flatly rejected by the World Court in a crucial ruling in December 2020. The door was thus opened for the ICJ to delve into the merits of the substantive case. The substantive case which highlights the historical context and the 1899 Arbitral Award, remains before the World Court.
In response to Venezuela’s actions, Guyana is bolstering its defence and diplomatic efforts with the help of international partners, including the United States, aiming to counter security threats while promoting regional stability. Despite these preparations, Guyanese officials have reiterated their focus on defence.
Following Venezuela’s reaction to the docking of the British offshore patrol vessel, HMS Trent, in Guyana’s waters, President Dr. Irfaan Ali clarified the nation’s defensive posture, indicating no intent to initiate conflict with Venezuela. Amid these tensions, a significant diplomatic effort led by Prime Minister Dr. Ralph Gonsalves of St. Vincent and the Grenadines culminated in a peaceful ‘Argyle Declaration’ between Guyana and Venezuela.
This agreement, reached during a historic meeting on December 14, 2023, includes both countries committing to avoid the use of force and advocating for dialogue and co-operation to prevent tensions.
Venezuelan opposition alternate candidate
March 23rd 2024
Venezuelan opposition leader María Corina Machado of the Plataforma Unitaria Democrática (PUD), who is banned from running in this year’s July 28 presidential elections, told followers to vote for Historian Corina Yoris, “the ideal candidate” to circumvent her “unlawful, totally unconstitutional and coward” disenfranchisement until 2036.
“We found the right person .. who has the respect of all those who knew her throughout her academic, professional, citizen life,” Machado said about Yoris, who “is not disqualified” and is a person of her “total confidence.”
Machado explained that Friday’s decision stemmed “from the discussion of the unitary forces” to devise an agreed mechanism to face “this hindrance.” She pledged to continue “touring all of Venezuela” to bring “strength and hope to every corner of the country” as she accused Maduro’s government of closing “the path to change, to freedom in peace.”
“But they will not succeed, we are determined to move forward and do whatever has to be done to stay within this route and fulfill a mandate of almost 3 million Venezuelans that on October 22 we managed, with a glorious primary, to show the world what we are capable of.”
Yoris said she was “tremendously committed to the Venezuelan people” and to Machado, whom she thanked for this “act of trust” while expressing her willingness to move towards “a path of transition.” She was chosen unanimously within the PUD after serving as a member of the committee behind the October primaries in which Machado got 92.35% of the votes.
Machado stressed, “That was when I met her. Today is a great day and we have taken a big step towards the electoral victory in which we are going to defeat Nicolás Maduro this year. The regime knows it is lost and that the people are with us. We know that we are an immense majority and that we are willing to do everything for our freedom and how, in the face of all obstacles, nothing has stopped us. ..up to 10 days before the election there can be a substitution, so here we are going to fight until the last day, but we are not going to allow the regime to have an excuse. And nothing and nobody will get us out of this fight.”
“The international community, which claims to endorse the Barbados Agreement, the democratic forces, and those of us who are here have complied with all the points of the agreement, from its first to its last letter. The regime has violated all its commitments, it was not enough to persecute me, to threaten us, to close the roads with an absurd disqualification.”.
Cuban Prime Minister visits Venezuela
2024, 03/23
Cuban Prime Minister Manuel Marrero visited Venezuela this week where he met Venezuelan President Nicolas Maduro as one of the first activities on his working agenda.
Marrero was welcomed at Miraflores Presidential Palace where the two leaders addressed bilateral cooperation between their countries. In Caracas, Marrero also briefed Cuban workers about the current situation in their country and the implementation of governmental actions to relaunch the economy.
The Cuban head of government is scheduled to meet other local authorities and check bilateral cooperation accords. Cuba and Venezuela share strategic cooperation relations in healthcare, sports, education, communication, science and energy.
Has Johnson gone Caracas?
March 19, 2024 | William Atkinson | ToryDiary
What did Nicolás Maduro get out of it? Meeting Boris Johnson, I mean.
The Venezuelan bus driver turned brutal dictator is a busy man. Murdering 20,000 dissidents, invading Guyana, rigging presidential elections: all these are time-consuming hobbies. Where did he find a spare 45 minutes to hobnob with a former British Prime Minister? And to what end? For anyone unaware, I refer to Johnson’s recent secret mission to Caracas. Henley’s favourite son took a private jet from a family holiday in the Dominican Republic for a meeting with Maduro, organised by Maarten Peterman, a hedge fund manager supposedly keen on normalising Anglo-Venezuelan relations.
Leave aside, for a moment, that Maduro has a $15 million price on his head for drug trafficking and leads a government being investigated by the International Criminal Court for crimes against humanity. Venezuela has the world’s largest oil reserves. Normalising relations with London would make it easier for Maduro to pursue extraction deals. Great news for potential investors.
Ex-PMs engaging with iffy foreign leaders – perhaps at a reasonable price – is not unusual. Tony Blair tacitly controls several nations. David Cameron found the golden age of Anglo-Chinese relations flourished in and out of office. Johnson made over £5 million since leaving office through speaking engagements and joined Scott Morrison in Israel last November. Global Britain indeed.
But visiting Venezuela is a particular eyebrow-raiser. It is not a country with which the West currently has the friendliest relations. Following 2018 elections boycotted by opposition leaders amidst widespread repression, Britain hasn’t officially recognized Maduro’s regime. Colin Dick, our top man in Caracas, is stationed as a chargé d’affaires ad interim, rather than as an ambassador.
Joe Biden eased sanctions on Maduro last year, after a failed attempt by Donald Trump’s administration to cripple his regime. But he repaid this by launching fresh attacks on his opponents before summer ‘elections’ and threatening to annex two-thirds of Guyana. Britain sent a warship to defend our former colony – an English-speaking Commonwealth member – in December.
This raises an obvious questions: what did the Foreign Office know?, and when did it know it? Reports suggest that Johnson texted the Foreign Secretary en route and spoke to Dick both before and after Maduro. Johnson’s spokesman stresses he had his former department’s “active support”. King Charles Street has keenly emphasised the trip was private in financing and purpose.
Johnson is said to have “delivered the FCDO script” during the meeting and emphasised that normalisation requires Venezuela “fully embraces democracy and respects the territorial integrity of its neighbours”. ‘Sources close to Johnson’ have said it was a “robust exchange which focused entirely on democracy and human rights and Ukraine.” Hardly an ex-PM going rogue.
Petermann’s firm previously paid Johnson for consultancy and speeches. He joined him on his trip, covering the flights and expenses. But Johnson is not thought to have been paid for the meeting. No suggestion has been made that commercial matters were discussed. Democracy’s blondest champion was taking advantage of an unusual chance to earwig an autocrat.
Johnson has something of a long-standing interest in Venezuela. In his first PMQs, he claimed Jeremy Corbyn was “Caracas” to consider the country an ally, a gag he had previously deployed as Foreign Secretary. He first sent it into battle against Ken Livingstone, his old Mayoral rival whose cut-price-oil deal with Hugo Chávez he cancelled soon after entering City Hall.
But Johnson’s interest goes further than puns. He wasn’t Venezuela’s only notable visitor last month. Sergey Lavrov, Putin’s Foreign Minister, was there to promote “co-operation in oil production, gas field development, agriculture, medicine, and pharmaceuticals”. Maduro has supported Russia throughout its invasion of Ukraine. Some fear it could provide Putin with military support.
Even by his critics, supporting Ukraine wholeheartedly is regarded as one of Johnson’s greatest triumphs in office. Continuing to drum up global support for Volodymr Zelensky has been central to his post-premiership. He will have leapt at the opportunity to detach an ally from Putin and visited Kyiv for the second anniversary of Russia’s invasion soon after returning from Venezuela.
Johnson is wise enough to know that thinking 45 minutes of him bending Maduro’s ear would see him jack in the dictatorship shtick and throw his weight behind Ukraine is absurd. Still, attempting to do so will have piqued his interest. He is still, at heart, a journalist. He knew his trip would be splashed across the headlines. What was it Oscar Wilde said about being talked about?
Freelance diplomacy in Venezuela sits at the intersection of Johnson’s three post-premiership priorities: remuneration, supporting Ukraine, and keeping himself in the public eye. But it is also exciting – and a warning to those still treating him as the King Across the Water. Playing at being James Bond is much more interesting than trudging around Blyth Valley on behalf of Rishi Sunak.
Had Johnson not shirked last year’s opportunity to defend Uxbridge and South Ruislip, he might still be an MP, perfectly placed as a rallying point for backbench discontent. Hints of plots trickle into the papers even now. Leaving aside his dismal popularity ratings and the logistical impossibility of him re-entering Parliament any time soon, his Venezuela jaunt shows the folly of his supporters.
For all Johnson’s previous obsession with grabbing a ball loose from the scrum, he seems to be quite enjoying retirement. Perhaps he might one day return at his party’s time of need. But it’s much more enjoyable sitting back and watching Sunak flounder without him, making a pretty penny by posing as a statesman without any of the necessary responsibilities. I can think of worse fates.
As for Maduro? One assumes he just enjoys the West taking him seriously. Perhaps he’s just a big fan of The Daily Mail. Or maybe he really is Caracas.
BP confirms talks with Venezuela, Trinidad to develop gas field
Mar. 15, 2024 By: Carl Surran, SA News Editor
BP p.l.c. (NYSE:BP) is in early-stage talks to develop a gas field that stretches from Trinidad and Tobago to Venezuela, Bloomberg reported Friday.
BP p.l.c.’s confirmation follows a post by state-owned PDVSA that a meeting was held Thursday among Trinidad’s energy minister, Trinidad’s national gas company, Venezuela’s oil minister, and BP’s local head to discuss developing the Manakin and Cocuina fields as one project; BP already operates the Manakin field, in Trinidad’s waters, and was a key player in Venezuela until 2010, when it sold its three oil fields.
Trinidad, one of South America’s largest gas exporters, is seeking new deals before gas reserves dwindle in the coming years, Venezuela President Nicolas Maduro is looking for new revenue sources while also seeking re-election this year, BP p.l.c. has been seeking to boost its natural gas production in Trinidad to feed into the local Atlantic LNG liquefied natural gas export facility.
The Manakin-Cocuina field straddles both sides of the border between Trinidad and Venezuela, and BP p.l.c. said the talks are in keeping with an easing of U.S. sanctions against Venezuela.
bp in talks to develop gas field amidst looming sanctions
Fabiola Zerpa and Laura Hurst, Bloomberg- March 15, 2024
bp Plc is in early-stage talks to develop a natural gas field that stretches from Trinidad and Tobago to Venezuela, the company said Friday. Confirmation from the oil major follows a post on X by state-owned Petroleos de Venezuela SA, saying Trinidad’s energy minister and its national gas company’s vice president, as well as bp’s local head and Venezuela’s oil minister, met to discuss developing the Manakin and Cocuina fields as one project.
bp operates the Manakin field, which lies in Trinidad’s waters
The London-based major is weighing business with Venezuela as the U.S. renews threats of sanctions on its oil industry. Major oil companies are betting that the Biden administration will refrain from imposing the stiffest penalties related to energy ahead of his reelection campaign, even as President Nicolás Maduro backslides on democratic concessions.
Venezuela would grant a joint or separate exploration, development and exporting licenses to bp and CNP, according to a person with knowledge of the matter who was not authorized to speak publicly. The delegations met on Thursday to review technical aspects of the Manakin and Cocuina fields, .
Trinidad, one of South America’s largest natural gas exporters, is looking for new deals as gas reserves start to dwindle in the coming years. Maduro, is looking for new sources of revenue while also seeking reelection this year.
Venezuela and Trinidad have held a joint development agreement of the fields for a decade. Further work was halted in 2019 due to U.S. sanctions. bp was a key player in Venezuela until 2010, when it sold its three oil fields and an upgrader to a Rosneft affiliate.
Output in Guyana, Brazil, U.S. may stabilise oil prices amid OPEC fall
Mar 14, 2024
Exxon’s third FPSO ‘The Prosperity’ started production offshore Guyana in November 2023.
The Inter-American Development Bank (IDB) revealed that despite lower production levels from Organization of the Petroleum Exporting Countries (OPEC) , the surge in oil output from Guyana, Brazil, and the United States is expected to maintain stability in oil prices.
Ready for Take-Off underscores the volatility in commodity prices, particularly oil, in 2023. Despite temporary increases triggered by conflict, prices remained on a downward trajectory after the invasion of Ukraine. Data from the International Energy Agency (IEA), the indicates a drop in OPEC’s oil market share to 51% in December 2023, its lowest level since 2016. This decline in OPEC production is set against the backdrop of record output from non-OPEC countries, notably the United States, Guyana, and Brazil.
The IDB report sheds light on the macroeconomic landscape, noting that Latin American and Caribbean economies outperformed expectations in 2023, with GDP growth reaching 2.1%. Strong global economic expansion played a significant role in driving growth, supported by proactive policies and resilient financial markets. Looking ahead to 2024, the report predicts a deceleration in global economic growth, with market analysts projecting 1.6% growth for the Latin American and Caribbean region. However, the return to long-term average growth of 2% is anticipated by 2025.
The global economic context indicates a gradual slowdown in growth following the pandemic recovery. While the United States experienced improved growth in 2023, forecasts suggest a moderation in growth rates for the coming years. Similarly, growth in the Eurozone and China is expected to remain subdued, with various factors contributing to these projections. Amidst these economic dynamics, the surge in oil production from non-OPEC countries, particularly Guyana, Brazil, and the United States, is poised to offset decline in production, thereby stabilizing oil prices in the global market.
In Guyana, ExxonMobil Guyana Limited produces over 645,000 barrels of oil per day (bpd) from three ships in the Stabroek Block—Liza Destiny, Liza Unity and Prosperity. With three projects in operation, Exxon said it looks forward to progressing with Guyana’s Yellowtail and Uaru Projects for which development wells are already being drilled. The company remains in discussions with government for approval of Exxon’s sixth project, Whiptail, this year.Exxon said Guyana is on track to produce over 1.2 million barrels of oil per day by 2027 from the Stabroek Block.
Maritime decarbonization
MARCH 20, 2024, BY NAIDA HAKIREVIC PREVLJAK
Maritime decarbonization is focused almost solely on the North. For a just and equitable energy transition, policymakers and other maritime stakeholders need to ensure that countries in the South are included. This could be achieved with the help of green shipping corridors. Maritime decarbonization is critical to decarbonizing the global economy as a whole, including North and South but progress is clearly uneven.
Last year’s report by the International Energy Forum in collaboration with S&P Global Commodity Insights said advanced economies need to deepen engagement with developing countries to overcome a new “North/South divide” on the pace and priorities of energy transition,
Widening gap in global energy transition
United Nations Conference on Trade and Development (UNCTAD) defined the Global South- Africa, Latin America and the Caribbean, Asia (excluding Israel, Japan, and South Korea), and Oceania (excluding Australia and New Zealand).
The full decarbonization until 2050 attracted much attention, however only a few attempts were made to include the Global South in the potential and actual projects gathering maritime community. One promising attempt is a joint US-Danish project to resource and execute pre-feasibility studies for green corridors in five countries in the Global South.
Denmark and USA to explore development of green corridors
The “Global South Green Corridors” project aims to support sustainable green growth and job creation in developing countries by identifying and supporting the development of green corridor projects. The project is expected to conduct pre-feasibility studies in Namibia, Panama, Fiji, and two more countries, yet to be announced.
In July 2023, the International Maritime Organization (IMO) agreed on a 2023 greenhouse gas (GHG) strategy signaling early industry commitment to phasing out GHG emissions from international shipping as well as promoting a just and equitable transition.
As IMO delegates meet in London for the Marine Environment Protection Committee (MEPC), 81st session, to discuss the 2023 IMO GHG Strategy, the focus will be on stimulating the adoption of scalable zero-emission fuels and ramping up the use of such fuels to achieve the medium- and long-term GHG emission targets.
Here, the green corridors come into play as they can simplify zero-emission challenges, help the industry achieve the IMO GHG emission targets and result in numerous other benefits such as unlocking economic development of less developed countries.
The Global South and the potential of green corridors
Green corridors are shipping routes on which there are commercially operating ships using alternative fuels. These maritime routes have the potential to accelerate the green transition in a country or region. What is more, they can support infrastructure development and green transition in developing countries.
Furthermore, green shipping corridors are recognized by the signatories of the Clydebank Declaration as a key accelerator of early transition.
Currently, there are 44 announced green shipping corridor projects around the world, according to Mærsk Mc-Kinney Møller Center for Zero Carbon Shipping’s and Global Maritime Forum’s data. Each corridor is in a different stage of development, with the more developed being those that completed their respective feasibility studies.
Green corridor initiatives soar to 44
One of the successful ongoing projects is the Chilean Green Corridors Network Project. The Mærsk Mc-Kinney Møller Center for Zero Carbon Shipping cooperates with the Chilean Government on establishing a network of green corridors allowing for green maritime transportation of goods in and out of Chile. The aim of the project is to establish green corridors between ports where vessels can access and bunker low-carbon fuels.
MMM Center and Chile expand collaboration on green fuel
Against this background, the Global South has been recognized as a promising market for green fuels. By implementing the concept of green shipping corridors, countries in the South could supply much-needed green fuels to the developed countries of the North.
Places of the Global South have the opportunity to become new bunkering hubs. This was stressed in the webinar “Leveraging Maritime Green Corridors in Your Climate Strategy” organized by Mærsk Mc-Kinney Møller Center for Zero Carbon Shipping on March 20.
The center has been creating methodologies to cover any potential green corridor in the world, from the pre-feasibility phase to feasibility. Green corridors can be used not only to demonstrate technical and regulatory feasibility but also to better understand the socio-economic opportunities and risks for people, communities and countries.
They leverage wider transition aims including improved access to clean energy, economic diversification, knowledge and technology transfer and capacity building. They ensure decent, sustainable jobs and workforce up-skilling.
Speakers of the Mærsk Mc-Kinney Møller Center for Zero Carbon Shipping’s webinar concluded that investments in the countries of the South (e.g. South Africa) are necessary to stimulate production and further develop the region. Such investments could change the global prospects of (green) bunkering.
“We need to use green corridors to move the world in a better position,” it was concluded in the webinar.
ANSA McAL recognised for sustainability
EurochamTT continues education drive
Carib Glassworks produces recycled bottles.
2024, 03/22
ANSA McAL was presented with the overall Sustainability Champion 2024 large companies award by the European Business Chamber (EurochamTT) which held its second edition of such recognition.
ANSA McAL officials, Corporate sustainability specialist Natalie Bibby, head of culture and communications, Sarah Inglefield and chief legal and external affairs officer, Frances Bain-Cumberbatch attended.
Reflected on the EurochamTT’s award on March 15, Bain-Cumberbatch stated, “When people think about sustainability, it’s not only about environmental sustainability, it’s also about people.”
RESSCOTT Ltd won the EurochamTT/ UN Sustainability Champion 2024 for small and medium-sized enterprises.
The overall sustainability award is a crowning moment following years of hard work at ANSA McAL.
Bibby said among the major sustainability initiatives emerging across the group is Carib recapturing carbon dioxide to reuse in its operation and recaptured 423 thousand kilogrammes in 2023 and 485 thousand kilogrammes in 2022.while also using less water since 2002.
The same process takes place at the factory in St Kitts and Nevis where 73 thousand kilogrammes of carbon were recaptured last year.
In July 2022, ANSA Merchant Bank and ANSA Bank partnered with The Cropper Foundation to launch the National Capital Hub while Berger Barbados runs on 30 per cent solar energy and Sissons Grenada installed solar lighting in its car park.
“Each of the sectors has Environmental, Social and Governance (ESG) Key Performance Indicators (KPIs) that were set since 2022 and there are progressing efforts to push those plans forward every year.”
Bain-Cumberbatch noted, “Carib Glassworks is the only company recycling glass. They’ve been doing that for the last 60 years. The Carib brewery model is a returnable bottle model – the only successful returnable glass bottle model in the country so sustainability on an environmental basis has been at the root of many things.”
Since 2020 they formalised and embedded that into the operations “so to see our work being recognised like this is a phenomenal feeling.”
Beyond the environmental impact, another key aspect was the well-being of staff. Some group companies are initiating “wellness spaces” in operations for employees to take a timeout.
The ANSA construction sector created a lactation room for women to cater to new or soon-to-be new mothers. Inglefield said, “Well-being and looking after our people are very important aspects of our sustainable business practices outside of the great things being done in the operations.”
She said the award gives them a great deal of confidence that they are on the right track.
“It is one thing for us to do it which is brilliant, but it’s important we communicate to our employees and our wider community like business partners, government, stakeholders, colleagues and competitors in the industry what we are doing and why it’s important and how it is impacting on our people and our planet and that’s an incredibly important part of this.”
Inglefield aims to ultimately have each ANSA McAL employee across the seven territories be the champion of sustainability. Bain-Cumberbatch said Sustainability is good for business and hopes the award inspires other companies to see the importance of sustainability, not just because it is the right thing to do but because it can help their business.
“If you operate more efficiently, you use less water and you use less energy, you save while preserving the environment. You create better efficiencies by operating more sustainably. That, in and of itself should encourage businesses and if they see a company such as ANSA McAL actually throwing itself 100 per cent, if we set an example as one of the oldest and largest conglomerates in the region and we have chosen to go this route to ensure we continue to survive and to thrive then it should be an automatic example.”
At an individual level, Inglefield challenged people to think about one small step they can take in their home life or business, adopt it and feel the change in how they are adding to the momentum of sustainability across the country.
The European Business Chamber in T&T pushes the sustainability movement on both sides of the Atlantic.
The Chamber was established to support European business interests in T&T while supporting local companies that want to export, partner, or do business with Europe. Executive director, Marie Louise Norton-Murray, said one of the main pillars is trade support.
Supporting local companies to do business in Europe is not an easy task.
“One of the first areas is meeting food safety standards and certification and not just food safety, it could be other quality standards. We now have sustainability standards, and some of these are not just voluntary standards, some of them are mandatory. That is the first support that companies need – to meet the standards and certification.”
Standards and regulations are not bad for business because consumers are concerned about their health and safety. Challenges facing local companies include labelling as well as quality packaging.
“Consumers are concerned about sustainability so they are concerned about packaging that is recyclable,” which she identified are among some of the things that are changing the face of the European market when it comes to importation. This is where the Chamber hopes to assist local manufacturers and distributors.
“We see our role as being able to inform people of the changing regulatory environment like when you have a new regulation such as Carbon Border Adjustment Mechanism (CBAM) or anti-deforestation regulation or sustainability regulations such as the corporate due diligence, so one role we play is information. We have access to the information and tools which we could share with people to get into the European market.”
Europe is already a major destination for T&T goods.
Cocoa and chocolate-related products are major exports from this country.
Lesser known products include agro-processed exotic food sources, coconut-based sources, and fruit-based products.
“All of these products have potential especially if they are using local raw materials or raw materials from the region and they are different and can meet the food safety requirements,” Norton-Murray added.
Agriculture is one of the sectors that has become a major point of conversation between both parties.
A programme called Committee Linking Entrepreneurship-Agriculture-Development (COLEAD) provides a series of training programmes and a platform for training where farmers do not have to physically attend a course but can complete the training online.
They can also network with other farmers in places like Africa and the Pacific.
Norton-Murray also highlighted the shaping of the future of innovation project which is a collaboration between the European Union in T&T, the InterAmerican Development Bank, the Caribbean Industrial Research Institute, and the Ministry of Planning and Development.
The project helps companies with their innovative go-to-market strategies.
Norton-Murray added some companies are getting help under that project with better packaging, marketing strategies and attending trade shows to export to Europe.
However, exporting to Europe is set to become more difficult with the implementation of its CBAM.
CBAM will tax carbon-intensive products that are being imported into the EU.
On a list of countries to be affected outside Europe, T&T will be affected the most after Mozambique.
This country exports carbon-intensive products including ammonia and fertilisers to Europe.
Norton-Murray said the European Chamber has been sensitising local businesses on CBAM.
They have also provided tools that can calculate carbon border taxes.
While T&T and Europe have had a long history of trade relations, many within the European sphere don’t want local companies to see CBAM as an obstacle to doing business across the Atlantic, but rather as a revolution of the long-standing relations.
The EurochamTT Awards
EurochamTT in partnership with the UN T&T and PAHO/WHO successfully celebrated the second sustainability champion awards on March 15.
The purpose is to recognise and celebrate those businesses that have put in place the policies, structures, and systems to identify, measure, assess, and disclose impact in terms of ESG and sustainability.