TOUCHSTONE EXPLORATION ANNOUNCES 2023 YEAR-END RESERVES

CALGARY, ALBERTA (March 1, 2024) – Touchstone Exploration Inc. (“Touchstone”, “we”, “our” or the “Company”) (TSX, LSE: TXP) announces 2023 year-end reserves.

Touchstone’s independent reserves evaluation was prepared by GLJ Ltd. (“GLJ”) with an effective date of December 31, 2023 (the “Reserves Report”). Highlights of our total proved developed producing (“PDP”), total proved (“1P”), total proved plus probable (“2P”) and total proved plus probable plus possible (“3P”) reserves from the Reserves Report are provided below. Unless otherwise stated, all financial amounts referenced herein are stated in United States dollars. Financial information contained herein is based on the Company’s unaudited results for the year ended December 31, 2023 and is subject to change. Readers are further cautioned to read the applicable advisories contained herein.

Touchstone’s 2023 year-end reserves reflect the initial transition of our Cascadura production base into the PDP reserves category as we brought onstream the first two Cascadura wells, Cascadura-1ST1 and Cascadura Deep-1. In addition to successfully constructing and commissioning the Cascadura natural gas and liquids facility in 2023, we also prepared for our Cascadura C delineation and development program.

In 2023 we achieved initial production from our Cascadura field which produced net volumes of 37.4 MMcf/d of natural gas and 622 bbls/d of natural gas liquids in the fourth quarter of 2023, contributing to corporate average quarterly net production volumes of 8,504 boe/d and average 2023 annual net production volumes of 3,981 boe/d.

2023 Year-end Reserves Report Highlights

• • Relative to year-end 2022 and after 2023 production, we increased gross PDP reserves by 180 percent to 13,547 Mboe, decreased gross 1P reserves by 12 percent to 33,696 Mboe, decreased gross 2P reserves by 10 percent to 67,379 Mboe and decreased gross 3P reserves by 10 percent to 108,859 Mboe in 2023.
  • PDP reserves replaced 2023 annual production by 699 percent, reflecting Cascadura-1ST1 and Cascadura Deep-1 natural gas and associated liquids volumes that were brought online in 2023.
  • With the addition of Cascadura property reserves, PDP reserves represent 40 percent of 1P reserves, reflecting an attractive ratio of base production to low risk proved undeveloped (“PUD”) drilling targets.
  • Reductions in our 1P, 2P, and 3P year-end reserves balances from 2022 reflected the removal of eight PUD locations on our non-core legacy crude oil blocks and Royston, technical revisions to the natural gas liquids yields at Cascadura, increased annual production volumes in 2023 and a limited 2023 development capital program.
  • Our net present value of future net revenues discounted at 10 percent (“NPV10”) on a before tax PDP basis increased by 142 percent to $151.4 million, decreased by 30 percent to $372.5 million on a 1P basis, decreased by 27 percent to $730.1 million on a 2P basis, and decreased by 29 percent to $1.05 billion on a 3P basis from the prior year.
  • Realized after tax PDP NPV10 of $99.8 million representing an increase of 93 percent from the prior year, after tax 1P NPV10 decreased by 25 percent from year-end 2022 to $191.4 million, after tax 2P NPV10 decreased by 24 percent from the prior year to $342.5 million and after tax 3P NPV10 decreased by 26 percent from 2022 to $482.6 million.
  • We continue to maintain a long producing reserve life index of 7.9 years 1P and 14.4 years 2P, reflecting the low decline nature of our asset base.
  • The Cascadura-2 well was drilled subsequent to the effective date of the Reserves Report and will be reflected in our future reserve evaluations.

2023 Year-end Reserves Report Summary

Touchstone’s year-end light and medium crude oil, heavy crude oil, conventional natural gas and natural gas liquid reserves in Trinidad were evaluated by independent reserves evaluator, GLJ, in accordance with definitions, standards and procedures contained in the Canadian Oil and Gas Evaluation Handbook (“COGE Handbook”) and National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities (“NI 51-101”). Additional reserves information as required under NI 51-101 will be included in the Company’s Annual Information Form, which will be filed on SEDAR+ (www.sedarplus.ca) on or before March 30, 2024.

The reserve estimates set forth below are based upon GLJ’s Reserves Report dated February 29, 2024 with an effective date of December 31, 2023. The Reserves Report uses the average price forecasts of the three leading Canadian oil and gas evaluation consultants (GLJ, McDaniel & Associates Consultants Ltd. and Sproule Associates Ltd. (collectively, the “Consultants”)). All values in this news release are based on the three Consultants’ average forecast pricing and GLJ’s estimates of future operating and capital costs as of December 31, 2023. Please refer to “Advisories: Reserves Disclosure” for further information. In certain tables set forth below, the columns may not add due to rounding.

1. 2023 Reserves Summary by Category
2. Year-Over-Year Reserves Data
3. Summary of Crude Oil and Natural Gas Reserves by Product Type
4. Summary of Net Present Values of Future Net Revenues
5. Reconciliation of Gross Reserves by Product Type

The following table sets forth a reconciliation of the Company’s total gross proved, gross probable and gross proved plus probable reserves as of December 31, 2023 by product type against such reserves as at December 31, 2022 based on forecast prices and cost assumptions.

December 31, 2023 gross proved plus probable reserves were 67,379 Mboe, representing a 7,695 Mboe or 10 percent decrease from the 75,074 Mboe reported in the prior year.

Relative to December 31, 2022, light and medium crude oil reserves decreased by 2,006 Mbbl. The annual decline predominately reflected a combination of annual production, the removal of two proved undeveloped drilling locations at Royston and six proved undeveloped drilling locations at our CO-2 field, partially offset by two new proved undeveloped drilling locations at our CO-1 property and improved recovery from well recompletions at our WD-4 field.

Proved plus probable heavy crude oil reserves decreased by 592 Mbbl from the prior year, reflecting the removal of all future recompletion activity at our Fyzabad property and 2023 production.

Proved plus probable conventional natural gas reserves decreased by 5,604 MMcf relative to December 31, 2022, mainly attributed to annual Cascadura and Coho field production.

Proved plus probable natural gas liquids reserves decreased by 4,102 Mbbl in comparison to December 31, 2022, reflecting a reduction in forecasted Cascadura natural gas liquids yields and 2023 annual production.

Future Development Costs

The following table provides information regarding the development costs deducted in the estimation of the Company’s future net revenue using forecast prices and costs as included in the Reserves Report.

The following table sets forth the changes in undiscounted future development costs (“FDC”) included in the Reserves Report against such costs in our December 31, 2022 reserves report prepared by GLJ dated March 3, 2023.

Forecast Pricing and Costs

Forecast pricing and costs are prices and costs that are generally acceptable, in the opinion of GLJ, as being a reasonable outlook of the future as of the evaluation effective date.

The forecast cost assumptions consider inflation with respect to future operating and capital costs. The following table sets forth the benchmark reference commodity prices and inflation rates reflected in the Reserves Data as of December 31, 2023.

These price assumptions were provided to the Company by GLJ and represented the average price forecast of the three Consultants as of the date of the Reserves Report.

Capital Program Efficiency

• January 2024 Sales Volumes and Realized Prices
• In January 2024, we achieved average net sales volumes of 7,436 boe/d as follows:
• Cascadura contributed net sales volumes of 5,799 boe/d consisting of:
• net natural gas sales volumes of 32.8 MMcf/d or 5,460 boe/d with a realized price of $2.47 per Mcf; and
• net natural gas liquids volumes of 339 bbls/d with an average realized price of $68.15 per barrel;
• Coho field net average natural gas sales volumes were 2.8 MMcf/d or 467 boe/d at a realized price of $2.28 per Mcf (excluding third party processing fees); and
• average net daily crude oil sales volumes were 1,170 bbls/d per day with an average realized price of $68.15 per barrel.
• January 2024 production decreased by approximately 11 percent from December 2023, attributed to natural declines and the Cascadura Deep-1 well being shut in for four days in the month.

Touchstone Exploration Inc.

Touchstone Exploration Inc. is a Calgary, Alberta based company engaged in the business of acquiring interests in petroleum and natural gas rights and the exploration, development, production and sale of petroleum and natural gas.

Touchstone is currently active in onshore properties located in the Republic of Trinidad and Tobago. The Company’s common shares are traded on the Toronto Stock Exchange and the AIM market of the London Stock Exchange under the symbol “TXP”. For further information about Touchstone, please visit our website at www.touchstoneexploration.com or contact:

Touchstone Exploration Inc.

Paul Baay, President and Chief Executive Officer

James Shipka, Chief Operating Officer

Brian Hollingshead, VP Engineering and Business Development

Telephone: 403.750.4487

Advisories

Forward-Looking Statements

The information provided in this news release contains certain forward-looking statements and information (collectively, “forward-looking statements”) within the meaning of applicable securities laws. Such forward-looking statements include, without limitation, forecasts, estimates, expectations and objectives for future operations that are subject to assumptions, risks and uncertainties, many of which are beyond the control of the Company. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expect”, “plan”, “anticipate”, “believe”, “intend”, “maintain”, “continue to”, “pursue”, “design”, “result in”, “sustain” “estimate”, “potential”, “growth”, “near-term”, “long-term”, “forecast”, “contingent” and similar expressions, or are events or conditions that “will”, “would”, “may”, “could” or “should” occur or be achieved. The forward-looking statements contained in this news release speak only as of the date hereof and are expressly qualified by this cautionary statement.

Specifically, this news release includes, but is not limited to, forward-looking statements relating to: the Company’s business plans, strategies, priorities and development plans; the sustainability and low decline nature of our asset base; estimated crude oil, NGL and natural gas reserves and the net present values of future net revenue therefrom; and the forecasted future production, commodity prices, inflation rates and all future costs used by GLJ in their evaluation. The Company’s actual decisions, activities, results, performance, or achievement could differ materially from those expressed in, or implied by, such forward-looking statements and accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur or, if any of them do, what benefits that Touchstone will derive from them.

Information and statements relating to reserves are by their nature forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described exist in the quantities predicted or estimated, and can be profitably produced in the future. The recovery and reserve estimates of Touchstone’s reserves provided herein are estimates only, and there is no guarantee that the estimated reserves will be recovered. Consequently, actual results may differ materially from those anticipated in the forward-looking statements (see “Advisories: Reserves Disclosure”).

Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Certain of these risks are set out in more detail in the Company’s 2022 Annual Information Form dated March 23, 2023 which is available under the Company’s profile on SEDAR+ (www.sedarplus.ca) and on the Company’s website (www.touchstoneexploration.com). The forward-looking statements contained in this news release are made as of the date hereof, and except as may be required by applicable securities laws, the Company assumes no obligation or intent to update publicly or revise any forward-looking statements made herein or otherwise, whether as a result of new information, future events or otherwise.

Reserves Disclosure

The disclosure in this news release summarizes certain information contained in the Reserves Report but represents only a portion of the disclosure required under NI 51-101. Full disclosure with respect to the Company’s reserves as at December 31, 2023 will be contained in the Company’s Annual Information Form for the year ended December 31, 2023 which will be filed on SEDAR+ (www.sedarplus.ca) on or before March 30, 2024. All reserves values, future net revenue and ancillary information contained in this news release are derived from the Reserves Report unless otherwise noted. Unless otherwise noted, reserve references in this news release are Company “gross reserves”. Company gross reserves are the Company’s total working interest reserves before the deduction of any royalties payable by the Company. Estimates of reserves and future net revenue for individual properties may not reflect the same level of confidence as estimates of reserves and future net revenue for all properties, due to the effect of aggregation. All reserves assigned in the Reserves Report are located onshore in the Republic of Trinidad and Tobago and presented on a consolidated basis.

The recovery and reserve estimates of Touchstone’s crude oil, NGL and natural gas reserves provided herein are estimates only, and there is no guarantee that the estimated reserves will be recovered. Actual reserves may eventually prove to be greater than or less than the estimates provided herein. There are numerous uncertainties inherent in estimating quantities of petroleum and natural gas reserves and the future cash flows attributed to such reserves. The reserve and associated cash flow information set forth herein are estimates only. This news release summarizes the crude oil, NGL and natural gas reserves of the Company and the net present values of future net revenue for such reserves using forecast prices and costs as at December 31, 2023 prior to provision for interest and finance costs, general and administration expenses, and the impact of any financial derivatives. It should not be assumed that the estimates of future net revenues presented herein represent the fair market value of the reserves. There is no assurance that the forecast prices and costs assumptions will be attained, and variances could be material.

In the Reserves Report, GLJ forecasted reserve volumes and future cash flows based upon current and historical well performance through to the economic production limit of individual wells. Notwithstanding established precedence and contractual options for the continuation and renewal of the Company’s existing licence, sub-licence and marketing agreements, in many cases the forecasted economic limit of individual wells is beyond the current term of the relevant agreements. There is no certainty as to any renewal of the Company’s existing exploration, production, and marketing arrangements.

“Proved Developed Producing” reserves are those reserves that are expected to be recovered from completion intervals open at the time of the estimate. These reserves may be currently producing, or if shut-in, they must have previously been on production, and the date of resumption of production must be known with reasonable certainty.

“Proved” reserves are those reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated proved reserves.

“Probable” reserves are those additional reserves that are less certain to be recovered than proved reserves. It is equally likely that the actual remaining quantities recovered will be greater or less than the sum of the estimated proved plus probable reserves.

“Possible” reserves are those additional reserves that are less certain to be recovered than probable reserves. There is a 10 percent probability that the quantities actually recovered will equal or exceed the sum of proved plus probable plus possible reserves. It is unlikely that the actual remaining quantities recovered will exceed the sum of the estimated proved plus probable plus possible reserves.

Certain terms used in this news release but not defined are defined in NI 51-101, CSA Staff Notice 51-324 – Revised Glossary to NI 51-101 Standards of Disclosure for Oil and Gas Activities (“CSA 51-324”) and/or the COGE Handbook and, unless the context otherwise requires, shall have the same meanings herein as in NI 51-101, CSA 51-324 and the COGE Handbook, as the case may be.

Oil and Gas Measures

Where applicable, natural gas has been converted to barrels of oil equivalent (boe) based on six thousand cubic feet (Mcf) to one barrel (bbl) of oil. The barrel of oil equivalent rate is based on an energy equivalent conversion method primarily applicable at the burner tip and given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different than the energy equivalency of the 6:1 conversion ratio, utilizing the 6:1 conversion ratio may be misleading as an indication of value. This conversion factor is an industry accepted norm and is not based on either energy content or prices.

Oil and Gas Metrics

This news release contains several oil and gas metrics that are commonly used in the oil and gas industry such as reserves additions (reductions), reserve life index (“RLI”), finding and development costs, and recycle ratio. These metrics have been prepared by Management and do not have standardized meanings or standardized methods of calculation, and therefore such measures may not be comparable to similar measures presented by other companies and should not be used to make comparisons. Such metrics have been included herein to provide readers with additional measures to evaluate the Company’s performance; however, such measures are not reliable indicators of the future performance of the Company, and future performance may not compare to the performance in prior periods, and therefore such metrics should not be unduly relied upon. The Company uses these oil and gas metrics for its own performance measurements and to provide shareholders with measures to compare the Company’s operations over time. Readers are cautioned that the information provided by these metrics, or that can be derived from the metrics presented in this news release, should not be relied upon for investment purposes.

Reserve additions (reductions) are calculated as the change in reserves from the beginning to the end of the applicable period excluding period production. Management uses this measure to determine the relative change of its reserves base over a period of time.

RLI is calculated by dividing the applicable reserves by forecasted 2024 production volumes derived from the Reserve Report.

F&D costs represent the costs of exploration and development incurred (refer to “Advisories: Non-GAAP Financial Measures”). Specifically, F&D costs are calculated as the sum of exploration and development capital expenditures incurred in the period and the change in future development costs required to develop those reserves. The Company’s annual audit of its December 31, 2023 consolidated financial statements is not complete. Accordingly, unaudited exploration and development capital expenditure amounts used in the calculation of F&D costs are Management’s estimates and are subject to change. F&D costs per barrel is determined by dividing current period reserve additions to the corresponding period’s F&D costs. Readers are cautioned that the aggregate of capital expenditures incurred in the most recent financial year and the change during that year in estimated FDC generally will not reflect total F&D costs related to reserves additions for that year. Management uses F&D costs as a measure of its ability to execute its capital program, the success in doing so, and of the Company’s asset quality.

Recycle ratio is a measure used by Management to evaluate the effectiveness of its capital reinvestment program and is calculated by dividing the annual F&D costs per barrel to operating netback per barrel prior to realized gains or losses on commodity derivative contracts in the corresponding period (refer to “Advisories: Non-GAAP Financial Measures”). The Company’s annual audit of its December 31, 2023 consolidated financial statements is not complete. Accordingly, unaudited operating netbacks used in calculations of recycle ratios are Management’s estimates and are subject to change. The recycle ratio compares netbacks from existing reserves to the cost of finding new reserves and may not accurately indicate the investment success unless the replacement of reserves are of equivalent quality as the produced reserves.

Unaudited Financial Information

Certain annual 2023 financial information disclosed herein including capital expenditures and operating netback are based on unaudited estimated results and are subject to the same limitations as discussed in the forward-looking statements advisory disclosed herein. These estimated results are subject to change upon completion of the Company’s audited financial statements for the year ended December 31, 2023, and changes could be material. Touchstone anticipates filing its audited consolidated financial statements and related management’s discussion and analysis for the year ended December 31, 2023 on SEDAR+ (www.sedarplus.ca) on March 21, 2024.

Supplemental Information Regarding Product Types

This news release includes references to fourth quarter and annual 2023 average daily production. The following table provides production by product type composition as defined by NI 51-101.

In this news release, any references to “crude oil” refer to “light crude oil and medium crude oil” and “heavy crude oil” combined product types; references to “NGLs” refer to condensate; and references to “natural gas” refer to the “conventional natural gas” product type, all as defined in NI 51-101. Any references to “crude oil and liquids” herein include crude oil and NGLs.

Non-GAAP Financial Measures

This news release may reference various non-GAAP financial measures, non-GAAP ratios, capital management measures and supplementary financial measures as such terms are defined in National Instrument 52-112 – Non-GAAP and Other Financial Measures Disclosure. Such measures are not recognized measures under GAAP and do not have a standardized meaning prescribed by International Financial Reporting Standards (“IFRS” or “GAAP”) and therefore may not be comparable to similar financial measures disclosed by other issuers. Readers are cautioned that the non-GAAP financial measures referred to herein should not be construed as alternatives to, or more meaningful than, measures prescribed by IFRS, and they are not meant to enhance the Company’s reported financial performance or position. These are complementary measures that are commonly used in the oil and natural gas industry and by the Company to provide shareholders and potential investors with additional information regarding the Company’s performance. Non-GAAP financial measures presented herein include operating netback, capital expenditures, F&D costs and recycle ratio.

The Company uses operating netback as a key performance indicator of field results. The Company considers operating netback to be a key measure as it demonstrates Touchstone’s profitability relative to current commodity prices and assists Management and investors with evaluating operating results on a historical basis. Operating netback is a non-GAAP financial measure calculated by deducting royalties and operating expenses from petroleum and natural gas sales. The most directly comparable financial measure to operating netback disclosed in the Company’s consolidated financial statements is petroleum and natural gas revenue net of royalties. Operating netback per boe is a non-GAAP ratio calculated by dividing the operating netback by total production volumes for the period. Presenting operating netback on a per boe basis allows Management to better analyze performance against prior periods on a comparable basis.

The following table presents the computation of estimated operating netback disclosed herein, using unaudited financial information for the year ended December 31, 2023 in both periods presented.

Capital expenditures is a non-GAAP financial measure that is calculated as the sum of exploration and evaluation asset expenditures and property, plant and equipment expenditures included in the Company’s consolidated statements of cash flows and is most directly comparable to cash flows used in investing activities. Touchstone considers capital expenditures to be a useful measure of its investment in its existing asset base. The following table presents the computation of estimated capital expenditures disclosed herein, using unaudited financial information for the year ended December 31, 2023 in both periods presented.

 

 

TOUCHSTONE ANNOUNCES EXPANDED BANK DEBT AND A DRILLING UPDATE

CALGARY, ALBERTA (March 4, 2024) – Touchstone Exploration Inc. (“Touchstone”, “we”, “our” or the “Company”) (TSX, LSE: TXP) is pleased to provide updates on its bank debt and drilling operations.

Bank Debt

Touchstone’s wholly owned Trinidadian subsidiary, Touchstone Exploration (Trinidad) Ltd., has entered into a binding term sheet with our existing Trinidad-based lender providing for an increase in borrowing capacity of $13 million (the “Amended Bank Loan”).

The parties are currently documenting an amended and restated bank loan agreement and related security registrations, following which the additional credit capacity will become effective.

1. The principal changes included in the Amended Bank Loan are as follows:
2. a new $10 million five-year non-revolving term loan facility, with no principal repayment in the first year and sixteen equal and consecutive quarterly payments thereafter; and
3. an increase in our current revolving loan facility borrowing capacity from $7 million to $10 million, which will mature two years from the execution date and may be renewed at the option of the parties thereafter.
4. Following execution of the Amended Bank Loan, Touchstone’s facilities will consist of its unchanged existing seven-year term loan facility, the new five-year $10 million term loan facility, and the increased $10 million revolving loan facility.
5. The existing seven-year non-revolving term loan facility has a current principal balance of $21 million, with fourteen equal and consecutive quarterly principal payments of $1.5 million outstanding through to the June 15, 2027 maturity date. We have $7 million drawn on our revolving loan facility, resulting in an aggregate $28 million in bank debt principal currently outstanding.
6. We intend to use the additional Amended Bank Loan facility borrowing capacity to finance our 2024 capital program as presented in our December 19, 2023 news release entitled “Touchstone Announces 2024 Capital Budget, Preliminary 2024 Guidance and an Operational Update”.

Drilling Operations

Touchstone has commenced drilling the Cascadura-3 development well and the CO-374 development well. Cascadura-3 was spud on March 1, 2024 from our Cascadura C surface location on the Ortoire block in which we have an 80 percent working interest. The well is targeting gas-charged sands in the Herrera formation northeast of the recently drilled Cascadura-2 well and is expected to be drilled to an anticipated total depth of 7,000 feet using Star Valley Rig #205. CO-374 was spud on February 28, 2024 on our CO-1 block, in which we have a 100 percent working interest. The well is targeting crude oil-charged sands in the Cruse and Forest formations and is expected to be drilled to a total depth of 6,600 feet using PCSL Rig #8.

The Cascadura-2 well has been successfully cased after we encountered wellbore instability issues due to high gas pressures which resulted in the need to sidetrack a portion of the well. Operations are proceeding on the road and pipeline right-of-way which will tie-in the Cascadura development wells to our Cascadura natural gas facility. This project includes the preparation of the Cascadura B surface location, which has been approved for the drilling of up to four additional development wells.

Touchstone Exploration Inc.

Touchstone Exploration Inc. is a Calgary, Alberta based company engaged in the business of acquiring interests in petroleum and natural gas rights and the exploration, development, production and sale of petroleum and natural gas. Touchstone is currently active in onshore properties located in the Republic of Trinidad and Tobago. The Company’s common shares are traded on the Toronto Stock Exchange and the AIM market of the London Stock Exchange under the symbol “TXP”.

For further information about Touchstone, please visit our website at www.touchstoneexploration.com or contact:

Mr. Paul Baay, President and Chief Executive Officer

Mr. Scott Budau, Chief Financial Officer

Mr. James Shipka, Chief Operating Officer

Telephone: 403.750.4487

Advisory Regarding Forward-Looking Statements

The information provided in this news release contains certain forward-looking statements and information (collectively, “forward-looking statements”) within the meaning of applicable securities laws. Such forward-looking statements include, without limitation, forecasts, estimates, expectations and objectives for future operations that are subject to assumptions, risks and uncertainties, many of which are beyond the control of the Company. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expect”, “plan”, “anticipate”, “believe”, “intend”, “maintain”, “continue to”, “pursue”, “design”, “result in”, “sustain” “estimate”, “potential”, “growth”, “near-term”, “long-term”, “forecast”, “contingent” and similar expressions, or are events or conditions that “will”, “would”, “may”, “could” or “should” occur or be achieved. The forward-looking statements contained in this news release speak only as of the date hereof and are expressly qualified by this cautionary statement.

Specifically, this news release includes, but is not limited to, forward-looking statements relating to: the Company’s business plans, strategies, priorities and development plans; the anticipated total depth and targeted formations of current wells being drilled; the intended use of proceeds and expected timing of closing the Amended Bank Loan; and the Company’s expectation that the proceeds from the Amended Bank Loan will fully fund the Company’s 2024 capital program.

Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Certain of these risks are set out in more detail in the Company’s 2022 Annual Information Form dated March 23, 2023 which is available under the Company’s profile on SEDAR+ (www.sedarplus.ca) and on the Company’s website (www.touchstoneexploration.com). The forward-looking statements contained in this news release are made as of the date hereof, and except as may be required by applicable securities laws, the Company assumes no obligation or intent to update publicly or revise any forward-looking statements made herein or otherwise, whether as a result of new information, future events or otherwise.

 

 

Shallow-water bid round deadline delayed

13 blocks offered under production sharing contracts

Fabio Palmigiani South America Correspondent | Rio de Janeiro

29 February 2024

Trinidad & Tobago postponed by nearly two months the deadline for submission of bids in its forthcoming shallow-water competitive bid round.

The Ministry of Energy issued a statement saying the date has been pushed back

from 2 April to 27 May.

Trinidad is auctioning 13 offshore blocks under production sharing contracts located along the western, eastern, southern and northern coasts of the islands.

These are: Block 1(b), Block 2(ab), Block 2(d), Block 4(c), Block Lower Reverse L, Block Modified U(c), Guayaguayare (Offshore) Block, Block 21, Block 22(a), Block 22(b), Block NCMA 2, Block NCMA 3 and Block NCMA 4(a).

Successful offers will be announced four months following the closure of the submission window.

 

 

Weak demand for low carbon hydrogen is an opportunity

2024, 03/23

CEO of the Energy Chamber of T&T, Thackwray “Dax” Driver, addresses the need for T&T to move quickly regarding the low existing demand for low carbon hydrogen.

Minister of Energy, Stuart Young, was at CERAWeek, where the prestigious global annual gathering of energy industry leaders discussed low existing demand for low carbon hydrogen in major markets.
This situation represents a major opportunity for T&T although at first sight this might seem counterintuitive.

While the importance of low carbon hydrogen in the energy transition is universally acknowledged, the industry is facing a “chicken and egg” problem; there is not much existing demand for low carbon hydrogen in the major industries that need hydrogen as a feedstock, so the potential upstream producers of low carbon hydrogen do not see much of an incentive to invest in its production, but without the guaranteed supply of low carbon hydrogen the potential buyers are not investing in upgrading facilities to bring in new low carbon hydrogen in exchange for the existing “grey hydrogen” from natural gas (where the hydrogen is split from the carbon atoms in methane).

Without the investments going in to scale up low carbon hydrogen production the anticipated fall in costs, as happened when wind, solar and other renewables ramped up, is not getting the opportunity to take place.

This means that low carbon hydrogen costs will remain high and unless there is a clear market advantage over commodities produced with traditional “grey carbon” it makes little sense for industries using hydrogen as feedstock to make the shift. So, how does that create an opportunity for T&T?

Three important factors put T&T in a unique position and create an opportunity for us to take advantage of the current uncertainty:

1) Lack of availability of traditional “grey hydrogen.”
In stark contrast to most places trying to develop low carbon hydrogen, petrochemical producers in T&T are facing a significant shortfall in the availability of hydrogen today.

In the United States (the main focus for low carbon hydrogen development) petrochemical facilities can access as much natural gas as they possibly need as feedstock to produce traditional “grey hydrogen.” Natural gas prices are low: prices are down below US$1.70 per mmbtu at the Henry Hub in Louisiana at the time of writing.

While gas sales contract prices in Trinidad are not regularly publicly released, published data from industry reports and statements from ministers suggest that the gas purchase price is higher than this for any petrochemical plant in Point Lisas today.

Perhaps even more significantly, plants are simply not able to access all the natural gas they require to produce “grey hydrogen.” So, unlike in other markets, in T&T there is an unmet demand for hydrogen of any type and plants are therefore very interested in accessing any hydrogen available. It is not a question of substituting traditional hydrogen with low carbon hydrogen, but rather adding new hydrogen.

2) Past inefficiency means there is potential low carbon electricity available.
Unlike most other countries, T&T has had more electricity generation capacity than it needs. This unusual situation came about because of the decision in 2010 to cancel the construction of the aluminium smelter, though the modern combined cycle plant to supply the smelter, the TGU plant in La Brea, was still constructed.

This power plant supplies the majority of Trinidad’s base load lower, with the other less efficient single cycle units being brought online as needed and especially during evening periods when demand for electricity rises. Putting a combined cycle generation unit on existing single cycle units would count as a low carbon source of energy once it is linked to a new hydrogen electrolyser (producing hydrogen from splitting oxygen in water molecules rather than carbon in methane molecules).

The availability of single cycle generation units in Trinidad therefore creates a great opportunity to produce low carbon hydrogen. The large-scale solar project under construction can also provide new green electrons during the day (complementing the new combined cycle source that would typically kick-in during the evening). Ironically, past low levels of energy efficiency can become a benefit to improve the economics of new low carbon hydrogen.

3) Our commodities are almost all exported.
One of the main driving forces behind low carbon hydrogen demand is the new carbon border adjustment mechanisms (CBAMS) put in place in the European Union and likely to be adopted in other major markets in the next few years. These mechanisms tax specific commodities at the point of import, based on their carbon intensity.

The principle behind these import taxes is to discourage companies from “offshoring” production to markets that don’t already tax carbon. One of the commodities set to be taxed under the EU CBAM is ammonia.

Most ammonia produced in the world is not exported, but rather sold on to neighbouring facilities for further processing, especially for fertiliser production. In the USA most ammonia is sold domestically, converted into fertilisers and sold to farmers in the USA. Trinidad is one of the few places where ammonia is mainly exported by sea to international markets. This means that Trinidad ammonia production is more likely to be impacted by CBAMS and hence makes lower carbon hydrogen an attractive option to help reduce potential import taxes.

These three factors mean that Trinidad presents a unique opportunity for low carbon hydrogen development, while the rest of the world is grappling with finding ways to develop the market. In most countries low carbon hydrogen needs significant government subsidies to make the development possible. As the presentations at CERAWeek made clear, governments in some of those markets, especially in the United States, are currently working on subsidy packages, but they are not there yet.

There are things that need to be put in place to ensure that we can take advantage of this opportunity but the data does not suggest we need specific heavy Government subsidies. Essentially the subsidy has been “pre-paid” through our past investments in single cycle gas fired power generation. One thing that is required is the quick adoption of a national regulatory framework for monitoring, reporting and verification (MRV).

This will be vital for companies to be able to take credit for any carbon reduction initiatives, in the context of CBAMS and carbon markets. This issue will be a major topic of discussion at the upcoming Caribbean Sustainable Energy Conference on June 10 to 12 2024.

The unique position that Trinidad holds provides a significant opportunity to move fast and enter the low carbon hydrogen market quickly. Existing ammonia plants in Point Lisas do not need significant capital investment to be able to blend in volumes of hydrogen from new sources (up to somewhere in the region of 10 to 20 per cent of current hydrogen). If we can rapidly jump on the unique opportunity that exists, we could make a small percent of low hydrogen available and take a leading global role. It makes sense for T&T to move quickly

 

 

 

Wood to support Shell assets and projects

March 19, 2024 (WO)

Wood’s joint venture company, Massy Wood, secured a five‑year framework agreement with Shell Trinidad and Tobago for the delivery of engineering projects and asset support in Trinidad and Tobago.This agreement will support Shell’s onshore and offshore assets, providing a suite of services that includes turnaround support for their mature brownfield assets and supporting new greenfield projects.

Steve Nicol, Executive President, Operations at Wood commented, “This agreement is a strategic achievement for our team in Trinidad, solidifying Massy Wood as the front-runner of asset integrity in the region. We are dedicated to supporting our clients today through asset management and upgrades delivering energy security to the region.”

Shawn Combden, Wood’s President of Operations, Americas, said, “This award is built on our long-standing relationship with Shell, where we have a reputation for delivering high quality projects with an excellent safety record. This win provides significant opportunities for our local teams to continue their commitment to deliver the future of energy through process and operational improvements as we move closer to net-zero.”

Massy Wood’s 1,000-strong team based in Trinidad has supported Shell in Trinidad & Tobago since 2018.

 

 

Predator Oil & Gas update

14 Mar 2024

Predator Oil & Gas Holdings, the Jersey based Oil and Gas Company with near-term hydrocarbon operations in Morocco and Trinidad, announced that the Corporate Presentation Update that Paul Griffiths, the Company’s Executive Chairman, will be presenting at the Proactive One2One Forum on 14 March 2024 at 6pm (UK local time), is now available on the Company’s website.

Trinidad

• • Near-term onshore oil development & production
• • Medium-term Enhanced Oil Recovery with CO2 injection
• • Long-term rental of reservoirs for CO2 sequestration. Cory Moruga Asset Fields & infrastructure

Source: Predator Oil & Gas

 

 

Young hails talks with BP, Venezuela

2024, 03/16

A day after his return from Venezuela, Energy Minister Stuart Young praised the achievement in securing substantial revenue from multinational corporations after Government renegotiated energy deals.

Young told Parliament that a team from BP Limited accompanied him to Venezuela on Thursday to discuss the promising development of the Manakin- Cocuina gas field straddling the T&T-Venezuela maritime border, off the southeast coast of Trinidad. It is estimated to contain just over one trillion cubic feet of natural gas.

Denying claims that the PNM regime had no clear energy policies, Young said if Government had followed UNC energy policy, it would have lost out on billions.

“The UNC had been cowards with multinationals. When we engaged the multinationals respectfully, there was an outcry that the multinationals would leave. Instead, they have done the opposite. They are now asking us to negotiate with them.“

He said by restructuring energy deals with multinationals , Government was able to earn billions of dollars for the people of T&T.

“We renegotiated all the contracts and got billions of dollars in revenue which we would not have earned if we continued with the UNC energy policy.”

 Government has been liaising with other leaders on oil production, as T&T’s oil reserves were on the decline.  “Oil production from the period 2010 to 2015 dropped from 98,000 to 78,000 barrels. That is a 20,000 loss. We are facing a natural decline of 15,000 to 20,000 barrels per year.”

Young said while the Opposition levels unfair criticism, the rest of the world was looking on at the latest energy developments.

“It’s quite remarkable that they say we have no plan for oil and gas. I challenge those on the other side to do a simple search and see Reuters, Forbes, all the leading energy newspapers with reports that I was in Venezuela conducting negotiations on behalf of the people of Trinidad and Tobago for a project with BP called Coquina Manakin. That is top of the news in global energy reports of today.”

Two weeks ago, talks were held with Ministers of Energy in Egypt, Algeria and Qatar.
Development talks in Venezuela occurred following easing of U S sanctions against the OPEC founder.. Reuters News Agency reported that the fields were unitised in 2015 but development stalled upon imposition of US sanctions in 2019 against Venezuela.

Young’s delegation included the ministry’s Permanent Secretary and other key ministry personnel and executives from the National Gas Company (NGC). bpTT president David Campbell led a BP team.

Popular Power for Petroleum Minister Rafael Tellechea and his Vice Minister Juan Santana led the Venezuelan government team.

The energy industry shift towards more pragmatic energy policies was vital for energy security and peace as conflict escalates. The desperate return to fossil fuels was inevitable as reality bites home.

Indebted to PRC, Venezuela continues to threaten Guyana, reneging on agreement to respect the rule of law and allow free and fair elections.

Coveted gas fields may not be accessible to Trinidad where the economy is devastated by floods, landslips, larceny, banditry, drug-dealing and other egregious crimes which stymie business as autocrats, posing as statesmen without taking the responsibilities necessary for progress, blame the Opposition for the focus on security.

Finance Minister Colm Imbert proposed an increase in the borrowing limit from $65 billion to $75 billion,, loading debt and imposing property tax while state coffers fill with revenue.

 

 

Consultant offers help with Dragon project

March 6

Energy consultant Derek Smith offered his services freely to the Government with respect to the Dragon gas project in Venezuela. The founder of Derek Smith & Associates Petroleum Consultancy Services, made his offer directly to the Prime Minister on March 5 at a Conversations with the Prime Minister in San Fernando.

Trinidad and Tobago secured a 30-year licence to develop the Dragon field in Venezuela’s territorial waters. The US$1 billion deal was signed in August 2018. Those involved included energy giant Shell, Venezuela’s state oil company PDVSA, and the National Gas Company (NGC). But it was left in limbo after the US imposed sanctions on Venezuela in 2019.

Last January, Rowley announced that the US had lifted the sanctions to allow TT to extract gas from Venezuela. The Dragon deal involves TT developing the field, estimated to produce approximately 150 million standard cubic feet of gas a day. The gas will be imported through a billion-dollar pipeline to the Hibiscus platform, off the northwest coast of TT, jointly owned by the Government, NGC and Shell.

The US waiver came after almost four years of lobbying led by Dr Rowley and supported by other Caricom leaders. The waiver came with stipulations, one being a two-year licence with an optimistic view of an extension and priority given to Caribbean countries, except Cuba.

In October, OFAC offered an extension of the licence it issued to TT to access natural gas from the Dragon gas field and the ability to pay for that gas in different ways. Energy Minister Stuart Young announced the extension of the licence to October 31, 2025 at a news conference on October 17.

The extension also allows Government to pay for gas from the field in “fiat currency, as well as US dollars, as well as (Venezuelan bolivares), as well as via humanitarian measures.”

Smith told Rowley, “I want to push that dragon oil field for you, sir.”

He worked in Venezuela for seven years and also worked on the Loran/Manatee fields, which straddle the TT-Venezuela maritime border. He identified a Venezuelan in the audience whom he believed Rowley should speak with about the Dragon field.

“I like to help and I wish to offer myself and my services free of charge.”

Before Smith took his seat, Rowley asked him,

“Are your proposing that drilling be done under San Fernando to hit the cretaceous (rock)?”

Smith told Rowley that since he left university in 1976, many people claimed there is no more oil to be found in TT. He said this was not true and that oil accumulates in certain places every 30 years..

“I am telling you that there is oil under San Fernando and it is seeping as we speak.”

Rowley suggested to Smith that he speak with Young about the matters he had raised.

 

 

 

Heritage spill in Tarouba

2024, 03/20

Emergency responders from Heritage Petroleum Company Limited to remove oil and debris from the Vistabella River, off the Southern Main Road. to prevent an oil spill entering the Gulf of Paria. Contractors and staff working for Heritage Petroleum cleaned the Tarouba River in Vistabella after an oil leak spread from an overgrown area near The Residences condominium at South Park in Tarouba.

Reading from a Ministry of Energy statement in the Senate, Minister of Finance Colm Imbert said absorbent and containment booms were deployed at strategic locations along all water courses leading to the Vistabella River to contain the oil which vacuum tankers extracted from the booms.

“Barring unforeseen circumstances, it is expected that no more oil will be released to the environment from this location.”

Asked about the impact of the oil spill on residents and the environment, Imbert said,

“I would expect that in the near future, a full report will be prepared with respect to the impact on the environment.

“With respect to the impact on any resident, , the authorities should be able to give a report in the very near future.”

The leak occurred on a 12-inch trunk pipeline in a buried section at St Andrew’s Street near Cocoyea Village, San Fernando.

Crude oil entered the box drain adjacent to South Park and made its way through the storm drain to the river at Agnes Street, Vistabella. Surveillance was conducted all the way to the mouth of the river but no oil was seen entering the Gulf of Paria. Since March 16, emergency and oil spill response personnel have been onsite and will remain until repairs, clean-up, and restoration operations are completed. Air quality levels are safe, based on monitoring which will continue until the work is concluded.

The Environmental Management Authority and other authorities were reportedly notified about the incident.

 

 

 

Heritage spill in Woodland

2024, 03/12

Heritage Petroleum Company completed repair and restoration work on the 12” Trunk pipeline in the New Cut Channel Woodland. Last Thursday residents reported an oil leak which was exacerbated by a bush fire.

Heritage said following repairs that day the Emergency Response Team continued to monitor the impacted pipeline to ensure no further leaks before completing restoration work. A sand barrier was laid along the wayleave to mitigate further risk of wildfires encroaching on the pipeline. The area has seen an increase in Scarlet Ibis recently. Residents said thankfully the leak occurred a distance away from any homes.

 

 

Woodland residents applaud Heritage response

2024, 03/09

Fisherman Daniel Ramgoolam, who lives on the bank of the New Cut Channel in Woodland, showed the oil leaking from a Heritage line. Haniff Ali Bocas who lives near the New Cut Channel, remarked that residents aren’t worried about the leaking Heritage oil line, ignited by a nearby bush fire, as there are no residents where the pipeline is located.

Farmers stopped grazing cattle because of theft and floods. Bushfires are more concerning as there is a vast plain behind homes and residents must take precautions. As fishermen untangled nets on the banks of the New Cut Channel, Heritage Petroleum Company dispatched officials to repair the damage and determine the source of the leak from an oil pipeline in Woodland on fire.

Woodland residents say they are happy with Heritage Petroleum’s response and repairs to a leaking 12-inch pipeline that caught fire on Wednesday, causing some anxiety . The blaze that resulted in the line igniting caused concern among residents along Pluck Road and adjacent streets, although it did not threaten their homes because it was far from properties. Heritage Petroleum confirmed it repaired a minor leak to the 12-inch pipeline in the New Cut Channel area at South Oropouche, Woodland and returned it to service by 10.10 pm on Thursday.

Heritage Emergency Response Team will closely monitor the area after clean-up operations to ensure there are no impacts to residents or injuries to wildlife resulting from the spill. Ramgoolam said the bushfire that ignited the pipe started a week ago in the swamp, but they thought it was a log burning, so no one paid much attention. When he decided to go fishing for Cascadura in a nearby river, they noticed the pipeline on fire.

They threw water on the line and extinguished part of it. However, fire flared up when they threw water on another part of the line and they contacted South Oropouche Riverine Flood Action Committee president Edward Moodie .

It seemed oil leaked for days and a raging bushfire set the line on fire. Many people fish and cook along the riverside but the birds might be most affected. Fishermen using the New Cut Channel to reach the Gulf of Paria experienced smoke while passing but no oil reached the river. The impact would have been worse in the Wet Season, as the swamp would drain into the river. Ramgoolam said he was happy with the company’s response.

 

 

 

Divers’ kin meet PM two years late

In the worst energy scandal to date, the elusive Prime Minister, Attorney General and Energy Minister met the lone survivor and relatives of three of four dead divers at Whitehall on March 27. after they signed a formal request on March 22 for an audience with the PM, to which he agreed, over 2 years after the Paria diving disaster.

Fyzal Kurban, Yusuf Henry, Kazim Ali Jr, and Rishi Nagassar perished after being trapped in a submarine pipeline they were repairing for state-owned Paria Fuel Trading Company Ltd on February 25, 2022.

The Office of the Prime Minister said Rowley, a former volcanologist, told families of Fyzal Kurban, Rishi Nagassar and Yusuf Henry that Paria’s insurers are prepared to cooperate with the divers’ employer, contractor Marine and Land Construction Services (LMCS), on a joint proposal for a settlement “without prejudice. (Insofar as) he is permitted, as Prime Minister, he has requested that the board of Paria do all that it can to address these issues as quickly and as reasonably as possible.”

Relatives of Kazim Ali Jnr did not attend the meeting.

Aware that his combative cabinet failed to offer relief, the interventionist PM, said it was not the government’s wish that the families’ anguish should be prolonged by a dispute over liability and compensation.

Like the families, Paria’s shareholders “who are ultimately the citizens” would want the matter to be resolved quickly, “but not in a manner that would be reckless and affect insurance coverage specifically in place for this purpose. So, even if Paria were inclined to do so, it is simply not possible for a board to wholly ignore the fact that insurance coverage is in place and that another party is involved, namely the contractor, LMCS, and nevertheless proceed to settle the matter.”

The autocratic PM knew attorneys for two of the families and Paria and insurers have been in contact for a year since February 2023. Attorneys of another victim’s family sent further correspondence last month.

“The PM was further advised that no figures have as yet been exchanged between the parties and that Paria/insurers recently requested information from the initial two families which touch and concern details surrounding employment by LMCS and earnings. This information is crucial in arriving at a proposed figure for any without-prejudice discussions with respect to settlement. That information is not yet forthcoming.”

Families dissatisfied

This preventable tragedy was not Paria’s or the regime’s finest hour, harshly refusing point-blank to offer humanitarian aid from citizens who own the company and implement recommendations in the 380-page report of the Commission of Enquiry. LMCS would not be prosecuted under criminal law as it had been effectively prevented from pursuing rescue by Paria, which acted unreasonably, wasted time, lacked a rescue plan and displayed defective methodology in poor operating procedures bearing the hallmark of a serious breach of duty.

Boodram and the victims’ relatives were deeply disappointed by the agonising outcome of the March 27 meeting. Boodram who survived the ordeal , with no help from Paria and was rescued by brave divers , including Michael Kurban who defied Paria, said nothing new had been discussed and lamented a lack of accountability from Paria’s obdurate board. With his customary brutal response, the blundering leader of a callous regime cruelly dismissed the victim’s comments after the March 27 post-Cabinet media briefing.

“You see, the disappointment shouldn’t be based on an expectation. So that begs the question: what did they expect? I try to make it very clear that we’re dealing with an event and there are processes that need to be followed.”

Rowley, elected head of government for all citizens, bluntly told the families he could not intervene while Paria’s lawyers and insurance were taking their course, as a 2025 election looms.

“Paria is a State company but the board doesn’t own it. Asking for intervention by the PM to circumvent the insurance and legitimate liability processes is not gonna happen. I said so from this podium. So, if they came expecting me to use the Office of the Prime Minister to decree that A, B, C, D should happen, that’s not going to happen because that’s not how it’s supposed to happen.

“I was at pains to explain to them the expressions of empathy and sympathy – that I must tell you, it’s quite a difficult meeting to have, with people, who went through an ugly thing, what they’re going through.”

Following the deadly incident , the authorities initially decided to “get some technical people in there, see what happened and take good control of it in that way. There was a big howl against that.”

Demand for a commission of inquiry eventually succeeded , allaying justified fears of corruption, cronyism, compromise, bias and bigotry.

“Once you trigger that process of a commission of inquiry, all interested parties now have the potential for liabilities. Even as I speak with you , those liabilities have not been settled. Paria is a participant but Paria has insurance. Therefore, if what they’re asking me to do is to deviate from that, disregard the processes of Paria’s insurance and Paria’s determined or accepted liabilities, I cannot do that.”

Boodram and the families were deeply disappointed by the prime minister’s trademark contumacy but the talk was beneficial to Rowley, reluctantly agreeing to examine their priorities, perhaps on his next foreign jaunt, a fortnight’s frolic in Ireland.

Amid a homicide wave, he belatedly urged recalcitrant Paria Fuel Trading Co Ltd to move to settle outstanding matters regarding compensation to families of the divers who drowned inside its oil pipeline in February 2022 at the company’s offshore facilities. He asked insensitive Paria to treat the families and survivor Christopher Boodram, with sympathy as they had been through “an unimaginable loss”.

A media release from the Office of the Prime Minister after the meeting stated that Rowley discussed the status of compensation for the families and lone survivor. He said his hands were tied and he could not interfere in the process but had made it clear to Paria that the matter must be concluded quickly and fairly.

The families were invited to a meeting days after Vanessa Kussie, Nagassar’s wife, delivered a letter to the Office of the Prime Minister requesting that the Prime Minister meet them. She said,

“This meeting was two years too late. Why did the Prime Minister wait until we deliver a letter asking that he meet with us then to call us? However, we were thankful that we were able to speak with him and share our hurt and feelings. Paria is not talking to us, so if we can send a message through the Prime Minister then we will accept that. We had one hour with the Prime Minister and we understand he had Parliament but we need more time.”

Grieving families naturally expect compensation after suffering severe hardship but the merciless machine of wanton state cynics is outrageously running down the clock to delay and deny justice, betray tormented families and avoid damages amid pitiful calls for compensation.

 

 

Judas, Pilate and Barabbas

26 JANUARY 2024

Savagely dismissing Opposition questions in Parliament, the profligate prime minister said Government, lavishing a second grant of $10m of public funds on yet another aid-addicted sect, cannot direct the stone hearts of Paria Fuel Trading Company Ltd to make financial payments to families of divers killed and injured at Pointe-a-Pierre on February 25, 2022 while repairing a 30-inch pipeline at Paria’s No 36 Sealine riser on Berth #6.. Their employer, LMCS (Land and Marine Construction Services Ltd), had a contract with Paria.

On Thursday, their relatives, the Oilfield Workers Trade Union (OWTU) and the Opposition UNC protested at Pointe-a-Pierre to demand a meeting with Paria in one week to discuss compensation for the families. Attorney Prakash Ramadhar, representing the Henry and Kurban families, proposed ex-gratia payments of $5 million to each of the families would be fair, at a media conference in San Fernando. This total of $20 million would provide temporary alleviation of burdens for wives and children who lost breadwinners.

Responding to Moonilal and Lee’s calls for the families to be compensated, rigid Rowley remonstrated, “This is not a matter for the Government of TT to jump in. This is a matter where a state company had an accident in a situation where a contract was being executed by a private company. These are the facts. So the Government cannot just jump in and decide to pay compensation willy-nilly all over the place. We have to follow processes.”

Lackadaisical Rowley told MPs that Paria is reviewing the contents of the Paria Commission of Enquiry (CoE) report, which Energy Minister Stuart Young laid in the House on January 19.

“This matter remains mainly a legal matter of liabilities and responsibilities. It would be quite unusual at this stage for the Government to override the responsibilities or role of the board (of Paria) and other entities involved.”

Moonilal doggedly asked whether families would have to await the outcome of a lengthy legal process before they receive compensation.

Rowley obstinately retaliated, “I said no such thing. I said there is significant legal exposure to the taxpayers at all levels with respect to responsibilities and I said that the situation is being properly reviewed by the board of Paria, a state entity and others.”

Moonilal claimed it was possible that members of the families could die without receiving any compensation from Paria.

Intransigent Rowley demurred, “They will not die because some of the people involved in there have already earned about $50-odd million from Paria, and they did not die.”

Repeating his call for compensation for the families, Moonilal argued the people Rowley referred to could be companies or subcontractors that did work for Paria. Rowley perversely rejected Moonilal’s invitation for him to override Paria’s review of the report.

“What I’m being invited to do is take governmental action that is out of step with the processes.”

He peremptorily reiterated that Paria is reviewing the CoE report.

“That is underway, and that is as far as the Government is prepared to go at this time rather than override what is going on. What is he (Moonilal) inviting us to do? Jump into a state company and make compensation from the government? How is that going to be done?”

Lee and Moonilal declared the Paria board was unfit to adjudicate upon the findings of the CoE report. Moonilal asked Rowley, “Don’t you believe it is untenable for the current board that has been found wanting in the report to take legal advice now to help themselves?”

Rowley arrogantly replied, “The status of the board of Paria is a matter for the Cabinet of TT, and I will not be taking any advice from the Member for Oropouche East (Moonilal).”

Moonilal insisted that the incumbent Paria board was compromised and a new board should review the CoE report instead. Rowley provocatively countered, “If the present board does not do it ), which board does he (Moonilal) want to do it?”

Contemptuous Government MPs applauded Rowley retorting, “Regardless of whoever is in office at Paria, Paria will take appropriate legal advice in treating with any and all aspects of this matter.”

During questions about Paria, Speaker Bridgid Annisette-George, wife of Paria chairman Newman George, excused herself from the parliament chamber and Deputy Speaker Esmond Forde presided over the den of nepotism exposed in this sordid scenario.

30 pieces of silver for kiss of death

Moonilal requested the total legal fees Paria spent during the inquiry and fees paid to the company’s lead counsel Gilbert Peterson, SC and his supporting counsel Jason Mootoo, SC, among lawyers laughing all the way to the bank over the dead divers’ bodies.

The prodigal PM said Paria Fuel Trading Company Ltd spent $8,548,000.18 in legal fees on the Commission of Enquiry into the Pointe-a-Pierre tragedy on February 25, 2022. Of this $899,515.17 has been processed for payment.

Unable to give a breakdown of the fees , Rowley casually asked Moonilal to file another question seeking this answer for a response in due course. The CoE report, laid in Parliament on January 19 revealed the CoE cost $15,689,000, subject to determination by the Auditor General. Commissioners – chair Jerome Lynch, KC and Gregory Wilson – and the legal team were paid $10,790,000.

Administrative costs for the commission to June 2023 were $3,565,000, increased by $27,000, by November 2023. Staff salaries to June 2023 were $502,000, rising to $305,000 up to November . The commission also had a $500,000 contingency fee.

$15 million could have been a a lifeline for the distressed relatives if Paria had shown compassion to the bereaved and injured after their harrowing experience. Instead, state shenanigans remain an indelible blot on the safety record of a wealthy petrostate.

 

 

 

Probe into oil spill vessels

Mar 7, 2024

Government had informa­tion and documents relative to the probe into the ownership of the vessel which caused the oil spill off the coast of Tobago on February 7, but did not yet have justiciable (capable of being used in court) evidence.

Prime Minister Dr Keith Rowley said,
“If the legal option has to be taken, the Gov­ernment must be sat­isfied that we have pertinent and credible information as to who the perpetrators are and where liability lies,” he said, responding to questions from Oropouche East MP Dr Roodal Moonilal in the House of Representatives.

The Government of Trinidad and Tobago has been using official channels at its disposal to ensure a certain degree of accuracy in identifying the owners of the Gulfstream barge.

“The Government of Trinidad and Tobago, through the Ministry of Foreign and Caricom Affairs, has sent out a number of diplomatic notes to various countries, including Panama, Guyana and Aruba, seeking information with respect to the said vessel and documentation of evidence of ownership.

“Additionally, the Government, via the Maritime Division, has been using its official net­work to trace and verify ownership. This has included inquiries of the International Ma­ritime Organisation and the other maritime divisions, including Guyana, Aruba and certain West African countries, where the vessel may have been registered.

“The Government is seeking assistance from foreign and regional agencies in tracking ownership of the vessel. The Maritime Di­vision engaged a private satellite company to assist in satellite imagery of where the vessel originated and travelled from on its journey before the vessel tragically ended up on a reef in Tobago.

“To date, whilst there have been documents and information that indicate connections with the vessel, the confirmation of ownership has so far not been had to the satisfaction of the Government…. That exercise continues.”

Moonilal asked, “Is the Prime Minister saying that one day short of one month after this disaster, the Government knows absolutely nothing as to the owners of the tug or the barge?”

Exposing his precarity, bristling with hostility , Rowley asserted, ” Since the member has problems with words, I will try to assist him again. I did say that we had some documents and information. That is all the Government can work with—documents and information. I don’t know what he’s working with, but this Government will work with documents and pertinent information.”

“What the documents say? Who is the owner of the Gulfstream?” Moonilal asked.

The Prime Minister said he did not have documents in front of him, but there were do­c­uments pertaining to the issue of who owns the vessel, at what time, where the vessel might have been and what they might have been doing.

“I simply want to say that contrary to the misinformation, this (oil spill), whatever happened could have happened in open international waters when a barge disconnected from its hauler and drifted off. If the others know differently, they can act upon it. The Government cannot act upon hearsay and how you feel. We have to act on evidence that is justiciable in a court of law.”

Asked by Moonilal whether he would release the documents with information as to the owners of the tugboat and the barge involved “in this act of environmental terrorism”, the Prime Minister said he did not say he had documents about the ownership of both vessels.

“In pursuit of the ownership of that vessel, I said we do have some documents, we have some information and we are seeking confirma­tion as to the ownership, and I will go no further and he (Moonilal) is not to put any words in my mouth.”

Couva South MP Rudy Indarsingh, asked whether he was prepared to remove the board of the Paria Fuel Trading Company, in view of recommendation 41 of the commission of enquiry that the Paria board be charged with corporate man­slaughter.

Capricious Rowley again ducked the awkward question.

“Notwithstanding the best effort at cherry-­picking, as Prime Minister of Trinidad and Tobago, facing this legal conundrum and liabilities wherever they may lie, I will take very good care to ensure that I do not involve the Office of the Prime Minister in any legal exposure for the taxpayer.”

Asked by Indarsingh whether he was prepared to reach out to the families, the erratic Prime Minister said he gave no commitment to reach out to the families of the four divers who died in the Paria tragedy to hold a meeting with them. With legendary audacity he confessed his neutrality,

“I made no commitment to reach out to any family to hold any meeting. I did indicate when I was told that members of the family or a member of the family wanted to meet with me and whether I would meet, I indicated that if such a request came, I would meet with them. But I received no such request,” he said.

Indarsingh’s question on whether, given the current financial status of the families of the divers, the Cabinet had given approval or consi­deration to implemen­ting recommendation 39 of the commission of enquiry to assist the families of the divers without admitting any liability, was ruled out of order by Speaker Brid­gid Anni­sette-­George, wife of the compromised Paria chairman.

Asked whether in relation to the five fishermen who recently went missing, he was satisfied that the Trinidad and Tobago Coast Guard was fulfilling its mandate of providing border security and search and rescue services through the conduct of maritime security patrols, the Prime Minister said he was satisfied.

“The Trinidad and Tobago Coast Guard has been engaged in a search and rescue mission for these missing persons from the first call it received from the police on Sunday, 25th February, 2024, at 6.35 p.m.

That mission contin­ues, however, it is believed that these citizens may have gone into Ve­nezuelan territory, which is outside the jurisdiction of the Trinidad Tobago Coast Guard. Yet the Trinidad and Tobago Coast Guard is in contact with the Venezuelan authorities as they seek to find them.

A body was found on a beach in Venezuela, believed by family members to be that of their loved one. But this is still being verified. The Coast Guard is still in contact.”

A question asking for an update on the Coast Guard vessels that are not operational at this time was ruled out of order.

A question on why, given his satisfaction with the Coast Guard, an oil barge and a tug could have entered T&T’s territorial waters and not be noted and there be no information on when it entered and left local waters was deemed to be out of order.

 

 

 

CAF oil spill donation

2024, 03/09

THA Chief Secretary Farley Augustine addressed media with TEMA GIS Specialist Dayreon Mitchell .

Days after the CAF Development Bank of Latin America and the Caribbean donated US$250,000 to the Tobago oil spill clean-up drive, Augustine said he was made aware of the donation via an online release.

To a question on the intended use of the funds , he claimed that no one from the Central Government had discussed with him how they plan to use the money.

“I cannot say for certain how the Ministry of Finance will use the $250,000. I know that conversation has not been had with me, at least certainly not as yet,” Augustine told media at the Shaw Park Cultural Complex in Scarborough, where he gave an update on the oil spill clean-up process.

On March 5, CAF said the donation specifically aims to mitigate damage to beaches, reefs, and the local tourism industry caused by the spill. In a letter addressed to the Prime Minister , CAF executive president Sergio Díaz-Granados said he supports the country at this time.

“CAF stands in solidarity with Trinidad and Tobago and offers all its technical and financial tools to support the government in facing the effects of the oil spill on the country’s coasts and achieving a prompt solution to the problem.”

Acting Prime Minister and Minister of Finance Colm Imbert thanked CAF for its unwavering support.

Augustine said Tobago continues to operate at a tier three level as work to contain the spill and salvage the overturned Gulfstream barge continues, because the island continues to work with international partners to control the disaster. International companies include T&T Salvage LLC, Kaizen, Oil Spill Response Ltd (OSRL) and Brazilian-based Petrobras are in Tobago . Agencies including the Ministry of Energy and the Heritage Department are assisting.

He said the weather pattern is now a concern for the clean-up and containment teams.
“It will mean that the material that is now stuck on the riverbed will more than likely wash outward and pollute, once again, the beaches that we had cleaned. But we continue to monitor that.”

Lambeau continues to be a challenge as .the team is working on a strategy to extract the bunker fuel trapped inside the cove areas along that shore.

Earlier this week, volumes of oil, on rocks and coves in Scarborough, washed into the sea and recollected on the shoreline. However, Tobago Emergency Management Agency plans to use sea water and a citrus formula to remove and contain fuel stuck on rocks before it washes back into the sea. Simultaneously, the THA is reviewing options to manage the waste.

“There are three areas we are looking at: incineration as one, bioremediation, thirdly, we are using a product instead or burning or throwing it away. We have NGC doing some sampling of the product that we have stored at Studley Park. That testing is to ensure we have the best approach to treat the waste. We don’t want to incinerate and release toxins into the air.”

Environmental Management Agency continues daily testing of air quality in Scarborough and other areas affected by the spill.

 

 

Ex VP files wind-up petition over NiQuan debt

2024, 03/22

Investors try to stave off closure as deindustrialisation continues apace and managers of state assets join the rush to the bottom.

NiQuan Energy Trinidad Limited’s gas to liquids (GTL) plant in Pointe-a-Pierre is defunct, another blow for energy. Five months after ex- vice president of NiQuan Energy David Small was awarded $20,647,017 by the courts for breach of contract by NiQuan, for monies owed during his employment, the former Independent Senator filed a petition to have the company wound up through his attorney Anand Ramlogan, In his petition dated February 1 Small said he has not received money owed to him through the judgment. He wrote to all the financial institutions that NiQuan does business with—Republic Bank Limited, Scotiabank Trinidad and Tobago Limited, First Citizens Bank Limited, RBC Royal Bank (Trinidad & Tobago) Limited, PECU Credit Union Cooperative Society, JMMB Group Trinidad and Tobago, Firstline Securities Limited and the Central Finance Facility Cooperative Society—with notice of the judgment and his intention to petition to wind up the company.

“Unfortunately, there has been no response to these letters,” the petition said.

However, since the matter was listed to be heard, lawyers from several financial institutions and individual investors have sought to intervene or become a party to the matter. Lawyers representing Republic Bank wrote to the court seeking an adjournment on the matter. Republic Bank is the collateral agent under a Short-Term Note Instrument (“STNI”) issued by NiQuan to about 20 noteholders from various countries. The STNI is  valued at US$175 million (about TT$1.1 billion). NiQuan’s debt is closer to US$400 million, with significant exposure by Massy Energy.

On November 7, 2023, NiQuan’s facility agent, Republic Bank and other noteholders passed a resolution to appoint a steering committee among noteholders to establish a plan for the now defunct plant moving forward.

RBL’s exposure to NiQuan is about US$22 million. The steering committee engaged PricewaterhouseCoopers to develop a plan to rehabilitate the company with a view to making operations to settle its obligations to its creditor groups. That timeline is between eight to 12 months.

Republic Bank argued that an order to wind up the company could jeopardise the initiative to the detriment of secured and unsecured creditors. In making its case to the court, Republic Bank argued that should the company become operational, Small will be paid.

Patrick Ellis, group CFO of JMMB Group Ltd, revealed the full extent of the company’s exposure to NiQuan, when he delivered the company’s unaudited financial results for the nine months ended December 31, 2023, at an investor briefing.

“In terms of our exposure to NiQuan, our principal debt that we have is approximately $65 million, just principal. The total exposure is about $175 to $200 million. The last valuation that we had internally was about $400 million, . So if you look at a debt-to-value exposure, it is less than 50 per cent in terms of the overall debt. And I know the strategy that is being pursued is one of operation, which it has been proven, the plant has produced. So, we are very confident in terms of the outcome and looking forward to its conclusion.”

The plant was used as collateral as the company sought to raise money over the years to make it operational.

Small’s challenges
Small’s judgment came amid financial problems plaguing the company. Debt ballooned and it has gone offline because it has no permission to operate by the Ministry of Energy and Energy Industries (MEEI) and no natural gas contract for the plant to continue with the project.

Small was NiQuan vice president of Global Energy Services since 2015 and left in November 2021.

According to court documents, Small negotiated a mutual separation agreement with founder Ainsley Gill for the sums and bonus owed during his tenure in October 2021. However, no payments were made despite the specific dates agreed to and Small subsequently took legal action.

In his ruling, Justice Westmin James said Gill’s conduct “must be punished and a proportionate award of aggravated damages must be made so as to reflect the blameworthiness of the defendant’s conduct and to signal that it will not be tolerated or condoned by the court”.

He noted that in the agreement reached between Small and Gill, Small gave up his right to bring a claim against Gill for summary dismissal in lieu of a negotiated settlement.

Having forgone his rights, James described Gill’s actions as “reprehensible, as the conduct was calculated to take advantage of every chance to delay paying the claimant or not to pay him anything at all”.

Last month, NiQuan discontinued its legal proceedings against the State. NiQuan had appealed Justice Kevin Ramcharan’s August 21 decision which denied the company an injunction to compel the State to supply natural gas to the plant. The notice of discontinuance comes at variance with correspondence, shared to the company’s financiers, that it would seek all remedies from the State.

In an update to employees, NiQuan founder and chief visionary officer Ainsley Gill said the company has been engaged in mediation with Trinidad and Tobago Upstream Downstream Energy Operations Company Limited (TTUDEOCL), with Lord Neuberger of Abottsbury (the former president of the Supreme Court in England) as the mediator. Gill said the mediator delivered an early non-binding “Early Neutral Evaluation” on January 20, 2024, which said the gas supply contract had not been terminated and that the TTUDEOCL had an obligation to supply gas in accordance with that contract.

He noted that in the absence of a gas supply contract and in order to protect NiQuan’s interests, the company will “be pursuing all its legal remedies for substantial damages from TTUDEOCL and the Government of the Republic of Trinidad and Tobago”.

“This course of action is supported by our lead financial arranger and noteholders and in the interim, we have their support to continue the status quo including preservation of the plant in silent mode,” he said.

Gill said the employees would be furloughed for a further three months until April 30, 2024.

The June 15, 2023 accident at the plant, which eventually led to the death of 35-year-old pipe fitter Allanlane Ramkissoon, and the subsequent closure of the plant for investigations by the Occupational Safety and Health Agency and the MEEI affected the company’s ability to re-finance its debt, which was set for July 31.

 

 

 

Geologists probe Cascadoux mud volcano vents

Cascadoux Mud Volcano at Cascadoux Trace, Mayaro, began erupting on January 11, at approximately 5 pm. Residents reported hot mud was shooting upwards up to 15 feet until later that night. Spurts of mud along with gas continued to be released by two new vents.

Prominent local geologists, Curtis Archie and Xavier Moonan, made independent visits and investigations into the Cascadoux eruption. Archie has visited and documented the site for several years.

Archie’s results

North of Mayaro, in watermelon fields, a hill rises approximately 90 feet above the southern edge of the Nariva Swamp. Residents in the area were surprised that the Cascadoux mud volcano was active.

There is no recorded history of past eruptions. Activity was confined to a small area where liquid mud being emitted had built a cone about six feet high by 2008. Since then, the release of mud had diminished and over time, the cone washed away to where we now see a few bumps and one small vent.

In 1954 field mapping by geologists of Dominion Oil produced a map with four active vents, trended northwest to southeast. In 1974 George Higgins and John Saunders published a brief description of this mud volcano. At that time, the area covered by old mudflows was 50 hectares, and only one mud vent was active.

The large area covered by old mudflows and the height of the hill strongly suggest past eruptions were much larger and more frequent. This low state of activity continued until January 11, when four new areas of mud expulsion appeared. The lack of activity had lulled villagers into a false sense of security and some built houses within 70 feet of the pre-2024 vent.

The largest expulsion of mud is near an old vent identified on the 1959 Kugler surface geology map. Mud volcanism in TT extends from Pedernales in Venezuela into the Atlantic off the east coast and only occurs south of the Central Range.

Features associated with mud volcanism range from small vents to large cones and mud lakes. Activity ranges from a few gas bubbles, water and liquid mud oozing from vents and large pools to explosive eruptions lasting less than five minutes.

Onshore Trinidad is world-famous for its easily accessible mud volcanoes:

Higgins and Saunders identified and documented 26. 3D seismic surveys by Brami et al (2000), revealed large mud volcanoes and mud diapirs dominated deepwater off the east coast of Trinidad

Why does Trinidad have so many mud volcanoes?

Firstly, southern Trinidad is dominated by thick, rapidly deposited and buried clays. Rapid burial resulted in water becoming trapped in the pore spaces of sediments. Unable to escape, as these sediments are buried deeper and deeper, the pressure of the trapped water builds as overpressure.

Secondly, Trinidad lies along the Caribbean and South American plate boundary where movement generates compression of the rocks that creates large folds and faults. Mud volcanoes will develop along fracture zones associated with thrust faults, as these provide lines of weakness for the overpressured mud to rise.

Oil and gas migration may be one of the greatest contributors to mud volcano eruptions. It does so by lowering the density of fluids and clays. Further, when gas is trapped in shallow sands under the mud volcano, pressure will build until it fractures the overlying sediments and escapes as an eruption.

Moonan’s results

Geologists Xavier Moonan and Luther Loubon of Touchstone Exploration arrived onsite at Cascadoux Road at 9 am on January 13. Mud samples were acquired from the main vent and new vent for paleontological (fossil) analysis by ResiLog. Accompanied by members of the regional corporation and led by affected resident Rakesh Seecharan, the group scouted the area between the new and main vent. Sandstone boulders were found throughout the mud in the farmland.

A small, actively oozing mud vent was also observed in the farmland area. Bubbling was noted in three distinct spots in a pond following a consistent time interval and orientation. Cracks/fractures observed trending northwest-southeast, down to the northeast, in the foundation of two homes, were attributed to movement during the 6.9 magnitude earthquake in 2019. They hint at the style and orientation of faulting in the area. A constantly wet/damp zone in the road at the crest of the hill also showed signs of bubbling.

Regional corporation staff noted two small holes bubbling southwest of the new vent. Preliminary paleontological analysis by ResiLog shows both samples are dominated by the Lengua Formation, with the new vent having some older fauna from the Cipero Formation. Sandstone boulders retrieved throughout the farmland between the main and new vents show affinities with the Herrera sandstones of the Cipero Formation.

This suggests that the source of the pressurized water for the mud volcano is most likely from the Herrera sandstones, which occur at least 2,000 feet below the surface. The Southern Basin Consortium 2D Seismic Line TD90-321 SW-NE trending line occurs 1,791 feet from the mud volcano. Interpretation along the line shows southwest dipping reverse faults lifting upwards the western part of Cascadoux.

This ties well with the northwest-southeast trending, down to the northeast fractures observed.

At least five mud vents were observed over the area between the main and new vent.

Location of vents, fractures observed, mud analysis and seismic data support a general northwest-southeast trending fault, which possibly starts as a west-northwest-east-southeast fault then makes a bend near the Pond area, after which it trends north-northwest-south-southeast.

Sandstone boulders are likely Herrera sands of the Cipero Formation and serve as the source of the mud volcano water from depths of at least 2,000 feet.

Recommendations:

All vents currently show very little activity.
Establish evacuation and response plans for the village.
Establish a village WhatsApp or messaging group to report any changes seen at any of the current vents or the establishment of new vents.

UWI Petroleum Geoscience and Seismic Research Centre does at least two resistivity lines trending southwest-northeast across the area to establish a baseline aperture and trend of the fault. One can be run between the new vent and Pond, and the other between Garden vent and the main vent.

Submitted by the Geological Society of TT (GSTT).

 

 

Stay away from Piparo volcano- Moonan

2024, 03/21

Geoscientist and Exploration Manager Xavier Moonan, who has conducted extensive research on the Piparo mud volcano, is cautioning citizens against venturing near the site due to increased pressure building at the vents and fissures. Moonan, who visited the volcano on Thursday, stated that excessive gas was being emitted from the volcano in forceful blasts, indicating the necessity for authorities to cordon off the volcano.

“We are witnessing a release of pressure that has built up since activity in 2019. Some of the fractures seen now were not present last night. Some are expanding next to the volcano and the area is locally subsiding. This suggests pressure is being released, and released quickly.”

Observing puffs of gas and splashes of mud emanating from the volcano’s main vent as high as 20 feet into the air, Moonan emphasised, “It’s noticeable the amount of gas being emitted, and this exceeds normal levels. My recommendation is to please stay away from the volcano. You can observe and hear it from a distance.”

Highlighting the safety risks, Moonan added, “The area needs to be cordoned off until the activity subsides. This is natural gas, with some H2S (Hydrogen sulphide) within it. Natural gas is flammable, so we don’t want people around here triggering any explosions.”

Head of the Office of Disaster Preparedness Rodney Smart endorsed Moonan’s recommendation for the population to stay away.

“We are collaborating with the Ministry of Local Government and Rural Development, and their personnel are on-site conducting assessments.”

He assured that residents are prepared for any potential evacuation.

“We conducted an evacuation exercise in the community, ensuring they are equipped and trained. We developed an evacuation plan and executed it,” Smart affirmed, urging the public not to panic and assuring them of ongoing communication with the media to keep the community informed.

On February 23rd, 1997, the eruption of the Piparo mud volcano was declared a disaster as a significant portion of Piparo was covered with volcanic mud and mud flurries. 108 people were left homeless. In 2019, the volcano again started showing signs of activity following which an Emergency Response Contingency Plan was hammered out with residents.

 

 

 

eTecK continues diversification

2024, 03/22

The flagship building, Tamana InTech park in Wallerfield, houses the head office of the Evolving Tecknologies and Enterprise Development Company ( eTecK). Tenants include iQor, a Florida-based business process outsourcing company. Tamana InTech park offers prime real estate for businesses operating within ICT and light and high value manufacturing industries.

The Moruga agro-processing light industrial park is the first agro-processing industrial park in the region.

As T&T continues its thrust towards diversification and away from reliance on oil and gas, the Evolving Tecknologies and Enterprise Development Company (eTecK) continues to play a key role in these efforts, investing millions in infrastructural development.

This special purpose State agency under the purview of the Ministry of Trade and Industry, plans to expand its industrial parks portfolio by acquiring more land banks and developing new parks namely: the Factory Road, Dow Village, and Frederick Settlement Extension.

These new industrial parks in train will be targeting investors in light manufacturing and assembly, logistics and distribution and ICT Industries.
Regarding the cost of infrastructure, eTeck said for the 69-acre Factory Road Industrial Park as it relates to phase one, these works have been completed.

That is the completion of the natural gas infrastructure to the park at the capital cost of TT$10 million. Phases two and three have ongoing design modifications to meet the regulatory guidelines and approvals of the drainage division and traffic management branch of the Ministry of Works and Transport, as a result, the estimated cost of these works is still to be finalised. An estimated cost of the final project cannot be provided at this time. eTecK will be in a better position to provide an overall budget when the designs are modified and approved.

The park is earmarked to be completed by the second quarter of the next fiscal year.
Regarding the cost of infrastructure for the Dow Village Industrial Estate comprising 147 acres, eTecK said it is currently in the tendering stages for the procurement of the engineering design consultant to commission the detailed engineering designs and obtain preconstruction approvals, therefore, the company cannot provide publicly an estimated cost for consultancy. A project/construction budget cannot be provided until at least preliminary designs are advanced..

“ETecK will be in a better position to provide the overall project cost as soon as it is practical to the public. It should be noted that the company has to follow the new procurement guidelines to ensure a high level of transparency,” the company said.

It identified that the park is earmarked to be completed within the next two years.
Frederick Settlement Extension will entail 159.643 hectares. eTecK said while land has been identified plans are still being finalised.

The target sectors for eTecK parks are agro-processing; high-value and light manufacturing, logistics and distribution, business process outsourcing/ICT.

A new target sector for the parks in the future may include renewable energy.

On eTecK’s continued diversification impetus, its president Steve De Las said, “eTecK’s light industrial parks are hubs of economic activity that not only support the development of businesses in the non-oil and gas sector but bring in foreign direct investment , act as a catalyst for innovative industries, generate employment and entrepreneurial opportunities and support the economic and social development of its fenceline communities.”

As it continues to expand, challenges include competing interests for suitable undeveloped State lands and the statutory approval processes. ETecK owns and manages 16 legacy parks from its predecessors and would have added six new parks since its inception, bringing the total number of parks to 22.

As to the performance of its legacy parks, the company said these continue to do well as all are near full occupancy. There are five foreign companies at eTecK’s parks-

Dongguan Summit (TT) Luggage Company Ltd at Phoenix Park Industrial Estate; iQor at Tamana InTech Park; Shaare Business Media at Tamana InTech Park; Price Smart International at Phoenix Park Industrial Estate and Bayern Trading Company Ltd at Phoenix Park Industrial Estate.

Two local companies provide foreign funding –First Caribbean Marketing Company Ltd at Phoenix Park Industrial Estate and MSK Seafood Limited at Phoenix Park Industrial Estate.

InvesTT is responsible for investor sourcing for e TecK’s new parks , Moruga Agro-Processing and Light Industrial Park, Phoenix Park Industrial Estate and Tamana InTech Park.

AS Brydens can be identified as the tenant with the largest investment at eTecK’s Factory Road Industrial Park which is being developed. The nature of this investment is the manufacturing of food .

In January AS Brydens turned the sod for the group’s regional distribution centre. Deputy chairman, Michael Conyers said,
“An investment exceeding US$29 million underscores our commitment to the development of our nation, with substantial benefits flowing to local contractors and the creation of just over 500 jobs.”

While generating much-needed revenue is key, eTeck is also focused on sustainability having renewable energy, like solar, fitted in the structural plans. ETecK implemented LED and solar lighting for street lights at the recently launched Phoenix Park Industrial Estate.

The company also encourages tenants to consider renewable energy when developing their facilities.

 

 

 

 

Trade Mission to Ghana

2024, 03/21

Trade and Industry Minister, Senator Paula Gopee-Scoon, led a Trade Mission to Ghana on March 12-17.

The Ministry of Trade and Industry reported that the Trade Mission opened doors of opportunity for greater trade and investment between both countries, including the completion of a Bilateral Investment Treaty (BIT) and a Bilateral Air Services Agreement (BIA).

A 50-member delegation engaged in bilateral meetings with key stakeholders aimed at strengthening the bilateral relationship between both countries, as well as creating potential business opportunities for T&T manufacturers.

Minister Gopee-Scoon met The Asantehene, King of Ashanti Kingdom at the Manhyia Palace in Kumasi. He was a special guest of Trinidad and Tobago during Emancipation celebrations in July 2023., extending the hand of friendship and encouraging bilateral economic cooperation.

“Let us hold hands. Let us think together. Let us pull our resources together for the benefit of the improvement of our peoples.”

Minister Gopee-Scoon said ,“We have acted on his words. It is the reason we have 50 members of the business community and the Government Agencies participating in this Trade Mission, which follows up on his wishes.”

President of the T&T Manufacturers’ Association, Roger Roach, described the Mission as very favourable for the delegation.
“From all indications, the engagement was very fruitful with great potential for the business community in Trinidad and Tobago. “There were discussions on the export of TT finished goods and services to Ghana, the possibility of sourcing inputs from Ghana, contract manufacturing, and foreign direct investment potential—inward and outward.”

At a “Doing Business in Ghana Seminar”—which provided practical tips and general information about the requirements for companies doing business with Ghanaian enterprises—Minister Gopee-Scoon identified Ghana as being one of Trinidad and Tobago’s top 10 trading partners in the African continent.

She emphasized the importance to Ghana as a gateway to West Africa for Trinidad and Tobago, highlighting potential areas for investment, including manufacturing, maritime logistics, business process outsourcing, hotel and resort development and agro-processing.

Managing Director of Republic Bank (Ghana) PLC, Benjamin Dzoboku, urged seminar participants to take advantage of the opportunities presented in Trinidad and Tobago’s trade mission to Ghana.

His Excellency Wendell De Landro, High Commissioner of Trinidad and Tobago to Nigeria, pointed to the importance of efficient air connectivity between Trinidad and Tobago and the African continent through the facilitation of direct flights. He noted the Bilateral Air Services Agreement being developed between Trinidad and Tobago and Ghana since 2020, and highlighted how it can be used to increase business opportunities, namely through increased participation in trade expositions on the continent.

Exploring trade opportunities and bilateral agreements

A Bilateral Investment Treaty (BIT) between Trinidad and Tobago and Ghana could be concluded as early as May 2024, following a meeting between T&T’s Trade Minister and the CEO of the Ghana Investment and Promotion Centre (GIPC), Reginald Yofi Grant.

GIPC is the primary agency responsible for attracting and promoting investment in Ghana.
Trade opportunities and possible areas of trade complementarity between Ghana and T&T were key areas of discussion during a meeting that Minister Gopee-Scoon had with Ghana’s Trade Minister Kohina Tahir Hammond MP.

Following the meeting, a Memorandum of Understanding between the Trinidad and Tobago Manufacturers’ Association and the Association of Ghana Industries was signed.
Minister Gopee-Scoon had bilateral meetings with other senior ministers in Ghana’s Government, including Bryan Acheampong, Minister of Food and Agriculture; and Shirley Ayork Botchwey, Minister of Foreign Affairs and Regional Integration.

Possible collaboration between Ghana’s FZA and T&T’s SEZ

T&T’s Trade Ministry is reporting the potential for collaboration between Ghana Free Zones Authority (GFZA) and Trinidad and Tobago’s Special Economic Zone (SEZ).

The GFZA is focused on creating attractive and competitive freezone incentives in Ghana to promote economic development. Minister Gopee-Scoon met with GFZA officials and discussed the operations of Ghana’s Free Zone regime, and opportunities for working closely with T&T’s SEZ regime.

 

 

 

USAID

2024, 03/21

A social intervention programme designed to help males 15-29 years avoid crime and criminality,will get underway soon. The Youth Resilience, Inclusion and Empowerment (Y-RIE) Programme, an initiative of the U.S. Agency for International Development of the Eastern and Southern Caribbean (USAID/ESC), has been established in Caribbean countries. On March 20, 2024, Minister of Foreign and CARICOM Affairs, Senator Dr Amery Browne, met a delegation led by Her Excellency Candace A. Bond, US Ambassador that included officials from USAID/ESC and Y-RIE, to discuss the launch of the Y-RIE programme.

“Once fully operational, this programme would address the high rates of interpersonal crime and violence among the youth, with a strong emphasis on targeting young males between the ages of 15 to 29 years, who may be vulnerable to criminal activity and deviant behaviour,” stated a release from the Ministry.

The Y-RIE delegation highlighted existing programmes in operation in Grenada, Saint Lucia and Guyana.

“These are aimed at improving the provision of social services, targeted education, market-relevant skills—and of critical note, psychosocial support for the youth who have experienced trauma and are in need of mental health care and healing. The programme also aims to strengthen family and community systems to improve support to youth and create safer communities.”

Browne reaffirmed his Ministry’s commitment to facilitating engagements between the Government and the USAID, to ensure the successful implementation of the Y-RIE programme in T&T.

Present at the meeting with Minister Browne and Ambassador Bond were Ryan Assiu, Climate Finance Specialist at USAID/ESC; Courtney Brown, Deputy Chief of Party, Y-RIE; Anika Smith, Operations Director, Y-RIE; and Mr. Marlon Bascombe, T&T Country Director, Y-RIE.