Cocuina-Manakin gas deal signed in Venezuela 26 July

 

Prime Minister Dr Keith Rowley told the post-Cabinet news conference that Minister of Energy Stuart Young had just returned from Venezuela with the good news that “Cocuina has now been signed and sealed.”

The Government secured a 20-year lease from Venezuela to develop the Venezuelan side and produce gas from Coquina-Manakin field.

Trinidad and Tobago now has two substantial fields (including the Loran Manatee field) of proven gas available to ensure that Point Lisas remains at an operational level to keep T&T in the hydrocarbon business.

Having set the template, “we may be able to access other sources in eastern Venezuela, which is still to be properly explored”. The relationship between T&T and Venezuela is one of great value to this country. We declared the Caribbean a zone of peace and trust that would be so for time immemorial.”

T&T has a 23% stake in Loran Manatee, the main field of three on the border of T&T and Venezuela. T&T was able to get an agreement with Venezuela to export the gas from its portion of the field, with opportunities and jobs for locals.

“Because we have been able to get that agreement in Venezuela, one of our main constructing companies in Trinidad has a future —TOFCO (Trinidad Offshore Fabricators Unlimited), that builds platforms.”

The country would be in “real trouble” if it does not have gas to operate the Point Lisas industries and LNG plants. In Trinidad geology gas and oil occur in separate reservoirs, unlike in the Middle East with massive reservoirs of thousands of units. T&T’s proven reserves are considerably reduced; to stay in business, the Government must ensure the gas supply does not run out and plants can operate.

Young posted: “July 24, 2024 was a historical and monumental day as we executed a number of agreements and obtained a licence from the government of.. Venezuela for the exploration and production of natural gas from the Cocuina part of the Manakin-Cocuina field. This achievement is unprecedented and has never been done in Trinidad and Tobago and Venezuela before for a cross-border hydrocarbon field. NGC and bp will jointly operate this field. It is another significant achievement for the people of Trinidad and Tobago and Venezuela. Thank you for the privilege of representing our great country.”

The Energy Chamber of Trinidad and Tobago “warmly welcomed” the very positive news of the signing of the licence to develop the Cocuina gas field.“The Manakin field on the Trinidad and Tobago side of the maritime boundary is already licensed to bp. The Energy Chamber congratulates the teams from bp, NGC and the Government of Trinidad and Tobago in completing the negotiations for these licences. Once developed, this cross-border field can provide significant volumes of natural gas to the LNG and petrochemical sectors in Trinidad and Tobago and help extend the life of our gas industry and create business opportunities and jobs for our citizens.”

Manakin Conventional Gas Field, a gas development located in shallow water in Trinidad and Tobago was discovered in 2000 in Block 5 (b), with water depth of around 730 feet.The field is owned by BP and Repsol and operated by BP Trinidad and Tobago. The project, currently in the feasibility stage, is expected to start commercial production in 2026 and is forecast to peak in 2029. Based on economic assumptions, production will continue until the field reaches its economic limit in 2050.

The Cocuina-Manakin field, whose Venezuelan portion belongs to the idled gas offshore project Plataforma Deltana, has 1 trillion cubic feet of proven gas reserves. The U.S. Treasury Department in May authorized the project to move forward as an exemption to energy sanctions on Venezuela. The field will be jointly developed, with BP and NGC on Venezuela’s side, and BPTT unit on the Trinidad side. The largest investor will be selected as the project’s operator, according to documents signed in Caracas. A separate sheet of terms to sell the gas produced on the Venezuelan side of the field to companies in Trinidad was also signed, as was an agreement for a bonus payment to Venezuela.

The amount was not disclosed.The companies accelerated negotiations with Venezuela’s government and state energy company PDVSA in recent weeks to have the licence signed before a presidential election in the OPEC founder on July 28. The licence would allow customers to pay for the gas in hard currency as an exemption to U.S. sanctions on Venezuela. Repsol, one of the largest private companies in TT in terms of oil and gas production and reserves shares ownership of the company bpTT with BP. Repsol holds a 22.22% share in train 4 of the Atlantic LNG liquefaction plant.

 

 

 

bp licence spurs development plans for Manakin-Cocuina gasfield

 24 July 2024

bp, with partner the National Gas Company of Trinidad and Tobago (NGC), received an exploration and production licence from Venezuela for the development of the Cocuina gas discovery, part of the cross-border Manakin-Cocuina gas field. bp already holds a working interest in and operatorship of the Manakin field, on the Trinidad side of the maritime border. Holding licences and operatorship for both the Manakin and Cocuina gas fields simplifies the joint development plan and will enable bp to focus on efficiently developing gas resources from the unitized field, tying back to existing gas infrastructure in Trinidad.

David Campbell, bpTT president said: “The award of this licence for the Cocuina field is an important milestone for Trinidad and Tobago and for bp. It will allow us to move forward with our planning for the development of these significant discovered resources as we work towards bringing more gas into Trinidad and Tobago’s existing gas infrastructure in this decade. The award of the licence would not have been possible without the significant diplomatic efforts by the government of Trinidad and Tobago and their leadership in driving strong collaboration between bp, the National Gas Company and the governments of Trinidad and Tobago and Venezuela.”

Manakin–Cocuina field extends across the delimitation line between Trinidad and Tobago and Venezuela, some 68 miles off Trinidad’s southeast coast. Cocuina field was discovered in 1983, with the discovery of Manakin following in 2000. In 2015, governments of Trinidad and Tobago and Venezuela signed a unitization agreement for the joint exploitation and development of hydrocarbon reservoirs of the fields.

Development of the discovered gas resources in the Manakin-Cocuina field is an important part of bp’s longer term development plan for its Trinidad gas business, efficiently using existing infrastructure and supporting bp’s goal to become a simpler, more focused and higher value company.

bp’s key operations in Trinidad involve approximately 680,000 acres off Trinidad’s east coast. bp Trinidad and Tobago operates 16 offshore platforms and two onshore processing facilities. On May 28 2024, the US Office of Foreign Assets Control (‘OFAC’) granted the government of Trinidad and Tobago a specific licence to allow parties associated with the development of the Manakin-Cocuina cross-border gas field to continue to progress with joint development plans for the fields. This licence allows development planning to progress while US sanctions on Venezuela remain in place and allows for the involvement of US persons. bp is listed as a party in the OFAC licence.

bp will hold 80% equity in the Cocuina field with the National Gas Company of Trinidad and Tobago (NGC) holding 20%. Within the unitized Manakin-Cocuina field, 66% of discovered gas resources have been allocated to Trinidad ( Manakin field) with 34% allocated to Venezuela ( Cocuina field).

 

 

 

The National Gas Company of Trinidad and Tobago Limited

NGC signs E&P License for joint development of cross-border Cocuina Field

July 26th 2024

Trinidad and Tobago took another significant step to advance cross-border gas field development with neighbouring Venezuela. On July 24th 2024, under the stewardship of Minister of Energy , Stuart R. Young SC MP, the Ministry of Energy and Energy Industries (MEEI) announced the signing of the Cocuina Field Exploration and Production (E&P) License by Oil Minister Pedro Tellechea on behalf of Venezuela at the MiraFlores Palace in Caracas.

NGC Exploration and Production Limited (NGC E&P), – a wholly owned subsidiary of The National Gas Company of Trinidad and Tobago Limited (NGC) and bp Exploration (Caribbean) Limited (bpECL) were named as co-licensees. This field is located offshore Venezuela in Plataforma Deltana Block 4 .

The signing took place on July 24th 2024, in Venezuela. This is the second upstream licence signed by NGC E&P in Venezuela, following the Dragon Field E&P licence, signed on December 21st, 2023 and published in the Official Gazette of Venezuela on January 29th, 2024.

The granting of the Cocuina E&P licence will enable the joint development of the cross-border Cocuina–Manakin gas field, – one of three cross-border reservoir fields that straddle the maritime (international) border between Trinidad and Tobago and Venezuela. The other two are the Loran/Manatee and Kapok/Dorado fields.

The granting of this licence to NGC, further expands the company’s upstream business portfolio, strengthening its strategic intention to be an integrated energy company growing locally and internationally along the energy value chain. This licence also reinforces energy relations between Trinidad and Tobago and Venezuela, allowing for future development of other cross- and across-border gas reserves between the two countries.

Ms. Verlier Quan-Vie, Acting President, NGC, stated: “NGC welcomes this development as a continuation of efforts to export natural gas from Venezuela to Trinidad and Tobago. We see this as a manifestation of the ongoing engagement and collaboration with Venezuela. We wish to thank the teams at MEEI, MPPP, bp and the NGC for their unwavering commitment and dedication as we pursued this milestone. We are excited to work collaboratively with all the parties to progress this and other opportunities for the benefit of the citizens of Trinidad and Tobago.”

Mario Singh, Senior Manager, Corporate Sustainability (Ag.) The National Gas Company of Trinidad and Tobago Limited (NGC) Orinoco Drive, Point Lisas

 

 

NGC stronger with new gas deals

2024,  07/27

State-owned National Gas Company (NGC) said the agreement for exploration and production of natural gas in the Cocuina cross-border field would further expand the company’s upstream business portfolio and strengthen its strategic intention to be an integrated energy company growing locally and internationally along the energy value chain. Venezuela granted NGC a licence for its role in the development of Cocuina, which reinforces the energy relations between T&T and Venezuela, allowing for future development of other gas reserves between the two countries.

bpTT hailed Venezuela’s awarding of an exploration and production licence for the Cocuina gas field as an important milestone.

bpTT president David Campbell, said: “The award of this licence for the Cocuina field is an important milestone for T&T and for bp. It will allow us to move forward with our planning for the development of these significant discovered resources as we work towards bringing more gas into T&T’s existing gas infrastructure in this decade.The award of the licence would not have been possible without the significant diplomatic efforts by the Government of T&T and its leadership in driving strong collaboration between bp, the National Gas Company and the governments of T&T and Venezuela.”

Campbell was in Caracas with Energy Minister Stuart Young to sign documents alongside Venezuela Oil Minister Pedro Tellechea to finalise the arrangement, with President Nicholas Maduro as witness.

bpTT explained Cocuina is a reservoir of the cross-border Manakin-Cocuina gas field, in which it holds a working interest as it operates the Manakin field, on the Trinidad side of the maritime border.

“Holding licences and operatorship for both the Manakin and Cocuina gas fields simplifies the joint development plan and will enable bpTT to focus on efficiently developing gas resources from the unitised field, tying back to existing gas infrastructure in Trinidad.”

The Energy Chamber of T&T praised “the very positive news on the signing of a licence for bpTT and NGC to develop the Cocuina gas field in Venezuela’s Plataforma Deltana maritime area. The Energy Chamber congratulates the teams from bpTT, NGC and the Government of T&T in completing the negotiations for these licences.”

The Chamber acknowledged that once developed, “this cross-border field can provide significant volumes of natural gas to the LNG and petrochemical sectors in T&T,extend the life of our gas industry and create business opportunities and jobs for our citizens.”

 

 

Cocuina deal ‘historic’

Returning from Venezuela after signing agreements for National Gas Company of TT (NGC) and bpTT to jointly operate a cross-border gasfield, Minister of Energy Stuart Young applauded the “historic” licence Venezuela granted to Trinidad and Tobago for exploration and production of natural gas from the Cocuina reservoir of the Manakin-Cocuina field.

“This achievement is unprecedented and has never been done before for a cross-border hydrocarbon field. It is another significant achievement for the people of TT and Venezuela.”

News of the licence broke as the Energy Chamber’s Energy Now reported that NGC and bpTT would have a 20-year licence to operate the Venezuelan reservoir of the field. Venezuelan oil minister Pedro Tellechea said 25 per cent of the production would supply the TT petrochemical sector, while the rest will feed the TT LNG industry. The Manakin field, in TT waters, is already licensed to bpTT.

 

 

Manakin-Cocuina template

The Prime Minister noted that because of revenue garnered from natural gas industries, TT enjoys significant privileges that would be denied if this revenue was reduced. These include social programmes, which cost $5.5 billion and removal of income tax for people who earn $7,000 a month.

“.. see where the Government spends money and that would be at risk in the event that the income is not there.”

When the government found the country had 10- 12 years’ proven natural-gas resources, mature reserves prompted a search for natural-gas beyond TT borders. The closest neighbour with gas reserves is Venezuela. Despite political turmoil, TT spent 15 years developing relationships with Venezuela which culminated in the award of the licence. The cost of these efforts must be colossal. Venezuela was not the only country with which the Government sought deals: memoranda of understanding were signed with Grenada, Guyana and Suriname.

“Eventually we may be in a position to access gas outside Venezuela and,having set the template with Loran/Manatee and now Cocuina/Manakin, we may be able to access other sources in eastern Venezuela, which are to be properly explored.”

 

 

 

bpTT : Licence an important milestone

bpTT president David Campbell said the award of the licence was an important milestone for the nation and bpTT. He commended the Government for diplomatic efforts and leadership in driving strong collaboration between bp, NGC and the governments of TT and Venezuela.

Cocuina field is about 100 km to the southeast of Galeota Point, 30 km from bpTT’s Juniper platform. It has pipelines which tie back to bp’s pipeline network connected to production plants. The field contains an estimated 1 trillion cubic feet of natural gas. In the Manakin/Cocuina field, 66 per cent of discovered gas is in the TT Manakin reservoir and 34 percent is in the Venezuelan Cocuina reservoir.

The US Office of Foreign Assets Control (OFAC) granted a specific licence for the development of the field on May 28. bptt will hold 80 per cent equity in the field and NGC 20 per cent.

 

 

 

Shell sanctions Manatee, FID boosts LNG business

9 July 2024 Port of Spain

Shell Trinidad and Tobago Ltd., a subsidiary of UK-based LNG giant Shell plc, announced it has taken a Final Investment Decision (FID) on the Manatee project, an undeveloped gas field in the East Coast Marine Area in Trinidad and Tobago.

Manatee will allow Shell to competitively grow its Integrated Gas business by building on development efforts in one of the petrostate’s most prolific natural gas deposits, holding Shell’s largest gas-producing fields including Dolphin, Starfish, Bounty and Endeavour.

Manatee gasfield will provide backfill for the Atlantic LNG facility. Increasing utilization at existing LNG plants is an important lever to maximize potential from Shell’s existing assets.

In December 2023, Trinidad and Tobago signed a restructuring deal with the shareholders of LNG producer Atlantic LNG, Shell, BP, and NGC. The Point Fortin facility features four trains with a total capacity of about 15 million tonnes per annum of LNG but the plant has been experiencing supply issues due to dwindling domestic gas reserves. Atlantic LNG’s first train has been idled since 2020 due to reduced gas supplies.

Zoë Yujnovich, Shell’s Integrated Gas and Upstream Director, said, “This project will help meet the increasing demand for natural gas globally while also addressing the energy needs of our customers domestically in Trinidad and Tobago. The investment bolsters our world-leading LNG portfolio in line with our commitment to invest in competitive projects that deliver more value with less emissions.”

Shell sought environmental clearance for the Manatee project in September 2023, with the submission of an application for a certificate of environmental clearance to the Environmental Management Authority (EMA).

McDermott won a limited notice to proceed in November 2023 concerning the project’s engineering, procurement, construction and installation (EPCI) contract.The project scope encompasses the design, procurement, fabrication, transportation, installation and commissioning of a wellhead platform, offshore and onshore gas pipelines.

Mahesh Swaminathan, Senior Vice President, Subsea and Floating Facilities, said, “This award follows our successful delivery of the front-end engineering design for the Manatee gas field.It is testimony to McDermott’s integrated EPCI capabilities built over the last 100 years around the world including many successful projects in Trinidad and Tobago. We will again deliver for Shell, building on a partnership marked by trust, collaboration and shared success, to execute this important project.”

The Loran-Manatee field was discovered in 1983 and subsequently appraised via four wells. Loran represents the portion of the field in Venezuelan waters and Manatee represents the reservoir of the field in Trinidad and Tobago waters. It holds some 10 trillion cubic feet (tcf) of natural gas, with 7.3 tcf in Venezuela and the remaining 2.7 tcf in Trinidad.

In 2007 the Governments of Trinidad and Tobago (GORTT) and Venezuela (GOVEN) signed a Framework Treaty covering all cross-border fields and in 2010 signed a Unitization Agreement specifically covering Loran-Manatee. In 2019, GORTT and GOVEN terminated the Unitization Agreement and entered into another government-to-government agreement, allowing each country to independently develop its respective share of the Loran-Manatee field.

The project will involve a Normally Unattended Installation platform located in the Trinidad acreage with eight development wells via a 110 km 32” pipeline to the Shell-operated onshore Beachfield gas processing facility, for onward export to the Atlantic LNG plant, and to the National Gas Company of Trinidad and Tobago for the domestic gas market.

Shell believes LNG will play a critical role in the energy transition, replacing coal in heavy industry. It also has a continued role in displacing coal in power generation, helping to reduce local air pollution and carbon emissions. LNG helps to provide the flexibility the power system needs, at a time when renewable generation is growing rapidly.    See Shell’s Energy Transition Strategy 2024.

Global demand for LNG is estimated to rise by over 50% by 2040, as industrial coal-to-gas switching gathers pace in Asia which is expected to use more LNG to support economic growth, according to  Shell’s LNG Outlook 2024.

Energy Minister Stuart Young said, “This FID is the result of significant work by this Government and constant engagement with Shell in The Hague, London and Trinidad and Tobago. This development will be the most significant hydrocarbon development in Trinidad and Tobago for the past couple decades and would not have happened were it not for the vision and leadership of the Prime Minister”.

Young expressed personal gratitude for the opportunity to negotiate the agreement with Venezuela in 2019 to delink Manatee from Loran, allowing Trinidad and Tobago to develop the Manatee field independently.  The energy ministry subsequently negotiated and executed a Production Sharing Contract with Shell for the development of the Manatee field in November 2021.

“Today’s announcement by Shell is a great achievement for Trinidad and Tobago and would not have happened were it not for this Government’s confidence and competence and belief in Trinidad and Tobago. It is yet another tangible result that has been delivered for the country.”

European titans bp and Shell are pioneering linchpins of the regional energy industry, the bedrock of the economy of Trinidad & Tobago. Overcoming obstacles in Venezuela is a good omen amid the deterioration of governance in both jurisdictions.

 

Gas deals crucial to quality of life

Shell takes FID on Manatee gas project to supply Trinidad’s Atlantic LNG

2024, 07/26

Prime Minister Dr Keith Rowley said the recent natural gas agreements between T&T and Venezuela are a major step in maintaining the quality of life in T&T. On Wednesday, Venezuela granted a 20-year natural gas production and exploration deal for the cross-border Cocuina gas field to bpTT and state-owned National Gas Company.   This follows agreements for the development of the Dragon and Manatee natural gas fields.

In December 2023, Venezuela granted a licence for the exploration, production and export of gas from the Dragon field, located within its maritime boundary.

On July 9, 2024, Shell took a final investment decision for the development of the Manatee field, located in the East Coast Marine Area. of Trinidad.

The Prime Minister said that securing these deals and extracting gas as a result, were crucial to ensuring power generation and important energy sector industries remained in operation for years to come.

“Those two industrial activities are the major contributors to the revenue generation of Trinidad and Tobago, the Point Lisas industries and the LNG complex. Without them, we would be in real trouble. The quality of life that we have become accustomed to would not be available to us. We do enjoy a significantly improved and worthy quality of life, funded from the hydrocarbon sector, where our revenue mainly comes from.”

As a mature oil and gas province, reserves had been drained to the point where, when he entered office in 2015, only an estimated 10 to 12 years of gas reserves remained. While some said this would have only spelt the end of the energy sector in the country, it would have also adversely affected T&TEC operations.

“If we only have gas for 10 years, we can’t use up all the gas and get to year 10 and say we have no gas at all. That would mean the gas supply to T&TEC is in the same position. We want to make sure that we do have gas—even beyond the life of the Point Lisas Industrial Estate—to generate electricity, because we are one of the few countries in the world where 100 percent of our electricity is generated from natural gas. So the first call on whatever gas we have left is for our electricity supply. And we keep exporting gas through our producing arrangements on the coast.”

25 percent of production from the Cocuina gas field will supply the petrochemical sector, while the balance will boost the LNG industry. The deal would benefit local company TOFCO, which is expected to provide platforms for the Dragon, Manatee and Cocuina fields.

 

 

 

Cross-border gasfields

DeNovo seeks natural gas investments

2024, 07/11

Having developed the Iguana and Zandolie gasfields, DeNovo Energy Ltd seeks further investments in the energy sector. DeNovo executives discussed specific projects they wish to pursue to increase upstream natural gas production, which Minister Young encouraged them to prioritise when they met at the Ministry of Energy.

Zandolie is notable for its 100 per cent renewable-powered platform and maximum local content for construction and drilling. DeNovo promised that future projects would incorporate similar sustainable and responsible energy practices as guided by the Government.   Young commended DeNovo, part of the Proman Group, for its focus on monetising proven natural gas reserves in a safe and sustainable way to provide energy for the benefit of citizens.

DeNovo is a T&T energy company focused on monetising proven hydrocarbon reserves for the petrochemical sector. DeNovo produces natural gas from Iguana and Zandolie fields in Block 1(a) in the Gulf of Paria which is sold to the National Gas Company (NGC) for the petrochemical sector in the Point Lisas Industrial Estate.  DeNovo was founded in 2016, commencing its first field development project, Iguana, a fast-tracked project delivered safely within 33 months, in November 2018.

Proman trains 67
Proman, an integrated energy company and leader in the production of methanol and ammonia, welcomed 67 new trainees into four programmes for energy-sector skills development. They include the 18-month graduate-in-training programme, which gives university graduates essential skills and knowledge for the energy sector.

It includes the two- year engineering and maintenance technician trainee programme, which focuses on developing technical knowledge and hands-on experience. The one-year process operator trainee programme develops proficient process operators through a mix of theory and practical learning. The annual vacation programme gives students an opportunity for a ten-week experience in the energy industry.

Proman has been offering these programmes each year for the past decade, enabling over 600 participants to enhance their professional skills and jump-start their careers. 57 per cent of the students in the programmes secured full-time employment with Proman and 46 per cent of the company’s current workforce comes from the training programmes.

Proman believes that providing opportunities for youth will shape a brighter future for the petrochemical industry and Trinidad and Tobago as a whole.

Proman executive chairman Claus Cronberger, said, “Investing in Trinidad and Tobago’s youth through long-term skills development is embedded in Proman’s DNA. Our training programmes are designed to equip young professionals with the skills necessary to thrive and we are proud to see so many go on and succeed.”

Proman, headquartered in Switzerland and with assets in the US, TT, Oman, and ongoing expansion into Mexico, Canada and the UAE, is a global leader in the production of methanol, fertiliser and other products such as melamine, used in making plastic.

 

 

Touchstone awarded additional onshore exploration licenses

Mikaila Adams July 3, 2024

Canadian operator adds to its onshore licences

Touchstone Exploration Inc., Calgary, through its Trinidad subsidiary Primera Oil and Gas Ltd. (POGL), has entered into exploration and production licenses for Cipero and Charuma blocks it was awarded pursuant to the Trinidad and Tobago 2022 Onshore and Nearshore Competitive Bid Round.

POGL has an 80% operating working interest under each license, with the National Gas Company of Trinidad and Tobago (NGC) holding the remaining 20%.   Similar to the operator’s Ortoire license, the Cipero and Charuma licenses are for an initial 6-year term with a potential extension of an additional 19 years for areas that have a Trinidad and Tobago Ministry of Energy and Energy Industries (MEEI) approved commercial discovery.

Touchstone Exploration made light oil discoveries in Ortoire block in 2021 and drilled additional wells into Ortoire and CO-1 blocks earlier this year with plans to test wells in Cascadura field later in 2024 (OGJ Online, Dec. 7, 2021; Apr. 10, 2024).

For the 29,924-acre (gross) Cipero block, the company is expected to conduct five geological studies and reprocess 426 km of 2D seismic data. The work scope includes drilling four exploration wells. Total cost over the 6-year initial license term is $2.2 million.For the 72,784-acre (gross) Charuma block, the company is expected to conduct five geological studies and reprocess 784 km of 2D seismic data and 61 sq km of 3D seismic. The work scope includes drilling one exploration well. Total cost over the 6-year initial license term is $4.7 million.

POGL is responsible for 100% of the exploration minimum work commitments and financial obligations over the initial 6-year exploration term.

 

 

Touchstone Announces Execution of Exploration Licences

Touchstone Exploration Inc. <info@touchstoneexploration.com>

 

 

Lease Operators agrees to buy Trinity Exploration

2024, 08/03

 

Lease Operators, a local independent oil company, reached an agreement on the terms of a recommended cash acquisition for 100 per cent of Trinity Exploration & Production, a company listed on the AIM market of the London Stock Exchange (LSE) in London, which operates in T&T.

Trinity Exploration said that its shareholders would be entitled to receive £0.6805 per share for a total consideration of approximately £26.4 million (US$33.79 million at yesterday’s GBP-USD exchange rate).

That consideration represents a premium of approximately:

* 19.4 per cent to the closing price of £0.57 per Trinity share on August 1;

* 41.8 per cent to the closing price of £0.48 per Trinity share on July 24, 2024, which was the date on which the indicative offer of Lease Operators was announced;

* 89.0 per cent to the closing price of £0.36. per Trinity share on April 30, 2024. That was the day before the announcement of the first bid for Trinity Exploration, which was made by Touchstone Exploration.

Touchstone Exploration, which is listed on Toronto Stock Exchange and the AIM market of the LSE, made an all-stock offer to acquire Trinity earlier this year.

Trinity Exploration said: “On May 1, 2024, the date on which the Touchstone offer of 1.5 new Touchstone shares in exchange for each

Trinity share was announced, Trinity directors considered, at the time, that it was in the best interests of Trinity shareholders to recommend the Touchstone offer.

“At the time of its announcement, the Touchstone offer represented an implied value of £0.619 per Trinity share, a significant premium to the then prevailing price of a Trinity share.

“On July 17, 2024, the Trinity directors considered that the Acquisition provides Trinity shareholders with an opportunity to realise a certain valuation in cash at a significant premium to the unaffected prevailing price, which reflects the current strength and future potential of Trinity. The Trinity directors also consider that the Acquisition is a material improvement for Trinity shareholders over the Touchstone offer and accelerates, without further capital investment, time or operational risk, the delivery of fair value to Trinity shareholders.”

Trinity said its directors have withdrawn their recommendation of the Touchstone Offer with immediate effect. The Trinity directors intend to unanimously recommend that eligible shareholders of the company vote in favour of the scheme at the court meeting and in favour of the resolution to be proposed at the general meeting.

Lease Operators is a member of the Well Services Group, which began operations in 1967 as a single company, Well Services Limited. It was founded in Trinidad and Tobago by Charles Anthony Brash Sr., who is still active in the Well Services Group and is the chairman of Lease Operators.

In an operational update, Touchstone Exploration announced that its Cascadura natural gas facility expansion and the construction of the flowline from the Cascadura C surface location to the facility are progressing as scheduled.

Touchstone said the company continues to target initial production from its Cascadura-2ST1 and Cascadura-3ST1 wells before the end of September 2024.

“As part of our ongoing production optimisation efforts at Cascadura, we performed a recompletion on the Cascadura Deep-1 well by adding perforations above the previously completed pay intervals. The well was shut in on June 24, 2024 and resumed production on July 4, 2024. Prior to the recompletion, the Cascadura wells produced an aggregate net field estimated rate of 3,463 boe/d (barrels of oil equivalent per day), and current combined net field estimated production is approximately 4,082 boe/d.”

TOUCHSTONE ANNOUNCES EXECUTION OF ONSHORE BID ROUND EXPLORATION LICENCES

CALGARY, ALBERTA (July 2, 2024)

Touchstone Exploration Inc. (“Touchstone”, “we”, “our” or the “Company”) (TSX, LSE: TXP) announces that Primera Oil and Gas Limited (“POGL”), our wholly owned Trinidadian subsidiary, has entered into Exploration and Production (Public Petroleum Rights) Licences for the Cipero and Charuma blocks (collectively, the “Licences”) effective July 1, 2024.

The Cipero and Charuma blocks were awarded to POGL pursuant to the Trinidad and Tobago 2022 Onshore and Nearshore Competitive Bid Round. The Licences were fully executed by representatives from POGL, the Government of Trinidad and Tobago, the Trinidad and Tobago Ministry of Energy and Energy Industries (“MEEI”), and a subsidiary of the National Gas Company of Trinidad and Tobago (“NGC”).

POGL has an 80 percent operating working interest under each Licence, with NGC holding the remaining 20 percent working interest. Similar to the Company’s Ortoire licence, the Licences initially have a six-year term and may be extended by an additional 19 years for areas that have a MEEI approved commercial discovery.

[Summary of Licences]

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

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 exploration activities to be conducted in connection with the Licenses and the timing thereof.

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 2023 Annual Information Form dated March 20, 2024 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.

 

 

 

Atlantic LNG to ship 4800th cargo

Atlantic LNG export plant is about to ship its 4800th cargo of liquefied natural gas since 1999. LNG producer Atlantic LNG is owned by Shell, BP, and NGC, In April 1999, Atlantic LNG celebrated its first cargo shipment on the LNG carrier Matthew. “Twenty-five years later, we celebrate our 4800th cargo transfer onto the British Listener. This achievement demonstrates Atlantic’s commitment to safe and reliable operations, as well as Trinidad and Tobago’s continued importance in the global LNG industry,” Atlantic LNG said. The LNG tanker berthed at 0620 hours on July 17 and will load 150,000 cubic meters of LNG. The 2019-built 173,400-cbm LNG carrier serves a charter with BP.

In December 2023, Trinidad and Tobago signed a restructuring deal with shareholders of LNG producer Atlantic LNG.The Point Fortin facility features four trains with a total capacity of about 15 million tonnes per annum of LNG but the facility has been experiencing supply issues due to dwindling domestic gas reserves, with the first train has been idled since 2020 due to reduced gas supplies. Shell sanctioned development of the Manatee gas field to supply the LNG export plant.

 

 

ConocoPhillips $1.3b claim against PDVSA stands

19 July

Venezuela’s state-owned oil company, Petróleos de Venezuela, SA (PDVSA), and two subsidiaries made no attempt so far to set aside US energy giant ConocoPhillips right to enforce a US$1.33 billion ($8.97 billion) claim against Venezuela for past expropriations.

The new deadline for Venezuela was July 17. Since no application has been filed, the High Court order on May 27 remains in effect and the ConocoPhillips arbitration judgment is duly registered and recognised in TT. On June 25, Justice Frank Seepersad varied his original order so that ConocoPhillips could serve the court’s decision in English and in Spanish. The revision of the judge’s order came after he was told the enforcement proceedings were not served because of the time it was taking to translate the more than 1,000 pages of documents. Seepersad’s order in May gave ConocoPhillips the green light to enforce its US$1.33 billion arbitration award in Trinidad if it could establish there were assets held by the Venezuelans or money owed to them (PDVSA) by entities in TT.

The decision gave the US oil company the right to seize any compensation to Venezuela from joint gas projects with Trinidad.

Supporting documents said ConocoPhillips intends to pursue PDVSA for “relinquishing its rights in respect of the Dragon Gas Field and for the infrastructure it owns, and any consideration paid by the National Gas Company or TT to a PDVSA-related entity or Venezuela for ongoing supplies of gas.”

The judge’s order also gave the Venezuelan state companies seven days after they were served to challenge it and have it discharged. The sitting on June 25 was convened by the judge, who expressed concern that the court order was not served on PDVSA and its subsidiaries. Seepersad said when he issued the exparte order, he did so considering that a successful litigant was entitled to the spoils of their judgment while noting that neither the cause of action nor the arbitration award took place in TT.

“The court also took judicial notice of the fact that the registration of the judgment debt in this jurisdiction had the potential to impact upon the ongoing energy partnership discussions between this Republic and the Bolivarian Republic of Venezuela relative to the Dragon gas project. The freedom to contract also imposes an obligation to exercise due diligence and to ascertain the bona fides of proposed contracting parties. On the face of the claimant’s application, there appeared to be no operative circumstance which prevented the registration of the award in this jurisdiction but natural justice mandates that the other side should be afforded an opportunity to be heard. This court will, however, not condone any abuse of its process nor will it tolerate its issued order being held over the head of the defendants like the sword of Damocles.”

Seepersad warned if the defendants were not served in the identified time period, the court would be inclined to discharge its order.

In its application, ConocoPhillips said it “truly believes” there are assets belonging to PDVSA and the subsidiaries “within the court’s jurisdiction which can be used to satisfy some or all of the award.”

In the early 1990s, Venezuela created a new fiscal framework to induce foreign investment in its heavy oil projects in the Orinoco Belt and elsewhere. ConocoPhillips helped Venezuela develop the Petrozuata, Hamaca and Corocoro projects by providing industry-leading technology and substantial long-term investments to the government of Venezuela.

However, in 2007, the Venezuelan government expropriated ConocoPhillips’ investments in their entirety without compensation, the company said in documents filed in support of its application to have the arbitral award recognised and registered in TT.

The arbitration award has been registered in other countries.

Seepersad’s original order provided directions for service in several countries, including Venezuela, the US, France, and the UK, by hand and e-mail, as well as to the Venezuelan Embassy in TT.

ConocoPhillips was represented by Garvin Simonette and Sophia Vailloo, who would be joined by UK attorney Andrew Stafford SC and Merrick Watson of the British Virgin Islands.

 

 

 

Woodside steps up critical gas production in Trinidad

July 18, 2024
The Energy Year

Australian international energy giant Woodside Energy operates the shallow-water Greater Angostura and Ruby fields offshore Trinidad. Kellyanne Lochan, country manager, told The Energy Year about production optimisation and decarbonisation and the importance of Trinidad and Tobago in its worldwide portfolio.

Current production performance of Greater Angostura and Ruby fields
In 2023, we increased production by approximately 10% through both subsurface and topside optimisation projects. We converted gas injectors into producers, added mechanisms to capture gas from unswept reservoir zones and reduced backpressure on wells via topside operating optimisation. We recognise the need to maximise gas production given the criticality of gas supply delivery in Trinidad and Tobago. We are committed to playing our part in this regard and safely maximising gas production from our assets.

Ambition to establish a resilient and diversified portfolio of assets
Trinidad and Tobago remains an important part of our global portfolio and our growth plans. We remain focused on maximising the value of the Angostura and Ruby assets and the remaining reserves through our continued efforts in delivering production optimisation projects. We are concurrently focused on process safety and facility integrity enhancements that underpin facility life extension and continued safe production. This applies to our offshore and onshore assets. While we remain focused on maximising production from the currently producing assets, we are continuing to evaluate the potential pathways to commercially develop the Calypso project, a strategic gas resource for both Woodside and the country.

Activity for the next year regarding development of Calypso gasfield Our focus will remain on progressing the pre-front-end engineering design studies to mature the technical definition of the infield host development concept, and in parallel, progressing the marketing and fiscal discussions to evaluate the various monetisation options.

Fiscal framework to incentivise deepwater activity by multinational operators
Deepwater developments are significantly more capital intensive and require the right fiscal, legal and regulatory framework to attract global investment capital. Woodside continues to work collaboratively with the government of Trinidad and Tobago to progress the fiscal negotiations that would enable the potential Calypso development. We look forward to continuing engagement with the government as it implements and evolves policy and fiscal frameworks. These frameworks can help unlock the technological innovation needed to further develop the deepwater oil and gas sector in the future.

Upstream collaboration in the frontier of deepwater development Like all successful deepwater plays, success in the deepwater will rely on the creation of successful partnerships. These include partnerships between joint venturers aligned on the risks who can deliver the technology and innovation to safely develop world-class energy projects. They include successful partnerships with host governments who provide economic and legal frameworks to attract the necessary capital. Successful partnerships with resource owners ensure economic and social benefits are felt broadly.

Key action to advance its net equity Scope 1 and Scope 2 emissions reductions in line with the Woodside climate strategy

We are committed to achieving our decarbonisation goals. We remain on track to meet our target of reducing our net equity scope 1 and 2 emissions to 15% below our starting base by 2025 and 30% by 2030, ahead of our aspiration to reach net zero by 2050 or sooner. In January, Woodside joined the Oil & Gas Methane Partnership (OGMP) 2.0 to support transparent methane emissions reporting. Like other Woodside assets globally, in Trinidad and Tobago we developed a decarbonisation plan which includes multiple high-graded technical options and operating practices to reduce Scope 1 and Scope 2 emissions.In 2023, we updated and implemented 12 standing operational procedures to minimise gas flaring during facility startup. We developed a methane action plan, focused on measuring, reducing and reporting methane emissions.

 

 

 

New Woodside VP

Minister of Energy and Energy Industries Stuart Young met Woodside Energy executives of on July 26 and agreed to continue its open communication and partnership. Young met incoming executive VP and chief operating officer, international, Daniel Kalms, incumbent, Shiva McMahon, country manager Kellyanne Lochan and corporate affairs manager Dr Carla Noel-Mendez.

Kalms commended Young on being proactive with the industry and its resources. Woodside Energy executives congratulated Young on the signing of the unprecedented Cocuina licence.

Kalms provided insight into the relationship between Trinidad and Tobago and the agreement for Woodside Energy’s acquisition of Tellurian and Driftwood LNG. Kalms said Woodside is committed to growing its international business and that the deep-water Calypso Project is set to benefit along with market opportunities for Trinidad and Tobago,

“especially due to this country’s existing infrastructure and attractive proximity to the Atlantic and Pacific routes for LNG.”

Young emphasised that Trinidad and Tobago continues to work with stakeholders to meet global energy demand and intends to foster state participation across the entire natural gas value chain.

 

 

 

Petrotrin

2024, 07/13

Nine potential bidders responded to a new process to find a buyer for the Petrotrin refinery, The bidders are CRO Consortium, IEM Refinery Company, GN Fenceline, Columbus Refining Trinidad and Tobago, Integritus Group of Companies, Oando PLC, Nautical Partners, Patriotic Energies and INCA Refining.

As the deadline for submitting proposals to acquire the refinery is expected to close by the end of this month, there is a possibility that more proposals could be submitted.

The refinery was mothballed at the end of November 2018 and there have been three attempts by the Government to dispose of the assets. Prime Minister Dr Keith Rowley at the ruling People’s National Movement (PNM) family day said the Government should be able to announce whether it has found an operator by the end of August.

The team will evaluate those who have the means to convince the Government they are a good fit for the refinery.

Two bidders asked not to be identified due to the sensitivity of the issue. They said they were not pleased with how the process has been going. They both said no detailed inspection of the refinery has been done since 2018, which is concerning. One said international funding for brownfield assets is very difficult as the refinery is an aged asset.

“Bidders have been trying to get information, but nothing has been forthcoming from Scotiabank Houston, which is in charge of evaluating the various bids.”

The other bidder said the longer the process takes, the more money it would cost to restart the refinery.

The bidder indicated that three to five years ago it could have cost between US$400 and 500 million dollars. Now it would be about US$1 billion and it would take up between three and five years to restart.The Government did not have a choice in closing the refinery as over ten refineries in the region were closed in the last two decades. These include refineries in Curaçao, Aruba, St Croix, Honduras and Guatemala.

On July 7, in the Senate, responding to a question from the Opposition, Minister Randall Mitchell said a team headed by T&T’s High Commissioner to the UK, Vishnu Dhanpaul (a former permanent secretary in the Ministry of Finance ), will evaluate proposals for the refinery.

Proposals will be forwarded by Trinidad Petroleum Holdings Ltd (TPHL), the holding company for Heritage Petroleum, Paria Fuel Trading, Guaracara Refining and Petrotrin. Guaracara Refinery oversees the preservation of the refinery assets.

Within recent months, TPHL received several proposals for restarting the refinery. As a result, the board of TPHL decided to have their experts, including independent international experts, evaluate the proposals to then advise the board as to the feasibility of these proposals. Neither the Prime Minister nor the Minister of Energy has been involved in any Request for Proposal (RFP) process or any evaluation of the proposal process. To date, the receipt of proposals has been handled and managed by TPHL.

A former senior official at Petrotrin said the best thing was to shut it as every year the refinery was losing nearly $2 billion.

“Petrotrin’s exploration and production operations were inefficient and added to the high cost of running the refinery as the input cost to the refinery was high. The refinery was a loss-making enterprise that was sinking Petrotrin and threatened to bankrupt T&T if it defaulted on its payment of the US$850 million debt in August 2019. That would also have triggered a call on the company’s other debt of US$750 million at the same time, as well as the US$450 million short-term debt.”

In 2017 Petrotrin declared a loss of $2.4 billion, in addition to defaulting on its statutory payments of royalties and taxes. The union OWTU was not prepared to work with the company after union executives were told that the refinery was not making money. In January 2017, the OWTU secured a 5 per cent increase for the workers after rejecting 3 per cent. For a refinery to be profitable there must not be political interference, as that was one of its downfalls as well.

Lack of understanding
Former energy minister, Kevin Ramnarine, said the decision to close the refinery was based on a flawed understanding of the financials of Petrotrin, a lack of understanding of the business model of an integrated oil company and a loss of institutional memory that happened after 2015.

In 2015 the refinery was making an operating profit and the factors driving the accounting loss were “noncash” items including:
1) A reduction in the value of inventory on account of falling oil prices;
2) Expensing of interest related to the startup of new plants in the Gasoline Optimisation Programme (GOP); and
3) An increase in depreciation expenses when the GOP plants had to be depreciated.

From 2012 to 2015 the refinery had to play catch up on maintenance that had been deferred for years.

“This meant major turnaround activity which reduced throughput, and this showed up as the negative margins. These factors all contributed to the misdiagnosis of Petrotrin and ultimately to its closure.”

Any new operator of the refinery will have to do due diligence on the plants and the utilities. All of the refinery’s software, for example, would need to be updated.

“Certification from international agencies would have expired. It’s a huge task that I estimate would cost US $1 billion. What is tragic is the fact that by 2014 the Gasoline Optimisation Programme was completed and that included five new plants and an upgraded cat cracker. All that has now depreciated over the last six years with the consequent loss of value. It’s a tragedy that has to be explained to the people of T&T.”

The good news is that it seems people are still interested in the refinery, as the public knows of the OWTU proposals and the interest by Indian businessman Naveen Jindal.

“I will let the evaluation team do its work but it’s a daunting task to restart that refinery. However, all the expertise to restart it resides in T&T. A restart will also benefit the communities that most depended on the refinery namely Marabella, Vistabella, Claxton Bay, Gasparillo, and San Fernando.”

Flashback to finding a bidder
Finding a preferred bidder to run the refinery seems to be an uphill battle. In September 2019, Finance Minister Colm Imbert indicated intention to offer for sale or lease the refinery and associated fuel trading facilities, where applicable.

The bidding process was divided into two stages, with Stage 1 of the bidding process attracting 77 expressions of interest. Imbert said of 77 potential bidders, 25 elected to sign NonDisclosure Agreements (NDAs) which allowed them access to a virtual data room, containing highly confidential information on the assets and on the overall process. After evaluation, a shortlist of five bidders was prepared:

Beowulf Energy; Glencore Limited; Edgewood Holdings; Klesch; and Patriotic Energies and Technologies Company Limited (Patriotic), a company of the Oilfield Workers Trade Union (OWTU).

Patriotic was the only bidder that offered an upfront payment consideration. Their proposal indicated upfront cash of US$700 million for the refinery assets plus US$300 million for the non-core assets of legacy Petrotrin, for instance, the hospital. However, the non-core assets were not offered for sale by the Government.   In 2021, the Government rejected Patriotic three times, as it failed on every occasion to satisfy the evaluators.

Following the energy crisis, petroleum operators continued exploration and production, with giant discoveries in Africa and South America. In CARICOM, Guyana became a leading petrostate after 46 discoveries offshore. Such success by IOCs- Exxon, Shell, BP, Woodside, Total– creates wealth as local content provides jobs and resources for economic development while the energy transition continues amid escalating costs.

 

 

Renewable energy

International Energy Agency estimates projected that renewable energy sources will account for 35% of the world’s power generation by 2035. As the shift towards renewable energy continues , a team of lecturers at UWI St Augustine’s Department of Physics at the Faculty of Science and Technology are researching how current and emerging renewable energy technologies can be made more efficient to better serve the regional needs. Department head, Dr Davinder Sharma, said they are focused on this particular research because of the goals set by the United Nations Framework Convention on Climate Change (UNFCCC) to reduce global carbon emissions and limit global warming.

Power from wastewater Leading by example, he is currently researching how the electricity generation process in microbial fuel cells (MFCs) can be optimised by using wastewater—from different sources in Trinidad and Tobago—as a fuel source.    To determine which wastewater sample will be more efficient, the samples are being tested in MFCs using different types of MFC structures—proton exchange membranes, mediators, anode materials, and cathode materials, with different shapes and sizes. Use of nanoparticles in various sections is also being explored.

“In the United States, particularly in San Diego, there is a wastewater treatment plant which is using microbial fuel cells to generate electricity for over 100 homes. In Oslo, Norway, they utilise a combination of the traditional way of converting wastewater to energy (biogas) and MFCs to generate electricity which power at least 10,000 homes.”

Currently, hydrogen-powered fuel cells are the most popular types of fuel cells on the energy market, but MFCs are emerging as a more sustainable energy source. Since the MFCs research started in 2015, Sharma and his students have tested a variety of wastewater samples from both residential and industrial areas.

“My students have collected many different samples from residential areas, farms, swamps, and breweries, to find out which is the best substrate [material from which fuel can be obtained] for electricity generation.We are also trying to see if we have specific types of microbes in Trinidad and Tobago which can help generate more electricity.”

They have observed maximum energy production from the wastewater collected from cow farms at The UWI Field Station.

Cutting-Edge: Dr Dinesh Pathak is engaged in research on thin-film solar panels which can potentially be less expensive and more efficient.

Testing alternatives to traditional silicon solar cells
Also working to improve existing renewable energy sources in the region is Dr Dinesh Pathak. A materials science lecturer at the UWI Physics Department since 2021, Dr Pathak has been researching the structure-property correlation of thin-film solar panels. He is able to determine which of the many thin-film materials used to create these panels will have the best potential to be used in solar cells to capture and store energy for conversion into electricity.

Since the creation of photovoltaics (solar technology), Pathak said silicon has been one of the most popular, widespread, and durable materials for solar cells. Over the years, other forms of solar technology like thin-film solar cells have been developed.

“At the physics department, we have a lab dedicated to exploring new materials. By preparing the thin-film in many methods—like spin coating, deep coating, or the spray method—we try to see the properties of those thin layers and if they are suitable to capture the solar spectrum.”

Compared to silicon panels, some thin-film panels are less expensive and more efficient because of their micro and macro structures.

“This research has relevance in tropical countries like Trinidad and Tobago because there is more sun energy. Therefore, it’s important for people to be skilled in looking for new materials and how to optimise the conditions for solar cells to produce more energy.”

Ways to improve energy processing and distribution

Dr Vinod Kumar conducts research on different types of dye-sensitised solar cells, perovskite (a calcium titanium oxide mineral) solar cells and organic solar cells.

“Part of what we are doing to test these materials is looking at the different ways they can be structured in the devices to improve energy processing and distribution. For example, in the third generation cells, we are looking at layering materials unlike the single layers in some other generations of technologies. So, we are working on the architecture of these devices and how they can be modified to improve device efficiency with the collaboration of different research groups worldwide.”

To date, the efficiency of these third generation solar cells are already competing with the current widely used commercial silicon-based first generation solar cells and thin-film based second generation solar cells.

“We know that the global energy demand is going to increase day by day, and the majority of our energy comes from fossil fuels. If these third generation cells come on the market and are produced with accessible and efficient materials, they will cost less for the general public, and this will be a good thing.”

As part of the Department’s ongoing research, all three academics, led by Dr Sharma, are collaborating to work with a PhD student on the modelling and simulation of thin-film solar cells. While the bulk of the research at the department is primarily in-house, the lecturers are collaborating with other departments on campus and universities worldwide.

Sharma works with UWI Trinidad Chemistry and Life Sciences departments and the Guru Nanak Dev University in India. Pathak collaborates with the Chemistry Department at the University of Pardubice in the Czech Republic for some aspects of his research project. Sharma hopes the technologies discovered through their work will be used to diversify the energy streams of the region and the world.

 

 

 

Tobago awaits $50m for oil clean-up

7 July

PNM senator Laurence Hislop defended Finance Minister Colm Imbert’s decision to grant the THA $50m in the government’s mid-year review despite the original request of $153m. Hislop said the $50m would help in clearing up some bills and more funding will be made available in due course.

Secretary of Finance, Trade and the Economy Petal-Ann Roberts says the THA has not yet received any of the $50 million to assist with rehabilitation efforts arising out of the February 7 oil spill.

“We have not received the $50m and I don’t know that we can really hold our breaths and say we are going to get more. So I don’t know if he has the authority. I don’t know where he gets his information from but the fact of the matter is that the THA has not yet received the $50m.”

Roberts on the multi-disciplinary team that dealt with financing for the oil spill.

She received a request from a contractor for outstanding payments.

“But I don’t know if we will receive any further funding.”

Roberts intends to write to the Minister of Finance, through the Chief Secretary, about the status of the funding. Asked if she believes the THA should get additional funding, she said,

“I feel we should have, based on the claims that were made in terms of the oil spill, so I am hopeful that we should receive more than the $50 m going forward.”

In his draft estimates for fiscal 2024/2025 on June 24, Chief Secretary Farley Augustine accused the government of a crime against Tobago, saying the allocation for the clean-up had fallen woefully short by over $100m.

An oil spill on February 7 from a barge that overturned off Cove Eco-Industrial Park, Tobago, polluted the coast, affecting beaches and fishing livelihoods. $17m had been paid to contractors for clean-up, with $51.5m outstanding as of April 30, 2024. Some $16.5m more was projected since that date. $60m was needed to dispose of the captured hydrocarbon, which is stored in open tanks at Studley Park.

He accused the government of failing to give the THA “a reasonable, fair and just share” of national revenues. The mid-year review should have allocated $94m under the Dispute Resolution Committee mechanism.

 

 

 

 

Digicel, Shell renew EPIC partnership

A renewed partnership between the Digicel Foundation and Shell TT will fund 10 non-profit organisations which will each receive $150,000 to transform their communities. Digicel Foundation said for a second year, the two companies will jointly channel $1.4 million into community development through the Extraordinary Projects Impacting Communities (EPIC) programme.

The EPIC partnership agreement was solidified on July 4 between Burt Bushell, work process performance manager at Shell TT; Desha Clifford, chair at Digicel Foundation and Abraham Smith, CEO, Digicel TT.

“Partnering for progress is the cornerstone of Shell’s social investment strategy. This continued partnership with the Digicel Foundation enables us to drive sustainable innovation and create a lasting positive impact.

“Together, we are committed to fostering growth and development that benefits communities, the country and the planet,” said Bushell.

The EPIC programme is open for applications until August 12, with a call for applications in four thematic areas – renewable energy, environment, education, technology and agriculture.

Registered non-profit organisations, including faith-based organisations and schools, with innovative ideas and a corresponding budget are encouraged to apply for grant funding to implement sustainable community initiatives aligned with one of the above themes.

“Last year, we offered $100,000 toward each project. This year we’ll be adding some extra funds to projects that are really extraordinary,” said Clifford. “We will offer up to $150k in funding to some projects based on the merit of the initiative and the impact it will create.”

Shell TT’s contribution to this year’s EPIC initiative amounts to $582,500; with over $1 million invested over the past two years.

To date, there are 150 EPIC projects impacting over 88,000 people with an investment of $7.2 million.

 

 

 

TT Iron buys ArcelorMittal plant

2024, 07/27

TT Iron Steel Company Limited has acquired the iron and steel plant in the Point Lisas Industrial Estate, Couva, Trinidad, after signing a purchase agreement with the liquidator of ArcelorMittal Point Lisas Ltd, Christopher Kelshall.    TT Iron will immediately begin planning the refurbishment of the plant, aiming to commence operations within the next 12 months.

Chairman Monty Pemberton said: “This is an exciting time for Trinidad and Tobago, as steel is fundamental to the circular economy. TT Iron’s vision to produce green steel, on a phased commercially viable basis, will lay the foundation for the accelerated development of the local green economy. Trinidad and Tobago has always punched above its weight in the global energy industry, and TT Iron looks forward to working with all stakeholders, in the development of the sustainable, profitable, circular green economy. “

The Point Lisas plant, one of the largest steel mills in the Americas, is capable of low carbon emission production. The company is planning a phased refurbishment process which would start with electric arc furnace steelmaking, and then incorporating natural gas-based Direct Reduced Iron (DRI) technology.

The T&T economy would benefit from the plant in the long term. TT Iron said, “This refurbishment and start-up phase will create significant employment within the community, and when fully operational, the plant will create long-term employment for skilled workers. The restart of the plant will also create many more indirect jobs, such as: maintenance and construction services, port services, downstream manufacturing, demand for green hydrogen and renewable energy, etc.”

Founder and president of TT Iron, Gus Hiller said, “We believe there is great potential for the plant to return to the forefront of global steelmaking technology and performance. “We are confident we will be able to bring on-stream and operate an efficient, cutting-edge steel mill which we expect, and hope will start production within 12 months.
“

The restart of this plant will create a long-term sustainable industry that generates secure employment and wealth for generations to come. I am excited to return to Trinidad & Tobago, to safely execute on our strategic plan and position Trinidad & Tobago as a major global player in the green steel market.”

TT TT Iron signed a sales and purchase agreement to acquire the ArcelorMittal iron and steel plant at Point Lisas Industrial Estate in June 2023. At the time, completion of the transaction was subject to Government approval. Work will commence on the plant once all Government approvals have been received, expected within the next 12-18 months.
ArcelorMittal closed its steel plant in Trinidad and Tobago in March 2016.

 

 

 

UTT & PowerGen MoU on AI & digitalisation

27 July

The University of TT (UTT) and the Power Generation Company Ltd (PowerGen) signed a memorandum of understanding (MoU) on July 5 at the Chaguanas Campus, solidifying a strategic partnership.

On July 25 PowerGen said, “The signing of the MoU represents a step forward in addressing some of the most pressing challenges of the power sector and PowerGen’s role in helping to create a more sustainable and innovative future for TT.”

UTT chairman Prof Clément Imbert reiterated the university’s dedication to advancing education, research, and innovation. He recalled his extensive experience in the power sector and expressed confidence that this partnership would yield meaningful contributions to the country’s technological and environmental landscape.

UTT acting vice president for research, academic, and student affairs, Prof Rean Maharaj, said the MoU focuses on developing and integrating artificial intelligence (AI) and digitalisation to revolutionise industries by enhancing efficiency and unlocking new potential. A robust cyber security framework ensures the stability of computing systems and allows organisations to leverage AI and digitalisation confidently.

Maharaj referenced the recently launched Caribbean Cybersecurity Institute at UTT John S Donaldson Port of Spain Campus, which emphasises the university’s commitment to equipping professionals with the necessary skills to address cybersecurity challenges.

UTT acting president Prof Stephen Joseph welcomed the senior management from PowerGen to the event, which marks a significant collaboration to drive technological innovation, sustainability and competency development.

PowerGen’s general manager Dr Haydn I Furlonge noted that this year marks the 30th anniversary of the company as the largest and longest-serving independent power producer in this country. He stressed the importance of bridging the gap between academia and industry as a means of bringing real commercial value via more sustainable and efficient operations, which can lead to energy and cost savings.

“This MoU  seeks to explore  ways in which  both PowerGen and UTT can benefit,” he said.

Furlonge acknowledged UTT’s role in developing technologies and producing industry-ready graduates. The MoU would support PowerGen’s digital transformation initiatives in business processes and technical areas like reliability. It is also aimed at helping protect information technology and operational technology systems from cyber threats and the company’s drive to improve operational efficiency to secure a sustainable future.

 

 

 

Central Bank : Energy sector spirals downwards

13 July

• The Central Bank monetary policy report up to May 2024 warned the energy sector is expected to continue on a downward trajectory this year. There was a noticeable dip in economic activity in the third quarter of last year but indicators monitored by the Bank suggest a rebound for the final quarter of that year and the first quarter of 2024.   Low output in the energy sector hindered economic growth in the third quarter of 2023. CSO Data showed real GDP fell by 2.3 per cent year-on-year because of an overall 10.3 contraction in the energy sector.
• Petroleum support services plunged by 34.8 per cent.
• Natural gas exploration and extraction fell by 11.3 per cent.
• Refining, including liquefied natural gas slumped by 11 per cent.
  • Condensate extraction sank by 10.2 per cent.
  • Petrochemical manufacturing dived by 9.9 per cent and
  • Crude oil exploration and extraction decreased by 9 per cent.
  • All sub-sectors experienced contractions except the
  • asphalt sub sector, which rose by 20.5 per cent.

 

• • Sales in the construction materials and hardware sector dipped by 16.1 per cent.
  • Reduced local sales of cement point to contraction in construction by 2.9 per cent.
  • Manufacturing contracted by 2.1 per cent.

The downward trajectory of the energy sector is expected to continue in 2024. Citing preliminary data from the Ministry of Energy, Central Bank said crude oil production slumped by 10.4 per cent and natural gas production slid by 1.4 per cent for the first quarter of the year, compared to the same period in 2023.

• Methanol and ammonia production also fell by 3.8 and 2.4 per cent respectively.
• However, despite upstream setbacks, natural gas liquids production remained resilient, recording 16.3 per cent improvement year-on-year.

The non-energy sector picked up the flag, driving economic activity in the fourth quarter of 2023 and the first quarter of 2024. The sector was supported by growth in the trade and repairs sector by 11.7 per cent, the financial and insurance activities sector by 1.6 per cent, the accommodation and food services sector by 1.5 per cent and domestic services by 1 per cent.

The CSO retail sales index suggested improved economic activity with retail sales expanding by 4.8 per cent, textiles and wearing apparel by 6.2 per cent, household appliances, furniture and other furnishings by 4.7 per cent and a 1.5 per cent rise in the sale of dry goods.

The sectors strong activity was also seen in an uptick in supplementary indicators in the first quarter of 2024, with cashless payments increasing by 6.9 per cent coming from an increase in the volume of ATM and internet banking transactions.

• • Transportation and storage remained strong with a 7.1 per cent increase supported by air travel.

Wholesale and retail trade excluding energy rose by 5.8 per cent and electricity and water sales, excluding gas, increased by 4.3 per cent.

Overall the non-energy sector expanded by 1.3 per cent.

The repo rate remained unchanged at 3.5 per cent.

 

 

Paria prosecution

12 July

Diving tragedy survivor Christopher Boodram lamented the continued neglect of victims’ families, even as the Occupational Safety and Health Authority (OSHA) prosecuted three culprits and announced consultations on new diving regulations. The families had received no state help, despite a strong plea for no-fault compassionate assistance by Jerome Lynch, chairman of the commission of enquiry (CoE) into the Paria tragedy.

San Fernando magistrate Alicia Chankar held a virtual hearing on July 10 at which OSHA laid criminal charges against Paria’s general manager Mushtaq Mohammed, operations manager Colin Piper and Land and Marine and Construction Services (LMCS) head Kazim Ali Snr.

The charges were not read aloud, owing to objections by the defendants’ attorneys but are expected to be read when the case resumes on September 11.

On February 25, 2022, five divers – Boodram, Kazim Ali Jr, Rishi Nagassar, Fyzal Kurban and Yusuf Henry – were repairing a 30-inch pipeline at Paria’s facility at Pointe-a-Pierre when they were sucked into it by a sudden change in water pressure in a delta p event. Only Boodram was rescued.

The CoE report was delivered to President Christine Kangaloo on November 30, 2023, and laid in Parliament by Energy Minister Stuart Young on January 19, 2023.

The inquiry blamed Paria and LMCS for unsafe work procedures when the emptying of oil from the pipeline caused the delta p event. Paria came under scrutiny for blocking unofficial rescue efforts for the trapped men but argued it did not want more lives to be put at risk by allowing more divers into the pipe.

The report had recommended corporate manslaughter charges against Paria and LMCS.

On July 11, OSHA announced a stakeholder consultation to create a policy for drafting commercial diving regulations, on July 25 from 9 am-3 pm.

Widowed Celisha Kurban and Vanessa Kussie had not heard of the start of the prosecutions. Kurban said “I don’t know anything. Nothing is good. Nothing has improved. We are just hanging in there.”

Kussie said, “No, I did not hear anything about it. This is news to me. I have no comment right now.”.

Boodram had some faith in “getting justice” from the trial, but also lamented the lack of help for families.

“I am glad it has started. I also believe we should be able to get some of these people to be held accountable for what was done. Everything they did, they are not remorseful – all of this that happened and how they treated the families. They are not remorseful. They move like they don’t care. They don’t even try to extend a hand. I hope we get some level of justice.”

Asked if they got any help after Lynch upbraided the State, Boodram replied, “No. Nothing. No. They don’t care. This might be the first time in the history of the world that a state-owned company with an accident so serious has treated the people so.”

He said if an international firm like BP ever had an accident, it would make sure it dealt with it swiftly in terms of helping victims’ families.

“But Paria? They might quicker send a donation to one of those countries hit by Hurricane Beryl than see about us.”

Boodram was glad the inquiry had happened but lamented that its recommendations had allegedly not been enacted.

“I really believe the inquiry was necessary.”

Contrasting the $15 million cost of the inquiry to the nil compensation paid to families, he said, “Now you are showing the $15 million is not worth anything. You spend $15 million and when it finished, you put none of the recommendations. That $15 million was a pappyshow. They just throw that at the people to get us to shut up and to move on.”

He believed people had forgotten about the tragedy now.

“The nation has so many other things to deal with. Nobody is studying that again.”

Asked if he would welcome a case of corporate manslaughter, as the report had urged, if the Director of Public Prosecutions were minded to prosecute,

Boodram said, “Well, corporate manslaughter as far as I got to understand in Trinidad, does not really mean much. It’s just a fine, I think about $15,000 or $20,000, or something like that, and that is that. So I think this OSH prosecution here is something very important. I hope we could get some justice out of it.”

Asked how he and his family had been coping since the tragedy in 2022,

Boodram said, “Well, it is tough. It is tough. Yes, I have my wife and she is working. She is a nurse at San Fernando General Hospital. But after meeting the bills, that is it. My kids and family are not accustomed to living like this. I built myself, financially free for us. But now the kids and them are at a serious disposition compared to how they were.”

Asked if he was working, he replied, “No. I am not doing anything right now. Mentally, right now, I don’t have the capacity to get into that kind of thing. I think it is a real injustice done to the families and myself. After two and a half years now, a state-owned company doesn’t even care to try to assist. A $15 million inquiry said they were grossly negligent but they are not standing responsibility.”

His attorneys “are working on taking Paria and LMCS to court.”