Cavendish – ‘TT sweet spot for wind energy’

1 December

European Union Ambassador Peter Cavendish hailed Trinidad and Tobago as a prime location for generating renewable energy from wind power.

“We all have to sell TT as a sweet spot for green energy. The country’s potential for green energy is exceptional. If you have the natural capital and the human capital, it has got to be made to work.”

Cavendish told the UNDP Global Climate Change Alliance (GCCA) forum on progress in renewable energy and energy efficiency the EU is doing its part to promote TT as a clean-energy spot with perfect conditions for wind-power generation on its southern border. .

“In the south of this country, between Trinidad and Venezuela, there is a wind funnel where it is believed the wind energy on a scale of one-five is about 3.5. Recently the government put in lidars (light detection and ranging sensors), which are lasers that measure particles that pass above them. Up to 300 metres they could measure the wind strengths.”

Galeota Port, at the southeastern tip of Trinidad, is also perfect for providing access to platforms for wind turbines.

“So you don’t have to re-engineer the port. There are also a lot of oil and gas rigs that can be repurposed to put wind turbines on top of them.”

TT’s geographical position is beneficial.

“The country is south of the hurricane belt, so when you install wind turbines there is much lower insurance risk.”

While Trinidad has enormous potential for wind energy, installing the infrastructure could cost a significant amount.

“To bring this online would take some tens of billions of dollars, but the price of green energy, especially green hydrogen, will be internationally determined. Therefore, development and commercial bank operators will co-operate to put in wind platforms. Because the sums of money are so large, we are not only talking to the European Investment Bank, we are talking to IADB and CAF. We wish to start this off, the technology is there, we just need to know the science then we need to get the money together.

A project to install wind turbines could take three-four years optimistically, five-six realistically. Europe has plans to be carbon-neutral by 2050 and spent €1 billion of development funds on energy projects alone.

“The EU initiatives are aimed at mobilising European investment technology and expertise to strengthen critical infrastructure around the world and prioritise renewable energy and energy efficiency.”

Aside from collaborating with the Government and other partners on installing a commercial solar park in Piarco that provides four per cent of the airport’s energy needs, the EU installed 12 solar panel systems in different areas.

 

 

 

Young meets Perenco, Methanex executives

December 2

Senior executives from Perenco and Methanex met Energy Minister Young and PS Sandra Fraser at the Ministry of Energy. Perenco CEO Armel Simondin, general manager Gregoire de Courcelles and business adviser Allan Russel led the meeting.

Young welcomed Simondin, who became global group CEO in April and expressed gratitude for significant contributions of Perenco to the Trinidad and Tobago energy industry.

Discussions focused on Perenco’s global and domestic operations, with special emphasis on the Teak, Samaan and Poui (TSP) fields off the east coast of TT. Simondin said the company’s robust annual investment is US$2 billion in global upstream operations, alongside additional funding for midstream projects.

Since acquiring operations on the TSP platform in 2016, Perenco invested US$300 million in its local operations. Preliminary figures for November indicate Perenco’s production at approximately 7,000 barrels of oil a day, the second-largest crude oil producer in TT after Heritage Petroleum Company Ltd.

This milestone reflects the impact of Perenco’s commissioning of a replacement pipeline linking the TSP asset to onshore facilities. Young acknowledged Perenco’s expertise in managing mature fields and shallow-water assets, recognising the company’s efforts to maximise oil and gas recovery.

TT holds the fourth position among the 14 countries within Perenco’s global exploration and production portfolio. Both parties reaffirmed their commitment to open dialogue and collaboration. Simondin said Perenco’s long-term vision is in strategic alignment with the country’s energy objectives.

French engineering company Perenco, is a leading independent international hydrocarbon producer, following world-class compatriot Schlumberger, pioneer of engineering in the global energy industry since 1926. Hubert Perrodo, founder of Perrodo Energy Company, focused on mature and marginal oil fields since 1992.

His son, Francois, is chairman of the family business, active in Africa, Asia, Latin America and West Indies, specialising in solutions to lengthen the lifespan of energy resources. Successful drilling of 3 new development wells in Colombia followed expansion in Trinidad & Tobago with acquisition of mature bpTT gas fields

 

 

 

 

Methanex maintains output amid plant transition

November 12, 2024

Methanex Corporation did not experience disruption in its methanol production when it idled its Atlas plant in favour of restarting its smaller Titan plant, according to president and CEO Rich Sumner. The changeover is expected to remove one million tonnes of methanol from the global market, Sumner said, as Methanex held its third quarter earnings call .

“I would also like to recognise and thank our team in Trinidad who safely idled the Atlas plant and restarted the Titan plant, which had been in preservation mode since March 2020, with no disruption to production. This changeover removes one million tonnes of methanol from the global market and reduces our equity production by approximately 200,000 tonnes.”

Methanex will continue to work closely with the National Gas Company to secure longer-term gas to ensure sustainable operations in Trinidad beyond the current gas contract that expires in September 2026. Last month Methanex celebrated the successful transition via its LinkedIn page.

“It’s a significant accomplishment that required tremendous effort over the past year, and we want to recognise the team’s dedication and commitment to safely navigating this complex transition. It’s a testament to their resilience, expertise, and collaborative spirit,” it stated.

“Following a new natural gas agreement, we were able to bring the Titan plant back online and maintain our world-class team. We’re also moving Atlas, another strategic plant in our global portfolio, to preservation mode, and we remain focused on maintaining our robust asset integrity systems in preparation to bring this plant back online when conditions allow.”

Methanex said once conditions become favourable and sustainable it will restart Atlas also. Sumner said this year Methanex has received less gas in T&T than in the past.

262,000 tonnes produced in T&T

In its most recent financial results, Methanex reported that for the quarter ended September 30, 2024 it produced 262,000 tonnes of methanol compared to 231,000 in the previous quarter ended June 30.

“Production was higher in the third quarter compared to the second quarter due to two unplanned outages during the second quarter. In mid-September the Atlas plant (Methanex interest 63.1% or 1,085,000 tonnes per year capacity) was idled, as its legacy 20-year natural gas supply agreement expired, and the Titan plant (875,000 tonnes per year capacity) was successfully restarted, on a two-year natural gas supply agreement with the National Gas Company of Trinidad and Tobago (NGC),” it stated.

According to its standalone financial information, Atlas earned Methanex US$44 million for the nine months ended September 30, 2024. For the nine months ended September 30, 2024 Methanex has reported production of 751,000 tonnes.For the comparative period last year production was reported as 791,000 tonnes.

This was a 48% drop compared to the US$85.3 million reported for the nine months ended September 30, 2023.

During the earnings call Sumner said third quarter methanol pricing and market dynamics for the third quarter global average realised price of US$356 per metric tonne and was US$4 higher than the previous quarter.

“Global methanol demand was stable in the third quarter compared to the second quarter with relatively flat demand in chemical applications and seasonally higher demand for energy applications such as MTB and fuel blending. Methanol-to-olefins operating rate decreased at the beginning of the quarter due to seasonal maintenance as well as tight supply availability and operating rates increased through the quarter,” he stated.

Sumner said as supply improved, methanol inventories gradually rebuilt.

“By the end of the quarter, the MTO industry was operating at around 90% operating rates. On the supply side, third quarter global production was similar to the second quarter production levels with different trends between basins. In Asia and China, we saw increased supply from the Middle East, including Iran, leading to an inventory build and supply availability leading to increasing MTO rates. Methanol prices in China remained fairly stable between US$280 and US$300 per tonne.”

Methanex estimates that based on these posted prices, its October and November average realised price range is between approximately US$365 and US$375 per metric tonne.

“Our expected equity production guidance for Q4 2024 is approximately 1.9 million tonnes, which will be sold through Q4 2024 and Q1 2025, as produced sales normalise to increased production,” he said.

On October 13 last year, Methanex announced the plan to restart the Titan methanol plant in September 2024.

“I am proud of our team’s effort to reach an agreement with the NGC that allows us to preserve this strategic location in our global portfolio and maintain a world-class team. The two-year term of the Titan contract offered by the NGC reflects the challenging near-term gas supply and demand situation in the country. In the medium to long term, the NGC continues to work with the upstream sector on their plans to develop increased gas supply to the country through various projects, although uncertainty remains.

We have been working with the NGC and the Government of Trinidad and Tobago for an extended period to secure economic gas supply for the Atlas and Titan plants. Our decision to restart Titan and cease operations at Atlas was based on economic considerations, including significantly lower capital requirements at Titan compared to Atlas. The new gas price and lower production volume in Trinidad will reduce annual adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization, and free cash flow capability, starting in 2025 and compared to 2023, by approximately US$80 million and US$40 million, respectively, across a range of methanol prices.

We would like to thank the NGC for their professionalism during the negotiation process and reaffirm our commitment to working with the NGC and the Government of Trinidad and Tobago to secure economic long-term gas supply.”

Methanex is a Vancouver-based, publicly traded company.

 

 

 

 

Methanex wins top AMCHAM prize

November 12, 2024

EXCELLENCE: Minister of Trade and Industry Paula Gopee-Scoon presented the Excellence in HSE Award to the Methanex Trinidad Ltd manager for responsible care; Ivan Salick and Renata Tam accepted the award on behalf of the company

Methanex Trinidad Ltd management and staff won the top prize—the Excellence in HSE Award—at the American Chamber of Commerce of Trinidad and Tobago’s (AMCHAM) 14th Annual National Excellence in HSE awards.

Several companies received honourable mentions, including:

• Energy—Medium Company Category—Contour Global Trinity Power Ltd

• Services—Medium Campany Category—CSA Ocean Sciences (Trinidad) Ltd

• Services—Large Company Category—Bristow Caribbean Ltd

• Energy—Large Company Category—Halliburton Trinidad Ltd.

The winners in the Outstanding OSH and Environment Project were the National Energy Corporation of Trinidad and Tobago Ltd, Caribbean Industrial Research Institute (CARIRI) and The West Indian Tobacco Company Ltd.

The winner of the HSE Evolution Award was The National Gas Company of Trinidad and Tobago (NGC).

In her feature address, Trade Minister Paula Gopee-Scoon lamented the exorbitant costs associated with ignoring health, safety and environmental (HSE) practices.

“The economic costs associated with ignoring HSE issues were also significant in 2022; according to the American National Safety Council, the total cost of work injuries in the United States alone was about US$167 billion. This figure includes more than simply wage and productivity losses, medical expenses and administrative expenses.

It encompasses employers’ uninsured costs, the value of time lost by workers other than those with disabling injuries who are directly or indirectly involved in injuries, and the cost of time required to investigate injuries, write up injury reports and other administrative functions, damage to motor vehicles and also fire losses,” she said.

“HSE practices have become foundational to profitability and progress. If ignored, it comes with a real and significant human and economic cost. Looking at safety, for instance: according to a 2023 report by the International Labour Organisation (ILO), over 395 million workers worldwide sustained a non-fatal injury. Additionally, and more alarmingly, around 2.93 million workers died as a result of work-related factors, an increase of more than 12% compared to 2000.”

Gopee-Scoon said the State understands the imperatives of health, safety and environment.

“We are well on our way to ensuring greater adoption and compliance. The Labour Ministry and the Occupational, Safety and Health Agency (OSHA) are directly spearheading efforts to raise awareness of these issues and help develop the necessary policies to address challenges in the workplace across all sectors.”

 

 

 

Plipdeco records 6% rise in revenue

The Point Lisas Industrial Port Development Corporation Ltd (Plipdeco) generated $285 million in revenue in the quarter ended September 30, 2024, an increase of $16.1 million compared to 2023.

In its consolidated interim financial statement for the nine months ended September 30, 2024, published on the TT Stock Exchange website , Plipdeco said it experienced a six per cent increase in throughput from its containerised cargo operations, which played a contributory role in the increased revenue generated year to date.

Third-quarter results reflected earnings before interest, taxes, depreciation and amortisation (EBITDA) of $79.3 million, with the EBITDA in 2023 being $40.6 million. Earnings per share (EPS) stood at $4.58, compared to $1.22 in 2023.

The corporation generated a profit before tax (PBT) of $56 million for the year to date versus $13.9 million in 2023, which represents a significant increase of 301 per cent compared to the prior year.

This significant increase in profitability resulted from a net impact of increased revenue coupled with a decline in some operating expenses as well as the positive impact from a reversal of bad debts expense which was previously recognised. Excluding the impact of this settlement, the corporation’s PBT stands at $33.4 million, which represents an increase of 139 per cent over the 2023 performance.

“Based on our present performance for 2024 we expect to exceed both our budgeted and prior year performance. As the year continues, we remain steadfast in our resolve to making our 2024 performance a formidable one.”

On September 11, Plipdeco gave official notice to the TT Stock Exchange about its president Ashley Taylor being sent on administrative leave. Vice-president (technical services), Dr Averne Pantin, is currently acting president. New chairman Annette Wattie replaced Daniel Dookie as chairman of the board after Plipdeco’s 57th annual general meeting on October 8 at Plipdeco House, on the Point Lisas Industrial Estate.

 

 

TTNGL profits rise but no USD dividend

2024, 11/15

Despite reporting an after-tax profit of $82.8 million for the nine-month period ended September 30, 2024, Trinidad and Tobago NGL Limited is still unable to pay shareholders in US dollars.

This concern was addressed by chairman Dr. Joseph Khan, in a news release announcing the company’s financial performance for the period.

“We acknowledge that our shareholders are understandably eager for a resolution to the current dividend restriction and the anticipated timeline for implementing a viable solution.

“The board and management remain deeply committed to addressing this issue as a priority, knowing the impact it has had on shareholder value. We are actively exploring pathways that, while complex, we believe will ultimately strengthen TTNGL’s ability to resume dividends and improve shareholder returns. We appreciate our shareholders’ patience as we work diligently to position TTNGL for sustainable growth and value creation.”

In the 2016 annual meeting shareholders of the company voted in favour of receiving their dividends either in TT dollars or US dollars. Khan, however, hailed the turnaround in the company’s profits, as the $82.77 million after-tax profit for the nine months to September 30, represented a 153.2 per cent improvement over the $32.7 million profit for the same period in 2023.Exactly a year ago, the company reported an 80 per cent decrease in profits.

Improvement in profitability was driven by an increase in natural gas liquids (NGL), as a result of an optimised gas supply mix from The National Gas Company of Trinidad and Tobago Limited (NGC).

Gas volumes directed to Point Lisas for processing averaged 1,062 million standard cubic feet per day, a slight increase over 2023.

“This increased NGL output, 33.3 per cent higher year-on-year, enabled PPGPL to capitalise on additional revenue from favourable Mont Belvieu (MB) NGL prices, which were 10.0 per cent higher than the corresponding 2023 period.

“PPGPL’s North American subsidiary, Phoenix Park Trinidad and Tobago Energy Holdings Limited (PPTTEHL), also reported robust results. PPTTEHL achieved higher trading volumes and margins on its sales contracts, with NGL trading volumes up 23.8 per cent year-on-year. This growth stems from expanded throughput and a more comprehensive commercial footprint, underscoring the strength of TTNGL’s international portfolio.”

 

 

 

 

Atlantic LNG shipping rates rise for first time in seven weeks

By   LNG Prime Staff,   November 8, 2024

Last week, LNG shipping rates continued to slide in both basins. “Spark30S Atlantic rates have experienced a week-on-week increase for the first time in seven weeks, rising by $2,250 to $20,500 per day,”

Atlantic spot liquefied natural gas (LNG) freight rates rose for the first time in seven weeks, while Pacific rates continued to decline.

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BP gains entrance to new north coast petroleum exploration arena

November 21, 2024, by Melisa Čavčić

BP Trinidad and Tobago (bpTT), a subsidiary of British energy giant BP, has expanded its footprint offshore Trinidad and Tobago by securing access to a new block, where the company has not undertaken any hydrocarbon exploration activities.

As part of the Shallow Water 2023/24 bid round that closed in May 2024, BP was awarded the NCMA 2 block located approximately 30 miles off Trinidad’s north coast. This block is said to open a new area of exploration for the energy giant in Trinidad and Tobago.

BP production comes from the Columbus Basin off Trinidad’s east coast, where it operates 17 offshore installations and two onshore processing facilities. The block award showcases its Trinidad strategy to access new basins while maximizing production in existing acreage.

David Campbell, bpTT President, highlighted: “Continued exploration activity is crucial for sustaining our industry and I am very pleased that we have secured this block. The NCMA area is new to BP in T&T and I am looking forward to maximizing its potential. Although geographically new to us, we will be able to draw on our 50-plus years of exploration experience in Trinidad and Tobago.”

BP completed its infill drilling program in Trinidad and Tobago, announced divestment of some mature assets, entered into a joint venture arrangement with EOG Resources for the Coconut development and is close to completing the Cypre development drilling campaign.

 

 

 

BP operational debut in promising play

Iain Esau
20 November 2024

Supermajor signs production sharing contract for in North Coast block

BP signed a production sharing contract for a promising block offshore Trinidad and Tobago. The signing ceremony for Block NCMA 2 at the Ministry of Energy followed the award to BP of the acreage in the 2023-2024 bid round, which closed in May. Energy Minister, Stuart Young, said,

“The Ministry of Energy & Energy Industries continues to aggressively market and execute concessions to promote exploration and investment in the upstream. The ministry… is committed to working with upstream operators to boost the supply of hydrocarbons and secure Trinidad and Tobago’s energy future.”

The block lies in water depths of approximately 200 metres in the North Coast Marine Area, where BP has never worked.

Attending the PSC signing was David Campbell, BP president for Trinidad & Tobago, who said: “Continued exploration activity is crucial for sustaining our industry and I am very pleased that we have secured this block.”

He noted that while the NCMA area is geographically new to BP, “we will be able to draw on our 50-plus years of exploration experience in Trinidad and Tobago.”

Campbell said that securing this block demonstrates of BP’s strategy in Trinidad & Tobago of accessing new basins while maximising production from existing assets.

Since the beginning of the year, BP successfully completed an infill drilling programme, sold some mature assets, entered a joint venture arrangement with EOG Resources for the Coconut development and is close to completing the Cypre development drilling campaign.

(Copyright)

 

 

 

 

BP awarded PSC for offshore Block  NCMA2

20 Nov 2024

The Ministry of Energy announced that a negotiated Production Sharing Contract (PSC) for Block NCMA 2 has been signed between the Government of Trinidad and Tobago and the successful bidder, BP Exploration Operating Company (BPEOC). The Honourable Stuart R. Young, Minister of Energy and Mr. David Campbell, President bpTT signed the contract on 19th November, 2024 at the Ministry of Energy. The award stems from the Shallow Water Competitive Bid Round 2023/2024 which opened on 2nd October 2023 and closed on 27th May 2024.

At the signing of the PSC, The Honourable Stuart R. Young S.C., M.P. Minister of Energy and Energy Industries and Minister in the Office of the Prime Minister stated that, ‘The Ministry of Energy and Energy Industries continues to aggressively market and execute concessions to promote exploration and investment in the upstream. This marks the second PSC signed in record time in 2024 and the Ministry of Energy is committed to working with upstream operators to boost the supply of hydrocarbons and secure Trinidad and Tobago’s energy future.’

Block NCMA 2 is situated in the North Coast Marine Area (NCMA) in water depths of approx. 200 meters. Entry into this block marks a significant milestone for BPEOC, as it represents the operator’s first endeavour into the North Coast region. Also present at the signing were Mrs. Penelope Bradshaw-Niles and Ms. Sandra Fraser, Permanent Secretaries at the Ministry of Energy and Energy Industries.

BP Exploration Operating Company Limited (BPEOC) and bpTT are both subsidiaries of BP Global.

The ministry signed a PSC with BG International Ltd (BGI), a subsidiary of Shell, for Block Modified U (c), another block auctioned at the shallow water bid round, in September.

Source: Ministry of Energy and Energy Industries (MEEI)

 

 

 

 

Young & bpTT team tour Cypre pipe-laying vessel

27 November

On November 25, Energy Minister Stuart Young, bpTT president David Campbell, bpTT vice president  and bpTT projects general manager Paul Stern, toured the Seven Seas pipe-laying vessel supporting the company’s Cypre project.   Vincent Ramesar, bpTT subsea construction lead, Irma Ibarra, bpTT vice president finance and gas growth joined the party on board the Seven Seas, docked at the ChagTerms dock, Chaguaramas.

The vessel is undertaking transpooling activity related to subsea infrastructure installation. This will connect gas from the Cypre field to the bpTT Juniper platform off the southeast coast. The visitors received a briefing from Tim Murphy, In Country Operations Manager, Subsea.

Young met the international crew, including technicians, a survey adviser, medic, operators of remotely operated vehicles and cadets receiving practical training on board, as part of the sea-service component of the UTT Diploma in Maritime Operations. They included Jevon Alleyne marine warranty surveyor, Farisha Emamdeen UTT cadet- navigation, Jared Ramjugssingh UTT cadet-navigation and Selena Dubarry, UTT cadet-engineering. –

He commended the strong representation of the TT maritime industry and local content on board the vessel. The government will continue to work with energy-sector stakeholders to create opportunities that will build capacity and drive international competitiveness.

This phase of the operation is a result of discussions in 2022, when he and the Prime Minister visited bpTT CEO Bernard Looney and Campbell to secure the project’s sanction. The Cypre project will become bpTT’s third subsea development in TT. It will include seven wells and subsea trees tied back into the existing bpTT Juniper platform, with gas production projected for 2025.

This subsea development will capitalise on the existing subsea enabling infrastructure at Juniper, allowing gas to be brought to market in a shorter time than a normally unmanned installation development. The new Cypre development will access power from Juniper, eliminating the need for additional power generation, allowing production to be supplemented without increasing bpTT’s operating emissions.

 

 

 

 

BP and EOG look forward to first gas

Countdown for sail-away of new offshore platform begins

The Mento platform at the TOFCO fabrication yard is in the final stages of construction as it prepares to sail away within weeks. The jacket will be loaded onto a barge while topsides will be loaded out in the upcoming days. The jacket, followed by the topsides, will then sail to the east coast of Trinidad for installation at their final location, after which commissioning activities will begin.

The Mento development is a 50/50 joint venture between EOG Resources Trinidad (EOG) and bpTT, with EOG as the operator. Mento will be a 12-slot, manned platform off the southeast coast. First gas is expected in 2025.

George Vieira, Managing Director of EOG Resources Trinidad Limited, said: “As the Mento platform sets sail to be installed off the east coast of Trinidad, we are pleased with the partnership between EOG and bpTT in exploring and developing oil and gas resources in the region.

“We want to thank TOFCO and our local contractors for the work done on the Mento platform. We look forward to continuing to partner with bpTT on our next joint development, Coconut.”

 

 

 

 

 

Touchstone Exploration

Cascadura

CALGARY, ALBERTA (November 11, 2024)

Touchstone Exploration Inc. (“Touchstone”, “we”, “our” or the “Company”) (TSX, LSE: TXP) announces the completion of Cascadura-2ST1 and Cascadura-3ST1 well testing.

Highlights

• • Cascadura-2ST1 Well: during an extended 48-hour test, Cascadura-2ST1 produced an average rate of approximately 4,950 boe/d, consisting of 26.4 MMcf/d of natural gas and 547 bbls/d of NGLs.
    • Fluid Analysis for Cascadura-2ST1: initial field analysis shows the presence of liquids-rich natural gas with no produced water, similar to the characteristics of the Cascadura-1ST1 well.
  • Cascadura-3ST1 Well: over a 68-hour testing period, Cascadura-3ST1 achieved an average production rate of approximately 1,100 boe/d, including 786 bbls/d of crude oil and 1.9 MMcf/d of natural gas.
    • Fluid Analysis for Cascadura-3ST1: field assessments indicate medium API gravity crude oil with a 2 percent water cut, along with liquids-rich natural gas.
    • Production Status: the Cascadura-2ST1 well is currently on continuous production to the Cascadura natural gas processing facility, and the Cascadura-3ST1 well is scheduled to commence permanent production within the next two days.

Paul R. Baay, President and Chief Executive Officer, commented:

“These encouraging well test results not only validate our geological models but also underscore the potential of the Cascadura field. With critical infrastructure in place between the wells, we are well-positioned to drill additional wells to further develop the field.

The Cascadura-2ST1 well test results are similar to those of Cascadura-1ST1, and the well is located at the boundary of our reserves booking. The Cascadura-3ST1 well test results are exceptionally promising, as they unlock a new oil and natural gas play on the eastern side of Fault C, extending into the recently acquired Rio Claro block. On a per barrel equivalent basis, oil currently generates nearly five times the revenue of natural gas, and with a 12.5 percent royalty on the block and anticipated operating expenses below our corporate average, the play offers strong cash flow generating capabilities.

Together, these wells represent a material increase to our base production, reinforce our development strategy and open the door to a new oil play.”

Cascadura-2ST1 Testing

Cascadura-2ST1 production testing commenced on November 2, 2024, with flow tests spanning a total of 82 hours, comprising an initial clean-up flow period, followed by an initial shut-in period and a four-step rate test, including a 48-hour extended flow test. All production accumulated during well testing was processed for sales at the Cascadura natural gas processing facility.

During the 48-hour extended portion of the flow test, the well produced at an average rate of approximately 4,950 boe/d (89 percent natural gas), including 26.4 MMcf/d of natural gas and an estimated 547 bbls/d of NGLs. The bottom hole flowing pressure of the well during this stage of testing averaged 3,497 psi through a 64 percent choke, representing a 15 percent reservoir pressure drawdown.

During testing, Cascadura-2ST1 yielded 44-degree API gravity NGLs at an average ratio of approximately 21 barrels of NGLs per MMcf of natural gas produced. Field analysis of the produced gas indicated liquids rich natural gas. Additional testing of fluid samples will be conducted to accurately assess the natural gas and associated liquids composition as well as the phase behaviour of the fluids within the reservoir.

The well was shut-in for a pressure build-up survey between November 6, 2024 and November 9, 2024 with further analysis to be conducted in identifying reservoir continuity.

On November 9, 2024 the Cascadura-2ST1 well was placed on continuous production at a choke restricted initial natural gas rate of approximately 20 MMcf/d and associated NGLs. This initial choke setting was selected based on well test analysis and is designed to maximize the ultimate recovery of both natural gas and NGLs from this section of the reservoir, ensuring optimal long-term performance.

Cascadura-3ST1 Testing

Cascadura-3ST1 flow testing commenced on November 6, 2024, with all production accumulated during testing processed for sales at the Cascadura natural gas processing facility.

During the 68-hour flow test, the well produced at an average rate of approximately 1,100 boe/d (71 percent oil), including an estimated 786 bbls/d of oil and 1.9 MMcf/d of natural gas. The wellhead flowing pressure during the flow test averaged 1,122 psi through choke settings of 25 percent to 35 percent, representing a 65 percent wellhead pressure drawdown.

During testing, Cascadura-3ST1 yielded 29-degree API gravity oil with a 2 percent water cut, as well as liquids rich natural gas. Additional testing of fluid samples will be conducted to accurately assess the liquids and natural gas compositions.

The well is currently shut-in for a pressure build-up survey with further analysis to be conducted in identifying reservoir parameters and bottom hole reservoir performance. Touchstone intends to place the Cascadura-3ST1 on continuous production over the next two days at a choke restricted initial rate of approximately 600 to 700 bbls/d of oil in order to optimize the well’s long-term production potential.

Cascadura-3ST1 openhole wireline logs also indicate an additional unperforated sand with over 24 feet of net hydrocarbon pay. This sand is located at depths between 5,816 to 5,840 feet in the well, uphole of the current production zone. Given the strong flow test results from the well, this interval offers a potential future development opportunity for the Company to pursue.

Working Interest

Touchstone has an 80 percent operating working interest in the Cascadura field, which is located on the Ortoire block onshore in the Republic of Trinidad and Tobago. Heritage Petroleum Company Limited holds the remaining 20 percent working interest. All production figures disclosed herein are gross volumes.

 

 

 

 

TOUCHSTONE REPORTS THIRD QUARTER 2024 RESULTS AND UPDATED GUIDANCE

CALGARY, ALBERTA (November 13, 2024)

Touchstone Exploration Inc. (“Touchstone”, “we”, “our” or the “Company”) (TSX, LSE: TXP) reports financial and operating results for the three and nine months ended September 30, 2024 and updated 2024 guidance.

Selected financial information is outlined below and should be read in conjunction with our September 30, 2024 unaudited interim condensed consolidated financial statements and related Management’s discussion and analysis, both of which are available under our profile on SEDAR+ (www.sedarplus.ca) and on our website (www.touchstoneexploration.com). Unless otherwise stated, all financial amounts presented herein are rounded to thousands of United States dollars, and all production volumes disclosed herein are sales volumes based on Company working interest before royalty burdens.

Third Quarter 2024 Financial and Operating Highlights

• Achieved average quarterly production of 5,211 boe/d (75 percent natural gas), a 54 percent increase relative to 3,391 boe/d produced in the third quarter of 2023 (60 percent natural gas), reflecting a full quarter of natural gas production from the Cascadura field, slightly offset by Cascadura natural gas and associated liquids natural declines.
• Realized petroleum and natural gas sales of $13,253,000 compared to $11,682,000 in the equivalent quarter of 2023, primarily attributed to a 93 percent increase in natural gas production volumes, slightly offset by a reduction in average realized crude oil and liquids pricing.
• Crude oil production contributed $7,603,000 of petroleum sales at an average realized price of $66.72 per barrel.
• Cascadura field production volumes in the quarter contributed $4,908,000 of natural gas sales at an average realized price of $2.50 per Mcf and $306,000 of petroleum sales at an average realized price of $67.15 per barrel.
• Natural gas production from the Coho-1 well contributed $436,000 of natural gas sales in the quarter at an average realized price of $2.16 per Mcf.
• Generated an operating netback of $7,408,000, a 23 percent increase from the third quarter of 2023, primarily due to increased petroleum and natural gas sales and related royalties, as well as a 2 percent reduction in operating expenses.
• Achieved quarterly funds flow from operations of $3,024,000 in the third quarter of 2024 compared to $2,432,000 in the prior year equivalent period, attributed to the increase in operating netback partially offset by $722,000 of transaction costs incurred in the quarter.
• Recognized net earnings of $1,847,000 ($0.01 per basic and diluted share) compared to net earnings of $988,000 ($0.00 per basic and diluted share) in the comparative quarter of 2023.
• $3,068,000 in quarterly capital investments primarily focused on the completion of two Cascadura development wells, advancing the construction of the flowline from the Cascadura C site to the Cascadura natural gas processing facility and construction of the Cascadura B drilling pad.
• Exited the third quarter of 2024 with a cash balance of $6,549,000 and a net debt position of $29,593,000, resulting in a net debt to annual funds flow from operations ratio of 1.25 times, well within the Company’s internal target of 2.0 times or below.
• Touchstone continued to accumulate Trinidad onshore acreage, executing two exploration and production licences in the third quarter for the Charuma and Cipero blocks.

Post Period-end Highlights

• Primarily based from ongoing declines from our Cascadura-1ST1 and Cascadura-2ST1 wells, as well as the Cascadura facility being shut-in four days to accommodate the tie-in of the Cascadura C flow line and expansion project, we sold average net volumes of 3,993 boe/d in October 2024, comprised of:
  • • average natural gas sales volumes of 16.4 MMcf/d (2,726 boe/d); and
    • average crude oil and natural gas liquid sales volumes of 1,267 bbls/d.
• On November 2, 2024, we safely commissioned the flowline connecting the Cascadura-2ST1 and Cascadura-3ST1 wells to our natural gas processing plant and commenced production testing operations.
• We entered into a minimum six-year exploration and production licence for an 80 percent operating working interest in the Rio Claro block effective November 5, 2024, which is strategically located adjacent to our Ortoire block and surrounds our Balata East field.
• On November 9, 2024, production testing of the Cascadura-2ST1 well was completed, with the well placed on continuous production at a choke restricted gross natural gas flow rate of approximately 20 MMcf/d and associated NGLs.
• Cascadura-3ST1 production testing operations were completed on November 12, 2024, and the Company intends to place the well on permanent production at a choke restricted initial gross rate of approximately 600 to 700 bbls/d of oil.

Financial and Operating Results Summary

Outlook and Guidance

We remain committed to financial discipline and maximizing value from our portfolio of development and exploration assets. Our primary near-term strategy is to increase cash flow through the development of the Cascadura field. Our revised 2024 guidance is summarized in the table below.

In the third quarter of 2024, we faced delays in completing the final commissioning of the flowline connecting our Cascadura C well pad to the Cascadura natural gas processing facility. Additionally, bridge construction required for relocating the drilling rig to the Cascadura B well site was delayed.

Our capital guidance from August 13, 2024 originally planned for drilling two Cascadura development wells from the Cascadura B site in the fourth quarter of 2024. However, inclement weather delayed bridge construction, and we now anticipate drilling one Cascadura development well in the fourth quarter, with the second well and related completion activities rescheduled for the first quarter of 2025. Consequently, our 2024 capital expenditures are expected to decrease from approximately $35 million to $28 million. Production from these two additional Cascadura B development wells is projected to commence in 2025, pending successful drilling, completion, and tie-in operations.

Our previous guidance projected initial production from the two Cascadura C wells by the end of September 2024. Production testing for our Cascadura-2ST1 and Cascadura-3ST1 development wells commenced on November 2, 2024. On November 9, 2024, the Cascadura-2ST1 well was placed on continuous production at an initial, choke-restricted gross natural gas flow rate of approximately 20 MMcf/d, accompanied by associated NGLs. Testing on the Cascadura-3ST1 well has verified it as a producer of medium gravity crude oil with natural gas. Touchstone plans to initiate continuous production from the Cascadura-3ST1 well at a choke-restricted initial gross production rate between 600 to 700 barrels of oil per day.

The delay in first production, along with updates to the type curves and commodity types for Cascadura-2ST1 and Cascadura-3ST1 based on initial test data, has led us to further update the midpoint of our 2024 annual production guidance from 8,000 boe/d to 5,900 boe/d. Earlier production expectations were based on the Cascadura-1ST1 natural gas type curve, which has since been adjusted with our production testing data and anticipated online volumes.

With a revised average mid-point production forecast and updated estimates for the 2024 average Brent crude oil price, we now expect to generate approximately $17 million in funds flow from operations, down from our previous forecast of $28 million. In line with the adjustments to our 2024 capital program, we have also revised our year-end 2024 net debt guidance to $32 million, reflecting a 14 percent increase from our previous guidance.

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. Brian Hollingshead, Executive Vice President Engineering and Business Development

Tel: +1 (403) 750-4405

 

 

 

Cascadura field

October 17, 2024

In 2019, Canadian independent exploration company Touchstone started an exploration programme in onshore Ortoire block and in July 2020, it reported the discovery of an estimated 10.8 mcm (381 bcf) of natural gas in the Cascadura Assessment Area.

Cascadura is one of Trinidad and Tobago’s largest finds and the discovery triggered several additional drilling initiatives and the construction of a dedicated facility on the site for processing natural gas and liquids.

KEY PLAYERS: The project is a partnership between Touchstone, which holds an 80% interest in the venture and operates the block, and state-owned oil and gas company Heritage Petroleum, which holds the remaining 20%. The National Gas Company of Trinidad and Tobago Limited (NGC) is the project’s offtaker and is responsible for the construction and operation of the infrastructure linking Cascadura with the domestic distribution network.

SPECIFICATIONS: Cascadura has three surface production sites – Cascadura A, B and C – designed with a nameplate capacity of 5.7 mcm (200 mcf) per day of natural gas and 5,000 boepd of liquids. Gas and liquids are separated at the site, where a self-contained system captures all natural gas and recycles it back into the system to increase sales volumes.

The facility is powered by solar installations and natural gas generators which make it completely independent of the Trinidad and Tobago power grid. Cascadura is tied into the domestic gas transmission network via a 1.6-kilometre, 20-inch buried pipeline with pig launcher and pig receiver stations.

DEVELOPMENT: The Cascadura Reserve Report indicated best-case scenario reserves of up to 16.2 bcm (571.5 bcf) of natural gas and worst-case reserves of 6.8 bcm (241.2 bcf). Production of gas and liquids commenced in September 2023 from the Cascadura-1ST1 and Cascadura Deep-1 wells, yielding a net volume of 1.1 mcm (37.4 mcf) per day of gas and 622 boepd of liquids, contributing to an average annual net production volume of 3,981 boepd.

Two appraisal wells followed, Cascadura-2ST1 and Cascadura-3ST1. Both were spud using the Star Valley #205 rig and yielded encouraging results, and both will be tied back to the Cascadura processing facility. As of February 2024, production from Cascadura had doubled relative to initial levels, reaching 2.5 mcm (90 mcf) per day of natural gas and 2,250 boepd of liquids.

OFFTAKE: Under Touchstone’s standing sales agreements, Cascadura gas will be sold to NGC under a fixed-price contract and delivered via pipeline to the company. Condensate will be transported via tanker truck to Touchstone’s Barrackpore liquids facility and sold to Heritage Petroleum.

SIGNIFICANCE: Touchstone’s 2022 Coho-1 well on the Ortoire block marked the first time in 20 years that natural gas had been brought online in Trinidad and Tobago. Cascadura’s estimated reserves make it one of the country’s most significant finds, and it is expected to contribute robustly to national efforts to ramp up oil and gas production and mitigate supply challenges as the domestic demand for energy grows.

 

 

 

 

US$2310m earned from tax on LNG exports 2020-2023

27 November

Responding to Opposition Senator Wade Mark, Energy Minister Stuart Young said Trinidad and Tobago earned approximately US$2,310,000,000 in revenue from taxation of liquefied natural gas (LNG) revenues from 2020-2023.

Filed in the Senate on November 26, taxation from LNG exports was US$126,000,000 for 2020 ; US$411,000,000 for 2021 ; US$1,360,000,000 for 2022 ; and US$413,000,000 for 2023. Estimated percentages of total energy revenue earned from gas allocated towards LNG over those years were 22, 31, 36 and 20 per cent respectively. From 2020-August 2024, LNG was exported to 52 nations, including Argentina, Brazil, Bahrain, Bangladesh, China, Colombia, Croatia, Greece, India, Israel, Pakistan, Russia, the US, UK, UAE, South Korea, Japan and Jamaica.

Withholding information on the prices of the LNG exports to each of these countries, Young explained, “Atlantic LNG (ALNG) is a privately-owned legal entity and accordingly this information cannot be provided.”

ALNG was restructured last December and under the new arrangement, government has shares of ten per cent in trains two, three and four respectively. Previously, government held shares of 10 per cent in train one and 11 per cent in train four. Train one has been closed since November 2020, after massive losses.

The new arrangement also allows third party gas, gas which does not come from ALNG’s shareholders (BP, Shell and the National Gas Company – NGC) to be processed at ALNG’s plant in Point Fortin

 

 

 

Sordid State Saga of Hubris and Avarice

NGC gambles $300 million on Train 1

Industry insiders termed the decision of State-owned National Gas Company (NGC) to take responsibility for operations of Atlantic LNG Train 1, including massive spending for its Turnaround (TAR) and finding gas to run the plant, as  “a major gamble, likely to lead to bad outcomes for NGC and taxpayers”.

Chairman Conrad Enill admitted that losses of hundreds of millions of dollars are expected to continue for the rest of the calendar year. NGC accounts for the last financial year showed the company was burning cash with funds swiped from the business, reducing investment capital.

Holding only ten per cent of Train 1, NGC, agreed to lavish $300 million on refurbishment of the plant Turnaround because bpTT and Royal Dutch Shell owning 80 per cent of the plant were not prepared to finance it when they have no gas supply. NGC acted to fulfil a Government mandate that the plant must not be shut because it would be a major embarrassment to the regime which prated about re-negotiating the Train 1 contract and forcing the players to leave more money in the hands of the State.

Without the NGC move, the much-touted Train 1 windfall would have lasted for under a year. Energy Minister Franklin Khan told Parliament the partners agreed to the TAR, but gave no details.

“Madam Speaker, Atlantic Train One will not be shutting down in January 2021. Train One will continue to operate in 2021 and will be part of wider negotiations among Atlantic LNG shareholders to form one unitised facility encompassing all four trains. So we are in some sensitive negotiations, with upstreamers to supply gas to Train One,”

Khan admitted confidence although the NGC had no gas for operation of Train 1 which required 250 million standard cubic feet of gas per day (mmscf/d) for the compressors, when gas production was already low.

‘bpTT does not have enough natural gas to supply Train 1’

The core of the dilemma is the crucial role of bpTT, which for the last 21 years provided 100 per cent of the gas for Train 1. bpTT emphasized that it no longer has the gas and has not provisioned for it.

Not only has bpTT not allocated a molecule of natural gas for Train 1, it expects a catastrophic fall in its production. bpTT expects an average of 1.371 billion standard cubic feet of natural gas per day, compared to March when it was producing over 2 billion standard cubic feet per day and averaged 1.8 billion standard cubic feet per day up to September. bpTT refused to be drawn on the Train 1 issue but admitted that next year its production will be down. The COVID-19 pandemic had negatively impacted its projects which were to be completed in 2021 and would now be finished in mid-2022.

“In terms of production, 2020 and 2021 have been impacted by the disappointing results from our infill drilling programmes at the beginning of 2019. Following the results of the infill drilling programme in 2019, we sought to mitigate production declines by increasing our focus on well work and system optimisation to maximise production from our existing fields. These measures had the desired effect in 2019 and 2020 of slowing the rate of natural field declines. We will continue our focus on well work and system optimisation into 2021 however, our outlook for next year has been impacted negatively by COVID-19.”

The virus impacted the schedule for the Cassia Compression project, the start-up of which was delayed from 2021 into 2022.

“The combined effect of natural field declines and the delay in the Cassia Compression project means that our production outlook for 2021 will be lower than 2020.”

bpTT anticipates that in 2022 production volumes will improve with the start-up of the Cassia Compression and Matapal projects.

“We expect that both of these projects will be online in the first half of 2022 and those volumes will be put towards fulfilling our existing contractual obligations for Trains 2, 3, 4 and NGC.”

‘The bigger conundrum is related to natural gas production’

Warning that bpTT lacks enough gas to supply Train 1, former energy minister Kevin Ramnarine advised, “Train 1 has a minimum rate at which it can run and that is around 250 million cubic feet of natural gas per day. Even if the Turnaround (TAR) happens, and even if, as the minister says, the Train will be kept in “operations-ready mode” for 2021 and 2022, then where is the natural gas coming from? If NGC sources some natural gas, they have to shift supply away from Point Lisas to keep Train 1 liquifying natural gas. The question that begs an answer is what did the NGC commit to do to keep Train 1 in “operations-ready mode”? The bigger conundrum in which we find ourselves is related to natural gas production. As a country, we are now producing natural gas at levels under three billion cubic feet/day­—rates last seen in 2005. You can unitise Atlantic’s commercial architecture as much as you want, but at the end of the day you need the requisite volumes of natural gas to make Liquefied Natural Gas.”

A Cabinet note shows that bpTT production declined significantly from May to September and all the upstream operators except for BHP are producing at significantly lower rates than last year. Players in the downstream sector fear that this NGC plan means that if methanol and ammonia prices recover next year, mothballed plants will have no gas to restart. NGC gambled that idled plants will not restart and if they have to, they will be forced to short those petrochemical plants on the estate. Enill and Khan dodged media, nor did NGC President Mark Loquan respond to calls.

As the economy collapses, the prosperous petrostate enters Inferno, through the circles of Hell- limbo, lust, rapacity, greed, wrath, heresy, violence, fraud and treachery. Arrogance and harassment of foreign investors are sufficient justification for divestment of state assets by corrupt UWI alumni, voraciously exploiting diminishing resources as citizens endure egregious criminality and murders approach 600.

On 17TH MAY, 2022, Enill was rewarded with the plum appointment of High Commissioner for Trinidad and Tobago to Guyana. Loquan ended his contract with NGC on August 31st, 2024 and received the highest national award, the Order of the Republic of Trinidad and Tobago, ORTT on September 24.

 

 

 

Senate rejects motion on sale of Clico stake in MHIL

2024. 11/27

Senators rejected a motion by opposition senator Wade Mark, seeking disclosure of documents related to the agreement between Colonial Life Insurance Company (Clico) and Consolidated Energy Ltd (CEL, owned by the Proman Group, regarding the sale of Methanol Holdings International Ltd (MHIL) shares.

The motion also requested the Senate to commission an independent forensic audit into the sale agreement if the requested documents were not provided within 14 days.
Mark blamed the Government for deliberately undervaluing the 56.53 per cent stake owned by Clico, which the insurance company sold to CEL in December 2023.

He questioned the techniques valuing the shares and demanded the immediate tabling of critical documents, including the shareholders agreement, valuation reports, the sale and purchase agreement and relevant court orders.

He highlighted discrepancies in the valuation of MHIL shares, noting that the carrying value fluctuated significantly over the years.The shares were valued at $2.58 billion in 2018 but fell to $2.25 billion in 2021. He queried why this asset was undervalued when auditors, including KPMG, raised concerns about changing valuation methods.

He deplored the secret meetings of the government with key players in the transaction. He claimed to have evidence of a meeting in April 2022 at the Diplomatic Centre, where Prime Minister Dr. Keith Rowley and Minister of Energy Stuart Young met Proman Group CEO David Cassidy. Another meeting allegedly in Switzerland in September 2022 involved similar parties.

“I demand today the minutes of those meetings – what did you discuss?”

He asked whether a non-disclosure clause in the agreement was misused to withhold vital information from the public.

Under the shareholders’ agreement, Clico, holding 56.53 per cent and CEL with the balance, were the shareholders of MHIL. After CEL declined to purchase the shares on three occasions, he claimed the Corporation Sole, the Finance Minister, initiated the sale. However, he criticised the government for allegedly bypassing legal requirements and undervaluing the shares to benefit CEL.

“The government has sold out to foreigners,” Mark charged.

Finance Minister Colm Imbert strongly rejected Mark’s comments, calling the accusations a “tissue of untruths” and “poppycock.” Imbert dismissed the allegations of undervaluation, secrecy and government misconduct as baseless and inflammatory.

“This is foolishness and I reject everything said by Senator Mark. It’s a total tissue of untruths, blatant untruths, falsehoods—nasty falsehoods at that.”

He denounced Mark for “shouting, screaming, false statements, inaccuracies, colossal untruths, and irrelevancies” to mislead the public.

Imbert clarified that the Central Bank relinquished control of CLICO on December 1, 2022, a full year before the MHIL shares were sold in December 2023. Disposal of the shares was not governed by Section 44(d) of the Insurance Act, contrary to Mark’s claims.

“The MHIL shares were not disposed of when CLICO was under the control of the Central Bank. All that rah-rah and carrying on about Section 44(d) in the Insurance Act is just a tissue of untruths, wholly irrelevant, designed to mislead people and incite the population.”

The fluctuating value of MHIL shares was tied to volatile methanol prices, which varied significantly over the years. In January 2020, methanol was priced at US$280 per metric tonne. Prices peaked at US$500 per metric tonne in October 2021 but fell to US$300 per metric tonne in December 2023, when the shares were sold.

“The shares were offered to the other shareholder at the price of US$337 million. They agreed, they paid, and that is the end of that,” Imbert stated, emphasising that the sale was conducted in line with the shareholders’ agreement.

Corporation Sole owns 49 per cent of Clico, while CL Financial (in liquidation) owns 51 per cent.

The Minister told the Senate that the decision to sell MHIL shares was originally made under the United National Congress (UNC) government in 2015. Successive governments had been forced to bail out companies associated with CL Financial, including CLICO, to the tune of approximately $18 billion.

“Even though Colonial Life Insurance Company in 2024 completed repayment to the government of approximately $18 billion pumped into Colonial life, $12 to $13 billion was owed by the CL Financial Group.”

The shareholders’ agreement required MHIL shares to first be offered to the other shareholder, CEL, before they could be sold elsewhere. A clause prohibited their sale to a competitor, complicating the disposal process.

“Who, other than somebody engaged in the methanol business, would want to acquire $2.5 billion in shares in a methanol company?”

Addressing concerns about valuation, Imbert outlined historical assessments of MHIL shares from the lower, middle and upper end:
2009: PWC US$105 million, US$110 million and US$114 million
2013: Duff and Phelps US$325 million, US$354 million and US$387 million
2022: Charles River AssociatesUS$292 million, US$337 million (recorded on CLICO’s books) and US$376 million.

Imbert dismissed Mark’s insinuations about the valuation process, stating that the Government had no role in determining the value of the shares. He rejected Mark’s demand for the government to disclose confidential minutes and valuations related to the sale.

“I must compel Colonial Life to disclose to you, confidential valuations and confidential minutes of meetings? All I will tell Senator Mark, go and compel a private company to disclose their confidential corporate information. Go to court and do it, because this Government is not going to do that.”

Responding to Mark’s claim that he had video evidence of a meeting between Dr Rowley, Young, and Cassidy, Imbert said, “Produce the video. Absolute rubbish!”

 

 

 

 

 

Heritage steam generator boosts oil recovery in Forest Reserve

2024, 11/22

The Heritage Team conducted pre-commissioning checks on Steam Generator #12.
Heritage Petroleum Company Limited announced the commissioning of a steam generator aimed at significantly improving oil recovery in the Forest Reserve field. Erik Keskula, Chief Executive Officer of Heritage Petroleum, said,

“This represents a major step forward in our commitment to enhancing operational efficiency and maximising resource extraction. Restart of the steam flood is expected to boost oil recovery rates in the coming months and extend the life of the Forest Reserve oil field. We are excited to restart steam injection in Forest Reserve. The commissioning of the steam generator underscores our dedication to utilising solutions to increase production and ensure the sustainable development of our resources.”

Heritage Chairman Michael Quamina SC noted the broader significance of the initiative.
“Heritage is committed to finding more resources, while maximising production through the use of enhanced oil recovery techniques.”

Steam will be injected into the oil reservoir, reducing viscosity of the heavy crude oil and enabling it to flow more easily to production wells. Steam injection is a proven enhanced oil recovery (EOR) technique that has been successfully implemented in Heritage operated fields.

 

 

 

 

Petrotrin pensioners dread bankruptcy by 2043

23 November

On November 22, Petrotrin retirees staged a protest, expressing fear of collapse of their pension fund –to which they contributed over decades of service – by 2043 due to government mismanagement.

Supported by the Oilfield Workers Trade Union (OWTU), protestors demand reformation of a management committee and intervention by trustees.  This protest was staged and demands made amid fears of a growing deficit in the fund that threatens the livelihood of current and future pensioners.

Union member Ernesto Kesar, OWTU executive vice president, claimed actuarial firms which reviewed the fund revealed the Petrotrin employee pension plan, which at its peak was valued at $9.3 billion, had shrunk to $6.9 billion – a deficit of $4.2 billion. Kesar said the pension plan could run out of funds by 2043 if no action is taken.

Retirees are reliant on a plan that Petrotrin neglected since the refinery closure in 2018. “Pensioners have not received any increases to keep pace with inflation.”

However, the Petrotrin executive staff pension plan remains fully functional and is very well-managed. This reeks of discrimination. The absence of a management committee and trustee oversight since 2018 caused the general pension plan to deteriorate.

A retiree since 2007 said the fund’s mismanagement caused him much distress. Pensioners once received increases to their pension every three years, tied to the plan’s investment profits. However, since Petrotrin’s closure, no contributions were made by government or the company. Government failed to honour commitments made during Petrotrin’s closure to adequately fund the pension plan.

“Trustees have resorted to liquidating foreign investments to pay pensions and are expected to start selling local investments by 2025. This depletion risks the complete collapse of the plan. Retirees are not at fault for the closure of Petrotrin but are now suffering due to unfulfilled promises.”

Kesar accused the authorities of misleading the public on the state of the pension fund.

“The plan was not in surplus as was claimed and now taxpayers may bear the financial burden if idle assets are not utilised to address the deficit.”

OWTU urges re-establishment of a management committee to oversee the pension plan, alongside intervention from Republic Bank which supervises pensions on behalf of the Central Bank, and other stakeholders.

“The financial strain on the pension fund is causing anxiety and uncertainty among retirees and their dependents.”

 

 

 

 

 

 

Challenger Energy

Chairman report

It is my pleasure to report to you as Chairman of your Company.

In my last report I commented on our strategic objectives for 2023: achieving value for our Uruguay AREA OFF-1 licence, and resetting our business in Trinidad and Tobago.

I am pleased to be reporting that as of this Annual Report, both strands of our objectives have been achieved. In Trinidad and Tobago, disposals of non-core assets have successfully completed, and the reset of ‘efficiency and profit’ around our core assets of Goudron and Inniss-Trinity continues.

It is a credit to our team in Trinidad and Tobago that we continue to have safe and sustained operations in country, and I take this opportunity of thanking that team on behalf of shareholders and the Board of Directors. In 2023, we exited our acreage position in Suriname, ensuring that all operational focus is on Trinidad and Tobago.

In Uruguay, we had a very clear objective of creating value for our shareholders by the farm-out of AREA OFF-1. We announced a successful farm-out to Chevron earlier this year, which came as a result of a well-run process. As reported, the transaction is yet to close, but we do expect to have completed all regulatory matters in the course of the coming months.

In Uruguay, we also secured the award of AREA OFF-3, and as was the case with AREA OFF-1, with a prudent work programme.

Overall, Uruguay acreage is still benefitting from the almost constant stream of good news coming from the African side of the Atlantic conjugate margin. We look forward to working closely and supportively with Chevron over the coming months and years to make AREA OFF-1 a highly successful venture. We are equally excited about our plans to enhance value at AREA OFF-3. Eytan, in his CEO report, expands on the detail behind the work undertaken and planned on both our Uruguayan licences.

In April 2024, we reported on the strategic investment by Charlestown Energy Partners in the Company, and I look forward to working with Robert Bose on the Board. Finally, and as always, I thank the staff of Challenger Energy for their efforts last year, the Board for their guidance and insight and, of course, our shareholders for their continued support.

Iain McKendrick, Chairman June 2024

 

 

 

 

 

 

T&TEC must escape financial darkness into light

2024, 11/18

Revelations in Parliament about debt owed to the Trinidad and Tobago Electricity Commission by state agencies and debt T&TEC owed to the National Gas Company for natural gas supplies, are cause for deep concern, even fear. Responding to the Opposition United National Congress MP for Princes Town, Barry Padarath, about the functioning of the vital utility, Public Utilities Minister Marvin Gonzales reported an alarming situation regarding the financial condition of the supplier of power, revealing that state agencies owed T&TEC TT$1.9 billion. WIth responsibility for its operations, Gonzales, disclosed that T&TEC owes a massive debt of TT$6.1 billion to the National Gas Company from which it buys gas to produce electricity. MP Padarath did not pursue follow-up questioning, datelines of the sum owed, whether payments on the accumulated and accumulating debt have and are being made, or the expectation of the debt being settled.

News that those sums are owed by state agencies and that T&TEC debt to the NGC, seems unpayable should send every citizen, individual and corporate, into deep concern about the consequences and eventual outcome of these outstanding arrears.

Consider what must be a precarious existence for T&TEC to operate within such a debt overhang— what it is owed and what it owes to NGC. So too for the NGC to have on its balance sheet, an outstanding debt of TT$6 billion owed by T&TEC .

Even though NGC has much broader and more stable sources of income it cannot afford to indefinitely drag that $6 billion load without seriously undermining its operations. Equally, how sustainable and over what period can the TT$1.9 billion debt be carried by T&TEC?

Electricity generation, processing and distribution are high-tech operations which require constant technological upgrade and innovation costing hundreds of millions of dollars, quite a portion in foreign currency, to continue servicing the needs of customers.

Citizens, corporate and domestic, know what it means when the system goes down for a few hours with serious costs of disruption and outages which impact the wear and tear of the physical and psychological human capacity to withstand disruption and more. The country is not assured against a calamitous breakdown associated with an incapacity of the Trinidad and Tobago Electricity Commission.

Debt owed to the Commission and debt it owes to another state bureaucracy at extraordinary high levels, are matters of great consequence and must be settled to avoid a major calamity.

Abysmal governance, characterized by lack of transparency and accountability and arbitrary policymaking is the hallmark of the recidivist regime. Politically incestuous relationships create pressure to overlook and tolerate pervasive corruption, blunders, flaws, lapses, offences, transgressions and wrongdoing at every level.

Divestment of loss-making, non-performing state assets is urgent to fund investment in local food production, flood alleviation, housing, jobs, infrastructure and security to protect a beleaguered populace from community criminality under the noses of dangerous authoritarians.

 

 

 

 

New frontiers

September 10, 2024

Minister of Energy Stuart Young advised The Energy Year about revitalising the upstream, advancing regional energy integration and accelerating renewable energy and decarbonisation projects.

How is the MEEI supporting the revitalisation of Trinidad and Tobago’s upstream and furthering regional energy integration?

One major, recent milestone was the securing of a 30-year exploration, production and exportation licence for the Dragon gasfield. This was made possible by an OFAC [US Office of Foreign Assets Control] licence which was amended in October 2023, allowing Trinidad and Tobago (T&T) to make payments in US currency.

We in T&T now have a fully operational agreement with the Government of the Bolivarian Republic of Venezuela.

Shell and the National Gas Company of Trinidad and Tobago Limited (NGC) are working together to develop and bring Dragon gas to market. Pre-engineering work has already started and soon the company chosen to conduct surveys will be announced.
With recent and upcoming elections in Venezuela, the US and the region, we’re focused on advancing these projects from concepts and conversations to concrete agreements.

I’m pleased with our progress and expect significant announcements in the coming months.

We obtained another OFAC licence for the Coquina-Manakin field with BP, which is valid for two years. This field spans the Trinidadian-Venezuelan border and holds about 1 tcf [28.3 bcm] of gas. We have just finalised negotiations with the Venezuelan government, which granted the licence to NGC and BP for developing the field’s gas resources. This achievement is unprecedented, having never been seen in Trinidad and Tobago and Venezuela before for a cross-border hydrocarbons field.

Additionally, Shell has announced its final investment decision (FID) on the Manatee field, which holds about 2.7 tcf [76.5 bcm] of gas. This represents the largest hydrocarbons development in Trinidad for the last couple of decades.

We’re also negotiating with Woodside on the Calypso deepwater project and pursuing other significant deals, including one in Venezuela with European companies.
Additionally, we’ve had successful bid rounds, including one for deepwater with Shell and BP bidding, the onshore and nearshore bid round with 13 blocks, and the shallow-water bid round with BP, Shell and EOG all bidding and landing significant E&P agreements.

These developments show ongoing investment in Trinidad and Tobago’s energy industry, with major and small players contributing to growth. All developments signify a strong position for Trinidad and Tobago, with both major shareholders in Atlantic LNG – Shell and BP – securing cross-border gas deals.

What benefits can be seen in the restructuring of Atlantic LNG’s ownership?
In December 2023, we successfully completed the renegotiation and restructuring of Atlantic LNG with BP and Shell. This is the first time worldwide that an LNG complex has been restructured with a government and shareholders involved, which is a major accomplishment. This opens new opportunities for further upstream development in Trinidad and Tobago and the wider region. We’ve already signed MoUs with Grenada, Barbados, Suriname and Guyana. The restructuring also allows third-party access to Atlantic LNG’s facilities, enabling external gas to be processed there. This development encourages regional investment and provides a pathway for monetising gas resources through LNG.

How has MEEI managed to accelerate growth in renewables and promote sustainability across the domestic energy value chain?

On the renewables front, the Cabinet approved two green hydrogen projects and the government is leading a pilot project with NGC subsidiary National Energy, leveraging our existing infrastructure and expertise. We’re also negotiating a commercial project with HDF Energy from France and local company NewGen to launch the country’s first hydrogen production facility. We are working towards the materialisation of these major projects. While green hydrogen is still emerging, we’re working to make it commercially viable.

Additionally, the Cabinet has approved a significant expansion in solar energy. Project Lara is already under construction in Brechin Castle, with 92 MW of solar power being built. Later this year, we’ll issue RFPs [requests for proposals] for major solar sites across Trinidad, including on previously illegally quarried land, which will be restored and used for solar installations.

The EU, typically cautious about new oil and gas projects, is interested in our decarbonisation initiatives. ..we’re working with Repsol and Eni on a project that focuses on reducing methane emissions, which has garnered EU support.

Oil and gas remain crucial but we’re committed to improving our environmental impact. By the end of the year, we expect to release our CCUS policy. We’re studying ways to enhance carbon capture and re-injection at our long-exploited wells. Concentration of plants allows us to collaborate on capturing and storing carbon efficiently, and the European Commission has been supportive of these efforts. Despite our size, we’re making significant strides in these areas.

What kind of business environment do you foresee from 2026 onwards as new gas volumes come on line?
The period from 2026-2030 will be crucial . If all the aforementioned projects come to fruition, Trinidad and Tobago will have a reliable gas supply, filling our plant capacities and meeting demand. We continue to be in discussions with Venezuelan authorities on the Loran field, which holds 7 tcf [198.3 bcm] of gas. President Maduro’s vision aligns with our vision for Loran gas to come to Trinidad. With deepwater projects and others progressing, Trinidad and Tobago will restore its gas volumes and capacity, ensuring continued investment in LNG, ammonia, methanol, urea and UAN [urea ammonium nitrate].

Investors are seeing a positive outlook here… downstream partners Nutrien, Methanex, Proman and other petrochemical companies recognise the unprecedented progress and potential here. They’re committed to staying with us through years of lower gas production, knowing that production will ramp up from 2026.

Shell FID on Manatee, a multi-billion-dollar gas project, reflects their confidence in Trinidad’s future. ..inclusion of Trinidad and Tobago in their growth plans highlights this. Despite declining production, higher prices kept our economy stable. The pricing formula we negotiated has been effective and will continue to benefit us .

What is your final message to investors considering Trinidad and Tobago today?
Trinidad and Tobago offers significant advantages for any investor in both hydrocarbons and the emerging renewables sector. As the largest market outside Jamaica for renewables, we address key concerns such as project bankability and feasibility. Our sophisticated infrastructure, trained workforce, planned capacities and supportive government make us an ideal investment destination.

 

 

 

 

Exorbitant $100,000 monthly pay plus perks for new WASA CEO

 

2024, 11/16

On 15 November. in Parliament, Public Utilities Minister Marvin Gonzales revealed the extravagant remuneration package offered to Keithroy Halliday, the chief executive officer designate of the Water and Sewerage Authority– $100,000 monthly salary, $8,000 monthly housing allowance, a company vehicle, entertainment allowance and other perks, plus a performance incentive bonus on attaining all targets.

Gonzales said, “The chief executive officer (CEO) designate of the WASA, Mr Halliday, would be required, inter alia, to lead the transformation of the authority, which is a significant undertaking. To attract and retain a high calibre and highly competent incumbent in the hyper-competitive job market for such a task, a competitive salary and benefit package, including performance-based incentives, are crucial. The remuneration package reflects market competitiveness, and includes performance-based incentives.”

• Salary: At the rate of $100,000 per month; • Housing allowance of $8,000 per month• Transport Facility: A fully maintained company motor vehicle not exceeding a value of $400,000 (exclusive of VAT) for business and personal use for the duration of the contract.• Entertainment Allowance: Reimbursement of reasonable entertainment expenses incurred in the conduct of business-related activities on behalf of WASA, to a maximum of $2,300 per month. • Telephone: Where a cellular phone is provided, the reimbursement of up to a maximum of $1,000 per month on cellular bills (including access charges where applicable); • Eligibility to register for membership in the authority’s medical insurance plan. Any enrollment of the Chief Executive Officer’s dependents in the plan shall be at the full cost of the Chief Executive Officer; • Gratuity: Twenty per cent of gross salary earned over the period of employment, payable on satisfactory completion of the term of engagement: such payment is to be subject to deductions for tax purposes. (The term ‘gross salary’ excludes allowances.)• Performance Incentive Bonus: An annual bonus payable on the attainment of 100 per cent of the performance targets. The bonus to be paid should be limited to six months’ salary for the first year of the contract period and limited to four months’ salary for the second and third years of the contract period.

Gonzales said the compensation package offered to Halliday was informed by a job evaluation exercise conducted by an external specialist human resources firm commissioned by the Board of Commissioners and approved by the Human Resources Sub-Committee of Cabinet and WASA’s Board.

, “The performance incentive targets focus on the following key areas that affect service quality, operational efficiency, and financial sustainability:”• Water coverage across all districts; • Improvement in water coverage to unserved and underserved areas; • Operational cost coverage; • Compliance with Cabinet Directive for Management Restructuring;• Organisational processes re-engineering; • Implementation of New Performance Management System;• Reduction in unsafe conditions; • Increase in customer satisfaction rating; • Reduction in Non-Revenue Water.

 

 

 

 

 

Chairman wants Faris apology for comment amid flood woes

2024, 11/16

Chairman of the Penal/Debe Regional Corporation (PDRC),  Gowtam Maharaj, spoke to residents on an army truck used to transport them through floodwaters.  Chairman Gowtam Maharaj condemned Minister of Rural Development and Local Government Faris Al-Rawi for remarks, calling them “insensitive” to residents grappling with the devastating floods that ravaged the petroliferous district this week.

Al-Rawi reportedly told media that Maharaj “seems to have found the lost city of Atlantis,” in response to claims that 10,000 homes were affected and underwater. The minister countered that the Ministry of Rural Development and Local Government’s assessment placed the number at 400 homes impacted by floodwater, not necessarily damaged.

Maharaj expressed his dismay, noting that residents were already traumatised by their losses, while farmlands in the Poodai Lagoon area remain submerged. Disheartening comments added to the frustration of affected communities.

“Some people feel insulted and are even considering a protest to demand an apology. It is a slap in the face from someone who has not visited the area to see the severity of the situation first-hand,” Maharaj told media.

“The mood is sombre. People are pained by these aggravated statements, especially about Penal/Debe being the ‘Lost City of Atlantis.’ Nine miles of road, with communities on both sides, are affected. The residents are disenchanted and this makes recovery efforts even harder.”

In the Parliament, Al-Rawi insisted 10,000 people were not affected. “After severe flooding, with many being affected, the Honourable Member is correctly referring to hundreds of residents, whereas the chairman of the corporation said 10,000 people were underwater. I say that in the context of answering this question to say exaggeration helps no one.” All agencies had been activated.

“We have engaged in field assessments of persons affected in the areas. as is normal after floodwaters subside and the ongoing distribution of items involves cleaning supplies in hampers, food hampers, drinking water, mattresses, blankets, etc. We mobilised 600 Cepep workers every day who are engaged on the field. Approximately 7,200 man-hours have been deployed already, which will continue in operation, Madam Speaker.”

As rain fell yesterday, Maharaj reported that rising floodwaters at Scott’s Road, Clarke Road, and Pluck Road in Woodland remain a concern. By 3.15 pm, sections of Clarke Road were still flooded. PDRC assisted residents by providing transportation, with initial assessments suggesting flooding impacted approximately 10,000 people.

Many homes show structural damage, including cracked walls and peeling paint, while furniture and appliances were destroyed. Hampers were distributed by the Office of Disaster Preparedness and Management, with hot meals from a Chaguanas mosque, KFC and Subway. In neighbouring Siparia, Mayor Doodnath Mayrhoo reported that floodwaters along Pluck Road between San Francique and Woodland, and St John Branch Trace in Avocat, had begun to subside. However, stagnant water remained a concern, compounded by the Point Lisas Desalination Plant shutdown, which left residents without a reliable water supply.

“Even when water returns to the taps, it could take 48 to 72 hours to normalise.  This delay could lead to severe health hazards if residents are unable to clean their homes promptly.”
The Siparia Borough Corporation has been distributing cleaning supplies but has not yet provided hampers.

Inundated historic oilfields, now owned by Heritage, annually endure disastrous floods, a disgrace which the ruthless regime perpetuates as the rural economy buckles. ECO donated 3 dinghies to Trinidad during the 2018 floods.

 

 

 

 

 

Attorney Peterson banks nearly $9 million from Paria

27 November

Senior counsel Gilbert Peterson earned close to $9 million in legal fees for representing Paria Fuel in the commission of enquiry into the diving tragedy.

Four divers died on February 25, 2022, at the State-owned company’s facility while undertaking underwater pipeline works. According to a response from Paria Fuel to a Freedom of Information request from Anthony Dopson, Peterson earned $8,951,753.65.

The former Petrotrin employee and former Oilfields Workers’ Trade Union (OWTU) member, filed a Freedom of Information request on October 25, 2024, seeking copies of official documentation of the total legal fees paid by Paria to Gilbert Peterson SC and Associates for legal representation at the commission of enquiry in 2023 into the incident where five Land and Marine Contracting Services (LMCS) divers were trapped in a pipeline at Berth #45.

In its response of November 21, 2024 addressed to attorneys Johnson, Camacho and Singh, Paria itemised each payment to Peterson as ­follows:• 27/7/2022:$1,189,163.13; • 28/10/2022: $1,558,971.69; • 10/2/2023: $1,724,845.78; • 20/3/2023: $1,987,752.13; • 11/8/2023: $1,539,815.44; • 9/1/2024: $951,205.31 Total: $8,951,753.65

The commission of enquiry cost $15.68 million, of which chairman Jerome Lynch, KC, and Gregory Wilson, the legal team, received $10,790,000. Paria did not compensate bereaved families.

At the end of the enquiry, commission chairman Lynch recommended to the Director of Public Prosecutions (DPP) that on the evidence there were sufficient grounds to conclude that Paria’s negligence could be characterised as gross negligence and consequently criminal corporate manslaughter.

The commission recommended that the DPP consider charging Paria with corporate manslaughter. Despite this recommendation, however, there is no crime of corporate manslaughter in the laws of Trinidad and Tobago. The commission report blamed both Paria and LMCS for the cause of the tragedy, stating Paria breached its duty of care to LMCS and LMCS in turn breached its duty of care to its workers who were the divers.

All Paria’s officers involved in the incident were criticised in the report.

Lynch also recommended that real consideration needed to be given to assisting the divers’ families in the immediate aftermath of the incident to help them with the financial burden they had been catapulted into. The families of the victims are yet to receive any compensation.

“The families have yet to receive justice from the courts, they have not received a cent from Paria. They have not received any workmen’s compensation or any charitable donation from Paria,” said Christopher Jackman, president of the Pointe-a-Pierre branch of the OWTU, as he addressed the media, friends and relatives of the victims at the memorial site at the roadside on September 9.

Of the five divers—Christopher Boodram, Fyzal Kurban, Rishi Nagassar, Yusuf Henry and Kazim Ali Jr—who were sucked into the 30-inch pipeline while doing repair work, only Boodram survived. However, in January, LMCS attorney Kamini Persaud stated LMCS had finalised payments to two of the families under the Workmen’s Compensation Act (for which the maximum payment is $100,000) and was awaiting the required documents to finalise the process for payment to the other two families.

Paria said in July that its agents had been making efforts to process the claims compensation to the families of the four divers, but that those efforts were frustrated by the lack of information from LMCS and the ­legal representatives of the ­affected families.

Typical state cynicism and misanthropy stains the generous record of the petroleum industry, now a mere ghost of its former self under stony-hearted bureaucrats and pitiless pen-pushing Paria rogues lacking mercy and compassion for fellow humans.

 

 

 

 

 

160 claims for Tobago oil-spill compensation

Tobago fishers filed over 160 claims for compensation from the Tobago Emergencey Management Agency (TEMA) since the February 7 oil spill off Cove, which damaged almost 15 miles of Tobago’s coast including mangroves.

For months fishermen were banned from working near polluted waters. 51,000 barrels of bunker fuel reportedly spilled from the Gulfstream barge, which overturned on a reef.

Abandoned by pirates on Tug Solo Creed, which was arrested in Angola last month, elusive owners of either vessel are yet to be identified. The leak reportedly reached Grenada and Bonaire.

On November 19, TEMA director Allan Stewart said that compensation claims are being processed and a recommendation will soon be made to the Tobago House of Assembly (THA), which can then apply for compensation from the International Oil Pollution Compensation Funds (IOPC).

All Tobago Fisherfolk Association (ATFA) president Curtis Douglas said fishermen are exasperated, disillusioned and disappointed that after nine months they are yet to be compensated. On October 16, Minister of Energy Stuart Young said the government made two submissions for compensation to the IOPC which accepted that it will reimburse legitimate and reasonable expenditure.

“That of course includes claims from Tobago and the THA.”

Fishers are entitled to apply individually as well. A consultation was held in July in Tobago with representatives from the IOPC.

“Fisherfolk were able to be advised on the process of applying and the committee set up by the THA did similar, where we engaged the fisherfolk and accepted the claims they’ve made. That process is ongoing. They are free on their own, they could apply directly.”

TEMA’s “recommendations to the THA will be forthcoming – very soon.”

Fishers can apply for loss of earnings and damage to property such as boats and nets. There are safeguards against double-dipping if individuals apply . The process of vetting the claims takes time.

“That will be taken into consideration. The info we are pulling together, the IOPC will pick up on this as well, because they have access to the same data. Everything will be above board. That will avoid double-dipping, because that is one of the things they will not comply (with). The long wait is upon them (fishermen). The claims that were sent have to go through a process, It’s not just what a person says. The burden of proof is with the claimant to provide evidence of loss of earnings or loss (of equipment). They have to provide that info to process that. We are at the end of the rope where that is concerned. We hope, as early as possible, that info will be with the THA.”

On November 19, Douglas said fishers were left to stand on their own.

“Fisherfolk are feeling like they are not important. .. like their contribution to society is a waste. They’re disappointed in the handling of something they weren’t responsible for. This is how much the government cares about citizens and entrepreneurs.”

He regretted their plight was excluded in the 2024/2025 budget presentation on September 30.

“But the government claiming $244 million in damages. Where the rest of money went? And fisherfolk still not compensated.”

In July, the THA received $50 million from central government for expenses from the oil spill. Asked if any of that went to fisherfolk, he said, “THA never receive any money for fisherfolk. Not a cent has been paid.”

In September, contractor Allister Mc Clatchie, owner of Scarborough company Project 5, who worked on the oil-spill clean-up, complained he was not paid. Douglas queried why government was claiming for $244 million when the oil spill happened in Tobago and affected Tobagonians.

On February 20, the Energy Ministry said it was collaborating with THA and TEMA on the spill. The ministry engaged services of T&T Salvage LLC and QT Environmental Inc “to aid in the ongoing on-water oil recovery, survey and plans to conduct cargo lightering and wreck removal.”

The Gulfstream was re-floated on August 19 and towed to Trinidad. On August 22, the Energy Ministry said the journey from Cove, Tobago to Sea Lots, Port of Spain, took approximately 30 hours under the direction of technical experts from TT Salvage LLC and QT Environmental.

“As a contingency, the barge was escorted by a ‘Pollution Task Force’ of local responders and crews attached to QT Environmental. Throughout the journey, the task force remained in a response-ready posture equipped with NOFI Current Buster Systems and Rapid Deployment Skimmer Systems (RDSS) to facilitate the immediate capture and recovery of any residual hydrocarbons.”

 

 

 

 

Slow-motion search for hit-and-run owner of Solo Creed

2024, 11/19

The Solo Creed had been towing the Gulfstream barge which capsized off Tobago in February, causing a huge oil spill off the island’s southern coast. Prime Minister Dr Keith Rowley told Parliament,

“Let it be known as a fact that the people who were involved set about to hide their identity and acted illegally, so it’s not an easy trace (of the owner/s). But the Government is on the job and if they are to be found, we’ll find them.”

Regarding the arrest of the Solo Creed in Angola by T&T officials, Rowley said the real owners are yet to be identified.

“Government continues to seek the identification of the owner/owners of the Solo Creed. Unfortunately, to date the true owner/owners of this vessel have not been located. The Government continues to seek the assistance of various governments and international bodies in ascertaining this information.   Unfortunately the vessel and those associated with it were operating illegally and took many steps to hide their identities, including, with falsifying relevant documents.”

The Energy Minister two weeks ago discussed options with the International Oil Pollution Compensation (IOPC) Fund in London for further assistance in identifying those who are responsible for the oil spill. IOPC was working “with us to finalise the compensation.”
“If we’re to make a successful claim with the IOPC, we have to show we’ve taken all reasonable steps to identify the perpetrators of this illegal action against us. So to say that the action we’ve taken is ‘useless’ is to not understand what we’re doing at all.”

Transnational crime thrives in lawless Africa, hub of armed conflict, violent transitions of power, enduring terrorist threats and poor enforcement of anti-corruption commitments. WIth domestic criminality at record levels TT is ill-equipped to pursue hardened fugitive outlaws.

 

 

 

 

 

Industrial Court orders port staff to return to work

2024, 11/20

SWWTU president general Michael Annisette spoke to members of the media after leaving the Industrial Court with attorney Nyree Alfonso and other union members yesterday.

Attorneys representing the Port Authority leave the Industrial Court on St Vincent Street, Port-of-Spain, yesterday.

Port workers have been ordered back to work following an Industrial Court injunction.

The move has been described as a victory for the nation’s economy by the Port Authority.
The ruling comes amidst escalating tensions over labour disputes between port workers and the Port Authority.The interim ex parte injunction marks a turning point after more than a month of industrial action led by the Seamen and Waterfront Workers Trade Union (SWWTU).

The matter was heard before Industrial Court president Heather Seale, vice president Herbert Soverall, Chairman of the Essential Services Division Lawrence Achong, His Honour Morton Mitchell, and His Honour Vincent Cabrera.

The union was served around 9 am yesterday to appear in court later that day at 1.30 pm. The matter is expected to be heard on December 6, when the union will present its case.

However, SWWTU president general Michael Annisette criticised the Port Authority’s approach, stating that the situation could have been resolved through dialogue with the union rather than resorting to legal action.Annisette said the union would respect the court’s judgment and await the written orders.

Works and Transport Minister Rohan Sinanan described the court’s decision as a “victory for Trinidad and Tobago,” emphasising the importance of resuming operations at the port.

The industrial action, which persisted for more than six weeks, caused significant disruptions to businesses and critical sectors of the economy.    The major issue of contention for the workers has been a 12 per cent wage increase, which they claimed was agreed to with the port management for the bargaining period from 2014 to 2019.
However, Sinanan said that the offer was not sanctioned by the CPO (Chief Personnel Officer). The Government countered with a four per cent offer, fuelling discontent among the workers.

Sinanan later said talks were underway with Finance Minister Colm Imbert to place the offer of five per cent for the 2020 to 2022 period for the SWWTU members.
Speaking to Guardian Media shortly after the judgment, Sinanan reiterated that the court’s decision was a “victory”, highlighting its significance in restoring operations and stability.

“It’s a victory for the business community, for the reputation of the Port of Port-of-Spain, and for doing business in Trinidad and Tobago. It’s also a victory for the workers at the port because we are acting in the best interest of all stakeholders, including the workers,” he said.

Sinanan said the importance of resolving the dispute amicably. “We will use this opportunity to find a solution to this dispute. However, shutting down the port every other day is not a viable solution. With the port now fully operational, we can focus on meeting and charting a way forward.”

The Works Minister emphasised that the port had always remained open to discussions, but the union had chosen not to engage.

“There are rules and regulations regarding how we negotiate with workers. If the union is their bargaining unit, we will engage the union. The port has always been open to meeting with the unions, but it is the unions that have taken a stand of 12 per cent or nothing,” he explained.
“Negotiations require compromise. If both sides hold firm to their positions, no progress can be made. The port is willing to meet with the unions, provided they are open to coming up with a sensible solution for the problems going forward.”

Annisette expressed disappointment over the Port Authority’s action, stating, “It is unfortunate that the port chose this path rather than meeting with the union. In my view, such discussions would have resulted in a decision that truly serves the best interests of Trinidad and Tobago.”

Annisette said there was a need for a collaborative approach. “We were discussing productivity, efficiency, and aligning the Port Authority with international best practices to make it more competitive. It is regrettable that the Government or the Port Authority did not engage the union in these discussions, which are critical for the nation’s progress. Nonetheless, we will continue to advocate for a better, more efficient port for Trinidad and Tobago, as envisioned in the framework agreement.”

Port Authority Chairman Lyle Alexander said the urgency of resuming operations was critical, especially with the Christmas season approaching.

“Prolonged disruptions at the port threaten businesses, with several Chambers of Commerce and enterprises voicing concerns about impacts on sales and operations,” Alexander said. “We never wanted to take this action, but the workers’ steps are jeopardising operations and livelihoods. We have a duty to protect stakeholders and the country.”

The port handles 59 per cent of the nation’s container volumes, making continued disruptions a significant risk to the economy and essential supply chains. The Port Authority said it remains open to dialogue to resolve the wage impasse but stressed that the current situation is unsustainable and harmful to national and regional interests.

 

 

 

 

 

Security at NP gas stations

National Petroleum (NP) held a key stakeholder meeting with its North-based service station dealers to discuss security issues at gas stations on November 14. Attending were representatives of NP, Anisa Allaham-Hosein, general manager, human resource, health, safety, security and environment, Angelique Balbosa-Philip, general manager, retail and industrial fuels, North Service Station Dealers, manager, Protective Services of First Citizens Vidal Sealey, director Crime Stoppers Trinidad and Tobago Darrin Carmichael and Assistant Supt Ashraf Ali.

NP acting chief executive Chester Beeput stated that safety and security have always been paramount and now more than ever with the rise in crime, it is critical for NP to engage the dealers on these issues in its network, collaborating with State agencies to create a more holistic approach. ASP Ali praised this approach and emphasised the importance of collaboration with the Police Service by all involved to combat this issue. While security systems are costly, there is no value that can be placed on human life. Sealey addressed ATM security while Carmichael discussed risk assessment and situational awareness.

NP presented a Security Action Plan for its service station network. A similar meeting was held with South dealers last month.

Petrol stations, like food stores are prime targets for armed bandits who regularly attack public premises and private homes to rob and even kill owners and patrons with impunity.

 

 

 

 

 

 

 

Energy Ministry legal fees exceed $55m in 3 years

19 November

The Ministry of Energy spent over $55.9 million on legal fees from 2020-August 2023. Represented by Anand Ramlogan, SC, Jayanti Lutchmedial, Kent Samlal and Natasha Bisram, activist Marsha Walker was given this figure in response to a freedom of information request.

On November 18, Justice Frank Seepersad heard the ministry agreed to pay Walker’s $10,000 costs and provided an appendix with the statement of legal fees.Walker wanted a breakdown of all payments made to attorneys or law firms from September 2015 to the present; the criteria and practices used to select external attorneys; whether competitive tenders were engaged to ensure value for money; and details of whether attorneys were publicly invited to apply for positions on the ministry’s panel of external counsel.

The ministry engaged four law firms, local and foreign. Russell Martineau, SC, was retained in August 2023 and his fees were pegged at $50,625. White and Case LLP were retained from February 2020-present earning fees of $47,592,899.The Legal Consultancy was retained from April 2022-April 2023 at $1,099,842.07; Dentons UK and Middle East LLP from March-December 2022 and Fitzwilliam, Stone, Furness-Smith and Morgan from August 2022-January 2023 earned $767, 284.06.

Expenses were recoverable under the Petroleum Impost under the Petroleum Act which states companies are required to pay a royalty stipulated in their licence and contribute to the Petroleum Impost, to cover the ministry’s administrative costs.

While the Public Procurement and Disposal of Public Property Act did not apply to legal services for public bodies, the ministry was guided by the act and its regulations, since expertise in the energy sector was limited. Litigious matters are referred to the Office of the Attorney General to select external attorneys at its discretion.

On competitive tenders, the ministry’s position was that the procurement law did not apply to legal services. There were no public advertisements for external counsel, since they would be retained on a recommendation based on their expertise in the energy industry, and if there was an urgent matter that needed attention.

Walker filed a judicial review claim against the ministry, alleging undue delays in responding to her Freedom of Information Act (FOIA) request, which she submitted in August 2022. She received an acknowledgement in February 2023.

Walker demanded transparency and accountability on the expenditure of public funds on legal fees and the policies governing the ministry’s selection of external attorneys. In her lawsuit, Walker asserted the ministry violated its statutory duties under the FOIA, which required public authorities to provide a decision in 30 days and give written explanations for deferrals or denials.Walker argued disclosure of the information would enable public scrutiny of how taxpayer money is spent on legal services and was essential for ensuring accountability and transparency in government expenditures.

“This case goes to the heart of public trust in how our resources are managed. The public has a right to know whether their money is being spent wisely, and this ministry’s delay only raises more questions. This isn’t just about legal fees. It’s about holding our leaders accountable and ensuring the public has the tools to scrutinise the decisions that affect us all.”

 

 

 

 

 

 

 

Bidders for Pointe-a-Pierre refinery

2024, 11/16

Energy Minister Stuart Young confirmed in Parliament that Shell has not made a final investment decision for the production of the Dragon gas field, as this decision does not arise until various studies and reports are completed.

“These studies and reports are in progress and on schedule at this time, pursuant to the terms of the licence granted by the Government of the Bolivarian Republic of Venezuela. As was recently announced, there are vessels currently surveying the Dragon field and the potential seabed pathways for the subsea pipeline from the Dragon field to the Hibiscus platform. Engineering works and procurement exercises are also ongoing as expected.”

Young also listed ten entities that submitted bids for the purchase of the Pointe-a-Pierre refinery.

• Columbus Refinery Trinidad & Tobago Limited

• CRO–Chemie-Tech LLC, DR Commodities Limited, Ocala Services Limited

• GN Fenceline Solutions Management Company Limited

• IEM Refining Company Limited

• Inca Energy, LLC

• Integritus Group Company Limited

• Nautical Partners Limited

• Oando Trading DMCC

• Patriotic Energy Services Company Limited

• Sarge Enterprises Limited

The Evaluation Committee appointed to review the submitted bids comprises T&T High Commissioner to London Vishnu Dhanpaul, Sandra Fraser (Permanent Secretary, Ministry of Energy), and Alternate Dexter Jaggernauth, Jimmy Wong (Permanent Secretary (Ag), Finance Ministry), Selwyn Lashley (Strategic Energy Advisor, Energy Ministry), Vincent Perreira (former Upstream chief executive officer and energy expert), and Melissa Inglefield (attorney, partner at M Hamel-Smith and Company).

Each of the companies who submitted non-binding offers (NBOs) were offered the same access to the virtual data room in which all refinery-related documentation is lodged.

“Any additional documents requested by individual companies were shared to all of the companies thus ensuring that each had access to the same data. Management presentations were completed for all companies who submitted an NBO. All companies had at least one tour of the refinery and were offered the opportunity for follow-up site visits.”

Follow-up meetings after the May 10, 2024 submission discussed the individual commercial models with the TPHL and Scotia Capital (USA) Inc. teams.

Additional time—up to July 31, 2024—to update and resubmit NBOs post-follow-up meetings was given to all companies. There was also follow-up correspondence and an open line of communication with Scotia Capital (USA) Inc. to provide clarifications regarding their project funding.

Young also replied on action taken on September 1 by the Cabinet to ensure that all debts owed to the T&T Upstream Downstream Energy Operations Company Limited by Niquan were recovered.

“Based on legal advice received, TTUDEOCL did not pursue involvement in the court process involving NiQuan’s winding up. This was on the basis that TTUDEOCL was prepared to consider negotiations in good faith with the receiver/manager appointed. This was considered the most prudent avenue to recover the debt owed by NiQuan, as TTUDEOCL is an unsecured creditor. On or around October 24, 2024, TTUDECOL was informed by an advertisement in the daily newspapers that a receiver was appointed for NiQuan and therefore is in the process of writing to the receiver to outline its claims.”

 

 

 

 

 

Eni, Equinor deals in Nigeria approved

Bloomberg November 08, 2024

Nigerian regulators approved the sales of units of Eni SpA and Equinor ASA after months of delay as oil majors continue exiting operations in the corrupt West African nation.

Acquisitions of Eni’s Nigerian Agip Oil Company Ltd. by Oando and those of Equinor by Project Odinmim Investments Ltd. were announced at an industry event in Abuja. Prices were not disclosed. Both deals were held up by due diligence to “reduce risk of divestors evading legacy obligations and transferring them to new investors,” said Gbenga Komolafe, the head of the Nigerian Upstream Regulatory Agency. Signings of the deals will take place in the “coming days.”

Italian firm Eni announced on Sept. 4 an agreement to sell a unit that has a 20% operating stake in four onshore oil and gas blocks. The deal excludes NAOC’s 5% share of Shell Petroleum Development Co., and Eni will continue participating in Nigeria LNG Ltd. and other assets.

Norway’s Equinor said in November it entered into an agreement to sell its local business to little-known Chappal Energies Mauritius Ltd. The deal was completed through Project Odinmim, a special purpose vehicle owned by the Mauritian company. Equinor Nigeria Energy held a 53.85% stake in offshore oil and gas lease OML 128 and a unitized 20.21% stake in the Agbami oil field, operated by Chevron Corp.

Two other divestment deals by Shell Plc and Exxon Mobil Corp. are at different stages of finalization. Shell submitted documents to sell its Nigerian units to Renaissance, a consortium of local companies, for $1.3 billion, while Exxon opted for a ministerial consent in its deal with Seplat Energy Plc.

Oil majors in Nigeria have been offloading assets, mostly in onshore and shallow water blocks — a challenging operating environment, where infrastructure damage from crude theft is a regular occurrence — to domestic producers for more than a decade.The trend is accelerating as international firms focus on deepwater projects in Africa’s largest oil producer.

 

 

 

 

 

Pay and protests

2024, 11/19

There is never an ideal time to release any report from the Salaries Review Commission (SRC), the independent body that reviews salaries and other conditions of service for top public officials but the timing couldn’t be worse for the release of the s 120th report during protests by port and postal workers for higher wages and better working conditions.

It sends the wrong message to a population struggling with cost of living challenges.  Some public sector employees are clamouring for increases in collective agreements long past their expiration dates, as recommendations have been made for higher salaries with back pay for the highest office holders.

Damage control, particularly with a general election likely to be called in a matter of months, would require rejection of the SRC recommendations but will not completely dissipate the negativity the report stirred up.

In any case, it will still not be accepted by the average T&T citizen that the SRC is simply carrying out its constitutional mandate to provide “objective and impartial assessments of salaries and compensation, reducing the risk of political bias or influence.”

They will not understand that prevailing political and social conditions were not considered by the SRC when it recommended significant pay increases for Prime Minister Dr Keith Rowley, President Christine Kangaloo, Chief Justice Ivor Archie and Opposition Leader Kamla Persad-Bissessar, among others.

There won’t be much sympathy for the fact that the current salaries of the President, Prime Minister and Opposition Leader are based on recommendations in the SRC’s 98th report, laid more than a decade ago on February 14, 2014.

Therefore, political backlash was inevitable, as Finance Minister Colm Imbert, an experienced parliamentarian, should have understood when he laid the 120th SRC report in the House of Representatives .

After all, he has witnessed controversies with SRC reports from both sides of the aisles. He was among vocal critics of its 98th report, laid during the People’s Partnership administration when the contentious issue then was the wide disparity in the salaries recommended for ordinary MPs compared to Cabinet ministers and Government MPs.

Recently, he has been the one laying the reports in Parliament, including the 117th report earlier this year, when the SRC proposed a more than 30 per cent hike in the Prime Minister’s monthly salary to $80,000.

Although the SRC’s recent recommendations have not been accepted and there have been no salary increases for Prime Minister Rowley and other high officer holders, the Government will not be spared backlash because of its failure to properly address the numerous industrial relations disputes involving public sector workers.

These include the situation at the Port of Port-of-Spain where workers represented by the Seamen and Waterfront Workers Trade Union (SWWTU) are insisting on a 12 per cent increase they say was agreed in 2015 during the tenure of the People’s Partnership coalition government. At the same time, postal workers are demanding an 18.6 per cent wage increase they claim was promised in a 2011 job evaluation and T&T Electricity Commission (T&TEC) workers are also protesting.

These are all black marks against the appalling administration, made worse by the SRC report, that need to be addressed with greater urgency. Ignoring these issues is not an option

 

 

 

 

 

Royalties to reserves:

How energy firms contribute forex

2024, 11/28
Alisa Deonanan, Policy Analyst, TTEITI Secretariat.

Due to high demand and waning supply, the persistent challenge of foreign exchange (forex) availability continues to impact the domestic economy. Central to this issue is the role of oil and gas companies which contribute significantly to forex inflows through tax and royalty payments.

The upstream energy sector tax payments in US dollars buttress Government forex reserves despite declining natural gas and crude oil output affecting overall state revenue and exacerbating economic constraints. As a price taker, this highlights the country’s vulnerabilities.

Fluctuating oil and gas prices, determined by external players and factors, lead to constrained revenue streams amid continued demands of a diversified market for US-dollar transactions. It is important to reflect on where we are.

The demand for foreign exchange in the market, revealed in the sales of foreign exchange by authorised dealers to the public, amounted to US$6.23 billion in 2023 signalling a 15.58 per cent decline from US$7.368 billion in 2015 ( chart 1).

On the supply side, purchases of foreign exchange from the public by authorised dealers totaled US$4.61 billion. The net sales gap amounted to US$1.614 billion in this period. To stabilise the market, the Central Bank intervened by selling US$ 1.342 billion to authorised dealers.

Additionally, net official reserves have steadily declined since 2015, decreasing from US$9.93 billion to US$5.66 billion as of September 2024 (chart 2). Overall, the reduction in forex made available to the public has been unable to satisfy demand, fueling growing frustration among businesses and individuals and prompting calls for government intervention to address the shortfall.

The Trinidad and Tobago Extractive Industries Transparency Initiative (TTEITI) offers a transparent lens through which the foreign exchange dynamics can be better understood. The TTEITI’s auditor independently verifies what the country earns from the extractive sector by reconciling company payments against Government revenue receipts.

As part of the reconciliation process, payments reported by oil and gas companies to TTEITI are analysed to indicate the proportion paid in USD compared to the amount paid in TTD. For example, data from past TTEITI reports show that international oil and gas companies collectively paid hundreds of millions of US dollars annually to the government.

These companies remit a host of taxes, royalties, and other statutory payments. Their contributions are vital to bolstering the country’s foreign reserves and facilitating imports, debt servicing and other essential transactions.

Between 2015 and 2022, the major oil and gas companies paid US$7.4 billion to Government. Chart 3 illustrates US-dollar payments by these EITI reporting companies—bpTT, Shell, EOG Resources, BHP Billiton/Woodside Energy and National Gas Company of T&T (NGC)— along with the total annual payments across all entities.

With a substantial spike in payments in 2015 and 2022, BpTT contributed to a total surpassing US$2.5 billion that year, followed by a decline in contributions in subsequent years.. Shell displays sharp increases in 2019 and 2022, significantly impacting the total for that year, which again exceeds US$1.5 billion. Companies, such as EOG and NGC, maintain relatively consistent but smaller contributions across the years, with a total of US$1.3 billion and US$1.5 billion respectively. BHP/Woodside’s payments range from US$4.2 million to US$154 million over the period.

The total payments trend highlights a fluctuating pattern driven by significant surges in specific years, heavily influenced by contributions of BP and Shell.
Over the eight-year period reviewed, 2022 and in some cases 2015, coincided with the highest US-dollar payments received for the companies, attributed to higher commodity prices in 2022 despite lower output levels, compared to 2015, with higher production but lower prices.

Addressing the forex issue requires a well-defined strategy to optimise the sector’s USD inflows. T&T has an integrated gas value chain with upstream companies exploring for and producing oil and gas, midstream companies processing, transporting and marketing gas and downstream companies using gas as a fuel and feedstock for petrochemical production.

Midstream and downstream companies currently do not remit their taxes in US dollars. In the budget, the Minister of Finance signalled an intent to amend existing legislation to mandate these companies to pay their tax obligations in US dollars. Based on data from the Gas Master Plan, between 2009 -2014, midstream and downstream companies contributed $31.2 billion in corporation taxes. By ensuring these companies pay in USD, the Government will be adding to the forex pool.

TTEITI will continue to monitor payments in USD by oil and gas companies. Moreover, leveraging the EITI framework to improve data accuracy in terms of payments and encouraging timely reporting by extractive companies can also help strengthen fiscal accountability. Enhancing transparency through adherence to EITI standards and publishing detailed data on payment currencies remains essential for informed policymaking. Additionally, diversifying the forex base by fostering export-oriented growth in sectors such as manufacturing and agriculture can help reduce dependence on the extractive industries for foreign exchange.

Conclusion
The forex challenges facing Trinidad and Tobago underscore the critical role of the extractive industries in sustaining the foreign exchange reserves and overall economic stability.

While the companies highlighted have made substantial USD contributions through taxes and royalties, fluctuating payments over the years highlight the vulnerabilities associated with reliance on external markets and commodity price cycles. To address these challenges, a multi-pronged strategy is required, that strengthens transparency through continued EITI compliance, encourages midstream and downstream companies to remit payments in US dollars and improves fiscal accountability. By adopting these measures and diversifying into other sectors, T&T can bolster its forex inflows, mitigate economic vulnerabilities, and support long-term sustainable development.

Diversifying the forex base by fostering export-oriented growth in sectors
In October 2024, a US$35 million loan was secured to enhance capacity of the Export Import Bank of Trinidad and Tobago (EXIMBANK) to provide financial services. This initiative aims to help small businesses access foreign exchange for essential needs, support SMEs and emerging sectors and strengthen their competitiveness in local, regional, and international markets.

By equipping these businesses with the resources to grow and compete in export markets, the initiative helps increase foreign exchange inflows from a diversified portfolio of industries. Additionally, this targeted support can stimulate innovation, increase export volumes and foster economic resilience, strengthening the overall forex ecosystem in T&T.

Crime is the main consumer of precious resources, threatening the dynamic business sector and Agriculture, once the mainstay. Decades of neglect of rural communities., including oilfields in Penal and Barrackpore, regularly inundated by floods and stymied by high production costs, lack of incentives, larceny and crumbling infrastructure, lead to an astronomical food import bill of USD 7 billion.

Waste is a major factor in bloated bureaucracies which must be divested to create a shareholding democracy. Private enterprise can fund the annual minority Carnival and steelband sector, instead of corrupt state agencies. Anti-American , anti-British and anti-Indian policies drove the regime to oust the USA from the lucrative Chaguaramas Naval Base and the oil industry, demand colonial reparations from Britain and devastate food production by progeny of British Indian farmers who rescued agriculture after emancipation.

The influx of investors in energy and regional transport from the world’s most corrupt countries is another dismal trend in energy and regional transport which is likely to end in disaster.

 

 

 

Central Bank lists authorised forex dealers

2024, 11/19

Amid reports that many have turned to the black market to purchase foreign exchange, the Central Bank of Trinidad and Tobago listed the authorised dealers of foreign exchange in the country.

On its website, the Central Bank said 13 companies were licensed as authorised foreign exchange dealers in T&T, as at September 30, 2024.

They are: ANSA Bank; Citibank (Trinidad & Tobago); First Citizens Bank; CIBC Caribbean Bank (Trinidad & Tobago); JMMB Bank (T&T); RBC Royal Bank (Trinidad & Tobago); Republic Bank; Scotiabank Trinidad & Tobago; ANSA Merchant Bank; Development Finance Ltd; Massy Finance GFC Ltd, NCB Merchant Bank (Trinidad and Tobago); and the Export – Import Bank of Trinidad and Tobago (EXIMBANK).

Central Bank noted there were four companies authorised to operate as a bureaux de change (currency exchange in the country) operators. These companies are authorised by the Central Bank to buy and sell foreign currency notes and coins as well as purchase travellers cheques; and/or conduct foreign exchange conversions which are incidental to primary remittance business. The authorised Bureaux de Change companies are Global Exchange Trinidad and Tobago, GraceKennedy (Trinidad & Tobago), Massy Remittance Services (Trinidad) Ltd, Millennium Finance and Leasing Company Limited.

Global Exchange and Millenium Finance operate currency exchange kiosks at the Piarco International Airport, while GraceKennedy is parent company of GraceKennedy Money Services, the company which facilitates Western Union Money transfer as well as FX Trader services. Massy has its own FX Trader service, which is occasionally tied to the MoneyGram money transfer service offered at some of its Massy Stores branches.

The Central Bank advised the public that, in accordance with the Exchange Control Act transactions involving the buying, selling, borrowing or lending of foreign currency should only be conducted through authorised dealers.

Section 6 (1) of the Exchange Control Act states: “Except with the permission of the Bank, no person (other than an authorised dealer) shall in Trinidad and Tobago, bt or borrow any gold of foreign currency from, or sell or lend any gold or foreign currency to, any person other than an authorised dealer.”

Several retail stores were willing to sell US dollars but none was authorised