TOUCHSTONE ANNOUNCES 2024 CAPITAL BUDGET, PRELIMINARY 2024 GUIDANCE AND AN OPERATIONAL UPDATE

CALGARY, ALBERTA (December 19, 2023)

Touchstone Exploration Inc. (“Touchstone”, “we”, “our” or the “Company”) (TSX, LSE: TXP) is pleased to announce its annual 2024 capital budget, preliminary 2024 guidance and an operational update.

Paul Baay, President and Chief Executive Officer, commented:

“Our top priority remains maintaining a culture of safe and responsible operations that continues to drive near and long-term value creation for our investors. I am pleased to announce our growth-oriented capital budget for 2024 which reinforces Touchstone’s commitment to pursue development opportunities that generate positive returns to position the Company for sustained success. The budget and preliminary guidance reflects our near-term strategy to deploy capital to developmental drilling opportunities and use our existing natural gas and liquids infrastructure capacity. We will remain disciplined when deploying our 2024 capital and increasing our credit capacity, adhering to our long-term net debt and liquidity targets. This approach will allow us to fund future exploration drilling from cash flows expected to be generated through our 2024 development drilling program and maximization of our existing financing facilities.”

Funding Position(1)

The Company is in advanced discussions with its existing lender to increase its current debt capacity to facilitate the forecasted timing and amount of the 2024 capital budget presented herein. The 2024 budget contemplates increasing the Company’s revolving component of its credit facility from $7 million to $20 million in the first quarter of 2024. Although we are confident of reaching agreement, currently there is no firm commitment in place between the parties. Accordingly, the 2024 budget and preliminary guidance may be subject to change, and such changes may be material. The Company will provide further updates in due course.

2024 Budget Highlights(1)

Capital budget allocation – we plan to invest approximately $33 million of capital in 2024, with approximately 42 percent of our capital expenditures(2) directed to our Cascadura field and 38 percent to our Coho assets. The remaining 20 percent is allocated to our legacy oil properties, exploration licence payments and corporate infrastructure.

Drilling operations – the initial 2024 capital budget contemplates drilling two Cascadura development wells, two CO-1 Block crude oil development wells, one Coho development well, and one Coho exploration well.

Production growth – our 2024 mid-point annual average production guidance of 9,400 boe/d represents an approximate 135 percent increase from our forecasted 2023 average production, with a budgeted exit average production rate of 14,500 boe/d. Annual production guidance is 9,100 to 9,700 boe/d (approximately 82 percent natural gas weighted).

Funds flow generation and balance sheet strength – the 2024 budget is designed to generate approximately $32 million of funds flow from operations(2) (Brent price of $75.00/bbl and an 18 percent realized Brent differential), resulting in a net debt to annual funds flow from operations ratio(2) of 0.78 times.

2024 Budget and Guidance Overview

For 2024, Touchstone’s Board of Directors has approved an initial capital budget of $33 million to drill, complete and tie-in six wells, resulting in estimated annualized average daily production between 9,100 boe/d and 9,700 boe/d with a forecasted production mix of 82 percent natural gas and 18 percent crude oil and liquids.

Touchstone’s initial 2024 drilling plan includes drilling two legacy property crude oil wells, two Cascadura development wells, one Coho development well and one Coho exploration well. Production growth is expected to be weighted in the fourth quarter of 2024, with two Cascadura wells expected to be drilled in the first half of the year and tied-in to the Cascadura plant prior to the end of the third quarter of 2024. The two Coho wells are expected to be drilled in the fourth quarter of 2024, and production additions from those wells are anticipated in the first quarter of 2025.

Using midpoint forecasted average production of 9,400 boe/d and a Brent Benchmark price of $75.00 for crude oil and liquids, Touchstone expects to generate approximately $32 million of funds flow from operations. Based on the approved capital budget of $33 million, Touchstone is forecasting to exit 2024 with a net debt of $25 million, resulting in a net debt to annual funds flow from operations ratio of 0.78 times.

2024 Guidance Summary(1)

Operational Update

In November 2023, we achieved average net sales volumes of 8,268 boe/d as follows:

• • 6,623 boe/d (8,279 boe/d gross) of Cascadura field net sales volumes consisting of:
  • net natural gas sales volumes of 36.1 MMcf/d or 6,022 boe/d (45.1 MMcf/d or 7,528 boe/d gross) with a realized price of $2.46/Mcf; and
  • net natural gas liquids volumes of 601 bbls/d (751 bbls/d gross) with an average realized price of $71.46 per barrel;
  • Coho field net average natural gas sales volumes of 3.2 MMcf/d or 527 boe/d (4.0 MMcf/d or 659 boe/d gross) at a realized price of $2.29/Mcf; and
  • average gross and net daily crude oil sales volumes of 1,118 bbls/d with an average realized price of $71.46 per barrel.

Cascadura

Commissioning of the Cascadura natural gas facility has been completed, and the facility is fully functional. Since commencing production in September, the Cascadura facility has had an uptime of 97.9 percent with minimal interruptions experienced through the commissioning phase. Through November 30, 2023, the facility has processed 3.8 billion cubic feet of gross natural gas volumes and 73 Mbbls of gross NGL production volumes.

Touchstone continues to optimize Cascadura production volumes, with adjustments being made to the mechanical chokes which are constraining production in both wells. Through December 1 to December 17, 2023, Cascadura-1ST1 produced approximately 35.7 MMcf/d of gross field estimated natural gas volumes from the upper overthrust sheet while Cascadura Deep-1 contributed approximately 11.4 MMcf/d of gross field estimated natural gas production from the lower overthrust sheet.

We are evaluating the Cascadura Deep-1 well for future optimization, including the potential for additional perforations in the lower sheet. The additional perforations could increase production by reducing current reservoir draw down rates allowing for an increase in the surface choke, which is currently at 54 percent. These additional perforations can be achieved without the use of a service rig or having to kill the well. The Cascadura Deep-1 well has approximately 200 feet of perforations currently open (118 feet net pay), and wireline logs indicate an additional 149 feet of reservoir sands (109 feet net pay) in the lower part of the formation available for future completion. The well also has 366 feet of gross sand (274 feet net pay) in the upper overthrust sheet that can also be perforated in the future. Touchstone anticipates commencing a staged approach to adding these sands in the lower overthrust sheet in the first half of 2024.

Preparation works for drilling the Cascadura-2 development well using Star Valley Rig #205 are underway, with the intent to spud early in the first quarter of 2024 from the Cascadura-C surface location located approximately 5,000 feet northeast of our producing Cascadura wells. The Cascadura-2 well is targeting the same Herrera 7bc overthrust sand packages as the current Cascadura producing wells.

Coho

Touchstone completed a workover on the Coho-1 well on December 4, 2023, successfully isolating the lowermost perforations and shutting off approximately 77 percent of the produced water. Two weeks following the workover, field estimated gross production volumes have averaged approximately 4.6 MMcf/d of natural gas with approximately 54 barrels of water per day, compared to November gross production volumes of 4.0 MMcf/d of natural gas and 230 barrels of water per day. Based on the decreased water production, Touchstone expects fluid hauling expenses to decrease by approximately 80 percent.

Preparations are underway to facilitate the drilling of the Coho-2 development well and the Gibba-1 exploration well which are expected to be drilled on the existing Coho-1 surface location in the fourth quarter of 2024.

Royston

Production testing of the Royston-1X exploration well has been suspended, and no further testing or expenditures are planned. The uppermost Karamat and Herrera sands were put to pump, however the rates encountered were not economic. Touchstone will review the data collected during testing from both the Royston-1 and Royston-1X wells to determine if a declaration of commerciality for the Royston structure is warranted.

CO-1 Block

Preparations are underway on our CO-1 block for a two development well drilling program. A local drilling contractor is expected to mobilize a drilling rig to the location in late January, pending completion of their current drilling operations. Two wells are expected to be drilled from an existing surface location, both targeting Forest and Cruse sands which have proven to be highly prospective based on the Company’s previous drilling campaign offsetting the area.

Touchstone Exploration Inc.

Touchstone’s updated corporate presentation is available on our website at www.touchstoneexploration.com.

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

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

Touchstone Exploration Inc.

• Paul Baay, President and Chief Executive Officer Tel: +1 (403) 750-4487
• Scott Budau, Chief Financial Officer
• James Shipka, Chief Operating Officer
• Shore Capital (Nominated Advisor and Joint Broker)
• Daniel Bush / Toby Gibbs / Iain Sexton Tel: +44 (0) 207 408 4090
• Canaccord Genuity (Joint Broker)
• Adam James / Ana Ercegovic Tel: +44 (0) 207 523 8000
• FTI Consulting (Financial PR)
• Nick Hennis / Ben Brewerton Tel: +44 (0) 203 727 1000
• Email: touchstone@fticonsulting.com

Advisories

This announcement contains information that qualified or may have qualified as inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 (“MAR”) as it forms part of UK domestic law by virtue of the EUWA (“UK MAR”), encompassing information relating to the Company’s 2024 capital budget and preliminary guidance. For the purposes of UK MAR and Article 2 of the binding technical standards published by the Financial Conduct Authority in relation to MAR as regards Commission Implementing Regulation (EU) 2016/1055, the person responsible for the release of this announcement is Paul Baay, President and Chief Executive Officer.

Currency

All financial figures are stated in United States dollars unless otherwise noted.

Forward-looking Statements

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

Specifically, this announcement includes, but is not limited to, forward-looking statements relating to: the Company’s business plans, strategies, priorities and development plans; Touchstone’s ability to pursue development opportunities that generate positive returns and position it for success; the Company’s intention to expand the current revolving portion of its credit facility; the focus of Touchstone’s 2024 capital plan, including pursuing developmental drilling activities and optimizing existing natural gas and liquids infrastructure capacity; anticipated 2023 and 2024 annual average production and production by commodity; forecasted production decline rates; anticipated timing of developmental and exploration drilling production; anticipated 2024 capital expenditures including estimations of costs and inflation incorporated therein; expected drilling activities, including locations and the timing thereof; anticipated timing of well tie-in operations; forecasted 2024 average Brent reference price and the Company’s budgeted realized price in relation thereto; forecasted royalty, operating, general and administration, cash finance and income tax expenses; anticipated funds flow from operations and net debt; field estimated production; the Company’s expectation of decreased Coho fluid hauling expenses; the quality and quantity of prospective hydrocarbon accumulations based on analysis of wireline logs; and Touchstone’s current and future financial position, including the sufficiency of resources to fund future capital expenditures and maintain financial liquidity. The Company’s actual decisions, activities, results, performance, or achievement could differ materially from those expressed in, or implied by, such forward-looking statements and accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur or, if any of them do, what benefits that Touchstone will derive from them. The assumptions used to generate this forward-looking formation and statements include, among other things, the assumption that the Company will be able to increase the revolving component of its credit facility from $7 million to $20 million in the first quarter of 2024.

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

This announcement contains future-oriented financial information and financial outlook information (collectively, “FOFI”) about Touchstone’s prospective results of operations and production included in its 2024 guidance, all of which are subject to the same assumptions, risk factors, limitations, and qualifications as set forth in the paragraphs above. The FOFI contained in this announcement was approved by Management as of the date of this announcement and was provided for the purpose of providing further information about Touchstone’s future business operations. This information has been provided for illustration only and, with respect to future periods, is based on budgets and forecasts that are speculative and are subject to a variety of contingencies and may not be appropriate for other purposes. Touchstone and its Management believe that FOFI has been prepared on a reasonable basis, reflecting Management’s best estimates and judgments, and represents, to the best of Management’s knowledge and opinion, the Company’s expected course of action. However, because this information is highly subjective, it should not be relied on as necessarily indicative of future results. Touchstone disclaims any intention or obligation to update or revise any FOFI contained in this announcement, whether as a result of new information, future events or otherwise, unless required pursuant to applicable law. Readers are cautioned that the FOFI contained in this announcement should not be used for purposes other than for which it is disclosed herein, and the financial outlook information contained herein is not conclusive and is subject to change. Changes in the intended increase in the Company’s credit facility, variations in forecasted crude oil and liquids prices, differences in the amount and timing of capital expenditures, and variances in average production estimates and decline rates can have a significant impact on the key performance measures included in the guidance disclosed herein. Management does not have firm commitments for its intended increase in debt capacity nor for the costs, expenditures, prices or other financial assumptions used to prepare the financial outlook or assurance that such operating results will be achieved and, accordingly, the complete financial effects of the forecasted costs, expenditures, prices and operating results are not objectively determinable. The actual results of the Company’s operations and the resulting financial results will vary from the amounts set forth in this announcement and such variations may be material.

Non-GAAP Financial Measures

This announcement references various non-GAAP financial measures, non-GAAP ratios, capital management measures and supplementary financial measures as such terms are defined in National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure. Such measures are not recognized measures under Canadian Generally Accepted Accounting Principles (“GAAP”) and do not have a standardized meaning prescribed by International Financial Reporting Standards (“IFRS”) and therefore may not be comparable to similar financial measures disclosed by other issuers. Readers are cautioned that the non-GAAP financial measures referred to herein should not be construed as alternatives to, or more meaningful than, measures prescribed by IFRS, and they are not meant to enhance the Company’s reported financial performance or position. These are complementary measures that are commonly used in the oil and natural gas industry and by the Company to provide shareholders and potential investors with additional information regarding the Company’s performance. Below is a description of the non-GAAP financial measures, non-GAAP ratios, capital management measures and supplementary financial measures disclosed herein.

Capital expenditures

Capital expenditures is a non-GAAP financial measure that is calculated as the sum of exploration and evaluation asset expenditures and property, plant and equipment expenditures included in the Company’s consolidated statements of cash flows and is most directly comparable to cash used in investing activities. Touchstone considers capital expenditures to be a useful measure of its investment in its existing asset base. The following table presents a historical computation of capital expenditures and reconciles capital expenditures to cash used in investing activities for the periods indicated.

Net debt

Management monitors net debt as part of the Company’s capital structure to evaluate its true debt and liquidity position and to manage capital and liquidity risk. Net debt is a capital management measure calculated by summing the Company’s working capital and the principal (undiscounted) long-term amount of senior secured debt and is most directly comparable to total liabilities disclosed in the Company’s consolidated balance sheets. Working capital is calculated by subtracting current liabilities from current assets as they appear on the applicable consolidated balance sheets. The following table presents historical working capital and net debt computations for the periods indicated.

The following table reconciles total liabilities to net debt for the historical periods indicated.

Net debt to funds flow from operations ratio

The Company monitors its capital structure using a net debt to funds flow from operations ratio, which is a non-GAAP financial ratio and a capital management measure calculated as the ratio of the Company’s net debt to trailing twelve months funds flow from operations for any given period. The following table is a calculation of the Company’s projected net debt to annual funds flow from operations ratio disclosed herein.

Supplementary Financial Measures

Realized commodity price per boe – is comprised of petroleum and natural gas sales as determined in accordance with IFRS, divided by the Company’s total production volumes for the period.

Royalties as a percentage of petroleum and natural gas sales – is comprised of royalties as determined in accordance with IFRS, divided by petroleum and natural gas sales as determined in accordance with IFRS.

Operating expenses per boe – is comprised of operating expenses as determined in accordance with IFRS, divided by the Company’s total production volumes for the period.

General and administration expenses per boe – is comprised of general and administration expenses as determined in accordance with IFRS, divided by the Company’s total production volumes for the period.

Cash finance expenses per boe – is comprised of cash finance expenses, divided by the Company’s total production volumes for the period. Cash finance expenses are calculated as net finance expenses as determined in accordance with IFRS, less accretion on decommissioning obligations, which are non-cash in nature.

Current income tax expense per boe – is comprised of current income tax expenses as determined in accordance with IFRS, divided by the Company’s total production volumes for the period.

For further information, please refer to the “Advisories – Non-GAAP Financial Measures” section of the Company’s most recent Management’s discussion and analysis for the three and nine months ended September 30, 2023 available on SEDAR+ (www.sedarplus.ca) and on the Company’s website (www.touchstoneexploration.com), which includes further discussion of the purpose and composition of the specified non-GAAP financial measures consistently used by the Company and detailed reconciliations to the most directly comparable GAAP measures.

Touchstone Exploration Inc.

 

 

 

Trinity

Operational challenges slowing exploration work at oil discovery
Chief executive said resource is promising despite unexpected drilling issues

18 December 2023
By Davide Ghilotti in London

Initial flow test results from Trinity Exploration & Production’s drilling at its Trinidad & Tobago oil discovery have shown “producible hydrocarbons” are in place but operational challenges have emerged, the company said.

AIM-listed independent Trinity has been exploring the Jacobin onshore oil discovery, with initial promising breakthroughs earlier this year in the prolific Palo Seco area.

• New drilling at wells in the two Lower Cruse 1 zones, produced mixed results.
• The well flowed clean oil at “very high” tubing head pressure. The oil was mixed with “considerable” volumes of gas and water –which was unexpected.
• The initial flow rate at the well was described as unstable initially and began to decline in the following days since initial drilling started at the end of November.
• Chief executive Jeremy Bridglalsingh said that “operational challenges were encountered” with the Jacobin wells.

Trinity will be conducting data gathering exercises , including a pressure gradient survey and production logging tool run to determine potential oil production rates at the site. These will run until January and the results will inform the course of action for the adjacent Buenos Ayres licence — where Trinity is planning to drill an exploration well in 2024.

Bridglalsingh said that the results so far, despite the unexpected drilling issues, shows the area holds promising resources. The oil tested is of good quality, with API density measured at 31.7 degrees at 60°F.

“We have flowed volumes of good quality oil and demonstrated the potential for producible oil in the deeper horizons. The well has reinforced our confidence in the potential of the deeper play.”(Copyright)

 

 

TDI-Brooks performs seismic program for Perenco

DECEMBER 8, 2023, BY NADJA SKOPLJAK

U.S.-headquartered research and service company TDI-Brooks completed a 2D high-resolution seismic program off the East Coast of Trinidad for Perenco T&T Limited. The company’s research vessel PROTEUS operated geophysical survey equipment such as 2DHR seismic, side scan sonar, magnetometer, sub-bottom profiler, and multi-beam echosounder to perform multiple shallow hazard surveys.

The primary objective for these projects is to identify potential hazards and factors of operational significance relative to the placement of drilling rigs. This involves exploring and defining shallow gas accumulations up to depths of approximately 2,000 feet below mud line (BML) or 2.0 seconds two-way time (TWT) through the acquisition and interpretation of high-resolution 2D seismic data.

The focus also extends to the identification of seafloor obstructions, investigation of the proposed area’s seabed for potential man-made and geological hazards, and the determination of water depth and seafloor conditions.

Perenco T&T has been producing hydrocarbons in Trinidad & Tobago since 2016 when it took over operatorship of the Teak, Samaan and Poui (TSP) fields, located offshore the southeast coast of Trinidad. The company launched a complete modernization plan to fully electrify the TSP asset, shifting towards more efficient and sustainable hydrocarbon production.

A key milestone on this project in 2022 was the installation of the first platform in TSP since the 1980s, locally refurbished, to provide clean power to the fields.

TDI-Brooks expanded its fleet with a new 75-meter-long research vessel, which was expected to perform subsea services upon completing a retrofit program.

TDI-Brooks announced in September it had completed phase four of a deepwater, geotechnical coring and CPT project in the Black Sea for DenAr Ocean Engineering.

 

 

 

Shell awards McDermott EPCI contract for Manatee

November 28, 2023

(WO) – McDermott has received a limited notice to proceed for an engineering, procurement, construction and installation (EPCI) contract from Shell Trinidad and Tobago Limited for the Manatee natural gas field development project, located offshore Trinidad and Tobago.

The Manatee natural gas project scope is for the design, procurement, fabrication, transportation, installation, and commissioning of a wellhead platform, offshore and onshore gas pipelines.

The Manatee field is a conventional natural gas development. Once commissioned, gas will supply both domestic and export markets from Trinidad and Tobago.

“This award follows our successful delivery of the front-end engineering design for the Manatee gas field,” said Mahesh Swaminathan, McDermott’s Senior Vice President, Subsea and Floating Facilities. “It is testament to McDermott’s integrated EPCI capabilities built over the last 100 years around the world including many successful projects in Trinidad and Tobago.”

 

McDermott gets green light for Manatee project

McDermott, a global engineering and construction solution company, has received a limited notice to proceed on an engineering, procurement, construction and installation (EPCI) contract from Shell TT on the Manatee project.

McDermott said it will be involved in the design, procurement, fabrication, transportation, installation and commissioning of a wellhead platform and onshore and offshore gas pipelines. However, this is subject to Shell’s final investment decision.

McDermott’s senior vice president, subsea and floating facilities, Mahesh Swaminathan said the award of the contract follows the successful delivery of the front-end engineering design for the Manatee gas field.

“It is a testament to McDermott’s integrated EPCI capabilities built over the last 100 years around the world including many successful projects in Trinidad and Tobago. We will again deliver for Shell, building on a partnership marked by trust, collaboration and shared success to execute this important project.”

 

 

Shell authorizes McDermott for work on Manatee gas field

McDermott lands second contract for Shell gas field project

Sanctioning of Manatee development was nearing, Shell said earlier this year

28 November 2023
By Davide Ghilotti in London

US contractor McDermottwon a contract for engineering and construction work at the Manatee gas field project that Shell plans to develop in Trinidad & Tobago.

• McDermott has been awarded a limited notice to proceed related to a contract for the engineering, procurement, construction and installation (EPCI) of infrastructure at Manatee.
• The scope of work comprises design, procurement, fabrication, transportation, installation and commissioning of a wellhead platform, offshore and onshore gas pipelines.
• Shell told Upstream that a final investment decision to develop Manatee — in which it holds a 100% stake — was approaching.
• In September the Trinidad & Tobago government said the European supermajor had approved the necessary financing,
• The contract award is the second for the US company, after it won an earlier contract — announced in March — for front-end engineering design for the gas field.

Manatee field is a conventional gas development and once commissioned, gas will supply both domestic and export markets. Trinidad & Tobago. is Latin America’s largest exporter of liquefied natural gas, through the Atlantic LNG facility operated by Shell. The site has been producing below capacity for some time and the country is seeking to encourage exploration and development of new fields.

Manatee field is part of the cross-border Loran-Manatee discovery, shared by Trinidad and Venezuela. The field holds some 10 trillion cubic feet of natural gas, with 7.3 Tcf on Venezuela’s side and 2.7 Tcf on Trinidad’s side.

 

 

Dragon Licence

31 dec

On December 22, PM Rowley finally made the long-awaited announcement, holding the “golden fleece,” the licence signed the previous night in Caracas. This license enables Shell and the National Gas Company (NGC) to produce natural gas in the Dragon field off Venezuela and export it to Trinidad and Tobago for 30 years.

“Commercial negotiations are very hard negotiations. It being the first time this was going to happen where Venezuela would have to enter into a contractual arrangement to export its gas, not being familiar with the business of exporting gas, talking to Trinidad and Tobago in the gas business for decades.

We were able to come to the table with our experts and their experts, our advisers and their advisers and hammer out an agreement that allows us today to have the signatures of Trinidad and Tobago and Venezuela on this document which is the golden fleece, a licence for Trinidad and Tobago to exploit natural gas in a gas field outside of our borders, inside the border of Venezuela, with the approval of the government and people of Venezuela.”

Shell will operate the project and an 18-km pipeline will connect Dragon to its Hibiscus platform in Trinidad. Dragon field is thought to contain up to 4.2 tcf of gas.

While Rowley said it would be “spurious accuracy” to estimate when the natural gas from the Dragon project will be delivered, Young said it is possible that it could be achieved in the next two years if a positive investment decision is made. By the second quarter of 2024, the country would be in a better position to know if that deadline would be achieved.

The Dragon deal kept him interested in the Office of the Prime Minister.

“I stayed in this office because I did not want to leave in the middle of a pandemic and this decision .. kept me interested in this office because I knew that the people of Trinidad and Tobago had a lot riding on this. I ask you today to ignore the naysayers and to accept that this is an extremely important development.”

This deal, coupled with the restructuring of Atlantic LNG earlier in the month, aligns with the vision of transforming Trinidad and Tobago into a manufacturing and exporting hub for hydrocarbons in northern South America and the West Indies.

On December 5, an agreement for a new unitised commercial structure for Atlantic LNG was successfully executed, marking the culmination of almost five years of negotiations. The Office of the Prime Minister said:

“The new unitised commercial structure…allows the National Gas Company to obtain a greater share in the revenue derived from the sale of LNG on the global market for the citizens of Trinidad and Tobago”. This “unprecedented agreement would provide for long-term sustainability of the Trinidad and Tobago gas sector and a higher level of certainty which is crucial for future investment.”

At the commemorative signing in London, the Prime Minister said, “It was near impossible to dream that we could bring BP, Shell, and NGC together for the purpose of becoming a better unit and also for increasing the value that would accrue to the people of Trinidad and Tobago. The Government understood that if we didn’t get some improvement in the situation , the future of the country in the hydrocarbon business could really be at stake. And .. the quality of life of the people of Trinidad and Tobago would have been at stake.”

Atlantic LNG operates four trains, capable of producing up to 15 million tonnes per annum (MTPA) of gas, super chilled into a liquid for transport by tanker. However, last year, it produced only 8.2 MTPA due to Train 1 being idled. Under the existing structure, Shell and BP respectively own 54% and 40% of Trains 2, 3, and 4, while NGC has 11.1% of Train 4, but no stake in Trains 2 and 3.

The agreement simplifies the project structure into ownership across all four trains, effectively reducing Shell’s stake to 45% and increasing BP’s stake to 45%, while NGC obtains a 10% share. The Chinese Investment Co, which previously owned about 10% of Train 1, will no longer hold shares in Atlantic LNG, a positive move in light of totalitarian PRC increasing indebted states, espionage and theft of technology.

 

 

 

Trinidad seals LNG restructuring with Shell and BP

By
LNG Prime Staff December 6, 2023

Trinidad seals Atlantic LNG restructuring deal with Shell and BP

Trinidad and Tobago finally signed a restructuring deal with the shareholders of LNG producer Atlantic LNG, Shell, BP, and the National Gas Company (NGC). The Point Fortin facility features four trains with a total capacity of about 15 million tonnes per annum of LNG but the facility has been experiencing supply issues due to dwindling domestic gas reserves.

Atlantic LNG’s first train has been idled since 2020 due to reduced gas supplies.

Shell and BP have majority stakes in Atlantic LNG trains, followed by NGC after exit of Chinese Investment Corporation (CIC).

The government and partners in the facility have been in talks for about five years to find solutions to ensure the future supply to the facility and to simplify the shareholding structure.

According to statements by BP and NGC, Trinidad and Tobago Prime Minister, Keith Rowley, and Minister of Energy, Stuart Young, met representatives from BP, Shell and NGC in London on December 5 to formally mark the completion of all contractual agreements for restructuring of Atlantic LNG.

Shell confirmed that negotiations concluded and definitive agreements were signed between Atlantic LNG shareholders and the government of Trinidad and Tobago. The shareholders and the government agreed to a new ownership structure and a new commercial framework for Atlantic LNG.

BP said that NGC will increase its equity share in Atlantic LNG, consistent with the commitment by the government to maximize value to the country from the sale of hydrocarbon resources.

The new structure will also facilitate a “market-reflective pricing mechanism that provides fair value from the sale of LNG for both the country and the shareholders.”

For investors, the deal will provide the certainty required for sanctioning the next wave of upstream gas projects.

The companies did not provide the new shareholding structure. From October 2024 until May 1, 2027, the restructured entity’s shareholders are Shell with a 47.15 percent share, BP with a 47.15 percent and NGC with a 5.7 percent share.

CIC, holding about 10 percent in the first train, will no longer hold shares in the LNG producer.

From May 2, 2027, Shell will hold a 45 percent stake in Atlantic LNG, BP will have a 45 percent stake as well, while NGC will have a 10 percent share in the LNG producer.

 

Energy chamber cautious on LNG

The Energy Chamber views signing of the Atlantic LNG restructuring deal in London as a major development for the gas sector and overall economy. Welcoming the agreement, the chamber is expressing cautious optimism as full details are yet to be specified. Prime Minister Dr Keith Rowley, in London with Energy Minister Stuart Young signed a Unitised Commercial Structure for Atlantic LNG between the National Gas Company (NGC), bpTT and Shell.

Rowley said the intensive work over a five-year period will see increased shareholding in future trains. NGC’s ability to obtain a greater revenue share from the sale of LNG on the global market for TT, would provide long-term sustainability of the local gas sector and a higher level of certainty, crucial for future investment.

The chamber complimented the negotiating teams for completing a complex process and delivering the new commercial and legal structure for Atlantic.

“This is a major development for the TT gas sector and therefore the overall economy of the country.”

Restructuring of Atlantic will create greater certainty for shareholders and allow investment into the plant, including investments to reduce the carbon footprint of LNG produced by Atlantic.

“While the specific details of the new commercial and legal structure are not yet known, we are cautiously optimistic that the new structure will positively influence much-needed future investment into upstream gas production. Increased investment into upstream production will provide additional work for the service companies and contractors, increase security of supply to the downstream plants and increase government revenue.”

 

 

Historic energy deals at Atlantic, Dragon

Energy Minister Stuart Young said securing the licence for Venezuela’s Dragon field and restructuring of Atlantic LNG are two ground-breaking energy agreements which offer the possibility of a brighter future.

He highlighted the importance of the Dragon licence and ALNG restructuring as “Historic and unprecedented energy deals for Trinidad and Tobago that provide us with positive outlooks for our future.”

“The acquisition of the 30-year licence to explore, produce and export natural gas from the Venezuelan Dragon gas field to Trinidad and Tobago will benefit the people of Venezuela and the people of Trinidad and Tobago for decades to come.”

“The restructuring of ALNG which resulted in better shareholding and better revenue for TT, as well as access for third party gas for the first time opens up new possibilities and opportunities for additional investments in gas exploration and production.”

Because of these two historic, monumental and unprecedented deals, “TT’s future is brighter and offers more hope and positive potential.”

He reiterated how humbled and grateful he was “to have led the negotiations of both of these complex, complicated, challenging and technical negotiations on behalf of the people of TT, and pleased to have been able to deliver both successfully.”

Young thanked the staff at his ministry, the National Gas Company (NGC), at TT’s Embassy in Caracas, the Venezuelan government, Shell, BP and others who worked to ensure the success of both ventures. Around 9 pm on Thursday, in Caracas, Young signed the final documents that gave the green light for natural gas from Dragon to flow to TT.

Young first broke the news around 11 pm on Thursday via Facebook.

“Historic moment as the Bolivarian Republic of Venezuela has granted the licence for the Dragon Gas Field to NGC and Shell to develop and produce gas for export to TT. This is a huge win for the people of Venezuela and TT.”

“I am humbled and privileged to have played a key role in making this a reality.”

The Prime Minister followed.

“We have secured the licence to the Dragon gas field! Yes, in the spirit of good neighbourliness, the dragon can dance.”

They explained the significance of this development to media.

Rowley said, “This is a historic development on a historic day for the people of Venezuela and TT. While it is not a boom, it’s a brighter future, as of today.”

Rowley and Young said that apart from Dragon and ALNG’s restructuring, Government is working on several other energy initiatives.

 

 

 

NGC wins gold standard again

The Global Oil and Gas Methane Partnership (OGMP) released its annual report on methane emissions on December 1 at the world’s capstone climate conference (COP28) in the United Arab Emirates.

The report outlines the commitments of member companies to reduce their methane output.

The National Gas Company (NGC), an OGMP member since 2021, was one of 84 companies achieving gold standard status for their level of reporting and methane reduction ambitions.

NGC achieved this for the second consecutive year. The OGMP report said NGC’s accomplishment was attained on the basis of a credible implementation plan.

OGMP uses infrared cameras to detect fugitive emissions along pipelines and gas handling infrastructure. The partnership utilises a collaboration with the Netherlands-based service provider Orbital Eye to detect emissions through satellite imaging.

Fugitive emissions are gases or vapours escaping from pressurised containment into the atmosphere, in industrial activities such as factory operations, storage tanks, pipelines, wells or other equipment. These emissions contribute to climate change and air pollution and pose health and safety risks.

“The gold standard is conferred upon companies that have demonstrated ‘an explicit and credible path’ to progress through the OGMP’s tiered system for tracking and reporting methane emissions from their operations. Specifically, to reach gold standard status of reporting, companies need to announce 2025 absolute reduction or near-zero intensity targets,” NGC said.

 

 

 

Dragon

2023, 12/23

It took over a decade, including five years of on-and-off negotiations disrupted by geopolitical setbacks, to secure a licence for the Dragon gas field The significance of this development for the energy sector was underscored by Prime Minister Dr Keith Rowley who declared that “a door to a new commercial frontier has been opened for the benefit of all our people.”

That is not an exaggeration. Barring the political spins for and against that are bound to be put on this issue in the coming hours and days, the Dragon deal provides much-needed economic lifelines to T&T and Venezuela.

Venezuelan gas will supplement this country’s reduced gas reserves, allowing for full resumption of exports at the Atlantic LNG Terminal.
For our closest South American neighbours, this is an opportunity to process and monetise a substantial natural gas field, providing that cash-strapped OPEC founder with an additional and reliable source of revenue.

The Dragon gas field, located in the Mariscal Sucre region offshore Venezuela and adjacent to the Venezuela-Trinidad maritime border, is expected to produce approximately 150 million standard cubic feet of gas a day.
This gas will be imported through the Hibiscus platform off northwest Trinidad, jointly owned by the Government, NGC and Shell, providing a steady supply to the flagship Atlantic facility.

Atlantic’s four processing trains can produce up to 15 million metric tonnes per annum (MTPA) of liquefied gas but was only able to produce 8.2 MTPA last year.
In the circuitous route to secure the licence, the field was first offered for development by Venezuelan SOC Petróleos de Venezuela, SA (PDVSA) about a decade ago.

However, although production tests were made and a gas line partially built, the field was not commercially developed. An initial agreement to import natural gas from the Dragon field was made between NGC, Shell and PDVSA in August 2018 but less than a year later, that deal was in limbo because of political turmoil in Venezuela. US sanctions further delayed the start of production.

After a series of setbacks, there was a major breakthrough at the start of this year when the Government secured a two-year licence from the US, clearing the way to start development of the long-stalled project.

This is an early gift for T&T’s natural gas sector, which achieved its highest output in 2010 but has been struggling with depleting reserves since 2017.

The Dragon gas deal comes days after the finalising of a shareholders’ agreement for the restructuring of Atlantic with Shell, BP and NGC in London. It includes a deal to increase the stake and potential revenues available to the NGC, which could yield greater revenues for the country.
While this is a light at the end of a long tunnel of supply shortfalls for the energy dependent economy, judicious management by the state and the industry stakeholders and partners is key for long-term success.

This is a journey toward economic diversification with energy transition as a major objective, so T&T’s improved fortunes should not be squandered.

However exciting ths deal may sound, the abysmal management record of state energy companies since 1969 under the ruling party brought the industry to its knees, creating mass unemployment, closure of the iconic refinery, major incidents with fatalities, neglect of agriculture, rising cost of living, homelessness, corruption in public services including the police and judiciary, cultural obliteration and homogenisation and escalating crime with astronomical numbers of homicides.

 

 

 

Dragon central to prospects

2023, 12/20

In September, T&T’s Minister of Energy, Stuart Young, and Venezuela’s Oil Minister Pedro Tellechea signed a Dragon gas deal witnessed by President Nicolas Maduro at the Miraflores Palace, his official residence.

While high commodity prices in 2022, boosted the energy sector, concerns continued to grow that declining production and supply of natural gas would not allow T&T to maximise the favourable conditions.   This issue lingered for much of 2023, as the Government sought avenues to bolster the natural gas supply. A potential long-term answer to the supply issues emerged when Prime Minister Dr Keith Rowley told media on January 24:

 “The US Government has today approved Trinidad and Tobago’s development of the Dragon field via an OFAC (Office of Foreign Assets Control) waiver from sanctions with specific terms to be finalised.

“What this means is that the restrictions on the Dragon gas field development are now relieved and all relevant parties can progress the plans to result in natural gas from Venezuela eventually flowing from these proven reserves to Trinidad and Tobago then onto Caribbean, European and other markets, bringing much humanitarian benefit to the Venezuelan population and greater energy security to the Caribbean region.”

However, the waiver made it explicitly clear that T&T could not directly pay Venezuela.

Despite regular negotiations with both the US and the South American state, the issue of payment became a point of contention, particularly for Venezuela.

In July, when asked about the status of the Dragon Gas deal and the OFAC, the Prime Minister stated, “The Venezuelans have not accepted the terms laid down by the Americans. That is the long and short of it. We fought very hard to get the Americans to give us a carve-out to allow us to treat with PDVSA without breaking the sanctions. We eventually won that battle but they put a condition on it which the Venezuelans as of now have not accepted. We’re still talking on both sides; we’re still negotiating.”

The talks continued until the government signed a profit-sharing agreement with Venezuela in September, which signalled some progress but still no green light for mobilisation in the field.

The breakthrough would come through discussions with the United States. After his seventh visit to Washington DC, Energy Minister Stuart Young told media on October 17, 2023, that key changes were made to the OFAC waiver.

“I am pleased to announce today, that the US government has issued, through the treasury department OFAC, to the Government of T&T, an amendment to the licence that we had requested in the terms that we have requested,”The licence will now run for two years until October 31, 2025, which is more than enough time for us to get done what needs to get done.”

More importantly, Young confirmed that Trinidad and Tobago could pay Venezuela in cash or various other methods.

“It also allows T&T, working along with NGC and Shell, to negotiate, and complete negotiations and all agreements with the Venezuelan government and PDVSA for the development, production and export of that gas from the Dragon gas field in T&T for us to develop it, and for us to make payments in fiat currency, US dollars, Bolivars, as well as via humanitarian measures, which was envisaged initially,” .

Young returned to Venezuela to negotiate further and to date the Government has disclosed progress, yet it has continuously stated the non-disclosure agreement prevents them disclosing the details discussed with Venezuela in public.

Thawing of the relationship between Venezuela and the US was beginning to have a positive impact on the possible exploitation of cross-border and near-border natural gas fields..

In November, American engineering company McDermott confirmed it had received a limited notice to proceed for an Engineering, Procurement, Construction and Installation (EPCI) contract from Shell T&T for the Manatee gas field development project, located off the east coast of T&T.

Subject to Shell taking a final investment decision, the Manatee project scope is for the design, procurement, fabrication, transportation, installation, and commissioning of a wellhead platform, offshore and onshore gas pipelines.
The Manatee field forms a part of the Loran-Manatee field, which straddles the maritime border between T&T and Venezuela, with Loran located in the marine area of Venezuela. The Loran-Manatee reservoir has an estimated resource of 10.04 tcf, of which 2.712 tcf is within the Manatee field.

Despite advancement of these talks , gas supply remained an ongoing issue as by July, the impact of supply shortages began to tell. Several plants in Point Lisas were shut down in July due to natural gas supply shortages. The Energy Ministry confirmed that one of the country’s major upstream natural gas suppliers had to shut in its gas production to deal with an unplanned technical issue.

Woodside would come forward confirming it had to shut down offshore operations in the country as a safety precaution, leading to several plants putting a pause on operations or opting to undergo maintenance in the down period. However, better news at the tail end of the year came as a shareholders’ agreement for the restructuring of Atlantic was finalised in London with Shell, BP and National Gas Company of T&T (NGC) signing an agreement with Prime Minister Rowley and Energy Minister Stuart Young in attendance.

This new agreement included a deal to increase the stake and potential revenues available to the NGC, which would pave the way for greater revenues for the state.
While former Energy Minister Kevin Ramnarine acknowledged the deal had some benefit with the increased revenue, he questioned what would be done to improve production levels.

“The first thing is that the production of LNG is 38 per cent less than it was in 2015. And that’s because natural gas production is in precipitous decline. The other thing is that we need to find a way to question when this new shareholder agreement will be effective, The more pressing issue for T&T is the production of natural gas, which as I said, is not headed in the right direction. It certainly has not been for a while. And that, to me, is the greater concern because LNG plants don’t run on shareholders agreements. They run on natural gas.”

Other energy insiders raised similar concerns, as they noted while there was much made of the Dragon gas situation, that would not yield returns until potentially 2027/2028. Instead, they hoped more focus would be placed on improving the country’s natural gas production.

There was positive news as Touchstone Exploration announced that the Cascadura natural gas and liquids facility safely delivered first production in September. The hope is that there will be more announcements like this in 2024.

 

Shell stake to shrink, BP to rise in restructuring of Atlantic LNG

Dec. 04, 2023 : Carl Surran, SA News Editor

Shell’s ownership stake in Trinidad and Tobago’s Atlantic liquefied natural gas export facility will decline, while BP (BP) and state-owned National Gas Company will increase their holdings in a restructuring agreement to be signed this week, Reuters reported .

The new agreement would mark the end of five years of talks and pave the way for Latin America’s largest liquefied natural gas export facility to return to full production, after the first of four liquefaction trains has been idled since 2020 due to reduced gas supplies from Trinidad’s offshore fields.

Under the current structure, Shell and BP respectively own 54% and 40% of Atlantic LNG trains 2, 3 and 4, while NGC owns 11.1% of train 4 alone.

The new agreement simplifies the project’s structure into ownership across all four trains, which effectively reduces Shell’s stake to 45% and raises BP’s stake to 45% while NGC gets 10%. Chinese Investment Corporation which owned ~10% of train 1, would no longer hold shares in Atlantic LNG.

Atlantic LNG is a significant contributor to Shell and BP’s LNG portfolios, with Shell’s share of production in 2022 totaling 4.4M metric tons, or 15% of its global production, and BP’s take totaling 3.4M tons, or 18% of its global output.

 

 

Ramnarine queries deal

2023, 12/07

Former Energy Minister Kevin Ramnarine hopes for more answers concerning the natural gas supply to Atlantic LNG trains following the commemorative signing for a new unitised structure for the facility in Point Fortin.

The deal allows the National Gas Company (NGC) to hold a ten per cent stake in a new commercial structure for Atlantic LNG, which would pave the way for greater revenues for the state.

However Ramnarine said based on the details released so far, “a lot is being made of something, which .. is really no big deal.”

He explained that production levels were lower than usual and were still trending downward and this needed to be addressed.

“The first thing is that the production of LNG is 38 per cent less than it was in 2015. And that’s because natural gas production is in precipitous decline. The other thing is that we need to find a way to question when this new shareholder agreement will be effective.”

Ramnarine asked how this would impact current contracts for Trains 2, 3 and 4.

“Would it be effective when the Train 2 and 3 contracts come to an end in 2024? And would it be fully effective when the Train 4 contract comes to an end in 2027? So, those are some of the questions that we have to ask and I think that when you consider that Train 1 will never operate again. Train 1 is dead and buried, in terms of an operational point of view. You have to look at Atlantic LNG in that general context.”

He also noted the absence of Atlantic’s CEO Ron Adams at the signing and also questioned what role the company would play under the new shareholder’s deal.

“How implementable is this new shareholder agreement in terms of its impact on the operation of Atlantic? So I think there are many questions that have to be asked.”

Government would have to address the production concerns, for the country to benefit significantly from this agreement which he described as a natural progression of business.

“The more pressing issue for Trinidad and Tobago is the production of natural gas, which as I said, is not headed in the right direction. It certainly has not been for a while. And that, to me, is the greater concern because LNG plants don’t run on shareholders agreements, and they don’t run on talk. They run on natural gas.”

Other energy insiders raised similar concerns, as they noted while there was much made of the Dragon gas situation, that would not yield returns until potentially 2027/2028.
Instead, they hoped more focus would be placed on improving the country’s natural gas production.

Touchstone Exploration announced positive news that the Cascadura natural gas and liquids facility safely delivered first production in September. The hope is for more announcements like this in 2024.

 

 

 

PM talks energy with Shell in London

2023, 12/06

. After Prime Minister Keith Rowley met Chief Executive Officer, Shell Global, Wael Sawan at the company’s global head office in London, he announced that Shell remains aligned with Trinidad and Tobago as it intends to continue investing in the LNG business which is necessary for energy security.    Prime Minister Rowley and CEO Sawan discussed the progress of the Manatee and Dragon field projects as well as other potential projects that could assist in securing sustainable gas supplies for Trinidad and Tobago

 

 

T&T completes new Atlantic LNG deal

2023, 12/06

The National Gas Company (NGC) now has a 10 per cent stake in a landmark agreement for a new commercial structure for Atlantic LNG, which was signed in London yesterday.

One year ago, the Government inked new agreements for restructuring Atlantic LNG with bpTT, Shell and the NGC, which changed the commercial structure of T&T’s liquified natural gas entity – Atlantic LNG – for the first time in 27 years.

Yesterday’s signing culminates five years of negotiations between the parties and opens the door for greater revenue to be derived by the state from the Atlantic LNG trains.

For the Government and country, it means an increase in potential revenue, as Energy Minister Stuart Young had said Government stands to benefit financially from the restructuring. For the NGC, who remits taxes and dividends to the State, it means a greater stake in LNG business.

Quantifying the potential revenue, however, will depend on the global demand for LNG and T&T’s ability to keep supplying the three trains with natural gas. Presently, the Government is in negotiations with Venezuela to commercialise the Dragon Gas field, which would add longevity to the life of the trains and secure T&T’s energy future. As it stands, T&T is the seventh largest global producer of LNG.

 

 

 

Public needs transparency on Atlantic LNG deal

2023,  12/07

Prime Minister Dr Keith Rowley, Energy Minister Stuart Young and the technocrats and advisors who contributed to the successful conclusion of the negotiations for the agreement for a new unitised structure for Atlantic LNG, deserve congratulations, gratitude and appreciation.

This is a game-changing agreement that facilitates a more equitable relationship between state-owned National Gas Company of T&T (NGC) and its two shareholding partners in Atlantic LNG, global energy giants bp and Shell.

Local energy insiders long complained that the initial arrangements that led to the establishment of Atlantic LNG in July 1995, allowed the foreign multinationals that dominated the company to switch the destinations of LNG cargoes that originated in Point Fortin from low-priced North American ports, to countries where LNG fetched much higher prices.

The ability to switch destinations, which was not disallowed by the Atlantic sales contracts, has been described as among the commercial innovations that made Atlantic LNG such a successful investment.

The current administration decided to work toward addressing the imbalance to ensure a greater share of the revenues generated by Atlantic.
The fact that the agreements that led to establishment of Trains 2, 3 and 4 were due to expire in the next few years, gave the Government’s team the opportunity to reimagine the nature of the financial relationship between and among the parties.

Creating one, unified corporate ownership structure from a liquified natural gas company that had three different ownership structures – for Train 1, Trains 2 and 3 together and Train IV—was likely part of the reimagining of the relationships, which was successfully concluded on Tuesday in London.
This was no easy task, given the five years of “dedicated negotiations” involved and several trips to European cities by the T&T team in that period.

Before the unitisation agreement, NGC owned 10 per cent of Train 1 and 11.1 per cent of Train 4, but held no stake in Trains 2 and 3. With Train 1 being taken offline because of gas curtailment issues, the unitisation agreement gives NGC an ownership stake in Trains 2, 3 and 4.

The greater share of the revenues results from NGC owning a percentage of the three operating LNG trains and also the new benchmarking arrangements for the sale of the commodity that involved changing from lower-priced US market to higher-priced LNG markets in Asia and Europe.

“We were excluded from those markets because of arrangements that were in place. We had allowed the energy companies to market the Government’s share of gas, which we are entitled to under the contracts; in an earlier time . This Government changed that,” Dr Rowley told media two weeks ago, adding that NGC now has the ability to sell gas to high-priced markets in Asia and Europe.

Normalising the switching of destinations is finally working in T&T’s benefit.

While there is much to applaud in the Government’s negotiated achievements, on their return from London, there must be a full debriefing of all of the details of the agreement that have, up to now, remained secret. A lack of transparency on those details will take some of the shine off this achievement.

In the Senate on November 24, Young said TT is already benefiting from the restructuring of ALNG.

“In fact, the price structure that we have re-negotiated over the past few years has resulted in over $17 billion additional income to the people of TT that we would not have received (if there were no restructuring negotiations). We are currently in the final stages of negotiation and at the appropriate time, the necessary information, when completed, will be provided in full transparency, that is permissible to the population.”

 

 

Venezuela land grab traps Trinidad and Tobago

6 December

Foreign Minister DR AMERY Browne sees clear boundaries in the territorial dispute between Guyana and Venezuela. In an apparent allusion to remarks by Princes Town UNC MP Barry Padarath, he said,

“Any calls for TT to insert itself into the controversy in the form of mediation or direct negotiation are in direct contradiction, a direct violation, of the policy of Guyana. Those are very ill-founded calls and only serve to distract as opposed to contributing to a progressive environment. This matter is before the International Court of Justice (ICJ) and a determination on the border issue is pending.”

However, like the politics and history surrounding this conflict, the question of TT’s appropriate foreign policy position on this matter is not clearcut. Undoubtedly, the proper forum for the resolution of this boundary dispute is the court. The rules-based international order is premised on organs such as the ICJ, a pre-eminent source of international law.

Venezuela has long defied the UN and turned its back on The Hague. Even before the shambolic referendum, it was clear the regime of Nicolás Maduro was determined to reject the jurisdiction of the international judges. One question placed before voters was whether they agreed with Venezuela’s “historical position” of not recognising the ICJ in relation to Essequibo, even as one of the court’s original members. The mere fact of the referendum was arguably already a repudiation of the ICJ, especially given its ruling urging Venezuela to refrain from action which could affect the conflict. The court noted Venezuelan officials viewed the “consultative” poll as inherently bound with moves to “go to combat.”

Whether the Maduro regime will do so remains to be seen. Already, cracks appear in his Napoleonic narrative. Ordinary Venezuelans noticed the gap between the government’s claim of a massive turnout and empty polling stations.

Either way, TT has much at stake and a possible role as arbitrator, in which Venezuela is persuaded to heed the ICJ’s jurisdiction, cannot be summarily ruled out. The escalation of a military conflict involving our closest neighbour, and potentially involving international forces from regional allies, will raise considerable national security issues.

Economically, a breakdown of peace would kill moves to resurrect the Dragon gas deal given the likelihood of US sanctions. And it would place Venezuela’s already tattered economy under even more pressure, reigniting the migration crisis.

Importantly, military aggression would represent a dramatic backsliding of Venezuela’s already tenuous place in the world, ending any hope of our nearest neighbour returning to normality . The ripple effects of that are too uncertain, too terrible to fathom.

With the Bolivarian sword hanging over the Caribbean Sea, Shell succumbed to part-nationalisation of Atlantic LNG paring its stake from 54 percent to 45 percent to hand 10 percent to a covetous state with a record of ruining the Trinidad energy industry, arguing “We don’t just want to be a tax-collecting office, we want to be a partner and shareholder in this business. .. We have to be a partner, and we have to be involved.”

Private investors/ shareholders do not expect a Christmas gift from ALNG. With his aversion to reveal details, the hamstrung PM of TT is not beholden to financial metrics.

Having won an agreement for Trinidad to pay cash for Dragon gas, the Caracas hegemon expects the inducement of the Dragon Licence to keep Trinidad onside while Caracas prepares a non-military invasion of maps, flags and identity cards for Essequibo residents.

The rest of Caricom is indebted to Petrocaribe for discounted PDV fuel and are aware that Bolivarian forces occupy the border.  Caricom spectacularly failed to depose the loser of the 2020 Guyana election and it was left to the US to ensure the winner was installed after imposing sanctions on the usurpers. Now British troops have arrived and the US has all the cards for sanctions and other actions.

Days after the TT opposition was told to be silent on mediation, Caricom and Celac organised a mediation meeting which PM Rowley attended to witness the leaders of Guyana and Venezuela pledge to keep the peace.

The TT regime is averse to revealing energy details, despite the presence of a highly educated industry community of geologists, engineers, lawyers and IT experts. deterred by repression of ideas and persecution of dissidents. Current energy issues are not discussed in professional societies while outdated infrastructure and chronic mismanagement cripple the industry so vital for prosperity.

 

 

 

State to sell MHIL shares to Proman

2023, 12/27

Privatisers rejoice and urge more divestment of state assets to create wealth for a shareholding democracy. The authorities can then focus on the cancer of crime, prioritising and end to slaughter of citicens, butchery of business leaders and rape, robbery, kdnap, larceny, piracy, drugs, arms and people trafficking.

Prime Minister Dr Keith Rowley met David Cassidy, chief executive of Proman, at the energy company’s headquarters in, Switzerland, September 2022.

Government and Clico decided to sell the local insurance company’s entire 56.53 per cent shareholding in Methanol Holdings (International) Ltd (MHIL), the Oman-based methanol producer, to Switzerland-headquartered petrochemical giant Proman Group for the sum of US$347 million ($2.35 billion)

The decision by the parties to sell the block of shares to Proman, the minority 43.47 per cent owner of MHIL, appears to be a reversal of the Government’s position to acquire shares in MHIL, for itself and for the National Investment Fund Holding Company (NIF) with the balance to be held by Clico. NIF is a wholly State-owned entity.

On April 25, 2023, in a motion on the adjournment brought by Opposition Senator, Wade Mark, Minister in the Ministry of Finance, Brian Manning, told the Senate that Government had accepted an offer from Clico on January 9, 2023, to purchase 19.63 per cent of the insurance company’s shareholding in MHIL. The offer was accepted by Government at the valuation price as part of the reduction of Clico’s debt owed to the Government. On February 21, 2023, NIF accepted an offer from Clico to acquire 17 per cent of its shareholding in MHIL at the valuation price.

Clico would have retained 19.9 per cent of MHIL, which is the maximum percentage holding permitted by the Insurance Act of 2018.

According to Manning’s April 25, 2023, Senate statement, “To date, Clico has signed share acquisition agreements and share transfer forms with the Government of the Republic of Trinidad and Tobago and NIF, but the share register of MHIL has not yet been amended to reflect the transfers.”

Prime Minister Dr Keith Rowley hinted that the sale of the shares to Proman may be part of a larger strategy to promote investment in the energy sector. This long-awaited move will be most welcome by investors.

Asked if he was aware that an agreement was reached last week to sell Clico’s shares in MHIL to Proman, and whether the transaction was part of an omnibus agreement with the Swiss company,he said, “I am aware and supportive of the wider strategy of the Minister of Finance to foster and encourage sustained investment in Trinidad and Tobago.”

Contacted on Christmas Day, a Switzerland-based spokesperson for Proman said the petrochemical company would not be commenting on its purchase of shares in MHIL.

History of sale attempts

In its December 2022 report to the Central Bank, Clico revealed that two previous attempts were made to sell its MHIL shares. The first offer was made to Consolidated Energy Ltd, the Proman subsidiary, which has the right of first refusal to shares, in accordance with the shareholders’ agreement that set up MHIL.
The second attempt to sell the shares, according to the report to the Central Bank, was withdrawn by both Clico and the liquidators of CL Financial in 2018.
In his presentation of the 2020 budget on October 7, 2019, Minister of Finance, Colm Imbert, strongly suggested that MHIL shares would be part of NIF 2.

“Barring unforeseen circumstances, I propose to introduce in fiscal 2020 a second National Investment Fund bond issue which will be based, among other things, on the proceeds from the sale of certain shares held by Clico that are currently valued at $2.6 billion.”

Although he did not mention MHIL by name, the company was the only one of Clico’s assets that was valued at close to $2.6 billion in 2019. Clico’s 56.53 per cent of MHIL was, in fact, valued at $2.58 billion in its 2019 annual report.

Asked on August 9, 2023, whether the MHIL shares were still part of his thinking with regard to NIF 2, Imbert said, “Not at this time,” explaining that “there is a lot of confusion over the sale of those shares and I would not want the shares to be tied up. Anything to do with NIF, I would not want to be tied up in any sort of controversy. We are going to use other shares to back NIF 2. For example, we have some additional Republic Bank shares that we are going to give to NIF and there are some other blue-chip assets that would be used to back NIF 2.”

Imbert alerted the public to his plan to bring NIF 2 by the end of December 2023.

The sale of Clico’s shares in MHIL is expected to result in the insurance company fully and finally repaying its debt to the Government for the 2009 bailout. At a news conference on December 6, 2022, former executive chair of Clico, Claire Gomez-Miller, put the company’s debt to the Government at $1.068 billion, which she said would have been repaid from the sale of the MHIL shares.

Valuation of Clico’s stake in MHIL

In its audited financial report for the financial year ended December 2022, Clico stated that it determined the fair value of its shareholding in MHIL using a combination of both the income and the market approaches.

The insurance company said both approaches were prepared using inputs specific to each to establish ‘low’, ‘mid’, and ‘high’ implied enterprise values for each approach. The resulting mid value using the valuation method resulted in a “reasonable” value for Clico’s shareholding in MHIL of US$337 million, the initial price that Proman was willing to pay, but the company was convinced by the intervention of the Ministry of Finance technocrats to add an additional US$10 million, which resulted in the final sale price of US$347 million.

 

 

Opposition urges lower fuel prices for Christmas

Pointe-a-Pierre MP David Lee urges Government to honour its promise to reduce fuel prices for Christmas as global oil prices have fallen. Lee made a case for a reduced fuel price, which has seen substantial increases in the last year.

Using West Texas Intermediate (WTI) and Brent as benchmarks for his argument, Lee said that given the fall in the oil price, Government must give serious consideration to lowering prices, based on its promise to reduce prices once that global reduction was significant.

“With WTI presently averaging US $70 per barrel and Brent at US $74 per barrel, the government has absolutely no logical justification or merit to continue charging citizens a fuel price at the pump that is based on an oil price of $90 as stipulated in the 2023 budget one year ago.

“For the sake of our nation facing a sky-rocketing cost of living, incoming property tax as well as utility bill hikes, the Opposition calls on the Prime Minister for a fifth time this year to state why he has failed to live up to his promise of reducing fuel prices when the oil price decreased.”

“Rowley has broken his promise made in the 2023 budget presentation that the price of fuel would be reduced once oil prices fell, as they have.”

He quoted Rowley’s statement to the Parliament, “If it drops to $80, premium drops to $6.28, super to $6.05. And if it drops to $75, premium will drop to $5.68 and super will drop to $5.43. So, between $87 and $77, the price will drop from $6.97 to $5.43.”

“This Government increased the price of fuel twice in 2022 due to rising oil prices, yet after 12 months of persistent weekly contractions well below US$90 per barrel, they never reduced our fuel price at the pump by a single cent.

“With the Prime Minister boasting about increased revenue for TT through the Atlantic LNG re-negotiations, he has a duty to reduce fuel prices, especially at this Christmas period.”

Such a move would result in lower food prices, transportation costs and disposable income for a population facing a dire Christmas season.

The regime does not keep promises. The PM asks citizens to help solve crimes and the President begs business owners to volunteer for incompetent state boards, commissions and agencies. Both leaders are thus unable to do the jobs for which they are handsomely paid with taxes and perks.

Police fail to deter criminals and the judiciary faces a backlog of cases.

Citizens endure water shortage during floods, disruption from landslides and cyber crime.

 

 

 

Solar project can aid energy transition

2023, 12/07  In Dubai

Co-founder of Lightsource bp, Dr Vicente Lopez Ibor Mayor, is backing the Lightsource project in T&T saying it can be a thrust in this country’s energy transition and offer opportunities in clean energy.

Lightsource bp, an international solar business, started construction on T&T’s first utility-scale PV project in April. It is a 148MWp project owned by oil subsidiaries bp Alternative Energy Trinidad and Tobago and Shell Renewables Caribbean. The project is split over two sites—Brechin Castle (122MWp) and Orange Grove (26MWp)—and is expected to generate around 300,000MWh of power a year.

Mayor, who chaired Lightsource bp for seven years, stepped down as chairman in 2018. While he said he isn’t up to date with the current Lightsource bp project ongoing in T&T, he has visited the country twice before for energy-related matters and is buoyed by what he saw.

At COP28 in Dubai. He said,  : “I think it’s very important for the country—this sort of development of clean energy. So I think it is something that can be ramped up and create a new platform or dimension of clean energy.”

Dr Mayor said such a move could also open up the possibilities of hibernation.

With his knowledge of T&T, Dr Mayor backed the exploration of wind energy, saying: “In principle, I haven’t seen any particular difficulties in order to implement and deploy wind from one side, solar from another and have the two together. I believe this could be a business case. In my opinion, the answer is quite clear, yes, it can be done.”

Dr Mayor focuses his energy on solar power. In T&T’s energy transition, the residential move to solar power has been slow or stalled altogether.   Solar infrastructure is still largely expensive in the country while getting clearance is obtained at the top of the Ministry of Public Utilities. To stave off the challenge of high costs, the Spaniard says the government must incentivise solar power at different levels.

“You need incentives and political incentives from the energy and climate policy. If you have the proper and precise economic and regulatory framework, you can do it.” Those incentives should also include and encourage solar companies to enter the T&T market.

“You should have the regulatory framework to create the attraction of this financial presence in the country and I believe there are many techniques in the regulatory framework that you can activate like tax credits, mechanisms of regulatory support of renewables and conditions of social responsibility of environment dimensions.”

Dr Mayor says any energy transition is connected with political will and the need for clear regulatory framework as well as clear decarbonisation objectives.

“T&T has been an example of development in energy but now they have to do it in energy transition. If they take the leadership in this area in the Caribbean and Central America, it’s amazing the things you can do. I believe this would be very good for the country and very good for the consumers.”

Asked whether he is satisfied with T&T’s energy transition progress since he last visited the country, Dr Mayor said, “You cannot be in the middle of the bridge forever. You have to start on the way and get to the destination.”

Full ownership

On November 30, bp announced it agreed to acquire the 50.03 per cent interest it does not already own in Lightsource bp, one of the world’s leading developers and operator of utility-scale solar and battery storage assets.

The parties agree that now is the right time for bp to take full ownership, enabling Lightsource bp’s continuing growth and high performance.

Under their agreement, bp will acquire the remaining stake in Lightsource bp from the company’s founders, management, and staff.

The parties agreed a base equity value of £254 million (about US$320 million) for the 50.03 per cent interest. The selling shareholders will also have the opportunity to receive further payment over time, dependent on company performance and the market value of pre-agreed assets divested from the portfolio.

For full year 2022, Lightsource bp reported underlying EBITDA of £287 million and at the effective transaction date, 31 December 2022, had corporate level debt adjusted for cash of £1.5 billion, excluding project finance.

Full ownership would now enable it to further scale up Lightsource bp and create additional value by applying bp’s complementary capabilities and strengths—including in finance and trading—fully to the business. bp will continue to target double digit equity returns from this business.

bp intends to use Lightsource bp’s world-class capabilities as a developer of cost-competitive utility-scale onshore renewable power to help meet its own demand for low carbon power. This integration is expected to underpin and de-risk delivery of bp’s targets for its transition growth engines—in hydrogen, EV charging and biofuels as well as in power trading.

Anja-Isabel Dotzenrath, bp executive vice president for gas and low-carbon energy, said: “This is a natural evolution of the partnership we have built over the past six years—now we will be able to take Lightsource bp to the next level of profitable growth and performance.

“We will continue to scale this successful business, and also apply its capabilities and expertise to help meet bp’s growing demand for low carbon power from our transition growth engines. I look forward to welcoming the Lightsource bp team to bp and am confident that together we can further strengthen its position as a leading global renewables developer.”

 

 

 

Financial inclusion

At a technical workshop organised by the TT International Financial Centre (TTIFC) in collaboration with the EU-UNCDF-OACP Partnership for Digital Financial Inclusion,     Finance Minister Colm Imbert says the government is committed to realising a future where financial inclusion is not merely a plan but a reality. Imbert said financial inclusion is a significant priority for the government, aligning with its broader objective of empowering the public to engage in the economy.

He stressed the importance of equitable access to the financial sector, irrespective of individuals’ circumstances or backgrounds.

“Financial inclusion extends beyond having a bank account. It plays a crucial role in fostering entrepreneurship, particularly among underserved groups such as rural residents, women and small and micro-businesses.It aims to empower citizens, particularly the unbanked, by providing them with the tools and resources needed for financial resilience.”

Referencing a survey conducted by TTIFC – which reported that 76 per cent of people own a formal financial account, compared to 81 per cent in 2017 based on the World Bank Findex report – he acknowledged a widening financial exclusion gap over the last five years, attributing it to the impact of the covid19 pandemic on the vulnerable population.

These challenges included closures and reductions in the scope of bank branches worldwide, a shift from over-the-counter to digital transactions and concerns among individuals unfamiliar with digital payment methods. Millions still heavily rely on cash for transactions, especially for low-value and high-volume transactions.

At present, cash transactions account for 63 per cent, debit card transactions for 12 per cent, credit card transactions for three per cent and online/mobile banking for two per cent, while other methods, including cheques and over-the-counter transactions, contribute to 20 per cent of transactions.

Digital payments within micro-firms are minimal, with 86 per cent of these businesses not utilising digital instruments in their operations.

“Transitioning to a cashless economy could increase financial inclusion and stimulate financial technology innovation.”

His ministry, through TTIFC, is actively working to develop a thriving FinTech innovation ecosystem, focusing on education, innovation and the acceleration of inclusive digital financial services.

“These initiatives will generate investment opportunities, contributing to the development of a viable FinTech sector,” he said, emphasising the need for a national financial inclusion strategy to address socio-economic challenges, promote economic growth and ensure that all segments of society benefit from financial services.

“I envisioned a future where every individual has access to necessary resources, contributing to the prosperity of the global community.”

 

 

 

 

Business watches Essequibo

TT businesses operating in Guyana were closely monitoring the situation with Venezuela’s claim to the Essequibo, making small adjustments to their daily operations.

President Nicolas Maduro claimed a massive victory in a referendum on Venezuela’s stance on Guyana’s Essequibo region. A reported 10 million turnout from an electorate of 20 million variously supported five questions on Venezuela’s claim to the Essequibo and a rejection of the remit of the International Court of Justice by margins of 95.4-98.11 per cent.

However, several international news media disputed the reported turnout as did several Venezuelan residents.

TT Manufacturers Association (TTMA) head Roger Roach reckoned it was still early in proceedings, with a lot of room left for diplomacy.

“Certainly we are monitoring the developments in Guyana, just like the rest of the world.”

TT had a number of companies operating in Guyana.

“We have local companies who have invested in Guyana – Republic Bank, Massy, Ansa McAl, Coosal’s, Junior Sammy. TT companies who are not only registered in Guyana but are operating in Guyana include Ramps Logistics.

“So we are monitoring the situation closely. Our products are distributed throughout Guyana, inclusive of the Essequibo area. We are monitoring it closely and as the developments unfold, we’ll probably be in a better position to make a more comprehensive statement.”

Asked if it was time for TT companies to consider emergency/evacuation measures for their staff from Guyana, Roach replied, “Businesses usually have business continuity plans, but it is too soon. There has been no declaration of any adversarial threat. Right now we think it’s still a diplomatic issue, between Guyana and Venezuela.”

Roach said Caricom had made a statement calling for peace.

“But it hasn’t reached a stage where we should be concerned. If it did, then the trigger for that would be Guyana themselves attempting to move their citizens who live in that area. That has not happened.”

It was still at a stage for peaceful diplomacy.

“We are seeing in the news that Brazil has put some troops on the border but we think there is still a lot of room for diplomacy.”

Caribbean Chemicals head, Joe Pires, said his company, founded by his father, had been doing business in Guyana for the past 35 years.

“So we are very much aware of the ongoing issues in Guyana and we are very much monitoring it on a regular basis. We are also monitoring it for our employees. We do have a location out in the west, a retail store with staff in it, as we service the whole Guyana agriculture sector. We are in the Essequibo area for all the time.”

Asked if referendum tensions had affected the business climate for TT firms operating in Guyana, Pires replied , “If you are sending a truck out there for delivery, you don’t allow them to spend the night any more. They have to come back. You have precautions with locks and trucks because you just don’t know what could happen at any point in time. You are dealing with an area where at any point in time a war could break out.”

He drew some comfort from the heavy presence of US companies and the thriving oil sector.

“There is an underlying feeling the US will be there to protect Guyanese and that the US will protect their assets. So I think there is some sort of calm but at the end of the day people are still preparing, taking precautions and preparing just in case, especially those people living out in the west and close to the Venezuelan border.”

Asked if people were each making their own little evacuation plans, Pires said, “In TT I haven’t heard of the (Guyana) government preparing any evacuation plans. Of course there are people in the Guyanese community in the Essequibo area saying, ‘Let me have my passport ready. Let me have some key things ready just in case I have to grab and go, or in case I have to evacuate my family urgently.’

“Nobody has an air plane ticket booked not anything like that, but you do have where you are thinking about what is happening and the ‘what if’? You always have to plan for the ‘what if’, especially in business.”

Asked how he’d like to see the situation resolved and what advice he would offer Maduro, he said, “My recommendation would be, ‘For every action, there is a reaction. With the amount of oil discovered in Guyana which is very attractive to Venezuela, I don’t think the assets that are there, the country it belongs to (Guyana) it is not going to be handed over very easily.”

He said if Venezuela was planning an invasion, they ought to first weigh up the likely US reaction. Be prepared for the aftermath.

 

 

 

Deals possible after visit to bp

2023, 12/05

Prime Minister Dr Keith Rowley and Energy Minister Stuart Young visited  bp’s London headquarters.

Prime Minister Dr Keith Rowley and bp’s interim chief executive officer Murray Auchincloss discussed prospective initiatives including the pursuit of deep-water exploration and sanctioning of future projects at bp’s London headquarters Rowley was accompanied by the Minister of Energy Stuart Young as well as the president of bp Trinidad and Tobago David Campbell.

bp executives sought to affirm that Trinidad and Tobago remains an important part of its global operations. The negotiating teams working to restructure Atlantic LNG were also praised at the discussion.

Former Minister of Energy Kevin Ramnarine noted a lack of transparency between the parties involved on any potential shareholder agreement signed. He lamented that natural gas production remains woefully low in T&T.

“I am seeing a possible scenario where bp’s production of natural gas in the next 12 to 15 months could dip below one billion cubic feet of natural gas. It’s nothing to be proud about. It’s something to be very worried about. So, while the Prime Minister goes and he signs the restructuring of Atlantic LNG, the bottom line is we don’t have sufficient gas to fill those trains. I’m hearing that a likely date for gas from deepwater is now 2030, towards the end of the decade. That’s a pretty long way away and we need gas like right now.”

Ramnarine was referring to Train’s 2, 3 and 4 since the restructuring does not apply to Train 1. He also claimed the trains are operating at around 60 per cent capacity, which is insufficient. However, the former minister said the Dragon Gas Deal may not be the solution to the natural gas shortage facing the country.

“We cannot bet the kitchen sink, as we are doing, on the Dragon deal. We have to look for other avenues to produce natural gas in Trinidad and Tobago. Our deep water being the biggest potential for that. And we have to accelerate the diversification of the Trinidad and Tobago economy. I am not seeing any sort of emergency around either.”

Energy expert Anthony Paul was happy to see the Government meeting energy stakeholders. However, he said he was hopeful the meeting was preceded by an agreement on clear actions and deliverables.

On November 20, Dr Rowley told media that Train 1 allowed the Government to have a seat at the table to negotiate the outcome of Trains 2 and 3. He said the new arrangement which brings Trains 2, 3 and 4 together allows the State to benefit from a percentage of ownership across all three. While he noted that ownership in Train 4 was around 11 per cent, he did not give the percentage for the others.

 

 

Paria Fuel CoE report

2023, 12/02

Now that President Christine Kangaloo and Prime Minister Dr Keith Rowley have received the Commission of Enquiry report on the Paria Fuel diving tragedy, there are obvious calls for the report to be made public.

Most vociferous on these calls thus far have been the Oilfield Workers’ Trade Union (OWTU), one of the attorneys representing the families of LMCS divers Fyzal Kurban, Kazim Ali Jr, Yusuf Henry and Rishi Nagassar, who lost their lives in the 2022 tragedy at Berth No 6 in the Pointe-a-Pierre harbour, and the Opposition UNC.

CoE chairman Jerome Lynch KC’s claim that he also believes families of the victims at least deserved some compensation long before the end of the 21-month CoE exercise, would have added more fuel to that argument.

Given the magnitude of the incident, the public would be well within its right to demand that the report is publicly disclosed. This is because although the hearings were carried live on television, the commissioners would also have gathered information and conducted other investigations outside of those live sittings, with other critical stakeholders involved in the matter, before coming to conclusions and recommendations in the 380-page report.
But have we not been down this road before?

Indeed, there are many CoE reports which have never seen the light of day after being completed by similar panels set up to seek the truth in public interest matters. These documents usually end up collecting dust on the shelves of government ministries and even the Director of Public Prosecution’s office, if there are findings of criminal negligence with recommendations for further action.

In fact, truth be told, public clamouring for such reports to be released is what has spawned the act of releasing “redacted” or “sanitised” reports on these activities, which always cost millions of dollars to the taxpayers, without them ever really seeing the full benefit of such expenditure.

The fact is, however, that no matter how you lay it out, this country does not have a history of taking any major action against anyone found culpable of neglect or malfeasance at the end of such engagements. Indeed, the information oftentimes merely becomes ammunition for politicians to use against each other on the issue of corruption during election platforms.

At the end of the day, however, no matter what is eventually divulged from the report, it will not take away from the fact that four men lost their lives while that of their surviving colleague Christopher Boodram has been irreparably damaged.

In the meantime, should the issues raised in the report related to health and safety that led to this unfortunate incident not be addressed, T&T leaves itself open to seeing other such occurrences in the future.

It is incumbent on the Government to ensure that at least key aspects of the report is made public, so that we do not have similar occurrences, especially where loss of lives may occur, in future.

 

 

 

Paria deaths link to Venezuela VP’s visit

2023, 12/02

The United National Congress is demanding that President Christine Kangaloo release the contents of the Commission of Enquiry (CoE) report into the Paria diving tragedy. But adding a complex layer to the issue, Senator Anil Roberts yesterday claimed there was a sinister and clandestine link between the deaths of the four men and the 2020 visit to this country of Venezuelan Vice President Delcy Rodriguez.

It’s a claim that Minister Stuart Young vehemently rejected as “nonsense”.

Roberts told the media at the party’s headquarters in Chaguanas that if the CoE Chairman can say the Paria diving tragedy was “no act of God”, then President Christine Kangaloo needs to allow the population to learn who was really to blame.

“Our citizens have died, we do not know why, we want many answers, not only for the families, but for the future for the labourers and for all Trinidad and Tobago. The report must be made public. Taxpayers’ dollars have been spent and we must know the truth. Because it goes against humanity,” Roberts asserted.

Similar to statements made by the Oilfield Workers Trade Union (OWTU), Roberts also wants charges to be laid against the culpable parties if the recommendations of the report point to such an action.

“So, if criminal charges, yes criminal charges. If it needs further investigation, then yes further investigation. People should have lost their job anyway, because even without a report man are dead, end of story,” Roberts said.

However, the Senator spent most of his 55-minute contribution seeking to highlight an alleged link between the Paria tragedy and the March 27, 2020, visit of Rodriguez during the pandemic when this country’s borders were closed to air and sea traffic. Roberts said there must be a reason why Paria’s Sealine 36 pipeline at Berth No 6 in the Pointe-a-Pierre harbour needed maintenance on February 25, 2022.

“I put it to you that pipe that was under the ground, that was unnecessary, was decommissioned and we were not refining, they have to say why the men were refurbishing that pipe. What was the reason for doing it. They will have to concoct something, but I put it to you that was a new strategy, I proffer that there is something surreptitious about the job that was being done,” Roberts alleged.

Responding to the allegation of a possible link between Rodriguez’s visit and the death of the divers, Minister Young said, “Anil Roberts has never been a source of useful information or a source of the truth. This is no exception. That statement is completely fictional and nonsensical. There is no truth to it whatsoever.”

 

 

 

 

OWTU wants full disclosure of Paria enquiry report

2023, 12/01

Oilfield Workers’ Trade Union (OWTU) president general Ancel Roget wants the Commission of Enquiry (CoE) report into the Paria tragedy that claimed the lives of four divers to be made public and not sanitised.  He urged full disclosure hours after CoE chairman Jerome Lynch, KC, submitted the report to President Christine Kangaloo yesterday.

While addressing former Petrotrin workers and union members at the Pointe-a-Pierre roundabout to mark the fifth anniversary of Petrotrin’s closure last evening, Roget said, “I want you to join me in calling for that report to be made public. You see, there is this thing that they call redacted and sanitised and what they will put out and what they have their media friends assist them in putting out …”

At a virtual press conference on Wednesday, Lynch said the 380-page report was completed, but he did not divulge any details about the findings, except to say that the 2022 tragedy was “no act of God”. Lynch added that everyone should ensure that the tragedy never recurs.

The report was delivered 21 months after LMCS divers Fyzal Kurban, Kazim Ali Jr, Yusuf Henry and Rishi Nagassar died inside a Paria Fuel Trading Company pipeline at Berth No 6 in the Pointe-a-Pierre harbour. Fellow diver Christopher Boodram who was also sucked into the pipeline survived.

In a telephone interview after addressing the workers and union members in Pointe-a-Pierre, Roget called for criminal charges against those found culpable in the report. He said they should be charged for negligence that resulted in the deaths of the divers. Condemning the treatment of the families since the divers’ deaths, Roget said it was “unfathomable to think” that the families of the divers would not receive compensation. He said the divers left home to go to work to earn an income to maintain their families.

Roget also maintained that had Petrotrin still been functional the divers would not have died due to the high level of health and safety standards practiced by the company.

Meanwhile, Kevin Lalchan, a former Petrotrin employee who has been advocating for justice for the drivers said the Government never reached out to the families. He said they have to give the President time to review the report, but he called on the country to “not sleep on this matter” and keep pushing for justice.

Company made US$2 billion loss–Roget

Claiming that the country and people are worse off without Petrotrin, Roget claimed that Paria has lost US$2 billion between 2019 to 2023.

Roget provided a document on Paria obtained by the union under the Freedom of Information Act with the breakdown showing the value of refined products imported by the company between December 2018 to September 2023.

While the Government has been trying to justify their decision to close down Petrotrin by claiming it was losing money, he said, “For the period 2019 to 2023–October 2019 to 30th September 2023–Paria would have lost some US$2,698,304,867. Instead of making Forex, Paria losing because of the price of what they import and they have to pay whatever the prices are on the international market ...” In addition, he said people were being sold poor-quality fuel on the local market.

He said since Petrotrin’s closure the country has been grappling with scarce foreign exchange, unemployment, fuel increases, and deplorable roads because there is no bitumen.

Roget called the workers and the public to stand together against the Rowley-led Government and the Peoples National Movement for what he saw as injustices against the population. He also accused the media of being biased in its reporting of the Petrotrin issue.

Audited financials do not support views on losses

However, the audited financials of Paria Fuel Trading Company since its inception on December 1, 2018, do not appear to support the contention of the president general of the OWTU that the fuel importer lost US$2.69 billion:

For the ten months from December 1, 2018 to September 30, 2019, Paria declared after-tax profit of $109.29 million;

For the 12 months ended September 30, 2020, the company reported after-tax profit of $231.16 million;

For the 12 months ended September 30, 2021, the fuel importer’s after-tax profit amounted to $162.02 million;

For the year ended September 30, 2022, Paria declared $257.35 million in after-tax profits.

Therefore, for the three years and ten months between December 1, 2018 and September 30, 2022, Paria declared audited after-tax profits of $759.82 million.

 

 

 

$4.5m EU grants awarded to CSOs

Ambassador of the European Delegation to TT Peter Cavendish met partner CSOs Colleen David of Veni Apwann and Omar Mohammed of the Cropper Foundation; partner CSOs Nicole Leotaud of CANARI and Bertrand Bhikarry of Environment Tobago following the signing of the grants at the EU’s office in Port of Spain. –

The Cropper Foundation, Veni Apwann, Caribbean Natural Resources Institute (CANARI) and Environment Tobago have been awarded this year’s Civil Society Organisation (CSO) grants from the European Union Delegation to TT.

The partnership between the Cropper Foundation and Veni Apwann focuses on a project to enhance the policy and legislative engagement of CSOs. CANARI and Environment Tobago collaborate on a project centred on environmental rights, aiming to boost CSOs’ capacity to advocate for and support vulnerable groups in accessing environmental information.

Ambassador Peter Cavendish, representing the European Delegation to TT, emphasised the role of CSOs in national development during a contract-signing ceremony at the EU’s offices in Port of Spain. He highlighted that the selected projects would complement bilateral and regional programmes in governance and the Green Deal, serving as indicators of the valuable partnership with civil society.

The EU’s overarching goal in awarding these grants is to strengthen local CSOs as independent actors fostering good governance and development. The initiative aims to contribute to an inclusive, participatory, empowered and independent civil society, saying it is crucial for promoting democratic spaces.

Cavendish said this year’s grants, totalling more than $4.5 million, demonstrate the ongoing support the TT Delegation has provided to CSOs since 2014. Forty-one CSOs have received grants worth over $21 million to date.

The Cropper Foundation is a sustainable agriculture, environmental governance and education organisation for sustainable development. Veni Apwann, established in 2003, focuses on building capacity in Caribbean CSOs through training, technical support, and guidance. CANARI specialises in research, policy influence and capacity-building for participatory natural-resource governance in the Caribbean. Environment Tobago advocates for the welfare of the local environment and works towards mitigating nature-induced events.

The call for proposals started on March 7, with over 100 CSOs participating in a virtual session. Subsequently, 26 CSOs submitted proposals, with the Cropper Foundation and Veni Apwann awarded a 30-month timeline and CANARI and Environment Tobago 36 months to complete their respective projects.

A subsequent call for proposals, focusing on human rights and democracy issues, is scheduled to be launched in the first quarter of 2024

 

 

 

President: Don’t be afraid to serve

As the Integrity Commission (IG) threatened legal action against public officials for failure to file their declarations of income, assets and liabilities, President Christine Kangaloo appealed to the business community to forget how invasive the process is and offer themselves for national service.

She said she knows it can be an onerous task and quite invasive, but she is finding difficulty in filling board positions with experienced and skilled individuals whom she is required by law to appoint.

The scrutiny those in public life undergo has been a deterrent to qualified people offering to serve, an observation that has warranted comment in the past from both the Prime Minister and former president Paula-Mae Weekes.

As she addressed the Couva Point Lisas Chamber Dinner and Awards function , Kangaloo applauded the business community for its role in the social and economic development of the country.

She urged them to go one step further, “to serve on the wide range of boards, commissions and tribunals that have been established by Parliament and other authorities, to perform regulatory or similar functions”, as they are specially equipped to do so.

“I am beginning to discover it is not always easy for a President to find the required number of persons, with the required skills and experience, to serve in those capacities on occasions when a President is required by law to make such appointments.”

She encouraged the business community to encourage more of its members than currently do to serve in these capacities, describing it as “ very much a means of serving the wider society. At this juncture in our country’s development, I believe that it is a critically important means of national service.”

Kangaloo told the audience, which included chamber president Mukesh Ramsingh, and three Opposition MPs, Ravi Ratiram, Barry Padarath and Rudradanath Indarsingh, that she understands very well the challenges of serving in these capacities.

One of them is filing annual declarations, and earlier this year, the IG published the names of over 500 defaulters over their failure to file declarations of income, assets and liabilities and statements of registrable interest. The release came with a reminder of legal action, plus a hefty $150,000 fine under Section 11(8) of the Integrity in Public Life Act (IPLA) if found liable.

“I understand only too well the challenges of serving in these capacities. Those who do so expose themselves to the risk of being criticised, often unfairly, by the very public whom they serve. As members of that very public, we might sometimes seem to such persons like ungrateful children in this regard. Like good parents do, persons who answer this particular call to serve the greater good, bear it all, with love and with patience.

“In some cases, service such as I am making a case for brings with it the obligation to avoid engaging in other activities that we might love (in order to preserve the appearance of impartiality). In other cases, such service brings with it the burden of having to abide by certain regulations which can seem onerous and that might feel quite invasive.”

She said there is a universally acknowledged truth that no service is easy.

“If service were easy, it would not be called ‘service’ in the first place. I do appreciate that what I am calling upon members of the business community to do, in addition to all that they already do, is not easy.

Kangaloo said the type of service she was asking the business community to engage in was no more difficult or riskier than their other endeavours.

“By virtue of your experience as businessmen and businesswomen, your members are, I believe, uniquely poised to answer the call to do even more with the same finite resources.

She said the task was one the business community was familiar with, as they do most of the same every day of their lives.

“You find ways to use the finite resources you have in order to add greater and greater value, and you take whatever finite resources are available and find a way to use, and to stretch them, for the good of the community. “That, I am suggesting, is precisely the task involved in national service of the kind for which I am advocating.”

The president asks busy business experts to volunteer for incompetent state bureaucracies while the PM wants citizens to solve crime, Handsomely paid with taxes and perks, they cannot do their job and should resign

 

 

 

Union boss on Petrotrin’s closure

For Trinidad and Tobago to prosper, PNM must die

President general of the OWTU Ancil Roget addressed members as they mark the fifth anniversary of the closure of Petrotrin with a walk at Pointe-a-Pierre roundabaout
On the fifth anniversary of the closure of the state-owned Petrotrin refinery, members of the Oilfields Workers’ Trade Union (OWTU) gathered at the Pointe-a-Pierre roundabout, expressing their disappointment and anger over the closure.

President general Ancel Roget addressed the “blue shirt army,” saying information obtained via the Freedom of Information Act on the status of Paria Fuel Trading Company Ltd shows from October 2019 to September 2023, the state-owned company lost over US$ 2.6 billion.

He charged that instead of making foreign exchange, Paria is losing foreign exchange. Roget repeatedly criticised the Government, saying the closure was politically motivated and not for economic reasons.

“At a time when refineries are making a windfall, 300 per cent and 400 per cent profit, our refinery is closed down. Alas, the eyes of the people are opening up because circumstances forced them to pay attention to what we have been saying for five years.”

November 30 marked five years since the closure of the Petrotrin refinery in Pointe-a-Pierre. He said the “natural consequences” of the “bad decision” to close the refinery included the increase in gasoline, goods and services prices. Closure has also caused an increase in the unemployment rate nationwide, the abandonment of sporting facilities and crime.

“It is not that Rowley and them are smart, it is we have too many stupid people.”

He o criticised PNM supporters, saying they blindly support the party.

He referred to the PNM party as a cult, adding that no matter how much suffering people face, people continue to support the party.

“I don’t want any PNM people to like me, to hug or thank me for anything. No. If you have to thank me for anything, thank me for talking the truth. If you want to challenge me, challenge me on the basis of facts, not some stupid old talk. I do not want you as friends. I have my family and my comrades. I want to be around to attend the funeral of the PNM.”

He said that for TT to live and prosper, the PNM must die.

He thanked four people, including University of the West Indies economist Dr Marlene Attzs and energy analyst Anthony Paul, for speaking “in the face of all adversities and condemnation” on the closure and its consequences on the former workers and, by extension, the nation.

In an online symposium, they spoke about the lack of transparency and accountability at the root of the closure. Roget said she had been taking “plenty blows” and was “viciously attacked” for her stance. Some retirees died because their medical plans were taken away. He said retirees’ pensions are in jeopardy, and people, directly and indirectly, continue to be affected by the closure.

“No other party but the PNM is responsible for taking away your job, your medical plans.”

On the Commission of Enquiry (CoE) in the Paria tragedy, Roget urged members to join him in calling for the report to be made public.

He expressed concerns that people might want to “sanitise” the report and have their “media friends” assist them in putting out the new version. He accused media personnel of being biased in the reporting on the closure, showing favour to the regime. He criticised “a particular individual” from a “particular newspaper” for spreading misinformation against him and the union.

LMCS divers Rishi Nagassar Kazim Ali Jr, Yusuf Henry and Fyzal Kurban died after being trapped on February 25, 2022, inside a Paria Fuel Trading Company pipeline at Berth 6 in Pointe-a-Pierre. They were doing maintenance work. Only one co-worker, Christopher Boodram, survived.

At the final virtual sitting on Wednesday afternoon, chairman Jerome Lynch, KC, announced that the final report on the incident was to be delivered to President Christine Kangaloo the next day. Lynch did not reveal details of the 380-page report but assured the answers about who is responsible are in the report

 

 

 

 

Energy crisis

Opposition Senator Wade Mark claimed there is an energy crisis in Trinidad and Tobago and questioned whether the Dragon gas deal with Venezuela will solve it. Opening debate on a private motion on the Dragon gas deal in the Senate, he urged the Government to provide a detailed account of its approach to this project involving entities such as Shell, the National Gas Company, Venezuela and the US government.

He said, “Our energy sector is in crisis.”

He claimed this was due to mismanagement of the sector by the PNM over the last eight years. While the UNC welcomed any effort to source additional natural gas for the sector, Mark was uncertain whether all those efforts should be put into the Dragon gas deal.

After reiterating the UNC’s claims that it is was wrong for Energy Minister Stuart Young to be involved in the Dragon negotiations, Mark asked, “What commitments has he made on behalf of the people of TT?”

He observed that whenever Young signs documents, certain influential people applaud him for doing so but claimed no one has ever seen those documents.

“No one has seen what the honourable minister has signed.”

He accused Young of acting like a frequent flyer between Venezuela and the US, “going here, there and everywhere.”

Mark claimed Young was not competent to be involved in energy negotiations of this nature. He asked whether Young was undermining the National Gas Corporation (NGC) or acting as an agent of multinational energy company Shell.

The Dragon deal between TT and Venezuela was first signed in August 2018. Those involved included energy giant Shell, Venezuelan SOC PDVSA and the NGC.

Mark said the Dragon deal comes with geopolitical risks as well as risks for TT’s economic future. In October, the US lifted some sanctions on Venezuela, which allowed TT to pursue the Dragon deal. He said the US has given Venezuela until November 30 to ensure steps have been taken to hold free elections there next year. If the US reimposes sanctions against Venezuela, he warned, the Dragon deal would be scuttled.

Mark also observed that Venezuela will hold a referendum on December 3 on claiming the Essequibo region of Guyana. He said no one can predict the outcome of that referendum or what action Venezuela would take as a result of it, and asked if the referendum could affect the Dragon deal too.

He reiterated the UNC’s claim that Government is not being transparent about the deal.

“We are facing a national tragedy. Let’s light up the place and bring transparency.”

 

 

 

Over US$3b spent on fuel imports

The government spent over US $3 billion in foreign exchange to import fuel for local use between 2019 and 2022 through Paria Fuel Trading Company.The revelation came from Energy Minister Stuart Young in response to a question by opposition senator Wade Mark during Tuesday’s senate sitting.Young said Paria spent: US$487,854,949.83 in 2019 US$506,160,876.47 in 2020 US$581,984,541.94 in 2021 and US$986,332,229.25 in 2022.

This gives a total of US$ 3,050,187,547.32 over the period. In response to a previous question, Young said Heritage Petroleum Company Ltd earned a foreign-exchange total of US$3,534,939,939 over the same period.

He said the company earned: US$687,264,108 in 2019 US$631,943,901 in 2020 US$883,530,947 in 2021 and US$1,332,200,648 in 2022.

 

 

 

 

NGC meets EOG Resources, Woodside

The National Gas Company of Trinidad and Tobago (NGC) held separate meetings with major gas companies EOG Resources and Woodside Energy to discuss the path forward for local energy.

Officials from all the stakeholders participated in the unprecedented meetings, including Minister of Energy Stuart Young; NGC chairman Dr Joseph Ishmael Khan; the board of directors; NGC president Mark Loquan; managing director of EOG George Vieira; and TT country manager of Woodside, Kellyanne Lochan.

NGC said, “The task of securing the future of domestic energy must be a collaborative undertaking, with the involvement of all stakeholders along the energy value chain.”

After the meetings Young said he was happy to see NGC and upstream operators taking the initiative to come together to plan for the energy sector.

“This spirit of collaboration strengthens our industry and brings us closer to realising our vision for local energy, which is to build a system that is both profitable and sustainable.”

Loquan said it was heartening for NGC to be able to hold talks with upstream partners.

“Alignment across the value chain helps us better serve our customers and generate value for the country. We are grateful to EOG and Woodside for meeting us at the table and for giving us valuable insights into their plans and growth strategies. We hope to build on this engagement.

 

 

 

 

Young meets Woodside

2023, 12/14

Energy Minister Stuart Young met Woodside Energy executives at the Ministry of Energy Port-of-Spain, yesterday where an update was given ongoing operations.

Shiva McMahon, executive vice president, International Operations at Woodside Energy, gave an update on the Calypso gas development block, located in deep water, T&T.

A statement from the Energy Ministry noted that ongoing operations at the Ruby and Angostura blocks were also discussed as well as the incorporation of more local content into the operations at Woodside Energy T&T.

Young noted that in an effort to optimize the development of this country’s hydrocarbon province, the Government remains supportive of progressing the Calypso Project and the deep-water frontier.

McMahon, also took the opportunity to congratulate the Government on the successful restructuring of Atlantic LNG.

Young also reiterated that to remain globally competitive, the Government is prepared to work with all multinationals and energy stakeholders to drive investments towards the further development of hydrocarbon resources within T&T.

 

 

 

 

NiQuan accident report

Minister of Trade and Industry Paula Gopee-Scoon told the Senate that the report on the NiQuan accident will not be laid in Parliament, as the matter is sub-judice.

She was answering a question asked of Energy Minister Stuart Young by Opposition Senator Wade Mark on the June 15 fire at NiQuan’s gas-to-liquids plant in Pointe-a-Pierre. Massy Energy employee Allanlane Ramkissoon died from burns sustained in that incident.

Mark asked when the root cause analysis (RCA) report on the incident would be laid in Parliament. Gopee-Scoon said the report was commissioned by NiQuan Energy Trinidad Ltd (NETL), a private company.

“As such, it is not the property of the Ministry of Energy. The report is subject to the control of NETL with respect to its circulation and distribution, and not the ministry. As such, the ministry is not at liberty to disclose the contents of the report nor its authors, as to do so would open the ministry to liability and potential litigation.”

Mark, in a supplemental, asked if Government would share outlines of the report having regard to the seriousness of the incident involving a man’s death.

Gopee-Scoon replied, “I agree with you that this is quite a sensitive matter involving the death of an employee, but as I said before the report is subject to the control of NiQuan Energy Trinidad Ltd and therefore the ministry will not be in a position to disclose the report or any parts of the report. And I am sure you would understand the reasons behind it, given the potential liability and litigation should they do that.”

Opposition Senator Anil Roberts asked a supplemental question.

“Seeing that Government is a great investor in NiQuan, with the Republic Bank owned by Government – 51 per cent – US$120 million loan, the ministerial gas given to NiQuan, and the assets that were worth £99 million – doesn’t Government believe they have the responsibility and wherewithal to demand the report?”

Senate President Nigel de Freitas disallowed the question.

Mark asked if Government would holds talks with NiQuan towards publicly disclosing the report.

Gopee-Scoon replied, “As I said before the matter would subject the ministry to possible litigation. The ministry is not the owner of the information. But at the same time the matter is sub judice. It is in court. I think you are well aware of that, Senator Mark

 

 

 

 

 

President’s Medallists: Balanced life key to success

The country’s top performing CAPE students who were awarded the President’s Gold Medal for their achievement have both credited having a balanced life as a key part of their success.

The award is given to the highest-performing students in two categories. This year’s recipients were both graduates of Hillview College, Tunapuna.

Ryker Harricharan, 18, copped the award in the category of Environmental Studies, Information and Communication Technology, Mathematics and Natural Sciences while Nishka Maharaj, 18, got the award in the category of Business Studies, Creative and Performing Studies, General Studies, Language Studies and Modern Studies/Humanities and Technical Studies.

Maharaj was hoping for an open scholarship but never dreamed she would get the President’s medal.

“The president’s medal, it’s a great achievement but I think everybody should just strive to do the best that they can with what they have while not sacrificing their mental health and everything else in the process. I think that’s super important. Taking care of yourself above everything else,” she said.

“Take it at your own pace, do your best, try your best, get up and keep trying. But don’t sacrifice the other little things, like the crucial parts of your high school experience and your teenage life just for an academic achievement that will inevitably be fleeting. I mean definitely work hard, be disciplined, do your best but don’t sacrifice the other things in your life that are important as well.”

Her mother Nalini Kokaram said this was advice that her daughter lived by. She said Maharaj was always involved in extra-curricular activities like ballet, even representing the country.

“What I admire about Nishka, too, is the balance, and I should say the work and extracurricular harmony that she would strive to get. She never neglected herself, and that is true,” Kokaram said.

Similarly, Harricharan said how elated he was to win the award, saying it came after two years of hard work. His mother Vitra said he had a good balance between his academics and extra-curricular activities.

“At an early age, Ryker was involved in many extracurricular activities. So around four years old, he started piano, he was doing swimming, he was doing karate. So he was always involved in extra activities. Also at his school, he was actually the president of the astronomy club…that started when he was in form three. So they took part in many, many of the astronomy competitions that are held by the Astronomy Society of Trinidad and Tobago,” she said.

Harricharan said balance, hard work and trust in God were his formula for success.

Both Harricharan and Maharaj are close friends and they intend to pursue studies in medicine.

Hillview College acting principal Sharon R. Ramdeen always tells pupils to aim for gold and to praise God. She described the achievement as historic.

“This is a jubilant moment in Hillview’s history. Let me tell you what else. Never in the history of Hillview and the national community has there ever been two students from the same school receiving the President’s gold medal,” she said.

Based on Harricharan’s results, she said, they anticipated he would have won the award. But she said they were not expecting that another student from the school would win the second one.

“The girl, she’s the granddaughter of one of our more renowned principals, Mr Richard Kokaram. So, words cannot express the pride and joy. This is a momentous occasion for all those who are interwoven in the fabric of Hillview College.”

She said the school plans to celebrate the awardees during an upcoming function, but it is still in the planning stage.

“Normally, it is tradition at Hillview that we do a scholarship function where they come in and they address the entire student body and the staff. Of course, it’s going to be a little bit more heightened this time with some more celebration. But we are taking our time to plan. There may be an evening of celebration as well. With staff and the scholarship winners. But right now we are focusing on the scholarship function.”

Ramdeen anticipates the achievement could see more students hoping to attend the school.

Apart from producing the two President’s Medal winners, the school also received the largest chunk of scholarships for this year. Hillview students were awarded 13 scholarships, while St Augustine Girls’ High School got 11, and Naparima Girls’ high School and Naparima College each got nine scholarships.

The Ministry of Education said government had awarded 45 open and 55 additional scholarships based on the CAPE results. Of the 100 scholarships, 60 per cent were awarded to girls and 40 per cent to boys.

 

 

 

 

NATIONAL Enterprises Ltd (NEL) loss

Dec 28, 2023

NATIONAL Enterprises Ltd (NEL) recorded a total comprehensive loss of $455.1 million for the financial year ended September 30.

This marked a significant contrast to the gain of $1.98 billion in the preceding 18-month financial period.