Kamla’s Cabinet

2 May

 UNC coalition

 The UNC coalition- PM, Dr Neil Gosine, Phillip Watts, Sean Sobers, Attorney General John Jeremie, David Lee, Jearlean John, Dr Roodal Moonilal, Barry Padarath, Davendradath Tancoo, Shivanna Sam, Vandana Mohit, Dr Aiyna Ali. Also, at back from left, Clyde Elder, Saddam Hosein, Dominic Smith, Ernesto Kesar, Wayne Sturge, Devesh Maharaj, Dr Narindra Roopnarine, Michelle Benjamin, Dr Lackram Bodoe, Roger Alexander, Dr Rishard Seecheran, Nicholas Morris, Dr Michael Dowlath, Brendon Butts, Khadijah Ameen, Richard Smith at President’s House, St Ann’s after Prime Minister Kamla Persad-Bissessar,   was sworn in  on May 1

 

CINDERELLA  KAMLA   GOES TO THE BALL.

TO add new senators after parliament opens on 23 May

 

Perenco hits offshore  gas pay

15 May 2025 Xu Yihe

Successful drilling of a well   and sidetrack in the  Onyx field confirmed:-  significant gas reserves in two separate geological zones

Privately owned Perenco made a “significant” natural gas discovery at the Onyx field following successful drilling of a well and sidetrack at the undeveloped offshore asset. Perenco  Trinidad and Tobago unit    said    the well and sidetrack encountered “significant columns of natural gas” in two separate geological zones. Subsurface data from the Onyx drilling campaign is now under review, with development options under consideration as the joint venture moves toward a final investment decision.

 

Perenco finds gas in Onyx

Valaris-249 jack-up drilling rig sailed to Chaguaramas after completion of drilling activities in Onyx, TSP.

PERENCO TT Ltd  announced its finding of “significant columns” of natural gas in two separate geological compartments on the eastern part of the  undeveloped    Onyx   gas   field,  at a depth of 180 feet, between  Poui and Teak fields, off Trinidad’s petroliferous south-eastern coast

 Teak, Poui and Samaan fields (TSP) are under licence by a joint venture between Perenco TT, Heritage Petroleum Co Ltd and NGC.  Perenco is currently reviewing subsurface information. Development options are expected to be evaluated to move the discovery toward a final investment decision. General Manager Gregoire De Courcelles heralded the discovery as a major milestone in the company’s vision for TT and  thanked partners Heritage Petroleum and NGC for  support in the project.

“Our objective was to prove sufficient gas reserves to unlock field development. The wells’ findings are testimony to the hydrocarbon potential which remains in the TSP acreage and highlights Perenco’s commitment to provide future supplies of natural gas to TT.”

 After acquiring operations in the TSP fields,     Perenco began producing hydrocarbons in TT in 2016 and  expanded its operations  with the acquisition of Cashima, Amherstia, Flamboyant and Immortelle gas assets in December 2024.              On March 28, the company signed an agreement to acquire the participating interests of Woodside Energy.

 

 

Ministry lauds Perenco

May 15

The Energy Ministry  praised Perenco TT Ltd for a recent gas discovery in the offshore Onyx field,  previously discovered through exploration drilling   between the Teak and Poui fields  in the Columbus Basin    offshore South East Trinidad.

 On January 17,  operator Perenco with a 70 per cent working interest, began  drilling  appraisal well ONYX-02B01 and its planned sidetrack, ONYX-02B02 to define the resource volumes in the east and far east panels of the   field. The former was drilled to a depth of 4,838 feet, while the latter was drilled to  4,780 feet.

 “During the drilling of both wells, all intervals of interest were penetrated with significantly thick gas- bearing sands encountered. Subsurface data was collected from both wells and are currently being used to refine geological and reservoir models with the ultimate aim of the defining the in-place volumes.”

Perenco will now evaluate these findings to guide future development considerations.   These will be discussed collaboratively with the ministry and all relevant regulatory stakeholders.

The findings are a very positive development for Trinidad and Tobago’s energy sector “as we continue to work with stakeholders such as Perenco to maximise the production of our natural resources for the benefit of the citizens of TT.”

Former energy minister Stuart Young also congratulated Perenco on this discovery.

 “Well done, Perenco. Congratulations. This was another one we negotiated. Glad it came through. This is good for TT.”

 

15 May

The Ministry of Energy and Energy Industries welcomes news of the successful completion of appraisal operations for Perenco T&T Limited’s (Perenco) Onyx Field with gas bearing sands encountered. The Onyx Field was previously discovered through exploration drilling offshore South East Trinidad in the Columbus Basin between the Teak and Poui fields. This field is operated by Perenco with a 70% working interest.

Appraisal drilling of this field commenced on 17th January 2025 via the appraisal well ONYX-02B01 and its planned sidetrack, ONYX-02B02 to define the resource volumes in the East and Far East panels of the Onyx Field. ONYX-02B01 was drilled to a depth of 4,838 ft whilst ONYX-02B02 was drilled to a depth of 4,780 ft.

During the drilling of both wells, all intervals of interest were penetrated with significantly thick gas bearing sands encountered. Subsurface data was collected from both wells and are currently being used to refine geological and reservoir models with the ultimate aim of the defining the in-place volumes.

The next steps involve evaluation of the findings by Perenco to guide future development considerations which will be discussed collaboratively with the Ministry of Energy and Energy Industries and all relevant regulatory stakeholders. The Ministry views these findings as a very positive development for Trinidad and Tobago’s energy sector as we continue to work with stakeholders such as Perenco to maximize the production of our natural resources for the benefit of the citizens of Trinidad and Tobago.

 

 

Proman

15 May 2025

 Trade Minister Kama Maharaj,  Parliamentary Secretary Dr Colin Neil Gosine and acting Permanent Secretary Randall Karim met  officials from energy company  Proman TT at the The Ministry of Trade, Investment and Tourism on May 13.

The Proman delegation included Ricardo Mohammed, executive director Group Operations; Krishen Ramdeen, managing director, Continuous Improvement and Hanna Sukhu-Maharaj, director, Marketing. They focused on strengthening collaboration between the ministry and Proman and new opportunities for further diversification of the economy.

Proman TT was founded in 2019 following a merger of IPSL (Industrial Plant Services Ltd) and Proman AG TT. Situated in the Pt Lisas Industrial Estate,  Proman  operates 14 petrochemical plants after nearly 30 years of investment in the energy sector.  Proman is the leading integrated petrochemical company in TT with expertise in plant management and operations as well as the construction, turnaround and upgrade of these facilities.

Proman teams are also responsible for the execution of all Proman construction projects in Trinidad and Tobago and other services for the Proman family of companies including project management, pre-feasibility studies, front end engineering, plant commissioning and operability reviews. Proman Trinidad and Tobago has strong safety culture and  an Environmental Management System based on ISO 140001 principles.

 

 

EOG oil  strike  in Beryl field

Beryl well in the TSP Deep Area -Energy Chamber.

8 May 2025

US independent EOG Resources  plans to fast-track a new shallow-water oil discovery in a petroliferous province populated with existing production platforms.  In its latest quarterly results  EOG said  the Beryl oil discovery was based on a successful exploration well in the TSP Deep Area. Located in about 170 feet of water depth,  Beryl   hit 125-plus feet of high-quality oil-bearing net pay.

EOG Resources Trinidad Ltd  struck oil  at the Beryl well in the TSP Deep Area off Trinidad’s east coast. The Energy Chamber said the company made the announcement as part of its first quarter 2025 financial results. EOG Resources said it is progressing the project to a final investment decision with  bpTT.  Operator EOG Resources and bpTT are  collaborating as 50:50 joint venture partners on the development of the Mento gas field,   due to begin production later this year and the Coconut gas field expected to begin production in  2027.

EOG Resources Trinidad Ltd, local subsidiary of US-based energy company EOG Resources Inc., holds several concession contracts for the supply of natural gas in TT, accounting for approximately three per cent of the group’s global reserves.

In its latest financial report, EOG Resources highlighted its recent exploration and development success in TT.  It  posted an adjusted net income of US$1.6 billion. Total free cash flow for the quarter was US$1.3 billion. In 2024, the company made the Oilbird discovery and development in SECC block, offshore Trinidad.

 

 

 

TOUCHSTONE EXPLORATION

TOUCHSTONE EXPLORATION CLOSES ACQUISITION OF SHELL TRINIDAD CENTRAL BLOCK LIMITED

CALGARY, ALBERTA  May 16, 2025

Touchstone Exploration Inc. (“Touchstone” or the “Company”) (TSX, LSE: TXP) is pleased to announce that it successfully closed the previously announced acquisition of 100 percent of the share capital of Shell Trinidad Central Block Limited (“STCBL”) on May 15, 2025.

The acquisition was completed for cash consideration of approximately $28.4 million, subject to final closing adjustments.

STCBL holds a 65 percent participating interest in the onshore Central block exploration and production licence in Trinidad, which includes four producing natural gas wells and a gas processing facility. The remaining 35 percent participating interest is held by state-owned Heritage Petroleum Company Limited. The Central block licence encompasses approximately 6,699 gross acres (4,354 net working interest acres).

Touchstone will provide an updated corporate presentation and revised 2025 guidance as the integration of the acquired assets progresses. Paul Baay, President and Chief Executive Officer, commented:

“The closing of this acquisition marks a significant milestone for Touchstone as we continue to expand our portfolio of high-quality assets in Trinidad. This transaction strengthens our production base, allows us access to the liquefied natural gas market, broadens our onshore presence, and enhances our operational capacity in a region where we see long-term strategic value. We look forward to integrating these assets and unlocking their full potential for the benefit of our shareholders and stakeholders.”

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, please visit our website at www.touchstoneexploration.com or contact: Touchstone Exploration Inc. Paul Baay, President and Chief Executive Officer  Scott Budau, Chief Financial Officer James Shipka, EVP Asset Development and HSE

TOUCHSTONE EXPLORATION ANNOUNCES AMENDED LOAN AGREEMENT TO SUPPORT PENDING ACQUISITION

As previously disclosed, on December 12, 2024, TETL entered into a Share Purchase Agreement (the “SPA”) to acquire 100 percent of the share capital of a Trinidad-based company from a third party (the “Acquisition”). Upon closing, TETL will pay $23 million in cash, in addition to the acquired entity’s December 31, 2024 cash and abandonment fund balances, subject to customary purchase price adjustments. The total estimated consideration is approximately $28.5 million. Completion of the Acquisition remains subject to the satisfaction or waiver of certain outstanding conditions precedent.

Touchstone currently has $33.5 million in outstanding debt across its two term loan facilities and revolving loan facility. On May 12, 2025, TETL executed the Amended Loan Agreement, which includes the following key terms:

1. a new $30 million six-year non-revolving term loan facility, with no principal payments due during the first eleven months, followed by twenty-one equal quarterly repayments;
2. revised financial covenants, tested annually; and
   a two-year extension of the maturity date of the existing revolving loan facility, with optional two-year renewal periods subject to mutual agreement.

Touchstone intends to fully draw the $30 million under the new term facility to finance the Acquisition and to meet obligations under the amended lending arrangements.

In connection with the revised financing arrangement, the parties to the SPA have agreed to extend the long-stop date for the Acquisition to May 16, 2025. The parties must satisfy or waive all remaining conditions precedent by this date, with closing to occur on a mutually agreed date thereafter.

https://www.touchstoneexploration.com/investors/news-releases/

 

TOUCHSTONE EXPLORATION ANNOUNCES FIRST QUARTER 2025 FINANCIAL AND OPERATING RESULTS

CALGARY, ALBERTA May 13, 2025

Touchstone Exploration Inc. (“Touchstone”, “we”, “our” or the “Company”) (TSX, LSE: TXP) reports its operating and condensed financial results for the three months ended March 31, 2025.

Selected financial information is outlined below and should be read in conjunction with our March 31, 2025 unaudited interim condensed consolidated financial statements and related Management’s discussion and analysis, both of which are available online under our profile on SEDAR+ (www.sedarplus.ca) and on our website (https://www.touchstoneexploration.com/investors/news-releases/).

Unless otherwise stated, all financial amounts presented herein are in United States dollars, and all production volumes  disclosed herein are sales volumes based on Company working interest before royalty burdens.

1.  First Quarter 2025 Financial and Operating Highlights • Production: Average quarterly production decreased to 4,317 boe/d (72 percent natural gas), compared to 5,287 boe/d (73 percent natural gas) in the fourth quarter of 2024 and 7,015 boe/d (80 percent natural gas) in the first quarter of 2024.
2. The decrease was primarily driven by natural declines in natural gas and liquids production from the Cascadura-1ST1 and Cascadura Deep-1 wells, partially offset by incremental volumes from the Cascadura-2ST1 and Cascadura-3ST1 wells which began production in November 2024.

• Revenue:

1. Petroleum and natural gas sales totaled $11.11 million, an 18 percent reduction from the $13.54 million recorded in the previous quarter. – – –
2. Crude oil sales: $6.68 million from average production of 1,162 bbls/d at a realized price of $63.86 per barrel.
3. NGL sales: $0.22 million from average production of 39 bbls/d at a realized price of $64.05 per barrel.
4. Natural gas sales: $4.21 million from average production of 18.7 MMcf/d (3,116 boe/d) at a realized price of $2.50 per Mcf.

• Operating Netback:

1. Generated $6.15 million in operating netback, an
2. 11 percent decrease from the fourth quarter of 2024,

primarily due to decreased petroleum and natural gas sales and related royalties, partially offset by a 38 percent reduction in operating costs, supported in part by revisions to historical crude oil field head licence expenses.

• Funds Flow from Operations:

Decreased to $2.58 million from $3.61 million in the previous quarter, as lower operating netbacks and higher cash finance and general and administrative expenses were partially offset by reduced transaction and current income tax expenses.

 • Net Earnings:

Recorded net earnings of $41,000 ($0.00 per basic and diluted share), compared to a net loss of $542,000 ($0.00 per basic share) in the fourth quarter of 2024 which was primarily driven by both $2.31 million in pre-tax Ortoire exploration asset impairment expenses and higher depletion expenses recorded in the prior quarter following Cascadura reserves reductions.

• Capital Investments:

Invested $6.67 million during the quarter, primarily for the Cascadura-4 development well. Drilling operations were suspended in February for rig repairs, briefly resumed in March, and halted again due to wellbore instability. Activities are expected to resume by the end of May with the arrival of specialized equipment.

• Financial Position:

Ended the quarter with a cash balance of $5.72 million and net debt of $33.33 million, resulting in a net debt to funds flow from operations ratio of 2.53 times.

Post Period-end Highlights

• Private Placement:

On May 8, 2025, the Company announced a private placement targeting United Kingdom investors, expected to raise gross proceeds of approximately $20.5 million through the issuance of 75,000,000 common shares at a price of 20.5 pence sterling per share (approximately C$0.38 per share). Proceeds will be used to advance development activities.

• Acquisition Financing:

On May 12, 2025, Touchstone executed a Fourth Amended and Restated Loan Agreement with its existing Trinidad-based lender, securing a new six-year, $30 million nonrevolving term loan facility to finance the Company’s previously announced acquisition.

• Production Update:

In April 2025, the Company produced average net sales volumes of 3,628 boe/d, including average net natural gas sales volumes of 14.7 MMcf/d (2,445 boe/d) and average net crude oil and natural gas liquid sales volumes of 1,183 bbls/d.

  2025 Annual Meeting of Shareholders

Touchstone’s virtual-only Annual Meeting of Shareholders (the “Meeting”) will be held on Thursday, June 19, 2025 at 8:00 a.m. (Mountain Time). Registered and beneficial shareholders will be mailed a notice-and-access notification and form of proxy on or about May 20, 2025, advising as to the electronic availability of the Meeting materials, including the 2025 Management Information Circular dated May 8, 2025, the 2024 audited consolidated financial statements and related Management’s discussion and analysis.

For holders of our depositary interests, hard copies of our Management Information Circular and form of direction will be mailed on or about May 20, 2025. Subsequent to the estimated mailing date, the Meeting materials will be available online under our profile on SEDAR+ (www.sedarplus.ca) and on our website (www.touchstoneexploration.com).

 

 

 

Energy ministers meet  state energy chiefs

8 May 2025

The purpose of the meeting was to apprise the energy ministers on  current operations of  state  companies  and to chart the way forward for continued discussions to focus on priority areas. Dr.  Roodal Moonilal acknowledged the critical role of the energy sector for the economy of Trinidad and Tobago.

The meeting represented one of the first steps taken by the new Ministers to actively engage with key energy stakeholders to prioritize the Government’s energy agenda.  Minister Ernesto Kesar stated the importance of applying a people-centric approach to Trinidad and Tobago’s energy sector. Both Ministers reiterated the Government’s commitment to ensuring that each citizen reaps the benefits of  resources.

State Enterprises represented  were:

1. 1. 1. Heritage Petroleum Company Limited,
      2. Paria Fuel Trading Company Limited,
      3. Phoenix Park Gas Processors Limited,
      4. Power Generation Company of Trinidad and Tobago Limited,
      5. The National Gas Company,
      6. The National Energy Corporation ,
      7. The NGC Green Company Limited,
      8. Trinidad Nitrogen Company Limited,
      9. Trinidad Generation Unlimited and Trinidad and
      10. Tobago National Petroleum Marketing Company Limited.

Ministry monitors Heritage  Soldado   spill

10 May 2025

The Energy Ministry received reports of an  oil  spill at Cluster S-912 in the Southwest Soldado Field   of Heritage Petroleum Company Ltd. Energy Minister Dr Roodal Moonilal and Minister  Ernesto Kesar were briefed on the  incident.

On May 9, the ministry said it is helping Heritage to deal with it and assigned a technical team on the ground who are actively monitoring the response operation.

Kesar, Point Fortin MP, visited Heritage Offshore Base in Point Fortin to receive briefings on the ongoing incident management which  Siparia Borough Corporation deputy mayor Shankar Teelucksingh also attended. Discussions  focused on undertaking effective actions in mitigating the risks  arising from the incident. Kesar and Teelucksingh conveyed their support in providing  requisite assistance to Heritage.

 

 

Heritage reports  $2.3b pre-tax profit for 2024

Apr 27, 2025

HERITAGE Petroleum Co Ltd, the State-owned oil and gas company, posted a pre-tax profit of $2.3 billion for the year ended September 30, 2024, up $128.2 million from a year earlier, according to its audited results published  yesterday.

After paying $1.36 billion in taxes for the year, Heritage posted a profit of $940.3 million, down from $1.48 billion in 2023.

Chairman Michael Quamina said the latest tax payment brought the total contribution to state coffers to $14.75 billion.

“Heritage achieved a profit before tax of $2.30 billion (2023: $2.18 billion), marking a 6% increase from the previous year. We met all commitments to investors while paying $2.95 billion in royalties, levies and other taxes to the Government of the Republic of Trinidad and Tobago. As at 30 September 2024, since inception, the Company has contributed $14.75 billion to the Government in royalties, levies, and other taxes. Heritage maintained another strong financial performance in 2024,” Quamina stated in his chairman’s statement.

According to the audited financial statement, Heritage’s revenue from contracts with customers totalled $8.2 billion for the year, down from $9.1 billion in 2023.

Revenue for 2024 comprised $7.76 billion from crude oil sales, $168.8 million from natural gas sales, $305 million in royalty income, and $11 million from natural gas liquids sales.

“Overall, Molo crude revenue increased both in volumes and price. However, this was offset by the decrease in traded cargo volumes. Molo’s crude revenue increased by 8% year-on-year as the heavy crude market strengthened. Gross profit margin increased from 28% in 2023 to 37% in 2024 as we lowered costs, improved margins and reduced activity in high-cost fields.”

Capital expenditure rose 23% to $1.08 billion, up from $880 million in 2023. He said the increase reflected continued investment in production, asset integrity, developmental drilling, infrastructure, and technology.

Heritage  paid $1.2 billion in principal and interest, meeting all legacy debt commitments for the Trinidad Petroleum Holdings Ltd (TPHL) Group of Companies. To date Heritage has repaid $8 billion towards the legacy debt.

“In 2024, Heritage Petroleum Company Ltd maintained healthy financial and operational results and continues to drive improved recovery in its assets through technology and modernisation. Heritage successfully drilled and completed eight wells in our onshore and offshore fields. Offshore, we significantly reduced the time from drilling to production, underscoring our commitment to being Bigger, Bolder and Faster.

“Heritage’s cost discipline and fiscal practices have enabled us to cover operational costs, capital investments, as well as fulfil all financial obligations, including taxes and loan repayments. In summary, fiscal year 2024 was another strong year for the Company, further demonstrating it to be a sustainable source of production and value for Trinidad and Tobago.”

Reserve Replacement Ratio (RRR) increased by 8%, from 65% in 2023 to 73% for 2024.

“The Reserves to Production Ratio (R/P) is 7.5 years, and we expect RRR and R/P to continue to increase in the coming years based on planned activities for both our onshore and offshore assets. Heritage’s five year average RRR is 107%, surpassing the five year average last year for Global International Oil Companies, which was 73%.”

Higher output with new wells planned

Heritage continued to average approximately 40,000 barrels of oil per day.

“East Soldado remains a key area to drive production and growth. We have several new wells producing in this area, and we are targeting four similar wells in 2025. In addition, we are exploring new areas, extending existing field outlines, and drilling untapped areas within our existing fields. We continue to renew and modernise our infrastructure to minimise down time and improve base performance, helping drive future production growth.”

To grow production, Heritage intends to continue drilling new wells, both onshore and offshore, “while improving field performance through production optimisation initiatives, including state-of-the-art technology. We continue to invest in high-margin opportunities for sustainable growth by planning at least twelve new wells and related works in fiscal year 2025 to boost output, improve recovery, and extend field life. With remote monitoring technology, we expect to continue to enhance onshore and offshore well uptime and reduce lifting costs.”

With six years of strong performance, Heritage is positioned for long-term success in the “ever-evolving energy landscape. Our strategy of disciplined cost management, prioritising high-margin opportunities, upgrading our portfolio, and driving sustainable operations will continue to deliver strong results for the Company and for all of Trinidad and Tobago. Additionally, we are evaluating new licence opportunities and extending our core licences to include deeper potential. Asset integrity projects are also progressing to maintain the safety, reliability, and efficiency of our operations. This includes regular maintenance, renewals and replacements, and the application of cutting-edge technologies to prevent failures and extend asset life.”

 

 

 

Bissessar Raj axes state  spending

13 May

Two weeks after her stunning poll victory, Prime Minister Kamla Persad-Bissessar  confirmed her instruction that   ministries and state enterprises place advertising on mainstream and social media on hold until further notice.   Her Government will be working on cost-saving measures and will plug unnecessary spending, as she disclosed that a review will be undertaken of state enterprises and government rentals.

The general manager of the Express newspaper and head of the Trinidad and Tobago Publishers and Broadcasters Association (TTPBA)  said  that the Association understands the Government is in cost-cutting mode and will monitor its impact.  Government    notices replaced  advertising which fell by over 50%—closer to 70%—in recent  years.  Every business and entity has a duty to operate as efficiently as possible.

The Prime Minister emphasised that given the high levels of  debt  exceeding $145 billion   and a monthly deficit of  $4.42 billion   in May,  stringent financial practices  must be in place. She  put a temporary stop to the purchase of all vehicles across all ministries and state enterprises, mainly cars and SUVs, with the exception of emergency response vehicles. Over the years, the purchase of million-dollar vehicles  by ministries and State enterprises was unnecessary.  Good-quality vehicles  can be purchased for their use at much lower prices.

At a post-Cabinet news conference on May 8, Persad-Bissessar announced cost-cutting reforms to be implemented,  including  an end to unrestricted tax exemptions for vehicles purchased by Members of Parliament and ministers and state-funded housing for ministers. She  instructed Minister of Homeland Security Roger Alexander to provide a list of people  currently benefiting from state-funded security—both state security and private security  paid for by the State.

“I plan to redirect most of those resources towards the fight against crime. So, many of these unnecessary security details will be cut. Some  have armoured vehicles. I didn’t know we had a war in Trinidad and Tobago. I know we have a criminal war (against criminals).”

“This list is being prepared for review this week. But from preliminary information , it is clear that some of these excessive security details must be curtailed. If state officials do their jobs properly and make T&T safe, there would be no need for these security details.”

State enterprises   have been mandated to submit reports.

“Every State enterprise and Government-funded body (either wholly or partially) will be required to present a status report listing their achievements in the last ten years. The country must know what value taxpayers got for their money. All these boards, enterprises, and bodies will have to account to the public for their work—or lack of work.”

Asked whether the Government intends to review Government rentals, as the then Opposition  raised concerns about exorbitant rents  paid to the family of former  minister Faris Al-Rawi, the Prime Minister said that in the interest of transparency, this information will be reported to her .

“We are also working on getting this information. All of this will be made public.”

Last Thursday, Persad-Bissessar outlined the challenges  and the decisions  Cabinet  made to “plug the hole” of the deficit left by the former  government.   The Ministry of Finance will need to find funding for an estimated deficit of $4.42 billion,  for the month of May. Projected deficit for 2025 is some $11 billion but she vowed that Government would find the money to deliver  promises and pay the bills.

 

 

 

Refinery

May 18, 2025

 Guaracara refinery could resume operations within a year if all goes as planned, according to Jai Leladharsingh, coordinator of the Confederation of Regional Business Chambers, who confirmed that funding discussions are currently under way. Leladharsingh’s comments follow a meeting between several trade unions and the business chambers to chart a collaborative path toward restarting the refinery under the new United National Congress  Government. Leladharsingh confirmed in an interview with media that the unions, including the Oilfields Workers’ Trade Union (OWTU), Joint Trade Union Movement (JTUM), National Union of Government and Federated Workers (NUGFW) and the Public Services Association (PSA), are actively engaging with the Confederation to support the refinery reopening.  Leladharsingh said,

“We didn’t get into specifics at this time, but what they wanted is assistance from the Confederation regarding business modelling, strategic planning, technical and non-technical training, and project management…which we have agreed to work (on) with the unions for the start-up of the refinery,”

He emphasised that the reopening will not only provide direct employment but also reignite opportunities for contractors, suppliers, and service providers who previously worked with the refinery.

The initiative could help alleviate  ongoing foreign exchange challenges by expanding energy exports and reviving domestic production. The plan to restart the refinery will be executed in phases due to the inherent risks of a full-scale reopening.

According to Leladharsingh, the unions have asked the Confederation to serve as their private sector arm, lending business expertise “so that we can start to realise revenue and profits at that early time. We do not want to be operating at any loss.”

Leladharsingh underscored the importance of the refinery remaining owned by Trinidad and Tobago . While foreign investment is welcome, national ownership and the country’s best interests must come first.

“And I want to make that point absolutely clear, because the Confederation, like the trade unions, we are very patriotic, and we want to see our level of ownership take place. We are not going to give away our resources.”

Asked about the current state of the refinery, Leladharsingh said: “We are going to do a drive-through with the unions to understand the state of the refinery.” He said it is his understanding “that there are contractors in there already since the closure of the refinery, consistently checking the integrity of the equipment. So, the equipment is functionable. But if  new people are going in to see how they can operate it, a clearer picture will be presented some time in the future”.

In terms of the timeline for possible reopening, Leladharsingh said: “All things being equal, I see the refinery opening up within a year. Once the starting process has begun, it can open up within a year of that time.”

Addressing the financial aspect for the start-up of the refinery, he did not name any investors, but confirmed that funding discussions are under way with international financial markets.He emphasised the importance of acquiring pre-approved funding in light of sanctions by the US government. He also said the finances could come from local resources.

“We want to make sure where we raise the money, there is no objection, especially with the US government, where they are putting a lot of sanctions globally on different companies. So we want to make sure the money is fine, it’s pre-approved, by all necessary players involved, and we will bring that into the start-up of the refinery.”

On the way forward, the Confederation and unions are expected to meet again early next month to finalise collaboration strategies and assess the current state of the refinery. Discussions with the Government are being led by key union leaders, including OWTU president-general Ancel Roget. The Confederation will join the Government talks at a later stage.

He said the Confederation is committed to signing a memorandum of understanding to formalise its collaboration. “We are hoping that this start-up will result in prosperity—economic prosperity for the country as a whole. And that is what we would like to see; the country can get back on its feet again and become once again the energy hub of the Caribbean.”

At a news conference at the OWTU headquarters in San Fernando , Roget said talks were still in the preliminary phase. However,  the group intends to submit a comprehensive proposal to the Government’s ministerial team before taking it to the wider public. Also present at the meeting were general secretary of the National Trade Union Centre (NATUC) Michael Annisette and president-general of the National Union of Government and Federated Workers Christopher Street.

At the post-Cabinet news conference, Prime Minister Kamla Persad-Bissessar said her administration is committed to getting the mothballed refinery back up and running.

“We remain committed to trying to get that refinery restarted, if not in its present form, in some kind of form. We need a refinery in Trinidad and Tobago. It has been the core golden goose  for over 100 years. So, yes, we are working on it.”

The Guaracara refinery was shut down in 2018 by the last administration following  restructuring of Petrotrin and its replacement by Trinidad Petroleum Holdings Ltd. On  February 27, 2025, Oando Trading was formally advised in writing of its selection as the preferred bidder for the lease of the Guaracara Refining Company Ltd (GRC)’s refinery assets from Trinidad Petroleum Holdings Ltd (TPHL).Patriotic Energies and Technologies Co Ltd, which is wholly owned by OWTU, had previously tried to purchase the refinery. Former energy minister Stuart Young said in 2018/2019, Patriotic was the preferred bidder and enjoyed a period of exclusivity, but they could not  overcome the hurdles. However, during his budget presentation last year, Young said Patriotic Energies had submitted a fake and fraudulent document which stated it had US$1.5 billion to purchase the Petrotrin refinery.

Energy Minister Dr Roodal Moonilal  said negotiations with Oando for the lease of the Pointe-a-Pierre refinery have been put on hold.

 

Paria payments

May 12

Attorney Prakash Ramadhar spoke to Celisha Kurban, wife of deceased diver Fyzal Kurban, after a media conference on April 14.   He will  write to the Attorney General in a week to begin the judicial settlement process for his clients – the families of the men who died in the Paria diving tragedy – if the process is not initiated this week.   At his office in Curepe, he told  media  he hoped the families could receive payment as soon as possible.

On February 25, 2022, Christopher BoodramKazim Ali Jr,and  colleagues  Fyzal Kurban, Yusuf Henry and Rishi Nagassar, sucked into   a 30-inch pipeline  they were repairing at Paria Pointe-a-Pierre facility.       Only Boodram survived.

On March 3, then-prime minister Stuart Young announced that government would pay $1 million to Boodram and $1 million each to the families of the deceased divers as ex-gratia payments. On April 22, the Ministry of Energy  wrote to the attorneys asking them where to send the payment, a day after Ramadhar initiated a public countdown on the issue. On April 25, the government again wrote to the attorneys saying they needed to have letters of administration before payment could be made.

On May 8, incoming Prime Minister Kamla Persad-Bissessar said she would compensate the families and suggested a judicial settlement to eliminate possible conflicts of interest and resolving the issue of payments. Ramadhar congratulated Persad-Bissessar for her robust approach before the election when she said it was the intent of the UNC  government to ensure that families received an ex-gratia payment.

“The Prime Minister said last week she would live up to her word, and I’ve known her to be forthright to these things, and  at the same time she would prefer a judicial conference, a formal hearing so whatever we do would have a level of transparency and the approval of a court system. I am all for that. She has always maintained that if there is justice to be had for people, let them have it and the technical, bureaucratic issues will follow.”

He reminded that letters of administration take an extremely long time to achieve, so he thought the suggestion of a judicial conference is the best way forward.

“In relation to one of the families there is no problem, but as the PM indicated, there are several people who are not readily evidenced as being members of the family. If we had known that would be necessary, we could have sorted that out before the election.   In order to achieve that level of transparency and integrity of the process, I think she was completely correct. We are awaiting either a letter from the AG and if we don’t hear from him in a week, we will be writing to him to trigger that process to bring a level of comfort to the families in the shortest possible time.”

Ramadhar explained there are two streams within the judicial system – litigation or the judges themselves can sit over a matter.

“This is done in a lot of cases, to have a mediation process. They make suggestions to both sides, put all you have before the judge, the judge makes a suggestion and either or both sides could agree to it or disagree. And if you could reach an agreement before that, then there’s something akin to a court order, where the level of oversight is from a judicial authority.”

He  hoped the final figure would be more than $1 million and  it could be a starting point, as the families needed money now.

“It is entirely up to the judiciary as to how soon this could be achieved. This is an ex-gratia payment and there’s a promise of $1 million. It is my humble opinion the family should be entitled to far more than that, having regard not only to the death itself, but the pain and suffering of each individual member, who would have been traumatised possibly for the rest of their lives, unless there is some level of health they could receive, which could be quite expensive. If we could achieve some part payment immediately, it could be some comfort to them. If  we cannot achieve some global settlement figure, we will have no choice but to pursue the matter before the courts.”

He wanted to speak to the AG as there was no query as to who certain members of the families would be but there might be people who would want to join in after.

“That is why conference and discussions are important, as you can get rid of some of the technical, artificial things that can be put in your way to avoid justice.”

Lawyers working with the families  committed to waiving  fees for  work they have done.

“We do a lot of pro-bono work. This case in particular screams out for justice and we will not be receiving a single cent, not one dollar in any form or fashion, from the settlement of this case.”

Ramadhar said while the Commission of Enquiry into the tragedy was necessary as it brought out a lot of information, the government had the responsibility and authority to help the families who were in need as their breadwinners  died and Boodram was left injured. He said while he kept hearing there was a shortage of funds, the TT economy is a multi-billion dollar one and the money could be found to pay the families.

“I know the present government has indicated it will create new streams of income, which is a must in our society. In the larger scheme of things, $5 million or $20 million for something as awful as this, I am sure you will be able to source the funds for that. You might recall the budget for the Office of the Prime Minister in the last administration was $823,796,200 and that is why it was a little troubling to us that when the PM of the day, Mr Young, indicated there would be an ex-gratia payment, the letter came from the Ministry of Energy and Energy Industries. I would have thought that a prime ministerial word would have meant the budget would come from the OPM. So there are easy solutions once you have the will.”

Ramadhar, who represents the Kurban and Henry families,  knew from the beginning Young’s offer was made in bad faith.

“Since the event, we have been making public calls to the government of the day to make these payments without admitting liability and if  they did so and the clients were satisfied, that would have been the end of the matter without them having to go through the horror of a court process that would have taken years to complete. We had received two responses to pre-action protocol letters from Paria, indicating they had no liability whatsoever.”

People did not understand the emotional injury which could occur from horrible tragedies such as the Paria incident. He hoped this could be a test case for cases of injuries in the course of work.

“It is a burden you carry for the rest of your life. It is my view that the awards given by our local courts for personal injuries, loss of limb, loss of sight and so, have been way too low. The Privy Council has been signalling to us that the awards by our local courts have been far too low. This could be the catalyst to revisit how we value life and limb in our local society.”

He said workers will lose a limb and be awarded a couple hundred thousand dollars, while awards for slander and libel are closer to $1 million. He said the awards are out of sync.

 

 

 

 

Divers disaster: Paria  awaits guidance from new board

6 May

Attorneys representing Paria Fuel Trading Company on charges under the Occupational Safety and Health (OSH) Act originating from the February 2022 diving tragedy have been granted time to seek instructions from the company’s new board of directors. With a new government  in office,  there must be new boards of directors at all state entities, including  Paria. Senior Counsel Gilbert Peterson, lead attorney for the company,  requested the additional time from acting deputy chief magistrate Brian Dabideen when the matters again came up for hearing in the San Fernando Court. Peterson said in his view, it was appropriate to take instructions from the new board before the matters continue to progress.

“We have to take instructions on our side because your worship is aware of an event that took place last Monday and because it’s a state entity, I think it proper that I communicate with the new board.”

In agreeing with Peterson, the magistrate adjourned the proceedings until October 9 when the magistrate will give further directions in preparation of the matters proceeding to trial. During the hearing, attorney Richard Mason—who appears  with Pamela Elder, SC, on behalf of Franz Brisbane, chief inspector with the OSH Agency—said all disclosure, with the exception of video evidence, has  been made to the defence. The video evidence,  would be disclosed by  July 4. Provided this is done, the defence was granted until October 3 to file any evidential objections.

Paria, Land and Marine Construction Services (LMCS), and their executives are before the San Fernando Magistrates’ Court for alleged OSH violations related to the deaths of four divers—Fyzal Kurban, Yusuf Henry, Rishi Nagassar and Kazim Ali Jr.  The four were sucked into a 36-inch pipeline while carrying out maintenance works at Paria’s Pointe-a-Pierre facility on February 25, 2022. Another diver, Christopher Boodram, was also sucked into the pipeline  with his colleagues, but was successful in exiting the pipeline.

Last September, Paria’s general manager Mushtaq Mohammed,  terminal operations manager Collin Piper and LMCS director Kazim Ali Snr were charged, along with the companies, for offences allegedly committed under the act. In all, they are facing a total of 15 charges under the OSH Act, to which they  pleaded not guilty. Mohammed, who faces four charges, is accused of facilitating a breach of the OSH Act by failing to prepare an emergency plan based on a risk assessment; and by failing to ensure workers, including the four deceased divers and their colleague who survived, were not exposed to a safety risk.

Paria is also charged with four offences: failing to ensure that the divers were not exposed to risk; failing to implement an emergency plan based on a risk assessment; failing to revise an emergency plan through consultation with worker representatives; and for failing to conduct an annual assessment of the potential risks to employees of third-party contractors such as the divers.

Piper allegedly failed to ensure that employees of third-party contractors were not exposed to health and safety risks. Ali Snr, father of Kazim Ali Jr, is facing three charges for neglecting to ensure the health, safety and welfare of his employees, for failing to perform annual risk assessments, and for neglecting to provide training, instructions and supervision to ensure the safety of his workers. His company was charged with failing to perform a risk assessment, failing to ensure its workers’ safety and failing to provide them with proper training and supervision.

Three days after the incident,  bodies of three divers were recovered from the pipeline. Nagassar’s body was removed the following day. Last month, former prime minister Stuart Young indicated that his government intended to compensate each of the families, as well as Boodram, in the sum of $1 million. This he said, did not mean that the State was accepting liability.

It is uncertain whether any such payment had been made as at April 28, when the People’s National Movement lost the general election to the United National Congress.

 

 

 

TTNGL  loss of $119.4m

1 May 2025

Trinidad and Tobago NGL Ltd recorded a reduced after-tax loss of $119.4 million for the financial year ended December 31, 2024 – a marked improvement from the $547.7 million loss  in 2023. The subsidiary of the  National Gas Company, attributed the narrowed loss to a stronger operational performance from its core asset, Phoenix Park Gas Processors Ltd (PPGPL), higher product prices and improved production volumes. Results were affected by an unrealised impairment charge of $184.3 million.  In his chairman’s report, Dr Joseph Khan said this reflected conservative assumptions about long-term gas supply, natural gas liquids (NGL) content and future product prices.

“It is important to note that the impairment is non-cash in nature and reflects conservative assumptions regarding long-term gas supply, NGL content and product prices. There remains strong potential for positive revisions to these assumptions in future periods, particularly as new upstream gas developments materialise.”

TTNGL’s share of profit from its investment in PPGPL rose sharply by 137 per cent to $66.6 million, up from $28.1 million in 2023.

PPGPL profit after tax increased to US$25.3 million, from US$10.7 million the previous year. The company cited improvements in NGL production, gas volumes to Point Lisas and a favourable ten per cent year-on-year increase in Mont Belvieu product prices.

Production of NGLs rose to an average of 16,086 barrels per day (bpd) from 13,785 bpd in 2023, supported by higher gas inlets and a ten per cent improvement in the NGL content of the gas stream. Notably, propane production increased by 15.3 per cent, butane by 19.1 per cent and natural gasoline by 16.2 per cent. North American subsidiary Phoenix Park Energy Marketing LLC also delivered a 21 per cent increase in trading volumes.

Although margins remained compressed, Khan said strategic initiatives were being advanced to optimise supply chains, enhance pricing structures and strengthen risk management processes to protect future earnings.

Khan noted that 2024 was another year of market volatility.

Global oil prices averaged US$81 per barrel, slightly lower than US$82 per barrel in 2023, while natural gas prices at the US Henry Hub fell to a record low of US$2.21 per million British thermal units (MMBtu). Despite these trends, demand for NGLs remained firm in key markets, bolstered by strong import demand in Asia and Europe and infrastructure bottlenecks in the US.

In TT, the domestic economy expanded by 1.9 per cent, with inflation easing to 1.3 per cent. However, Khan cautioned that local unemployment edged slightly higher and geopolitical tensions  – notably in the Middle East and Europe – persisted, maintaining a complex global trading environment. While TTNGL’s financial performance improved, it remained unable to declare a dividend for 2024.

“The issue affecting our ability to declare dividends persisted through 2024. However, TTNGL has made tangible progress in narrowing the pathways to resolution. We are committed to bringing closure to this matter in 2025, subject to requisite stakeholder and statutory approvals, and to restoring the company’s ability to distribute returns to shareholders.”

Available cash strengthened to $165.6 million at year-end, positioning the company to meet future obligations and pursue value-enhancing investments.

Khan expressed cautious optimism for 2025, highlighting early signs of strengthening NGL prices and the government’s efforts to bolster domestic gas supply. While acknowledging challenges such as the US revised sanctions on Venezuela – which affected gas supply projections from joint projects – Khan remained positive about TTNGL’s long-term prospects.

“We continue to take a long-term view, recognising that periods of volatility often present opportunities for disciplined, patient investors.”

 

 

 

 

Atlantic LNG

2 May 2025

Atlantic LNG  sponsored  key events of  Borough Day celebrations in Point Fortin,  celebrating its 45th anniversary, holding a special place in Atlantic history . The company had been more than a corporate presence for decades as a partner in the borough’s journey of growth, resilience and innovation.

“Through Pan on the Move, Atlantic honours the steelpan, the only acoustic instrument invented in the 20th century and a global symbol of TT’s cultural genius. The company’s support celebrates the spirit of artistry and national pride that resonates through the music of the steel orchestras.”

Pan on the Move will occur on “the streets of Point Fortin” on May 3.

 NIHERST Science and Technology Fair represents Atlantic’s commitment to the future, by investing in  youth who will lead and transform tomorrow’s world. The fair empowers young minds to dream bigger, innovate and build on a proud legacy.

The Dock of the Bay J’Ouvert Competition embodies the vibrancy, unity and energy that defines Point Fortin.

“In supporting this event, Atlantic recognises the borough’s enduring traditions and its ability to bring people together through creativity and celebration. Atlantic support for Borough Day is a reaffirmation of a bond built on shared values, pride and community spirit. As Point Fortin continues ‘Making an Impact – Going Forward Together,’ we are honoured to walk this journey alongside its people—celebrating the past, embracing the present and building an even stronger future together.”

Atlantic LNG congratulated the Borough of Point Fortin on reaching this important milestone and looks forward to celebrating the achievements and spirit of the community in 2025 and beyond.

 

 

 

Shell &  BP

2025, 05/06

Bloomberg reported :    Shell is assessing the possibility of a potential acquisition of BP,  citing people familiar with the matter.Shell is monitoring stock and oil price trends before making a move. The decision to proceed depends on BP’s declining stock value.

For years, both the oil and gas giants have been comparable in size but Shell   recently  surged ahead,  boasting a market value of approximately US$197.7 billion, nearly double that of BP.

In a statement to the Financial Times,  amidst this backdrop, Shell CEO Wael Sawan expressed a preference for stock repurchases over acquisitions, while  noting the importance of having “our own house in order” during an earnings call.

A potential merger would bolster Shell’s position in the global energy market, rivalling US counterparts Exxon and Chevron.

A Shell spokesperson said “As we have said many times before we are sharply focused on capturing the value in Shell through continuing to focus on performance, discipline and simplification.”

BP is facing its challenges.  CEO, Murray Auchincloss,  outlined a strategy to divest US$20 billion in assets by 2027,  reduce spending and share buybacks, to bolster profitability and investor confidence. Activist investor Elliott Investment Management,  recently increased its BP stake to over five per cent and is pushing for a strategic overhaul to enhance free cash flow by further cutting costs.

What is Shell’s interest ?
Local energy expert Anthony Paul told media that while  Shell acquiring BP has been hinted for some time, companies always assess their competitors, in terms of strategies, strengths, and weaknesses.   The companies always look at opportunities for growth and where they can get value.

“Sometimes, it looks at where they can adjust their portfolio, either in terms of increasing reserves, increasing production, changing geographic focus, changing product focus, meaning oil or gas.”

When BP bought Amoco, it was because they wanted to get more gas in their portfolio. Amoco’s biggest gas growth area was Trinidad, which was a strong strategic interest.   If Shell were to acquire BP, what is Shell’s interest and  why would BP want to sell?
BP’s share price  has dropped tremendously below the market.

“You may have seen that BP’s production has declined, but BP is only one of the majors whose reserves replacement has been negative. They’ve been losing reserves, producing more than they’re putting back together.  Shell and BP, over the last few years, made a lot of money,  more than the market expected, through trading, meaning selling products.  A high proportion of that came from Trinidad, because in Trinidad, fiscal models don’t capture the value from trading. So, in that respect, Trinidad has an impact on Shell’s online, in terms of BP, interest.”

BP has something in Trinidad that Shell lacks. BP has reserves potential in the acreage they hold. Shell does not have much of it.

On the other hand,  Shell’s track record in T&T, mostly BG its predecessor, has been very poor at finding oil and gas. If Shell were to acquire BP from a T&T perspective, Shell’s interest would be not only in the reserves but also in the processes BP used.

“Shell has some of that information, but not all of it.  That would be Shell’s interest in Trinidad.  Of course, it will give them the monopoly position, almost, in the Atlantic. And that is a key asset for them, both in terms of the regional markets for LNG, Latin America, in their global trading portfolio, and in terms of potential growth for Venezuela gas to be liquefied.”

 

 

Plipdeco

2 May 2025

Point Lisas Industrial Port Development Corporation Ltd  appointed Sheldon Baptiste as a director on its board, effective April 25,  disclosed in a notice of material change published on the TT Stock Exchange website on April 29. The appointment comes during significant leadership changes at the state-owned corporation, which operates the port of Point Lisas and manages the Point Lisas Industrial Estate.

In July 2024, former president Earnest Ashley Taylor was placed on administrative leave amid concerns over contracts negotiated during his tenure, including a lease agreement with TT Iron and Steel Company for the former ArcelorMittal steel plant.   Taylor’s  leave was officially disclosed to the TT Stock Exchange on September 11, 2024.  He subsequently retired in December 2024, with vice-president of technical services Dr Averne Pantin appointed acting president until further notice.

In October 2024, following the company’s annual general meeting, chairman Daniel Dookie was replaced by Annette Wattie. Director Ayanna Miguel resigned from the board effective February 28. Pantin, who had been acting as president, resigned from the corporation effective February 7.

Despite these leadership changes, Plipdeco reported improved financial performance. For the nine months ended September 30, 2024, the company posted a profit after tax of $180.4 million, compared to $48.23 million for the same period in 2023. Revenue increased by six per cent to $285 million. The improved profitability was attributed to increased revenue, a decline in some operating expenses and the reversal of previously recognised bad debts.

TPHL
Michael Quamina, Chairman of Trinidad Petroleum Holdings Ltd   announced his resignation in an internal letter on May 1.

“I want to express my sincere admiration, appreciation and gratitude to each of you. This journey has been exciting and fulfilling and you all have been amazing travel companions through the ups and downs, highs and lows, the good times and even the challenging ones. Do not ever forget that you are a part of a strong and important organisation that, in whatever form it may take, plays a pivotal role in shaping our nation’s future.”

In 2018, Petrotrin  closure included  mothballing  the Guaracara refinery.  Trinidad Petroleum Holdings Ltd was established  to manage  oil and gas assets following  dissolution of Petrotrin. It has four subsidiaries – Heritage Petroleum Company Ltd, Paria Fuel Trading Company Ltd, Guaracara Refinery Ltd and Petroleum Company of TT (Petrotrin). The previous government  signalled its intention to sell the refinery and announced Nigerian company Oando PLC as the preferred bidder for the refinery.

In campaigns for  the April 28 general election, the refinery was a major topic of political discussion. The incoming United National Congress  administration, led by Prime Minister Kamla Persad-Bissessar,  said it will re-open Petrotrin and restart the Pointe-a-Pierre refinery.

 

 

 

TTCSI, Energy Chamber congratulate UNC poll victors.

2025, 04/29

Trinidad and Tobago Coalition of Services Industries (TTCSI) and the Energy Chamber of Trinidad and Tobago  offered formal  congratulations to Kamla Persad-Bissessar and the United National Congress (UNC) on their victory in the 2025 General Election.

Soon after the results came in,  TTCSI   acknowledged the concession of defeat by the People’s National Movement  and recognised  UNC efforts during the campaign period. The organisation described the result as a reflection of the work undertaken and offered encouragement to the broader team under the leadership of Persad-Bissessar.

TTCSI also congratulated Farley Augustine and the Tobago People’s Party on  a significant development  after TPP    wrestled the two Tobago seats away from the PNM, noting   Augustine’s leadership qualities and  the relevance of  TPP’s performance to the Tobago electorate.

Reaffirming its role as the umbrella body for service-based businesses, TTCSI expressed its commitment to working with the new administration to enhance competitiveness, capacity and global positioning of the services sector. The organisation emphasized the importance of Government and Opposition collaboration in addressing  challenges and maintaining the security and well-being of citizens and the business community.

Shortly after the UNC declared victory and the PNM conceded defeat, the Energy Chamber  also  congratulated the UNC and the incoming Prime Minister.

“The Energy Chamber of Trinidad and Tobago extends congratulations to the Honourable Kamla Persad-Bissessar, SC and the United National Congress on their victory in the 2025 Trinidad and Tobago general election. “

The Energy Chamber expressed its intention to collaborate with the new Government on behalf of its 400 member companies,  emphasising the goal of developing a resilient energy sector that provides long-term value for  T&T.

Both organisations affirmed their readiness to engage with the new administration to support  development objectives in their sectors.

 

 

 

RFHL records $1.01b  profit

6 May

Republic Financial Holdings Ltd  recorded profits attributable to equity holders of $1.01 billion for the period ended March 31, 2025. In its consolidated financial results published on the TT Stock Exchange website on May 5, RFHL said profits rose by 1.1 per cent when compared to the prior period.

Growth for the period was bolstered by the group’s robust loan growth and prudent cost management.Total assets stood at $126.7 billion at the end of the period, an increase of $9.2 billion or 7.8 per cent over the previous comparable period. This increase was mainly fuelled by growth in the loan portfolios across all subsidiaries, with healthy contributions from  retail and corporate banking segments. Chairman Vincent  Pereira said,

“As the global community continued to grapple with evolving macroeconomic conditions and geopolitical uncertainty, RFHL continued to demonstrate resilience, operational strength and commitment to delivering sustainable value to our stakeholders. In a period marked by global uncertainty and market volatility, we continue to prioritise financial stability and long-term value creation, while also reinforcing our role as a responsible financial institution. 

Our strategic transformation journey is progressing well and we remain focused on enhancing our digital banking capabilities, deepening customer relationships and innovating across all touchpoints. Looking ahead, while uncertainties will persist in the global economy, the group is well-positioned to navigate challenges and capitalise on opportunities.”

Based on these results, RFHL’s board of directors  declared the second quarterly interim dividend for the year of $0.60 per share, payable on May 29, bringing the total dividend for the period to $1.15. The group remains committed to delivering sustainable value to  shareholders, customers and the broader economy.

Faith schools

Some denominational schools are cautiously optimistic about  changes  to the administration of subjects by the Caribbean Examinations Council (CXC). They are awaiting further details on implementation from CXC.

On April 14, CXC announced the creation of a new qualification,  the Caribbean Targeted Education Certificate (CTEC), which will split traditional subjects into modules, enabling students to engage with the topics at their own pace. Students will be awarded certificates for each module and be able to complete modules in different subjects without having to complete the entire subject.

The Catholic School Board  said it was an interesting and exciting development.

“I’m interested in seeing where it goes. It provides flexibility, which in this environment is needed. It allows the young people more flexibility, to see what they’re really interested in and to pursue those aspects of subject areas that will build their portfolios towards what they’re aiming at. 

As it is now, you do a certain number of CSEC and CAPE subjects, and particularly with CAPE, your focus is a bit narrow. What this has the potential to do, is it allows you to spread a great deal more. You could cover more areas without specialising as yet.

Over 20 years ago, I realised this is what other countries do. They don’t lock you down in one little path from early. Our children are locked down from about Form 3 when they choose their subjects. We will see how it works, but it has the potential to offer the children a much wider education and maybe a real education.”

The Presbyterian Church would not make a statement until it understood how the changes would be implemented.

“We would want to have some consultations with CXC to determine what will happen. I believe they are having a consultation soon, and we will wait on that before we make any pronouncements.”

ASJA said the education board was still looking into the announcement.

“We have to talk to our secondary school principals to know how this is going to affect them or if it would affect them.”

Sanatan Dharma Maha Sabha said the Association of Denominational Boards of Education would be meeting next week to discuss the announcement and would issue a statement.

National Council of Parent Teacher Associations  said the initiative was a welcome one which spoke to a program-based approach rather than a subject-based approach.

“This module type arrangement treats with flexible teaching based on particular skills or disciplines. CTEC will seek to align teaching and learning methodologies with real-world application.

For example, the level of mathematics required for a job as a banker may differ from that required as an engineer and the syllabus will be arranged to suit job specifications based on three layers – micro, intermediate & macro. 

It is interesting to note that CXC and NPTA have recently teamed up with other PTAs throughout Caricom and conducted a webinar on matters related to CXC and CAPE. It was suggested that these webinars be conducted once per term and  this would afford the opportunity to engage in meaningful discussions on CTEC.”

Association of Principals of Public Secondary Schools  was assessing the impact of the proposed change.

“We await the Ministry of Education’s comments as the executive engages in discussions. A few questions we have thus far:

1. 1. 1. How will the SBA component be treated?
      2. Will students be able to reuse the SBAs?
      3. How many times will students be able to redo modules?

We are continuing our analysis.”

Trinidad and Tobago Unified Teachers Association  said the association was also analysing the proposal by CXC.

 

UWI Trinidad-Penal

2025, 05/19

The University of the West Indies Trinidad – Penal will officially open for academic programmes in August 2025, nearly a decade after its scheduled completion.

Pro Vice-Chancellor and Campus Principal Professor Rose-Marie Belle Antoine said:

“The UWI St Augustine is excited to work with the Government of Trinidad and Tobago as a key developmental partner in its shared goals of strengthening the education, skills-base and research imperatives of the country.

Maximising the capacity of the Penal Campus to ensure that the country’s productive resources are put to optimum use is an important facet of these laudable goals.”

Construction of the campus began in 2012 with a $499 million budget and a completion target of 2014.

1. The original plan was to house the Faculty of Law.
2. In 2019, UWI said the site would instead be used by the Faculty of Medical Sciences.
3. Then, in 2023, the former Education Minister said the campus would become a medical school, partially funded by a proposed $330 million bond.

The Penal  Campus was used as a national facility during the COVID-19 pandemic and later returned to UWI. The University  has since conducted repairs and security upgrades and re-evaluated the campus’ long-term purpose.

The site will now house  newly launched UWI   Global School of Medicine (GSM), which will cater mainly to international students pursuing a Doctor of Medicine (MD) degree. Applications for the programme are open.

Other academic offerings from the Faculties of

1. 1. 1. Science and Technology,
      2. Food and Agriculture,
      3. Humanities and Education, and
      4. Medical Sciences

will also be delivered in blended formats.

UWI-Roytec has signed a rental agreement to operate on-site.

 

[  ECO PROPOSES THE FOLLOWING AMENDMENTS TO UWI  NOMENCLATURE –

        Campus……………………………………………………Name

UWI – all campuses……………… THE UNIVERSITY OF THE WEST INDIES
Mona  ………………………………..  THE UNIVERSITY OF THE WEST INDIES   JAMAICA
St Augustine  and Penal  ……..  THE UNIVERSITY OF THE WEST INDIES  TRINIDAD and TOBAGO
St Augustine ……………………… THE UNIVERSITY OF THE WEST INDIES  TRINIDAD –   ST AUGUSTINE
Penal ………………………………… THE UNIVERSITY OF THE WEST INDIES  TRINIDAD –  PENAL
Barbados……………………………. THE UNIVERSITY OF THE WEST INDIES BARBADOS  ]

 

 

 

UWI Curing Dutch disease

Economics don  urges focus on tourism, manufacturing

Dutch disease,  an economic illness,  is easy to catch but almost impossible to cure. It refers to the correlation between a boom in  natural resources which could result in economic prosperity, but at the cost of growth in other sectors  of the  economy.

For over a century, TT    enjoyed the fruits and benefits of a growing oil and gas industry, which experienced a series of  booms and busts since  independence in 1962.   But while the energy sector flourished  industries such as tourism and manufacturing have fallen by the wayside, creating the perfect circumstances for this economic phenomenon.

TT was diagnosed with this disease by Prof. Roger Hosein in his lecture at the University of the West Indies on April 24, days before the April 28 general election. The cure, he suggested, would involve a complete rethink of TT’s fiscal policies, that would focus on developing manufacturing and tourism, rather than continuing to breathe life into a now dying energy sector.Policy makers need to focus on earning foreign exchange to face the “very rough” outlook  in the medium term.

Non-energy fiscal imbalance

Hosein emphasised  what many noted in the past few years – that TT is heavily dependent on  revenue from its energy sector, while its non-energy fiscal balance remains in the negative. Non-energy trade balance averages about  ­–$23 billion.

Manufacturing sector employment also decreased significantly over the years, despite having ten times the output of the agricultural sector. Factors such as crime  contributed to flight in human and fiscal capital.

“Once people feel threatened (by crime) they will leave. We don’t want our young, bright students leaving and not coming back because we would lose the primary school and secondary school education and all the money that we spent on them. If you look at  data from 1999 to 2024, s compared to other countries, our arrival traffic has not done so well.”

According to Tourismanalytics.com TT saw 97,901 visitors for the first quarter of 2025. Curacao saw 215,366 visitors. For TT to break the Dutch “fever” caused by a dependence on a declining energy sector, TT will have to focus on growing its manufacturing and tourism sectors significantly.

“I am standing here today and I don’t think we have a choice. We are at a point that unless we push tourism inflows from remittances in relation to other countries we will be way behind.”

He suggested that TT lift  its remittances from tourism to the regional average, which would mean that TT would bring in over US$650 million in additional revenue.

“To reach 50 per cent of the revenue of the energy sector, we need to reach about 2.6 million tourists by 2040. If we  set up a timeline so we could get  infrastructure in place, we would have a fighting chance in terms of our tourism revenue.”

TT has the capacity to accommodate that number of tourists.

“When you look at the tourism multiplier (a calculation of how tourist spending generates a larger economic impact than what was initially spent), it is one of the highest . When you look at the tourists per square metre it is one of the lowest . In other words, we have a lot of spare capacity. 

You do not have a plant and keep it running with spare capacity… it just doesn’t make sense. Therefore, we need to change the way we use our possibilities in the tourism sector. We also need to go after more diaspora resources and remittances.”

Use of industrial parks such as Eteck could help improve non-energy revenues and that will again boost  foreign exchange reserves with what it produces.

“You can use analysis to determine what Guyana, Suriname and the world would need in the next ten to 15 years and use the Eteck park mechanism to specialise in it. I think, given the ease of doing business in the country, that is where the easier transactions will take place.”

Economists could design a formula that would see the manufacturing sector employment from 39,000 to about 75,000 through the Eteck park mechanism. Widening  TIVET (technical, industrial, vocational and entrepreneurship training) education can  make changes in the  skillset but that would only solve half the problem.

“While we need to educate more people with TIVET, the challenge in the economy is really the structure of production. If we take an approach that expands manufacturing, agriculture and services, those  areas that will open up employment opportunities.”

Hosein said while he has developed his academic journey through a series of mentors, colleges and reading, he learned the most about economics while selling in a market for about three years.

“When I went to Cambridge, all I did was learn mathematics, compared to what I learned in the market. The market is a real place. I can debate and probably have an edge on some of my colleagues because I understand real, dynamic, action/reaction equilibrium in a wide format. 

Most of my colleagues can explain it on a whiteboard, but they cannot explain it when the rain is falling and the sun is beating on you and people are telling you ‘I eh want no leg,’ and things like that.”

Economists can assist leaders with proper analysis and fact-based suggestions bu, most people do not listen.

“We spend days and thousands of hours thinking about this (the economy) and mapping it out and understanding how I can help and support my people and my country but I have learned the hard way that you could provide this guidance with all the sincerity in the world, then you put it in the public domain and it reaches where it sometimes reaches.”

 

 

 

UWI Trinidad – Penal

ECO Proposed PROGRAMME

[  In the current funding famine,  it is surely prudent to focus on Agriculture at Penal.
St Augustine programmes in Humanities and Education  are  sufficient .

To stop more waste  and scandal, UWI should acquire the  Zoo which can  benefit from  teaching and research in the Department of Life Sciences.. Funds can be diverted from ideology to drive this project.

UWI can also acquire  the Botanic Garden.

 To promote food production, the private sector can convert the zoo expansion to a garden centre selling horticultural items, equipment,  tools, books and  maps  and   a restaurant serving dishes from local produce.

Plans should eliminate the  vanity project  of the   Exhibition Centre, Cinema / Theatre, Cutters Bar, Conference / Meeting Room, Offices / Information Centre, Shops, Kiosks, Amphitheatre and Children’s Play Area.

UWI can also revive pioneering Presbyterian  Archibald Institute  cookery school in the heart of Education City. ]

 

 

 

The Blue Green Agenda: New economic indicators

 

Dr Anjani Ganase continues to envision a different direction for Trinidad and Tobago, setting a path to social well-being without depleting our natural resources.

“Forward and upward” has always been the mantra of human progress, in the words of British economist, Kate Raworth in her TED Talk.

The GDP (Gross Domestic Product) is the only metric used to assess country progress, regardless of whether or not citizens are thriving. There is need to revise this outlook to truly reflect the complexities of human prosperity.

Growth measured by GDP was invented in the 1930s, a world very different to the one we experience today. Then, the market economy was in its inception. Fast forward 100 years, we have significantly progressed quality of life, reduced extreme poverty to less than ten per cent (still some 700 million people), and we are at the height of growth in the era of mass consumerism and entertainment.

Unfortunately, the benefits we have reaped come at a severe cost to biodiversity and habitat loss and climate change, which threaten to reverse the progress made in social well-being. This is the point where we need to shift gears toward maintenance and maturation.

Endless growth is unnatural, and does not happen without significant consequences to the planet itself. In the natural world, no system, neither organism nor ecosystem, grows endlessly with the exception of cancer. We are a population of over eight billion people consuming more resources than ever before, so how do we maintain quality of life without endless growth? Try a doughnut, says Raworth.

The Doughnut Economics model developed by Raworth, highlights the sweet spot for thriving economies, meeting social needs without overshooting the planetary boundaries for survival. Instead of one measurement for prosperity, there is a balanced framework for human success that is measured by a dashboard of indicators, from social needs – education, equity, health, food, water, and ecological metrics – to biodiversity loss, nutrient pollution, climate change, habitat destruction, chemical and air pollution.

Current global indicators show that we are falling short in many aspects of social well-being, while overshooting our planetary limits. Consider biodiversity loss, pollution and climate change which can potentially have cascading impacts on society derailing socio-economic progress. We need to stop thinking “forward and upward” and consider natural cycles.

Think about farming practices that follow the seasons and support biodiversity. Imagine manufacturing in which all materials are valuable; there’s no waste. And distribution models that provide easy access to all. Doughnut economies have been implemented in several cities around the would including Amsterdam, Brussels and Melbourne, as well as countries, such as Curacao and UK.

If we apply the metrics of the Doughnut to TT, what does a thriving TT community look like with respect to education, biodiversity, food security, water access, gender equality, justice, health, climate change and pollution?

How would we rate our water supply in TT? Would improvement simply mean more pipes and less leaks in the infrastructure? More holistic planning must consider the long-term vision and all influences of clean water supply.

Access to clean water must consider the health of the ecosystems that water is sourced from, the method for distribution. It must forecast trends in water needs with respect to future development and climate change. It is easy to see that ecological health matters, especially when watersheds are being cleared and paved and rivers are being turned into drains.

This results simultaneously in flooding and water shortages in the same areas. What happens upstream affects downstream. How does this sector affect others? Think about the household and business pollutants that discharge into our rivers.

These contaminated water supplies are used in agriculture and farming, and end up in mangrove wetlands, the nursery and source of our seafood. WASA needs to think about decentralised systems scaled for catchment, treatment. What about the use of innovative technologies for water capture and distribution?

What would appropriate education for different communities  look like? Stop talking about laptops unless they link with digital learning and coding to build tech competency. Tools are only useful if there is purpose or direction.

Dr  Ganase showcases Tobago’s marine world as part of the Marine Ocean Collection Roadshow.

Do we want to raise children who care for their community and environment? Do we want a system that nurtures critical thinking, understands the process of scientific thinking? Who are allowed to be creative? We need a curriculum and teachers that encourage compassion alongside skills development, self-learning and adaptable thinking over knowledge regurgitation.

Over the last century, TT has  focused on the economy of oil and gas, a depleting resource. Significant revenues, according to  economists, were to be invested in other sectors, to diversify the range of income-generating fields and industries.

Unfortunately, failure is cyclical and each economic downturn, we talk about what “ needed to happen.”   Dependent on revenues, the government raises taxes to meet shortfalls from oil and gas; and the private sector and citizens are squeezed. There has been no real attempt to update our mindset ever.

What are TT’s sustainable natural resources? We have some of the richest biodiversity in the  region, with access to natural products for health care, manufacturing, research and development, and tourism. Our geography is unique and ideal for trade and transport, but also for pioneering ocean research and building a sustainable blue economy. Our greatest assets are the diversity and creativity of people and  culture . We can become an incredible centre of learning for the arts and science.

However, tapping into any of these resources without management is exploitation and the role of the government is to ensure fair and sustainable use of all our resources. Policy enforcement and management of our natural environment is lacking.

There is a need for effective environmental protection laws and regulations, including stricter monitoring and management of ongoing activities, inclusive of ecological restoration strategies, so that developments do not destroy the very environments that are critical to our lives and livelihoods.

Specific examples include coastal development to promote tourism that will directly impact the marine environment, the major draw to the islands. Management is also about developing health and safety standards, including standards for climate adaptation in building codes.

New politics must let us continue these discussions to encourage a shift in the mindset of our citizens and decision makers to break the cycle of finger pointing and blame and the systemic corruption built into the current five-year horizons of government politics as a career and industry.

 

 

 

Two islands, six corners

26 Dec 2024  Faraaz Abdool

Our unique islands at the southernmost extreme of the West Indies archipelago have distinct geological histories, giving rise to an astounding level of biodiversity. TT is a special combination of continents. Drawing from their collective disparate origins, the country boasts the second-highest species density of birds on Earth. The impressive species density is the result of the equatorial location along a major migratory pathway as well as the varied habitats that occupy the untamed parts from end to end.

Northeast Tobago includes the islands of Saint Giles, the country’s northernmost land holdings. At just above 11 degrees 20 minutes North, these lie near to the nutrient-rich, deep water of the Atlantic Ocean. Islets scattered around this tip of Tobago attract a variety of seabirds. These graceful creatures of the open ocean visit these uninhabited islands annually to breed. The combination of no terrestrial predators and proximity to excellent fishing is irresistible for thousands of tropicbirds, terns, frigate birds, and boobies.

Few airports have a view like that of Crown Point, Tobago. 

This end of mainland Tobago features a ridge-to-reef ecosystem, with steep, heavily forested slopes giving way to rocky coastlines – many of which remain relatively inaccessible.

Southwestern Tobago, 40 kilometres away, is a world apart. Here can be found the only stands of mangrove forest on the island. Surrounding coral reefs buffer the impact of the ocean, giving rise to a different cast of shoreline characters.Frequented by an array of plovers and sandpipers, the beaches and slow-moving waterways of southwest Tobago are essential for the survival of countless long-distance migratory birds. While these birds do not visit to breed – their breeding grounds turn to ice each winter – to survive they must spend this time in appropriate tropical climes . Also escaping the cold are many species of warblers – tiny songbirds that breed in the boreal forests of North America and rely on our wetlands to survive the winter months.

Northeastern Trinidad by contrast is draped in dense lower montane forest. Only at the wind-blasted fringe does this change to the littoral vegetation of seagrape and gnarled almond trees that line the road along the coast. Venture a short distance inland to experience large-limbed and bromeliad-laden trees. Within this still relatively untamed forest is the last stronghold of the Trinidad piping-guan. Officially listed as Critically Endangered, this large, turkey-like bird is found nowhere else on the planet except in the eastern end of the Northern Range. Birders from  around the world descend upon the remote village of Grande Riviere in particular to have a chance of seeing this imperilled species.

Grande Riviere remains a stronghold of the endemic Trinidad piping-guan, found nowhere else in the world.

Southeast Trinidad – the heel of the boot– is one of the wildest regions of the island. The Trinity Hills Game Sanctuary is an off-limits wildlife reserve, within which no hunting is permitted at any time. All  TT’s mammalian terrestrial fauna breed in this sanctuary, including the ocelot, the region’s only native feline apex predator. Protected from persecution, birds and all forms of wildlife should thrive. Sadly, this is not the case, as hunters brazenly frequent the sanctuary without regard. Surely, with suitable management and enforcement, this region should be the seat of repopulation for many species and a very desirable location for visiting adventurers and ecotourists.

For most of the year sooty terns  forage over the open ocean but when they wish to breed a significant population returns to St Giles.
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Northwest Trinidad is considerably more accessible, by virtue of infrastructure and proximity to  dense human habitation. The western end of the Northern Range is home to a surprising variety of species, including some that are relatively uncommon or rare elsewhere. A hike or ride through Chaguaramas affords sightings of brightly coloured trogons or cryptic, hidden nightjars. The Bocas Islands bear a closer geological relation to Tobago than Trinidad – a fact made abundantly clear by the presence of species that are common to these islands and Tobago but  absent from Trinidad.

Southwest Trinidad displays several habitats. Verdant,  gently undulating hills funnel rainwater into waterways that feed swathes of marshland. Although not as large as the more famous Caroni and Nariva Swamps, there are a few notable wetlands on both northern and southern boundaries of the Cedros peninsula. These marshes are rife with species common on the South American mainland,  testimony to our connected past. From meadowlarks to yellowthroats, tody-flycatchers to bitterns – these are all species that are absent from the rest of the Caribbean, Tobago included!

Migratory greater yellowlegs visit Bon Accord Lagoon – one of the last remaining habitats available for globetrotters like these. The area is currently being developed for a housing settlement. Once this happens these birds will have nowhere to go for the winter.

Tucked away in this spit of land is also a tiny patch of wet savanna habitat. A remnant from prehistoric times when glyptodons and giant sloths reigned supreme, this disappearing region is characterised by the stands of moriche palms. Humans remain the biggest threat, with hundreds of acres currently being cleared for cattle ranching.   Fortunately, a larger section of this habitat persists in Aripo as well. All efforts must be made to preserve this relic, truly a land before time.

The two islands of TT form one country but conceal infinite avenues for amazement in the form of their natural heritage. Peeling back the layers as one drifts inland from each of the six corners reveals hidden wonders and new experiences around every bend. Even in places where we have already removed swathes of forest, all it takes is attention to notice how easily the natural world can regenerate, sustaining life on islands and planet.