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Oil & Gas Wealth (Trinidad vs Guyana)

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neilsingh100
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Oil & Gas Wealth (Trinidad vs Guyana)

Postby neilsingh100 » September 23rd, 2018, 2:55 pm

T&T is still likely to have more undiscovered oil and gas resources than Guyana. We just need to be smart and know how monetize it. Petrotrin is just a small part of our oil and gas industry that has gone bad and now needs to be fixed but the future is still positive for T&T.

Source: https://www.rystadenergy.com/newsevents ... -trinidad/

Trinidad and Tobago is still a rich country with significant resources to be developed. Rystad Energy believes that only 40% of the total gas resources in the country has been produced so far. Trinidad needs to incentivize the operators to develop the existing discoveries and motivate the industry to make new discoveries. Rystad Energy believes that transparent dialogue between all players in Trinidad is essential in order to overcome the current challenges linked to supply of gas to the industry and return to the production levels experienced in 2010-2014. All above-mentioned areas should be developed and the country should avoid becoming dependent upon only one solution especially if that includes the commitment and cooperation of a big neighbor country

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Trinidad and Tobago has a fantastic strategic position as a hub for a lot of surrounding activity. As seen in the map in figure 4 we can easily see Trinidad perfectly positioned between Guyana with its recent exploration success, undeveloped fields in Venezuela, exploration opportunities in Barbados and also deep water Colombia, in addition to all the volumes that are expected to be discovered at the continental shelf off Trinidad and Tobago. According to published news, Exxon is already considering using Trinidad for refining the oil from the Liza field in Guyana, and many more opportunities will come in the future. A lesson has been learned in Trinidad, and the lesson should be studied by other nations as well. To maintain consistent industry activity and understand the flow of new project development and underlying decrease in the production of existing assets is a key planning tool for any country that wants to reduce uncertainty.

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In figure 5, we show the total resource potential including recoverable volumes from yet to find resources in the region. It clearly shows how Trinidad is in the center of a rich petroleum region and potentially has more resources to be discovered than what is currently developed. Long-term strategic thinking should be applied to ensure that the country is prepared for a promising long-term future as a hub in the region, a significant hydrocarbon producer and producer of gas fed downstream products. New gas discoveries made in Trinidad and Tobago have a significant advantage compared to gas found anywhere else in the world. The infrastructure for LNG and petrochemical industry is already in place and begging for additional gas to be connected. However, the potential will not be realized without actions: new licenses, improved government take for upstream companies and third party access to gas pipelines are some of the areas the government needs to sort out. If they get it right, the population in Trinidad and Tobago need not worry about falling off the cliff, but should be able to get back on top of the mountain and appreciate a great view into a bright future.

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Re: Oil & Gas Wealth (Trinidad vs Guyana)

Postby bluefete » September 23rd, 2018, 3:20 pm

The problem is that most of the yet to be discovered oil and gas are in VERY deep water locations. This is expensive.

To get them extracted requires advanced and precision technology.

The TNC's would wring out massive exemptions and incentives from the government if they are to do this.

Like what they did with the PP government,

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Re: Oil & Gas Wealth (Trinidad vs Guyana)

Postby neilsingh100 » September 23rd, 2018, 3:30 pm

bluefete wrote:The problem is that most of the yet to be discovered oil and gas are in VERY deep water locations. This is expensive.

To get them extracted requires advanced and precision technology.

The TNC's would wring out massive exemptions and incentives from the government if they are to do this.

Like what they did with the PP government,
Let us see what happens with BHP deep water wells being drilled. It was mentioned that they found a couple TCF of gas but not sure if it is commercially viable. Now is the time to drill in the deep water since rigs are cheap now.

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Re: Oil & Gas Wealth (Trinidad vs Guyana)

Postby Cantmis » September 23rd, 2018, 7:25 pm

These oil & gas companies know where the resources are! Cant over produce, have to balance resources and prices.

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Re: Oil & Gas Wealth (Trinidad vs Guyana)

Postby rspann » September 23rd, 2018, 8:10 pm

I like how Guyanese all over Trinidad boasting, we have aiil naw, we country rich yunno. But they still here.

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Re: Oil & Gas Wealth (Trinidad vs Guyana)

Postby VII » September 23rd, 2018, 8:25 pm

rspann wrote:I like how Guyanese all over Trinidad boasting, we have aiil naw, we country rich yunno. But they still here.


Because of bad negotiating skills they already owe Exxon a billion and 5 more projected to cover cost of unsuccessful wells,and they already getting a stiff deal,Exxon treat dem like rel lil schoolboy...ah mean country boogies..

I don't think they going to collect a billion a year for the duration of this project...they better be careful..plenty gas comin here from them too to process and I'm sure it will be more than a billion a year in lng earnings from that line by the time we process and ship it out..lol..experience and infrastructure in dey skunt.. :)

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Re: Oil & Gas Wealth (Trinidad vs Guyana)

Postby supernedd » September 24th, 2018, 7:55 am

rspann wrote:I like how Guyanese all over Trinidad boasting, we have aiil naw, we country rich yunno. But they still here.
hahahahahahaha for real eh

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Re: Oil & Gas Wealth (Trinidad vs Guyana)

Postby supernedd » September 24th, 2018, 7:57 am

sigh . we only studying oil money.. we need to do like dubai n organize alternative sources of income . jus in case . cause u see how technology trying to avoid using oil in d future to avoid pollution

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Re: Oil & Gas Wealth (Trinidad vs Guyana)

Postby VII » September 24th, 2018, 12:40 pm

supernedd wrote:sigh . we only studying oil money.. we need to do like dubai n organize alternative sources of income . jus in case . cause u see how technology trying to avoid using oil in d future to avoid pollution


Yep we need to use oil to get ahead of oil...time and oil is running out..

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Re: Oil & Gas Wealth (Trinidad vs Guyana)

Postby Numb3r4 » September 24th, 2018, 8:31 pm

VII wrote:
supernedd wrote:sigh . we only studying oil money.. we need to do like dubai n organize alternative sources of income . jus in case . cause u see how technology trying to avoid using oil in d future to avoid pollution


Yep we need to use oil to get ahead of oil...time and oil is running out..


Using oil to prepare for an oil-less future would require medium to long term progressive planning not the current style of short term self satisfying spending for political gain.

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Re: Oil & Gas Wealth (Trinidad vs Guyana)

Postby The_Honourable » December 28th, 2019, 11:02 am

Trusting oil companies and keeping citizens in dark cost Trinidad US$17 Billion in six years

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TT Local Content Expert, Anthony Dr. Paul

Now that first oil is here, Guyana is moving forward with preparations for the sale of the first three cargoes of oil it will collect as early as February 2020. But the world of oil trading is known to be a murky business, says Energy Advisor, Dr. Anthony Paul.

Dr. Paul made these and other statements during a recent appearance on Kaieteur Radio Programme, Guyana’s Oil and You.

There, he highlighted the costly mistakes his home country, Trinidad and Tobago, made in the oil trading business.
According to Dr. Paul, the failure of politicians to inform the citizenry about the decisions taken on the sale of Trinidad’s gas as well as trust in companies to sell the resource on the nation’s behalf, resulted in Trinidad losing billions of dollars in revenue.

To be specific, Dr. Paul said that such a concoction of gullibility and opaqueness resulted in US$17B in taxes being lost.

Guyana’s budget for 2019 is approximately US$1.5B. It therefore means that the money Trinidad lost could have funded Guyana’s economy for more than a decade.

The Trinidadian said, “The mistake we made is that we had this capability (of being able to understand the market and selling oil on our own) but we did not have it for natural gas. Instead of building it for gas, we asked the company to market the gas on our behalf and that is where they took us to the cleaners. We were taken to the cleaners because we trusted them with what we have.”

The Energy Advisor added, “Here is how we got taken to the cleaners. The sellers of our gas were selling to marketing companies who are marketing arms of their parent company. In other words, they were selling to affiliated companies and they were reporting prices that were below market prices or even below the prescribed price in the law.”

When the government finally did an independent audit, Dr. Paul said that the consultants found that the value reported by the companies for the gas from 2010 to 2016 was US$30B less than the actual value.
“…And with our tax regime, this meant the government would have been able to get, had they done due diligence, at least US$17B in taxes,” the Trinidadian shared.

When this was made known to the citizenry, Dr. Paul noted that there was obvious opposition. But only a change of government was able to put an end to the abuse and advantage that the CARICOM founding member suffered.
Considering Trinidad’s experience, Dr. Paul said it is critical that Guyanese know everything that is going on, that the policy leaders understand the market and nothing is left to chance.

He said that the message for Guyana is that without its citizens being informed, public servants and politicians may not be performing their roles adequately and the country can suffer significant harm.
Dr. Paul added, “While, we want to trust our public officials, who are being paid and have sworn to an oath to uphold the laws and protect our interests, we must have a way to hold them accountable. That is only by transparency and access to information that allows citizens to validate what they are being told…”

Source: https://www.kaieteurnewsonline.com/2019 ... 17-billion

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Re: Oil & Gas Wealth (Trinidad vs Guyana)

Postby hydroep » December 28th, 2019, 11:29 am

Kamla and Kevin MC...:|

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Re: Oil & Gas Wealth (Trinidad vs Guyana)

Postby toyota2nr » December 28th, 2019, 3:10 pm

Did Kevin Ramnarine respond to this?

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Re: Oil & Gas Wealth (Trinidad vs Guyana)

Postby pugboy » December 28th, 2019, 3:35 pm

those allegedly helped cause the issues with plant shutdowns because of bad pricing contracts when time to renew and causing ngc to not be in a favourable position, ie buy high sell low

imf buss a shot on african country
https://www.aljazeera.com/ajimpact/imf- ... 35973.html

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Re: Oil & Gas Wealth (Trinidad vs Guyana)

Postby Dohplaydat » December 28th, 2019, 3:35 pm

Eh watch Guyana firetruck this up just as bad, if not worse than we did.

Number 1 reason will be Trinis moving across to 'advise' and 'work' will encourage massive corruption in already corrupt Guyanese officials.

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Re: Oil & Gas Wealth (Trinidad vs Guyana)

Postby VII » December 29th, 2019, 2:00 pm

Dohplaydat wrote:Eh watch Guyana firetruck this up just as bad, if not worse than we did.

Number 1 reason will be Trinis moving across to 'advise' and 'work' will encourage massive corruption in already corrupt Guyanese officials.


Guyana is waaay more corrupt than T&T...South American proportions..

Phew....
And they already messed up the deals..they getting relative peanuts...not even a billion a year ..

serious potential for Du tch disease....Even T&T may collect more than them for services etc..

Good luck to them..

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Re: Oil & Gas Wealth (Trinidad vs Guyana)

Postby VII » December 29th, 2019, 2:03 pm

Dohplaydat wrote:Eh watch Guyana firetruck this up just as bad, if not worse than we did.

Number 1 reason will be Trinis moving across to 'advise' and 'work' will encourage massive corruption in already corrupt Guyanese officials.


Guyana is waaay more corrupt than T&T...South American proportions..

Phew....
And they already messed up the deals..they getting relative peanuts...not even a billion a year ..

serious potential for Du tch disease....Even T&T may collect more than them for services etc.."production costs production costs"....

Good luck to them..

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Re: Oil & Gas Wealth (Trinidad vs Guyana)

Postby paid_influencer » December 29th, 2019, 4:00 pm

they already have a "heritage and stabilization" fund before the first petrodollar is collected. that alone put them ahead of we.

if we had done that under Panday (or any time before Manning), T&T would really be living in vision 2020. Hopefully Kamla will separate the "heritage" and "stabilization" funds in her second term.

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Re: Oil & Gas Wealth (Trinidad vs Guyana)

Postby matr1x » December 29th, 2019, 5:43 pm

For decades pnm and their appointed cronies have raped the country. Even when unc came in, pnm cronies were everywhere

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Re: Oil & Gas Wealth (Trinidad vs Guyana)

Postby Dizzy28 » December 29th, 2019, 5:51 pm

O Halloran intensifies!!!!
matr1x wrote:For decades pnm and their appointed cronies have raped the country. Even when unc came in, pnm cronies were everywhere

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Re: Oil & Gas Wealth (Trinidad vs Guyana)

Postby matr1x » December 29th, 2019, 7:19 pm

I plan to move humanity to mars. And leave pnmites on earth.

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Re: Oil & Gas Wealth (Trinidad vs Guyana)

Postby rspann » December 29th, 2019, 7:21 pm

Nah, Mars done red and ready, send them there.

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Re: Oil & Gas Wealth (Trinidad vs Guyana)

Postby Redman » December 30th, 2019, 5:59 am

paid_influencer wrote:they already have a "heritage and stabilization" fund before the first petrodollar is collected. that alone put them ahead of we.

if we had done that under Panday (or any time before Manning), T&T would really be living in vision 2020. Hopefully Kamla will separate the "heritage" and "stabilization" funds in her second term.


Panday established a HSF fund in 2000, but I think under a different name.

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Re: Oil & Gas Wealth (Trinidad vs Guyana)

Postby pugboy » December 30th, 2019, 6:38 am

all I know is that anytime you have caged/restrained hungry animals incl home sapiens and you let them loose on the food
they never behave in an orderly manner

maybe history will prove me wrong.

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Re: Oil & Gas Wealth (Trinidad vs Guyana)

Postby Dizzy28 » December 30th, 2019, 9:00 am

pugboy wrote:all I know is that anytime you have caged/restrained hungry animals incl home sapiens and you let them loose on the food
they never behave in an orderly manner

maybe history will prove me wrong.


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