Re: PNM in Gov't

[zoom rader]

P¤rnhabit 7 makes another arse of himself today.

[Redman]

Dragon
You like a cokee eye pot hong
Loud,badder Dan that, and off target,missing the point.

It's been published that the payments were made, in 2019.
The total quantity is about 2.5B.
Get your crayons and do the arithmetic.

Higher up in the thread the articles were posted.


Bp Shell have committed to the restructuring...since 2019.
Published since then.

All of the above is published below quoting a Guardian article
https://www.stabroeknews.com/2019/06/11 ... -2019/amp/

Emphasis on the parts that missed you in the ton of links posted before....
It is a June 2019 article.

The an­nounce­ment was made by En­er­gy Min­is­ter Franklin Khan who gave de­tails to the Par­lia­ment on Mon­day fol­low­ing more a year of ne­go­ti­a­tions. He re­vealed that Shell agreed to pay gov­ern­ment $2.5 bil­lion by the end of 2019, the mon­ey to be paid in US to the sum of US $397 mil­lion.


Like the BPTT pay­ment last year to gov­ern­ment of $1 bil­lion, Shell is mak­ing its pay­ment but not ad­mit­ting to cheat­ing the coun­try of large sums of rev­enue in trans­fer pric­ing.

“The out­come of these phase 1 ne­go­ti­a­tions, with Shell, re­sult­ed in an agree­ment to pay the gov­ern­ment ap­prox­i­mate­ly, US$397m to the end of 2019 and the par­ties are mov­ing in­to phase 2 of the ne­go­ti­a­tions which sur­round the re­struc­tur­ing of At­lantic LNG,” Khan told the Par­lia­ment

ETA:
You just quoted me saying that the process is NOT completed ....so point out where I said anything is completed.

English do you read it?

What did I say on Niquan?...I don't recall saying anything.
Lie much?

Help us out and point out my posts
Or just stop making stuff up.

[sMASH]

hmmmn the same people that jamming NGC with high cost off shore gas, putting them at a disadvantage by selling that gas to pt lisas with that high price, are jumping at the chance to UNITIZE. big companies dont take deals to make a loss.

even if that unitization contract extends to the sale of the lng, it would would be a 10% say in that process.
but wait, it ws 10% and 11% in another plant.. so it would end up being like 5 or 6% say in the WHOLEEE complex.

if u was concerned about transfer pricing before, wait till u hear about the the internal diversion of assets around that 5% interest in that complex. u would be like silent partner.

[Redman]

We all should be concerned with transfer pricing.

But the published statements state that there will be a restructuring.

We have to wait and see what the final terms are and what are the returns.

Some yes no questions that I would like you to answer...
That 6% ish is correct as of now...can you say what the enterprise value will be?
Can you state what the increase in the revenue from sales would be with the new formulas?
Can you state whether there is an agreement to recoup the 300M investment before any other shareholder gets a cent in dividends?
Can you state whether there was consideration for the risk taken on by making the 300M investment-maybe enhanced equity or dividend flow?


Pointing out hypothetical situations in ignorance of facts is just ole talk.

It would be impossible to say good or bad until we know the above answers-based on the certainty of your position, you have that info.
Otherwise your have again concluded solely based on your politics.

[Habit7]

Never said that moron, I said it was sold in spite of the agreement not to dispose of assets while getting bailed out. Your lack of comprehension at Level 10 today.

It was sold according to the parameter of their internal shareholder agreement and according to the MOU with govt, it was not sold by Duprey as you said.

Dumb Dumb the case dropped prior to the FOIA request Why you insist on easily disproven lies amazes, but doesn't surprise me because, well, LFD RFD PNM.

Yes I know. The case was dropped because of the witness statement and Ravi wanted to see it.
Where is the lie?

So if the MOU was observed, and the sale on the up and up, why did the matter end up in court? This was a GORTT initiated court matter, so don't even bother.
Your lie is saying the matter was dropped after the FOIA was granted, when it was the actual opposite. Again, if that was transparent and above board, why did it have to reach all the way to the Privy Council? The same PC who rinsed out the GORTT for their conduct by the way
The plain facts are that Nelson went 180 degrees on his opinion only AFTER the LFD RFD PNM got into power. Are you seriously asking sensible people to believe that this was a coincidence and not Arse-Wari's way of letting a LFD RFD PNM stalwart like Malcolm Jones off the hook? Now the salt in the LFD RFD PNM self-inflicted wound is we owe him

You are mixing up the chronology. The sale was "on the up and up" after govt intervened, made them abide by the MOU and the arbitration made the right buyer have access first as it was disposed of.

I never said the "matter was dropped after the FOIA was granted" I literally spoke about the case being dropped, inserted a paragraph break, and then spoke of the FOIA. I don't know how you could arrive at the FOIA preceding the case drop. Your lack of comprehension is showing again.

Nelson, unlike you, is informed by the facts, The facts were that the witness statements that were withheld from him gave him no case. It was a nonsense case, one of many AG Ramlogan launched against PNM officials or Dr Rowley, all either failed or he dropped them. One of them, he eventually got charged for trying to influence a witness and faces several years in jail. Only later we learned that there was a cash for play conspiracy with legal fees as Nelson pleaded guilty of it.

The witness statements were withheld because arbitration statements are confidential. This was upheld by the High Court, Court of Appeal but overturned by the PC.

But now that the UNC has it, the main reason why the Jones case was dropped, why they not moving on it to show that Nelson was wrong? Because they know that there was no case but choose to excite their ignorant base like yourself.

[sMASH]

hoss, that is nonsense.


but i learn sumting new. duprey DID actually sell the shares to proman. but the govt stopped that citing their MOU.

gortt stopped it cause they wanted to keep it, NOT becuase they wanted to protect it for the minority shareholder. that is why CEL had to sue gortt to get to the right to buy the shares as they were entitled to in their contract as the minority share holder.

what missing from the story is, proman ag IS Consolidated Energy ltd aka CEL
proman=cel, cel=proman. cel is just the holding company that proman formed locally to hold their shares in MHTl.


so it look like duprey take the MOU money from the GORTT, knowing the mhtl share CANT go to GORTT, and still try to sell it to Proman.
gortt block it from going to proman, cause they stupid and think the MOU give them that right.
but the germans know the deal they make, so took gortt to court, and was not much of a fought, and gott their shares, leaving gortt with naught

[Habit7]

hoss, that is nonsense.


but i learn sumting new. duprey DID actually sell the shares to proman. but the govt stopped that citing their MOU.

gortt stopped it cause they wanted to keep it, NOT becuase they wanted to protect it for the minority shareholder. that is why CEL had to sue gortt to get to the right to buy the shares as they were entitled to in their contract as the minority share holder.

Wrong again Watson

73. From the information that came to me it appeared that at the time that the MOU was signed the intention had been that certain valuable group assets,such as shares in RBL and MHTL, could be sold or collateralised. However, it became apparent that this could not happen, because:

(a) the majority of Clico's RBL shares were held in its statutory fund (which was significantly in deficit);
(b) the remainder of Clico's RBL shares were subject to security in favour of CIB;
(c) most of the RBL shares owned by CIB were
hypothecated to secure that company's borrowings;

(d) dealings in the MHTL shares owned by the Group were subject to the terms of a shareholders' agreement.

https://www.guardian.co.tt/article-6.2. ... 64cbba857a

That was according to Former Minister of Finance, Winston Dookeran

And there is Consolidated Energy Ltd (CEL) and Clico Energy Limited (CEL). The two are not the same so when you see CEL know the context.

[paid_influencer]

some video on this.

https://www.tv6tnt.com/news/7pmnews/man ... d3ab8.html

[sMASH]

so when u read ur quote there at 73. gortt had intention of of eitehr selling or using the assets to its own benefit, hence why they entered into the MOU. gortt wanted those assets, as they were valuable. and after some time, they understood that they were not entitled to the assets, according to the contracts that were in place.

most likely that was when cel decided to put gortt in court

when every body talks about those entities, they either use clico to mean clico+clf+clico energy. clf could mean cl financial, and hardly any body references clico energy, and refers to it by that term 'clico energy' if they do, but custom is really either clico or the parent clf.
sometimes cel is used, but most times proman is used instead cause its just the shell company. and because most of promans dealing is with clico, there are already too many c's and l's, so reporters will tend to use proman.

i have never read any report or artilce that referenced clico energy as cel. cel is used for proman.



duprey selling the clico shares in mhtl to proman was being done a long time, long before 2009
http://archives.newsday.co.tt/2009/06/0 ... to-proman/

News
Govt bids to set aside Clico Energy sale to Proman
Andre Bagoo Thursday 4 June 2009

Newsday understands that an application to have the sale set aside, which may involve moves by the State to have the CL Financial assets traced and recouped, is carded to come up for case management hearing in the Port-of-Spain High Court on July 20.

The action to set aside the controversial sale of shares in Clico Energy Company to Proman AG was said to have triggered the court action which saw an injunction issued to preserve the status quo of the CL Financial assets portfolio.

Proman AG is a Swiss company involved in the construction of the largest single methanol facility in the world in Trinidad. The company is currently constructing the methanol plant for the Oman Methanol Company in Sohar, Sultanate of Oman.

The Central Bank first approached the court under the terms of the recently amended Insurance Act to seek an order to stop CL Financial from disposing of Clico assets. The move was only made possible by the amendments to the Insurance Act which were assented to in February, shortly after the signing of a memorandum of understanding which gave the Government management control over Clico and other CL Financial subsidiaries.

On Tuesday, High Court judge Justice Judith Jones amended the terms of a three-part injunction issued against CL Financial in order to tighten the State’s hold on Clico assets which may be subject to the control of CL Financial and its subsidiaries.

The key changes to the injunction were the expansion of its second and third parts allowing for subsidiaries and affiliates of the CL Financial group to be better caught under the order’s net. Subsidiaries and affiliates of CL Financial which have interests in or powers to deal over Clico assets are now barred from disposing of them. Jones also ordered that the parties to the court proceedings limit the use to which they put information disclosed by CL Financial on the breadth of its assets to the court proceedings only.

Lawyers for the Central Bank are considering whether to appeal this order. On February 22, High Court judge Justice Gregory Delzin ordered that CL Financial, its directors, senior management, subsidiaries or affiliated companies be restrained from “doing or causing to be done the following acts without prior notice to and the prior approval of the Central Bank of Trinidad and Tobago.”

Under the restraining order CL Financial must also “disclose to the Inspector of Financial Institutions, or his designated officer, the identity, and location of all or any assets of Clico in or out of the jurisdiction.”

CL Financial was further mandated to make “full disclosure to the claimants of all or any information relevant to the existence of any interest held in any of the said assets in Clico.”

yes, ur correct, the state did try to stop the cl financial from disposal of any of the assets, but that also barred proman from rightfully acquiring the balance of mhtl shares. proman/cel

https://www.icis.com/explore/resources/ ... or-1-175bn

Correction: In the ICIS story headlined “Trinidad sells MHTL to holding company for $1.175bn” dated 10 October 2014, the wrong percentage was given in the MHTL stake that Trinidad sold to CEL. Please read in the third paragraph… 56.53% …instead of… 53.56% … A corrected story follows.

HOUSTON (ICIS)--Methanol Holdings (Trinidad) Ltd (MHTL) has been sold to its minority partner, a Houston-based law firm said on Friday.

MHTL, which operates five methanol plants on the island and currently is controlled by the government, was sold to Consolidated Energy Ltd (CEL), a holding company that already owned 43.47% of MHTL.

The remaining 56.53% was bought by CEL for $1.175bn.

The government has been considering this move for months.

The law firm Ware, Jackson, Lee & Chambers, which represented CEL in the case, said in a press release that the purchase price was less than what the government had sought.

Earlier this year, an arbitration court ruled on a claim by MHTL's minority shareholders challenging a 2009 deal that effectively gave majority ownership in the methanol producer to CLICO, a government-controlled insurer.

In November 2013, the court ruled in favour of MHTL's minority shareholders and had set a deadline of 31 January this year for negotiating a sale. As there was no sale by that date, the ruling said the court could set a price for the sale based on market valuations. The minority owners of MHTL include the Proman Group, which runs the methanol plants.

CLICO signed over all shares MHTL to CEL in Port of Spain, Trinidad, on Thursday morning, the law firm said.

MHTL is the island's largest methanol producer; Methanex also operates two plants there.

what went on there is, the shareholding of clico in mhtl/clico energy was 51%. but that was split between cl financial and clico, and when gortt did the MOU, the clf shares went to clico, thus making clico the majority shareholder. the problem with that is, that was effectively giving the mhtl shares to gortt, when it was contracted to offer it first to proman.


https://www.guardian.co.tt/article-6.2. ... 99ed3ac075

Duprey wanted to sell MHTL in February 2009

by
Tue Nov 15 2011

Asha Javeed

Shortly after signing a Memorandum of Understanding (MOU) with the Government of Trinidad and Tobago for his cash-strapped companies, former CL Financial chairman Lawrence Duprey was negotiating to sell one of the Group's most lucrative assets, Methanol Holdings (MHTL). In his cross-examination of MHTL chief executive Rampersad Motilal, attorney for Proman Holdings, Christopher Hamel-Smith produced an email string from February 3, 2009 which showed the chairman of Clico Energy Limited (CEL), Duprey's German partners in MHTL, accepting CL Financial's offer subject to terms and conditions. Word of the proposal by Duprey to sell CL Financial's 56 per cent stake in MHTL to the methanol company's 44 per cent foreign shareholders was disclosed yesterday as attorneys continued to cross-examine Motilal on the sale of Clico Energy Ltd.

Hamel-Smith also produced an email which showed that corporate secretary Gita Sakal forwarded a 2007 valuation of MHTL for CEL to pursue. Motilal told the on-going Clico Commission of Enquiry yesterday that while he was copied on that letter, he simply drew that letter to the attention of the CLF board for their consideration. Hamel-Smith questioned whether CEL's offer was being considered given the risks posed by the world environment for MHTL. Motilal maintained that it was an option but said it would be incorrect to say there was need for him personally to consider anything. "I would deny having any interest or being involved in any activity for consideration of the sale," Motilal told the COE.

And despite Motilal's consistent defense that he remained unaware of the sale OF Clico Energy Limited, he admitted that he did not interrogate the sale at the board level as he should have. In answer to an earlier question by attorney Fyard Hosein SC, Motilal said while he was not "alarmed" by the sale, he did not raise the issue with the CLF board. He told the Commission he was waiting for a more competent person to raise the issue as he did not have all the facts at his disposal. When it was pointed out that he was a member of the sub-committee of the board with a mandate to be responsible for the disposal of assets, Motilal said he interpreted his role differently.

In his resignation letter, which he produced for the COE, Motilal wrote: "The sub-committee was mindful at all times to work within the framework established by the MOU. This task became more challenging after an injunction was filed against CL Financial restraining the company, its officers, etc from dealing, negotiating, selling etc assets of Clico as it appears that the injunction was granted on the basis of another transaction by CL Financial ie.the sale of its shareholding and the shareholding OF Clico IN Clico Energy Ltd without the prior notification or sanction of the Minister of Finance of the Central Bank and which to date has not also been brought to the attention of the CLF Board for discussion approval pr ratification as may be applicable."

Of Duprey, Motilal later told the COE that: "I am sure he spent many sleepless nights trying to cajole subordinates and subsidiaries to report." Motilal will continue his cross examination today. Former corporate secretary Gita Sakal is also expected to take the witness stand today. Meanwhile, Commission Colman has ruled that the means of remuneration for CL Financial officials should be disclosed to the Commission but not the actual quantification of them.

how on earth will shares IN clico energy ltd, or shares OF clico energy in MHTL be sold to clico energy ltd? when they 'selling clico shares to cel' they mean selling selling clico shares to consolidated energy ltd aka proman.

*gortt tried to protect clf from selling off assets to cel(clico energy ltd), kinda mad owah*

[Habit7]

Firstly, glad to see that you finally corroborating the things you post. I hope it spreads to Dragon and ZR, they react as if I violate their freedom to lie when I point out their errors and they respond very poorly.

Secondly, you say, "i have never read any report or artilce that referenced clico energy as cel." But then you post an article with "Clico Energy Limited (CEL)" which makes me wonder if you read what you post.

Finally, the point is govt sought to bailout CL Financial so that it wouldn't cause the largest conglomerate in the country and the region to cause a run on the economy. It initially was $5B and govt was supposed to recoup their money from the sale of assets. But govt changed and the sum went up to $21B-$27B. The govt didn't want MHTL, they just wanted their money, the ppl's money, back.

[sMASH]

they wanted assets, either to sell or keep and earn the dividends.

what they do with rbl shares, they didnt sell it, they put it for first citizens. when theifcheira make out the MOU, they thought they was getting the shares in clico energies/mhtl. thats why they block clf from selling it to CEL. lo and behold, it was not theirs to block. and ended up getting way less than they thought they would have gotten.



the whole point of me dredging this topic up, was to say that govt had part in ttmc(one of the assets held by mhtl), and that ended up getting privatized. typical gortt fashion, which 9-3 run by pnm. any ministry u go, it infested with generational pnm competence. cant solve genetics in a single 5 year term.

[sMASH]

Secondly, you say, "i have never read any report or artilce that referenced clico energy as cel." But then you post an article with "Clico Energy Limited (CEL)" which makes me wonder if you read what you post.

that was with a young asha javeed or editor that thought that clico energy was a big name in the soap opera. not realizing that more of a shell with less things to do than the consolidated energy ltd. the chairman of both clico energy and mhtl was the same guy, seeing as clico had 17% and clf had 34% shares in mhtl, think rampersad motilal was his name. but from there on out, most parties tend to just say clico or clf for duprey stuff, and leave the CEL for proman, but oft times stick to proman.

we used to just say duprey and shultz.

[zoom rader]

Secondly, you say, "i have never read any report or artilce that referenced clico energy as cel." But then you post an article with "Clico Energy Limited (CEL)" which makes me wonder if you read what you post.

that was with a young asha javeed or editor that thought that clico energy was a big name in the soap opera. not realizing that more of a shell with less things to do than the consolidated energy ltd. the chairman of both clico energy and mhtl was the same guy, seeing as clico had 17% and clf had 34% shares in mhtl, think rampersad motilal was his name. but from there on out, most parties tend to just say clico or clf for duprey stuff, and leave the CEL for proman, but oft times stick to proman.

we used to just say duprey and shultz.

Ent asha javeed is a red government mattress.

Becareful with any article P¤rnhabit 7 presents nearly all are written by red government agents with an agenda of mistruths

[sMASH]

habbit dem feel they might gt if they earn enough ground points.

[Habit7]

they wanted assets, either to sell or keep and earn the dividends.

They wanted the assets because they bailed out CLF and they had no way to repay them other than assets.

This has nothing to do with a reporter. YOU made the claim YOU have never seen an article with X, then posted an article with X. That is all YOU.

[zoom rader]

Energy Minister Franklin Khan has made a bold prediction that by 2025 crude oil production will increase to 92,000 barrels of oil per day (bopd), up from its present production of 57,000 bopd.

The minister said this projected increase does not take into account any additional major discovery that may be made in the intervening period and which may quickly be brought into production.

Khan would no doubt have based part of his prediction on the already sanctioned BHP Ruby project which at peak will add 16,000 bopd and the ability of state-owned Heritage to increase its production based on its significant and under utilised assets.

In an interview with Guardian Media Khan alluded to the potential of Heritage and said, “Now I am speaking to them very regularly and I have told them I want a laser-beam focus on production and they are doing that. They have evaluated the Trinmar acreage, there is the Jubilee field that they are going out to a joint venture for, there is South-West Soldado which they will be going on a joint venture for, to bring in the investment level, to bring in the production.”

According to the Energy Minister, Heritage will also seek to increase the lease operatorship/farm-out onshore and he has told them they have to come up with their own drilling programme for the land-based assets.

The minister also promised to have a bid round for further deep exploration in what is called the Siparia syncline for Herreras, similar to where Touchstone has made several discoveries.

He said, “This will probably take about two years but I can see Heritage ramping up to over 60/70,000 barrels of oil per day by 2024.”

All of this sounds impressive and makes sense. For years, almost two decades to be honest, energy ministers have promised to do something about declining production on land and on the West Coast. Nothing has actually worked.

Former energy minister Kevin Ramnarine, like Khan, had made a bold promise of increased oil production, mainly led by what was the then Petrotrin.

Ramnarine in 2011 told a meeting of the Energy Chamber; “As a country, we must move quickly to maximise on the high oil prices both from a WTI and Brent perspective. The ministry’s forecasting of oil production indicates that oil production which averaged around 94,000 bopd for January to October 2011 should edge back up towards the 100,000 bopd mark in 2012.”

He also had this to say on natural gas production, “There continues to be a shortage of natural gas to the Point Lisas Industrial estate. This problem is not due to a lack of reserves. It is a result of poor coordination. The Ministry of Energy starting January 2012 will be chairing a quarterly production optimisation meeting that will ensure that this never happens again. In terms of a solution, there is light at the end of the tunnel.

“We expect that the EOG Toucan Platform would commence production in mid January to mid February and that this would provide relief to the problem at Point Lisas.

“The NGC has also commenced works on the NGC pipeline network to ensure that we have more flexibility in the deliverability of natural gas. This involves connecting BG at Beachfield into the NGC domestic grid.

We must understand that the system of supply and demand for natural gas is tightly optimised and any disruption will now be immediately felt at Point Lisas. I will also add that new developments of natural gas have proven to “dry gas” and therefore we have a commensurate decline in the production of liquids in T&T. This places even greater emphasis on getting oil production back up above 100,000 bopd.”

History has shown that on both counts Ramnarine and the Ministry of Energy failed to deliver.

I make the point about Ramnarine to say that it is easier said than done and that increased oil production from Heritage will require significant investment of hard cash, something the country does not have and Heritage is short on.

To be clear, the company has declared significant profits but when one considers the costs of wells and the risks associated with drilling then one understands that Heritage is going to require either significant joint ventures or a different approach has to be taken to allow private capital access to the oil resources now under the control of the state.

With the climate change challenge facing the world and the move away from fossil fuel and in particular liquid fuels, the country has to be focused on moving quickly to get the oil out of the ground or risk having a product that no one wants.

Crude oil and natural gas are only important based on the value of the product and most experts feel there is a window within which they will remain relevant.

The announcement by the world’s leading car makers of their move away from the production of combustion engines by between 2030 and 2040, if successful, will deal a hefty blow to oil prices and production and even now there is real doubt about oil and gas majors investing in any new search for crude, unless that oil can be discovered quickly and sold into the market for profit.

It is why the failure of this government to act quickly in the energy sector to solve the myriad of problems facing it is inexplicable and tantamount to political malpractice.

This column has been on the record on calling for Khan to be replaced as the Energy Minister, and it is to his credit that he was prepared to sit down with Guardian Media and have a frank discussion about his tenure as the Minister of Energy and explain his side of why things are where they are.

In the interview Khan also promised by 2025 the natural gas shortage that Ramnarine spoke about in 2011 will be finally solved. Fourteen years later and with several petrochemical plants already gone.

As a country we have to wish Khan good luck. We need the revenue that can be generated by the energy sector and we need to get the oil and gas out of the ground quickly and invest it in areas that will lead to sustainable revenue streams into the future.

We have already lost billions due to LNG transfer pricing that neither the PNM nor UNC seem to have a problem with and one can only hope this time we get it right in the important, but sunset sector.

We are running out of time and while Khan and this government say the right things, their actions fail to back up their promises.

Those who felt we would be well on our way to herd immunity by now, see how old talk and basket doh hold water

For you idiots that got fooled by Rowlair ang Guy Smiley .

They deliberately cut oil and gas supplies just to Close Petrotrin refinery . send home 3500 and shut down Pt lisas . State wells was capped under the red government to halt production . Now all of sudden they can produced 100k barrels. Those of us in oil knows what going on with those wells.

The red government keeps prime wells on capped and they lease out the older wells that are limping and need working on.

[Habit7]

^^^This is what you get when Petrotrin is not burdened with a loss-making refinery and can make a profit to invest in E&P
Production grows.

Heritage wells are mostly in mature fields where pressures are low. Normally companies would employ EOR methods to increase flow but Petrotrin was limited by funds. Now that Heritage has the profits to be reinvested into these wells, I won't be surprised to see a 1000 bopd well.

trinidad: first world restrictions and taxation, with fourth worth world debt and conditions.
thank u, rowliar

Petrotrin made ah profit of 800mill but no account for where the money was spent or where it went.

On top of that 1.5 billion gone from HSF

I think we seeing Panama all over again

see goalpost change below

[Redman]

Cool story ZR- Thats why we saw a 20% decline when the UNC was in power and the the great Kevin Ramnarine failed to get to 100 from a 98 start.
With 100 oil.

It also declined 1995-2000 as well.


The reality is simply that oil production has been in decline since the the 1967 peak of about 180,000BOPD -with some contra trend increases haphazardly since then.

2010-15 Oil production declined from 98k to 78
16-20 Declined from 71k to56k

The oil is there- Original Oil in place-is still in place.
Its still a VERY profitable business.

The above being simple proven fact then the problem isnt a political or a resource one.
a)Its management-MINISTRY level
b)and a finance level.

The has never been any penalty for production underperformance...so producers do as little as they can-cuz even at that level they making money.
The ministers optimism simply stems from the fact that local producers have recently been handed new production schedules with production and activity minimums.
For the first time in history the NOC is ENFORCING work obligations etc.
The expectation is that production will increase as a result of the pressure now being applied to work the blocks.

The financial system is archaic in its approach- and therefore local producers are out played by the externally financed entities.

[zoom rader]

^^^This is what you get when Petrotrin is not burdened with a loss-making refinery and can make a profit to invest in E&P
Production grows.

Heritage wells are mostly in mature fields where pressures are low. Normally companies would employ EOR methods to increase flow but Petrotrin was limited by funds. Now that Heritage has the profits to be reinvested into these wells, I won't be surprised to see a 1000 bopd well.

trinidad: first world restrictions and taxation, with fourth worth world debt and conditions.
thank u, rowliar

Petrotrin made ah profit of 800mill but no account for where the money was spent or where it went.

On top of that 1.5 billion gone from HSF

I think we seeing Panama all over again

see goalpost change below

You and red government are full of 5hit, you cant fool folks that are in the oil business and know these wells .

Low pressures are things of the past , you know very little about oil extraction as you have never worked on wells . Those prime wells was capped for a reason played by Rowlair and guy smiley to fool the population .

They gave leased out wells that they thought could not produce a daily supply. Those lease holders proved them wrong which are Trinty Oil, Columbus Energy, Touchstone and soon to be Bahamas petroleum. Now that these companies are producing they are embarrassing the government capped wells . Rowlair is now trying to play catch up .

3.2 Billions Barrels of Unrisked Prospective Resources but you kantas wanna pump less than 100k per day

You dumb arses are not fooling those that are in the know

[Redman]

lol
more tootz.

[zoom rader]

lol
more tootz.

Rowlair and Guy Smiily is Toots?



J

oel Julien

joel.julien@guardian.co.tt

Trinidad and Tobago’s proven crude oil reserves have increased by more than 20 million barrels according to a recent audit done by Netherland, Sewell and Associates Inc, Energy Minister Franklin Khan has revealed.

Khan said in addition to this the audit states that T&T’s probable and possible reserves have also increased significantly.

He said this is a hopeful sign. The audit was as at December 31, 2018.

“All categories of Reserves increased between the 2012 audit and the 2018 audit. Proved Reserves jumped by 10.3 per cent from 199.5 million barrels to 220.1 million barrels. Probable Reserves rose by 16.6 per cent from 85.5 million barrels to 99.7 million barrels and Possible Reserves climbed by 8.5 per cent from 124.8 million barrels to 135.5 million barrels,” Khan said.

“The 20.6 million barrel increase in Proved Reserves is a hopeful sign, and is thanks to the maturity of, and operator commitment to proved undeveloped opportunities onshore Trinidad and in the West Coast Marine Area,” he said.

Khan said the nation’s Contingent Resources also rose by 17.2 per cent—from 58 million barrels in 2012 to 68 million barrels in 2018.

“A 36.8 per cent decrease in the estimates for the East Coast Marine Area between audits was offset by a 25.7 million barrel addition from Onshore Trinidad in 2018.

He said this contribution came from several well-known fields such as Barrackpore, Penal and Parrylands, as well as one operational and one proposed flooding project.

“I’m proud to announce that NSAI’s independent, Best Estimate of our Unrisked Prospective Resources is now a mammoth 3.2 billion barrels. This is an increase of 773.4 per cent over the Unrisked Prospective Resources at 1 January 2012 of only 368.2 million barrels. This notable Resource estimate, more than 90 per cent of which was identified in the Deepwater would not be possible without the achievements of BHP and its partner Shell in acquiring, processing and interpreting prospects identified in the Southerly Deepwater Blocks,” Khan said.

‘With the Invictus drillship now in transit to Trinidad and Tobago from the Gulf of Mexico to drill the Broadside prospect, a commercial discovery in any of its several stacked Miocene targets, would de-risk the prospective resources identified by NSAI significantly and be very good news for Trinidad and Tobago,” he said.

Khan said when the proven reserves of condensate for 2018, estimated by the Ryder Scott Company, are added to the proven crude oil reserves, our proven reserves of crude oil and condensate are 256.9 million barrels.

This exceeds the figure at 1 January 2012 by 14.0 million barrels or 5.7 per cent, he said.

“Upward Revisions based on better production performance and committed projects resulted in a reserves replacement ratio of 107.2 per cent between audits. The reserves to production ratio based on the oil and condensate production and reserves in 2018 on a proved basis is 11.1 years,” he said.

“This is an increase of 54.2 per cent from the 2012 figure of 7.2 years. This change is in part due to the decreased production of 23.2 million barrels in 2018, which was 10.4 million barrels less than was produced in the year preceding the 2012 audit. But our significantly higher proved reserves of crude oil and condensate in 2018, relative to 2012 was another factor,” Khan said.

Khan said besides the potential oil windfall in the Deepwater, since the December 31, 2018 cut-off date for this audit there have been several encouraging oil discoveries and continued exploration and development by operators that can have a positive impact on reserves.

He highlighted:

· BHP’s Block 3a Ruby field, which will boost the country’s production by 15,000 bopd in 2022, has been approved and could be promoted from Contingent Resources to Reserves in a future oil audit.

· Exploration is continuing in the 2013 Onshore Competitive Bid Round Blocks of Ortoire and Rio Claro as Touchstone and Lease Operators Limited respectively follow up on the Barakat, Coho, Cascadura discoveries.

· Columbus Energy announced in April an oil discovery in the Lower and Middle Cruse sands at the Saffron Well, located in the South West Peninsula.

· The 2020 DeepWater Nomination Period is almost completed and should result in a Competitive Bid Round that would permit the continued development of reserves and resources for the future.

· Trinmar began using the Mobile Offshore Production and Compression Unit (MOPU) since December 2019 to perform production and compression duties. It is expected to add approximately 1,840 bopd on average incremental production for 2019/2020.

Asked if he thought with the potential increase in Heritage production and the additional 15,000 barrels of oil per day from BHP if he thought this country’s production could return to 100,000 bo/d, Khan said with some luck it was possible.

The Energy Minister said the Year End 2019 Trinidad and Tobago Natural Gas Reserves Audit Report is in final draft form and will be completed in a matter of a week or two.

[Redman]

The only tootz here is your theory.
Weve been through this before.
You know everything.
you have all the experience blah blah blah.

what you dont have is anything other than a heap of contradictory unsubstantiated old wives tales based on 'we who know' and the crookedness of the oil industry.

[zoom rader]

The only tootz here is your theory.
Weve been through this before.
You know everything.
you have all the experience blah blah blah.

what you dont have is anything other than a heap of contradictory unsubstantiated old wives tales based on 'we who know' and the crookedness of the oil industry.

Right So Guy Smiley full of Tootz on his 3.2 Billions of oil ?

I’m proud to announce that NSAI’s independent, Best Estimate of our Unrisked Prospective Resources is now a mammoth 3.2 billion barrels. This is an increase of 773.4 per cent over the Unrisked Prospective Resources at 1 January 2012 of only 368.2 million barrels. This notable Resource estimate, more than 90 per cent of which was identified in the Deepwater would not be possible without the achievements of BHP and its partner Shell in acquiring, processing and interpreting prospects identified in the Southerly Deepwater Blocks,” Khan said.

[Redman]

There is no correlation between what you are saying and that article.

They deliberately cut oil and gas supplies just to Close Petrotrin refinery . send home 3500 and shut down Pt lisas . State wells was capped under the red government to halt production . Now all of sudden they can produced 100k barrels. Those of us in oil knows what going on with those wells.

This has nothing to do with the reserves.

The reserve story has nothing to do with our day to day production-----Production has dropped 30% since 2012 (81k)yet the reserves have increased 700% in the same time frame....your info.

Why would the GORTT artificially reduce oil production if they are relying on Heritage to be the lynchpin in refinancing the Petrotrin debt?
Certainly they would need oil production to be high as possible....yet we are down 10% since 2018....


UNC didnt increase production
PNM didnt either.

No conspiracy- just same sht different party

[bluefete]

THERE ARE NO WORDS, TUNERS, NO WORDS!!!





https://www.facebook.com/TheTrio.TT/vid ... 2577161754

[zoom rader]

THERE ARE NO WORDS, TUNERS, NO WORDS!!!





https://www.facebook.com/TheTrio.TT/vid ... 2577161754

Shiva bless bless that injun prime minster Modi and the injun nationals

Dem Tobago red government ppl always looking for 2 Billion dollar hand outs.

Who's begging who?

[Gladiator]

THERE ARE NO WORDS, TUNERS, NO WORDS!!!





https://www.facebook.com/TheTrio.TT/vid ... 2577161754

How much beg they beg China for money to do useless crap over the decades..... This man is Ignorant, stupid and feel everybody brainless like his supporters.

[zoom rader]

THERE ARE NO WORDS, TUNERS, NO WORDS!!!





https://www.facebook.com/TheTrio.TT/vid ... 2577161754

How much beg they beg China for money to do useless crap over the decades..... This man is Ignorant, stupid and feel everybody brainless like his supporters.

Rowlair sold his bamcee begging China.

Don't worry port will be given and not sold to China

[Habit7]

How much beg they beg China for money to do useless crap over the decades..... This man is Ignorant, stupid and feel everybody brainless like his supporters.

Beg China for what? China offers countries loans and we have to pay them back, both PNM and UNC take advantage of it.
We are willing to pay India for vaccines and they want to give it away to others, that is their choice.
There is not T&T can do to change India's mind.

[zoom rader]

There is no correlation between what you are saying and that article.

They deliberately cut oil and gas supplies just to Close Petrotrin refinery . send home 3500 and shut down Pt lisas . State wells was capped under the red government to halt production . Now all of sudden they can produced 100k barrels. Those of us in oil knows what going on with those wells.

This has nothing to do with the reserves.

The reserve story has nothing to do with our day to day production-----Production has dropped 30% since 2012 (81k)yet the reserves have increased 700% in the same time frame....your info.

Why would the GORTT artificially reduce oil production if they are relying on Heritage to be the lynchpin in refinancing the Petrotrin debt?
Certainly they would need oil production to be high as possible....yet we are down 10% since 2018....


UNC didnt increase production
PNM didnt either.

No conspiracy- just same sht different party

You a bigger clown than I expected. Line up the dots son