THE OIL & GAS YEAR TRINIDAD & TOBAGO 2015 · The world’s sixth-largest LNG plant is located in Trinidad and Tobago, where the Atlantic joint venture runs a facility with almost

TRINIDAD & TOBAGO 2015

THE OIL & GAS YEAR The Who’s Who of the Global Energy Industry

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The view aheadKevin RAMNARINEMinister of Energy and Energy Affairs

To thrive in a curtailed marketIndar MAHARAJPresidentNATIONAL GAS COMPANY

Seaward boundVernon PALTOOPresidentNATIONAL ENERGY

ARTICLES | INTERVIEWS | VIEWPOINTS | MARKET ANALYSIS | RESOURCES | PROJECTS | MAPS | INVESTOR SPOTLIGHTS

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The world’s sixth-largest LNG plant is located in Trinidad and Tobago, where the Atlantic joint venture runs afacility with almost 15 million tonnes per year in production capacity. Two of the Atlantic LNG plant’s major

investors made headlines in April 2015, when Shell announced plans for a $70-billion acquisition of BG Group.The move will make Shell the largest stakeholder in all four Atlantic LNG trains.

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10 THE YEAR IN REVIEW

11 INTERVIEW: Kevin Ramnarine, Minister of Energy and Energy Affairs

13 THE YEAR’S AWARDS14 INTERVIEW: Indar Maharaj, National Gas Company15 MAP: Countries with EITI status 16 INTERVIEW: Vernon Paltoo, National Energy17 TRINIDAD AND TOBAGO AT A GLANCE18 INTERVIEW: Thackwray Driver, The Energy Chamber19 THE INVESTORS INDEX20 THE YEAR IN ENERGY

22 DIPLOMACY & POLITICS

23 ARTICLE: Elections, economy and the oil industry. National elections amid hydrocarbons price turbulence

23 IN CORRUPTION: Perceptions of corruption by country24 INTERVIEW: Winston Dookeran, Minister of

Foreign Affairs25 VIEWPOINT: Transparent moves. Sherwin Long, TTEITI

Secretariat26 ARTICLE: Compliant and transparent. The country

achieves EITI compliance 26 IN RECEIPTS: Results of the country’s second EITI report27 RESOURCE: Trinidad and Tobago’s EITI timeline28 INTERVIEW: Hugh Howard, AmCham T&T29 PULLOUT MAP: Oilfield and gasfield infrastructure 2015

30 EXPLORATION & PRODUCTION

31 ARTICLE: Deepwater interest. New offshore technologies help fight declining production levels

31 IN PRODUCTION: Trinidad and Tobago’s oil and gas production, 2003-2013

32 MAP: Reserves-to-production ratios in the AmericasFOLDOUT MAP: Offshore platforms33 INTERVIEW: Khalid Hassanali, Petrotrin34 COMPANY PROFILE: BP Trinidad and Tobago35 INTERVIEW: Vincent Pereira, BHP Billiton36 ARTICLE: Exploration next door. Companies in Trinidad

and Tobago consider expanding to Guyana-Suriname Basin37 MAP: Onshore, near-shore, offshore blocks in Suriname

38 COMPANY PROFILE: BG Group39 PROJECT HIGHLIGHT: Starfish development39 IN PRODUCTION: Daily contract quantities at BG

Group’s Trinidadian gasfields40 MARKET ANALYSIS: Options to explore. Krishna Persad,

KPA Group of Companies41 COMPANY PROFILE: Repsol42 GEOLOGY REPORT: Rich in complexity43 MAP: BP’s ocean bottom cable surveys

44 LNG & DOWNSTREAM

45 ARTICLE: State of the supply. LNG producers search for new markets as the shale boom decreases US imports

45 RESOURCE: Trinidadian LNG export destinations, 201346 INTERVIEW: Dominic Rampersad, Phoenix Park Gas

Processors47 PROJECT HIGHLIGHT: Atlantic LNG plant47 RESOURCE: Atlantic LNG supply, production and sales48 COMPANY PROFILE: NiQuan Energy Trinidad48 IN SUPPLY: Projected contributions of major Trinidadian

gas suppliers, 201549 COMPANY PROFILE: Shell Trinidad49 RESOURCE: Shell’s PurePlus technology50 INTERVIEW: Anne Ghent, Ventrin Petroleum Company50 IN RESERVES: Trinidad and Tobago’s gas reserves51 COMMENT: Prime position. Helped by proximity to major

shipping lanes, bunker fuel supply activity is due to increase52 COMPANY PROFILE: PowerGen52 IN POWER: Gas used for Trinidadian power generation

54 PETROCHEMICALS

55 ARTICLE: Equitable curtailments. Gas shortages continue to hinder the downstream sector

55 IN PETROCHEMICALS: Ammonia and methanol usage, production and exports

56 IN PRODUCTION: Local petrochemicals plant production capacities

57 INTERVIEW: Jerome Dookie, Caribbean Nitrogen Company

57 IN PRODUCTION: Mitsubishi’s methanol and dimethyl ether plants around the world

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The Who’s Who of the Global Energy IndustryTHE OIL & GAS YEAR | TRINIDAD & TOBAGO 2015

22Diplomacy & Politics2015 is an election year for Trinidad and To-bago. A new parliament will be created amidthe fall in global oil prices, which are thebasis of the government’s budgetary plan-ning. Prime Minister Kamla Persad-Bissessarhas various plans in place to help the countrythrough potentially difficult economic times,including cancelling or shelving infrastruc-ture projects that are deemed non-critical.

30Exploration & ProductionTrinidad and Tobago’s petroleum industry man-aged to reach a peak crude oil output of 181,000barrels per day in 2005 and is now in a periodof steady decline. New extraction technologieshave made the country’s underexplored deep-water fields accessible for development. Inter-national oil companies have renewed interestin the region and are expected to increase ex-ploration activity. However, Trinidad’s complexgeological structures may prove challenging.

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62The Year’s Focus: Independent Oil ProducersThe Trinidadian market is home to an increas-ing number of independent production com-panies. Smaller entities are slowly gainingmarket share and could help the country re-tain funds normally lost to large internationals.The Goudron field will play a big role in thisdevelopment as a relatively young field hold-ing good potential for further investment.

86Local Oilfield ServicesTrinidad and Tobago’s oilfield services andsuppliers run in a lean manner to stay com-petitive against their larger internationalcounterparts. To achieve this goal, domesticcompanies focus on niche markets, mostlyselling smaller, easier-to-transport suppliesand equipment that allows for higherturnover. Large companies have a difficulttime extracting profits from smaller projects.

74Banking, Finance & ConsultancyIn the final quarter of 2014, a $50-millionbudget surplus came as a surprise after adeficit projected at nearly $154 million. Thereversal boosted the outlook on Trinidad andTobago’s economic potential for 2015 afterthe drop in oil prices threw a budget largelybased on oil prices of $45 per barrel. PhoenixPark Gas Processors’ planned 2015 initial pub-lic offering comes as an encouraging sign.

58 MARKET ANALYSIS: Shortage story. Ian Welch, PCS Nitrogen Trinidad

59 INTERVIEW: Jimmy Mphelane, Air Liquide Trinidad & Tobago

60 PROJECT HIGHLIGHT: Caribbean Gas Chemical petrochemicals plant

61 RESOURCE: Urea processing flow diagram

62 THE YEAR’S FOCUS: Independent Oil Producers

63 ARTICLE: Independents’ day. The success of independent oil producers in Trinidad and Tobago

63 IN DEPTH: LGO Energy’s well drilling programme at the Goudron oilfield

64 RESOURCE: TGAL field discovery65 OPERATIONS REPORT: Goudron field yields66 INTERVIEW: Joel M.C. Pemberton, Trinity Exploration &

Production67 COMMENT: On the fast track. The rise of Trinity67 RESOURCE: Offshore blocks 1a and 1b infrastructure68 MAP: Onshore blocks69 IN DISCUSSION: Neil Ritson, LGO Energy, Joel M.C.

Pemberton, Trinity Exploration & Production70 INTERVIEW: Michael Loewen, Touchstone Exploration

(Trinidad)72 COMMENT: Cut back, bulk up, move forward. Companies

can expand where others divest72 RESOURCE: Geology of the WD-8 block

74 BANKING, FINANCE & CONSULTANCY

75 ARTICLE: Stable and sound. The country’s unexpected budget strength offers reassurance amid the oil price drop

76 IN INVESTMENT: Foreign direct investment flow into Trinidad and Tobago, 2009-2013

77 INTERVIEW: Michelle Persad, The Trinidad and Tobago Stock Exchange

78 VIEWPOINT: A small world. Darryl White, RBC Royal Bank (Trinidad & Tobago)

79 VIEWPOINT: Join hands. Anya Schnoor, Scotiabank Trinidad and Tobago

79 IN GROWTH: The country’s GDP growth, 2012-201780 INTERVIEW: Gregory Hannays, EY

FOLDOUT MAP: Oil and gas in the Trinidadian economy81 COMMENT: Fiscal measures. A new Finance Act arrives82 INTERVIEW: Anthony Smart and Sharon Christopher,

First Citizens Group83 INTERVIEW: Anthony Seeraj, CIBC FirstCaribbean

International Bank84 VIEWPOINT: Impetus to explore. William David Clarke and

Donna-Marie Johnson, J.D.Sellier+Co.84 IN BUSINESS: 2015 Doing Business rankings

86 LOCAL OILFIELD SERVICES

87 ARTICLE: Lean and local. Local services companies start to compete against their international counterparts

88 INTERVIEW: Mark Laughlin, ProCom89 COMMENT: Tighten up. Lower oil prices are felt90 COMPANY PROFILE: Well Services Petroleum Company91 COMPANY PROFILE: PetroCom Technologies92 MARKET ANALYSIS: Ready for competition. Kenneth

Ferguson and Renée Ferguson, Kenson Group of Companies

92 IN RIGS: Offshore platforms in Trinidad and Tobago, 1992-2015

93 RESOURCE: Depths drilled by major operators, 201494 MARKET ANALYSIS: Upstream projections. Roger

Packer, Tucker Energy Services94 IN RIGS: Total number of rig days in Trinidad and Tobago,

2007-201495 INVESTOR SPOTLIGHTS: In-Corr-Tech, Tiger Tanks

Trinidad97 INTERVIEW: Anton Paul, Hydrocarb Trinidad 98 VIEWPOINT: A competitive market. Aleem Hosein, Ansa

Technologies99 INVESTOR SPOTLIGHTS: Esau Oilfield Supplies,

Cameron (Trinidad), Trinidad and Tobago Local Content Chamber

100 COMPANY PROFILE: Hull Support Services101 INVESTOR SPOTLIGHTS: Quality Testing & Inspection

Services, IRP Fire & Safety, Oil Mop Environmental Services

102 INTERNATIONAL OILFIELD SERVICES

103 ARTICLE: Services shifts. Services sector slows temporarily

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103 IN REVENUE: Major oilfield services companies’ revenues, Q1 2014 and Q1 2015

104 MARKET ANALYSIS: Peak oilfield. Matt Bryan, Schlumberger

105 ARTICLE: A new frontier for plugs. Well plugs advance106 COMPANY PROFILE: Lloyd’s Register Energy107 MARKET ANALYSIS: Ship share. Michael Ivey, Rowan

Drilling Trinidad107 INVESTOR SPOTLIGHT: Gyrodata108 ARTICLE: Know all the angles. Opportunities created by

directional drilling109 INVESTOR SPOTLIGHTS: Weatherford Trinidad, GE Oil &

Gas, Baker Hughes Trinidad, SapuraKencana Petroleum

110 ENGINEERING & CONSTRUCTION

111 ARTICLE: Projects on the move. New petrochemicals plants 112 COMPANY PROFILE: Trinidad Offshore Fabricators113 INTERVIEW: Philip Vilain, Stork Technical Services114 INTERVIEW: Shazan Ali, TOSL Engineering115 INVESTOR SPOTLIGHTS: Amcoweld Engineering

Services, UniversalPegasus International 116 INTERVIEW: Dwight Mahabir, Damus117 INVESTOR SPOTLIGHTS: BSI Services Trinidad, Super

Industrial Services 118 INTERVIEW: Vaughn Martin, Massy Wood Group 118 IN INVESTMENT: Caribbean Gas Chemical plant shares

120 MARKET ANALYSIS: National review. Thor Arne Hjelmaas, DNV GL

121 INVESTOR SPOTLIGHTS: Plant Solutions, AdON Group, WorleyParsons Trinidad

122 PORTS & LOGISTICS

123 ARTICLE: A base for branching out. Building marine infrastructure to support burgeoning sectors

124 INTERVIEW: Bruce Mackenzie, ASCO Group124 IN SHIPPING: Basic handling charges and tariffs for

containers at Port of Spain’s port, 2014 125 MAP: Regional ports with potential for CNG/LNG delivery126 ARTICLE: Next generation. The Port of Galeota will be

important logistics centre when it is completed 126 IN TRANSIT: Round trip CNG shipping and

transportation costs from Point Fortin 127 INVESTOR SPOTLIGHTS: Cargo Consolidators Agency,

Crowley Logistics Trinidad, AmerTrin Marine & Logistics Services

128 EXECUTIVE GUIDE

129 ACCOMMODATION133 EVENTS135 ACKNOWLEDGMENTS | ADVERTISERS INDEX136 IN BRIEF

Publisher: Emmanuelle Berthemet Editor-in-Chief: Gilles Valentin COO: Aslı Konyalı Regional Director: Peter Szabadi Country Director: Karen Kumbasar Country Editor:Robert Terpstra Managing Editor: Simon Johns Production Manager: Alex Mazonowicz Chief Sub-Editor: Amanda Towle Deputy Chief Sub-Editor: Suzanne Carlson WebEditor: Angus Foggie Co-ordinating Sub-Editor: Laura Moth Sub-editors: Sibel Akbay, Leyla Amur, Jessica-Elise Turner Austin, Jessenia Chapman, John Houghton-Brown,James Kiger, Henri Besse de Laromiguière, Daniel Salinas, Jordan Schultz, Matthew Vance Editorial Intern: Dilara Gülekçi Contributors: Ian Ackerman, Owen Barron, MaxHarwood, Jon Hemming, Lewis King, Michael Kuser, Rob Morris, Samantha North, Helena Oh, Reuben Silverman, Oliver Tree Creative Director: Begüm Alpay Co-ordinatingArt Director: Melis Tüzün Art Directors: Javier González, Ahmet Sağır, Didem Tereyağoğlu Global Circulation Director: Ebru Ak HR: Ece Özmen Head of Finance: HasanMeriç Printing: APA Uniprint Production: The Oil & Gas Year, Ltd. ISBN 978-1-78302-098-0 E-mail [email protected] visit www.theoilandgasyear.com Cover:Photograph courtesy of the National Gas Company

The Oil & Gas Year is a trading name of The Oil & Gas Year Ltd. Copyright The Oil & Gas Year Ltd. 2015. All rights reserved. No part of this publication may be reproduced, storedin a retrieval system or transmitted in any form or by any means electronic, mechanical, photocopied, facsimiled, recorded or otherwise, without the prior permission of TheOil & Gas Year Ltd. The Oil & Gas Year Ltd. has made every effort to ensure that the content of this publication is accurate at the time of printing. However, The Oil & Gas YearLtd. makes no warranty, representation or undertaking, whether expressed or implied, nor does it assume any legal liability, direct or indirect, or responsibility for the accuracy,completeness or usefulness of any information contained in this publication.

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110Engineering & ConstructionThe number of offshore platforms in Trinidadand Tobago is increasing, which is bringingnew construction projects to both the up-stream and downstream sectors. BP’s Juniperdevelopment could stimulate constructionof new petrochemicals processing plants,while port expansions are in progress to fa-cilitate offshore growth. Phase two of the Portof Galeota expansion is underway in 2015.

122Ports & LogisticsTrinidad and Tobago’s vital oil industry hit alow point in the 1980s and the governmenthas since made major efforts to diversify its hy-drocarbons development. At ports throughoutthe country, the government is building marineinfrastructure that will support multiple bur-geoning sectors, including natural gas produc-tion and downstream petrochemicals manu-facturing. There are also plans to improve aberth at the Port of Brighton beginning in 2015.

102International Oilfield ServicesIn 2015, Trinidad and Tobago’s oilfield servicessector faces challenges. Capital expenditurehas decreased and hydrocarbons companiesare laying off employees worldwide due to theslump in oil prices. New deepwater develop-ments in the country offer hope that the situ-ation will be brief. Blocks 3 and 7 have been li-censed for development and large 3D-seismicsurveys are in the process of being interpreted,which should identify further opportunities.

www.theoilandgasyear.com



11 The view ahead Kevin RAMNARINE Minister of Energy and Energy Affairs

14 How to thrive in a curtailed market Indar MAHARAJPresidentNATIONAL GAS COMPANY

16 Seaward boundVernon PALTOOPresidentNATIONAL ENERGY

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What will be achieved by the Natural GasMaster Plan 2014-2024?Trinidad and Tobago needs a well-researched10-year plan detailing natural gas policy tomanage challenges such as the impact of theUS shale industry on gas markets and pro-duction-sharing contract renewals in the faceof a shortfall in hydrocarbons supply.

The Natural Gas Master Plan 2014-2024will detail the direction that the country shouldtake in deciding the best use of its gas supply.The report will help Trinidad and Tobago todetermine how best to use its diminishing re-sources to benefit the country as a whole.

Trinidad and Tobago does not have a clearwritten policy regarding the allocation ofnatural gas. The 2014-2024 plan has the goalof positioning the country as a gas-basedeconomy in the context of uncertainty abouthow shale gas will impact it. The issue of howto manage allocation will be better understoodfollowing the study’s results.

A specific plan is important now morethan ever as the country will face numerouschanges over the next three years given itsposition in the natural gas industry and theincreasing influence of gas curtailments.

The energy ministry has hired UK-basedPoten & Partners on a $1.4-million consultancycontract to help develop the master plan bycollecting information and consulting withcompanies. The results of this are expected inJune 2015. The proposed plan has receivedwidespread support from the industry as itwill give clarity as to the government’s policy.

How do independent oil producers play arole in the country’s oil production?Independent oil producers represent the futureof land-based production. Current land-basedproduction rates are around 25,000 bopd. Pro-duction from independent operators increasesyearly. Estimates suggest that the collectiveproduction of independents will surpassPetrotrin’s output in the coming years.

Independents have demonstrated theirefficiency time and time again. Trinidad-focusedLGO Energy resuscitated the Goudron oilfield,which produced only 50 bopd in 2013. Pro-duction rates for this oilfield now stand ataround 2,000 bopd. The company has alsocompleted an aeromagnetic survey of itsacreage to identify new potential resources.The future is promising for LGO, as well asCanada’s Touchstone Exploration and LeaseOperators, an associated company of Trinidadianbusiness Well Services Petroleum Company.

Trinidad and Tobago had a very successful2013 onshore bid round, awarding three blocksto Australia’s Range Resources, Touchstone Ex-ploration and Lease Operators. The resultswere made public in February 2014, and thelicences were signed in November 2014.

The country has plans to launch both landacreage and shallow-water bid rounds in thenear future. Plans for imminent deepwaterbid rounds have been tabled because of thecost involved. It was therefore important tolock in nine production-sharing contracts fordeepwater to be actioned over the course ofthe next couple of years.

Trinidad and Tobago has seen gas curtail-ments since 2010. How will this issue be ad-dressed in the medium term?Gas curtailments have an impact on down-stream plants at the Point Lisas IndustrialEstate. This effect will not recede in the fore-seeable future. Curtailments of as much as 20percent are being seen in 2015 because of aperiod of underinvestment by a number ofupstream companies between 2008 and 2010.

To combat the problem, the energy ministryhas incentivised drilling. In 2009, the numberof rig days were 744, while in 2014, rig daystotalled 2,443. This shows a marked increase.

The country hasplans to launch both land acreage and shallow-water bid rounds in the near future.

IN FIGURES

Volume Trinidad and Tobago’s oil production is expected toexceed before 2017

90,000 bopdMinimum projection for oilproduction in five years

100,000 bopdCost of consulting servicesfor the Natural Gas Master Plan 2014-2024

$1.4 million

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Minister of Energy and Energy Affairs Kevin Ramnarine talks to TOGY aboutrecent developments in Trinidad and Tobago’s energy industry, as well as itsoutlook for 2015 and the medium term. The ministry regulates activity in thecountry’s oil and gas industry throughout the value chain.

The view ahead

Kevin RAMNARINEMinister of Energy and Energy Affairs

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The impact of curtailments will continue tobe a factor well into 2017, when BPTT’s Juniperoffshore platform project comes on line. Theproject has already started up at the Corallitaand Lantana fields off the southeast coast ofTrinidad, and the platform is being fabricatedat the Union Industrial Estate in La Brea.

While more upstream activity will not elim-inate gas curtailments, it will alleviate theirimpact. Although slightly behind schedule,BG Group’s Starfish gas development deliveredits first gas in December 2014. Chevron andBG Group are 50-percent stakeholders in the$550-million development. The Starfish fieldis connected to the Dolphin platform and willalso provide gas as feedstock for the four-train Atlantic LNG facility.

BG Group will develop gas resources inblocks 5c and 5d, which may hold significantvolumes of reserves. The company acquiredthe remaining 25-percent stake in its operatedblock 5c for $62 million from Canada’s NikoResources in March 2014, growing its base.

Work is being conducted around the coun-try in an effort to bring more gas into thesystem and fight the decline of existing reser-voirs. In the current environment, it is difficultand challenging to sustain the base gas pro-duction figure of 115 mcm (4.07 bcf ) per day.

Where is the upstream sector headed todaywith respect to Petrotrin and tax reforms? Trinidad and Tobago has an output of morethan 81,000 barrels of oil per day (bopd). Thecountry’s production is slated to exceed 90,000bopd before 2017, with a five-year projectionof reaching more than 100,000 bopd. Petrotrinand its Trinmar division will be central toachieving a national increase with its three-year goal of growing from its current outputof around 21,000 bopd to 35,000 bopd.

Petrotrin’s 3D-seismic surveys will be a keycomponent to this programme, identifyingadditional land prospects. Realisation of thesegoals could mean a renaissance of land pro-duction for oil in Trinidad and Tobago.

One of the tools being used to encouragethe upstream sector is fiscal policy. Industryoperators have made suggestions throughThe Energy Chamber regarding the fiscal tax

regime. The government has provided taxbreaks and concessions in the last four yearsthat have reinvigorated the upstream sector.A tax reform committee was formed to deter-mine the necessity of a fifth round of incentives.

How will becoming compliant with the Ex-tractive Industries Transparency Initiative(EITI) aid the country’s extractive industry?A total of 46 companies operating in Trinidadand Tobago have voluntarily reported theircontribution to the country’s revenue. However,remaining EITI compliant will be challenging.The country has been on the path towardsfull EITI recognition since 2003, with reinvigo-rated efforts taking place in 2010.

EITI recognition has several benefits, in-cluding distinguishing Trinidad and Tobagoas a serious oil and gas producer. It also tellsoperators that transparency is a priority forthe country and strengthens the extractiveindustry’s systems for accountability and iden-tifying weaknesses. Finally, EITI membershipempowers civil society to develop its under-standing of the energy industry. The EITI gov-ernance structure includes civil society, businessand government – a tripartite arrangementthat will benefit the country.

Why is the initial public offering (IPO) ofTrinidad and Tobago NGL (TTNGL) so im-portant to this government?The TTNGL IPO will be a huge part of Trinidadand Tobago’s legacy. Phoenix Park Gas Proces-sors, which is 39-percent owned by TTNGL,has made profits since its creation in 1989.The company is a well-run business and holdsthe distinction of being the largest gas pro-cessing facility in the Western Hemisphere.

The government of Trinidad and Tobago,through the National Gas Company, acquired39 percent of Phoenix Park Gas Processorsfrom ConocoPhillips for $600 million in August2013 with plans to list the company on theTrinidad and Tobago Stock Exchange. The gov-ernment has approved the TTNGL IPO. TheMinistry of Finance and the Economy is workingwith the National Gas Company to ensurethat the offering moves forward.

This manoeuvre would essentially allowfor the democratisation of the energy industry,enabling private citizens to have direct own-ership in it. It would also provide for moreproper corporate governance, given the scrutinythat is applied to publicly listed companies.

IN FIGURES

Trinidad and Tobago’s rig days in 2009

744Domestic rig days in 2014

2,443The country’s base gasproduction in 2015

115 mcm per day

EITI recognition has several benefits,

including distinguishingTrinidad and Tobago

as a serious oil and gas producer.

To address the issue of gas curtailments, the government has incentivised drilling to boost production


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In January 2015, Trinidad and Tobago became compliant with the Extractive Industries TransparencyInitiative (EITI). The multi-year process was led by Trinidad and Tobago’s EITI Secretariat, EITISteering Committee and Ministry of Energy and Energy Affairs and makes the country only thesecond in the Americas to achieve compliance. Forty-six companies in the domestic extractiveindustry, including BP, BG, Repsol, BHP Billiton, Petrotrin, National Gas Company and EOGResources, voluntarily submitted revenue receipts to the government as part of the undertaking.

MAN OF THE YEAR

Kevin RAMNARINE

Minister of Energy and Energy Affairs Kevin Ramnarine spearheadedthe design of an exhaustive natural gas master plan that is expectedto guide the domestic sector during the next 10 years. Since cominginto office in 2010, the minister has overseen the signing of 12 pro-duction-sharing contracts. Nine of these were for deepwater blocksand three were for onshore licences, awarded to three independentoil producers. Ramnarine was instrumental in seeing first gas deliveredat UK-based BG Group’s Starfish development project in December2014. Furthermore, he has guided Trinidad and Tobago towards com-pliance with the Extractive Industries Transparency Initiative.

From March 2014 until mid-February 2015, UK-Australian operator BHP Billiton conducted a20,000-square-kilometre 3D-seismic survey in the deepwater blocks for which they hadsuccessfully signed production-sharing contracts in 2012 and 2013. The survey was the largestundertaken by an international oil company globally, covering an area nearly four times the sizeof Trinidad and Tobago’s land mass, and utilised ultra-capacity vessels Ramform Titan andRamform Atlas. The processing of data from the survey will take up to 18 months to complete.

OFFSHORE ACTIVITY OF THE YEAR

The Goudron oilfield, resuscitated by independent oil producer LGO Energy under CEO NeilRitson, has exceeded expectations. A 30-well development programme began in 2014 duringwhich oil pay was reached in the first eight wells drilled. The seventh well, GY-670, wascompleted in December 2014 and produced at an initial constrained flow rate of more than1,000 barrels of oil per day. Goudron production as of April 2015 was around 2,000 barrels ofoil per day. A further seven development wells are expected to be drilled by the end of the year.

UPSTREAM DEVELOPMENT OF THE YEAR

The Ortoire block, located in the southeast corner of Trinidad, was one of three onshore explorationlicences awarded in February 2014 by the Ministry of Energy and Energy Affairs to Canada’sTouchstone Exploration. The licence was signed in November 2014. In addition to conductingseveral technical studies on the block, Touchstone has a commitment to shoot 85 kilometres of 2D-seismic and conduct a four-exploration-well-drilling programme over an initial six-year term. Theminimum financial obligation associated with the Ortoire block is pegged at around $11 million.

ACQUISITION OF THE YEAR

In 2015, Tucker Energy Services celebrated its 80th year as a local Trinidad and Tobagoenergy services company. It has continued to expand Trinidadian technological know-how andexpertise internationally to Venezuela, Colombia, Brazil, Suriname and Belize. In the last fiveyears, Tucker’s growth can be attributed largely to its fast expansion in the fracturing business.Over the course of 2014 and 2015, it has become entrenched in the US’ shale oil and gasindustry and is able to compete with larger international services and supplies companies.

SERVICES PROVIDER OF THE YEAR

INSTITUTIONAL INITIATIVE OF THE YEAR


Documents

THE OIL & GAS YEAR TRINIDAD & TOBAGO 2015 · The world’s sixth-largest LNG plant is located in Trinidad and Tobago, where the Atlantic joint venture runs a facility with almost