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TRINIDAD & TOBAGO NEWS | Energy and Power

18K views 27 replies 5 participants last post by  stephendavion 
#1 ·
Trinidad’s Energy Ministry Awards Pair of Oil Exploration Licences to Petrotrin

Trinidad’s Ministry of Energy and Energy Affairs has signed two oil exploration and production licences with state-owned Petrotrin.

The licences cover the Trinidad Northern Areas Block and the North Marine Block.

The award of the licences follows several months of negotiations between Petrotrin and the Ministry. Both provide for new work programmes, signature and commerciality bonuses, technical equipment and environmental and other bonuses.

Petrotrin has a six-year term to execute the exploration programmes.

As part of its agreement, Petrotrin is expected to invest approximately $TT1.1 billion in the Trinmar and North Marine acreages between 2013 and 2017.

The so-called Trinmar Acreage, the TNA Licence Area, comprises 75,737 hectares off the southwest peninsula of Trinidad.
 
#27 ·
Energy Minister tours Goudron oilfield

Published:
Tuesday, October 22, 2013
Aleem Khan

Energy and Energy Affairs Minister Kevin Ramnarine published on his Twitter account on Friday that he “spent the day in the country’s remotest oilfield—the Goudron oil field in Guayaguayare with Leni Gas and Oil (LGO) and Petrotrin.” Ramnarine also published on social media a photo of the new pumping jacks at the Goudron Field.


On September 18, LGO announced that exploration and production (E&P) activities in T&T had been the company’s focus since 2011. Company officials said the T&T E&P activities are anticipated to be a dominant part of LGO’s growth agenda, especially during the extensive redevelopment of the Goudron Field, where, subject to financing, some 30 new wells are planned over the next few years.

The London-listed company praised the T&T government’s capital allowances in the national 2013/2014 budget saying they were “anticipated to have an immediate positive impact on cash flow, although there is no marked reduction on overall tax take over the life of the project. Based solely on the company’s plan to carry out field infill drilling at Goudron over the next two years the changes would result in a positive cash flow impact of approximately US$1 million per annum over the next three years.”
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