PORT OF SPAIN, Trinidad (CMC) – BPTT has confirmed the discovery of two trillion cubic feet of gas in the Savannah and Macadamia exploration wells off Trinidad's south-east coast, which it said would be used to service the international and domestic markets.“The gas from these discoveries would go to both Atlantic and the domestic market. So this is a benefit to both sides of the equation in terms of where our supplies go,” BPTT Regional President Norman Christie told a news conference Thursday.
Christie said that while the discovery would certainly ease the gas shortage in Trinidad he cautioned that “we have to keep these discoveries going so we can be 'past the worst', for a longer period.
BP's Chief Executive of Upstream, Bernard Looney, who flew in to Trinidad and Tobago announced the discovery saying “today is about celebrating recent successes”.
He said the completion of gas contract negotiations with the National Gas Company (NGC), the long-awaited sanction of the Angelin project by BP largely supported by the successful negotiations as well as the safe start-up of two projects — Sercan II with our partner EOG (EOG Resources) and the Trinidad Offshore Compression project (TROC) were also reasons for the celebrations.
“We have found gas in commercial quantities in our two exploration wells, Savannah and Macadamia,” Looney said with Christie indicating that production is expected to start in the 2020 to 2021 time frame.
Christie said the company has an offshore compression project which would start in the 2020 time period.
“So what you should hear from (this) is a plan to get production to a healthy level and sustain that production level for the medium to long-term.”
Energy Minister Franklin Khan, said that while the new discoveries would ease the gas shortage here, noting “I don't want to be so predictive but BP has shared some good news today.
“As I said earlier, EOG is the unsung hero in the Trinidad gas market. They have been quietly doing small developments and they're contributing a fair amount of gas. More importantly, all of EOG's gas goes to NGC…So between those three companies, I would want to say that by early 2019, if we haven't made the gas curtailment issue disappear, we'll be fairly close to that,” Khan said .
(Barbados Today) Former Prime Minister Owen Arthur today accused Minister of Finance Chris Sinckler of inflicting unnecessary pain on the people of Barbados.
While warning that the half-billion dollar adjustment programme effectively amounted to a devaluation of the Barbados currency, Arthur suggested that an International Monetary Fund (IMF) adjustment would have been far easier for the entire country to swallow.
He explained that based on the IMF’s Article 1V Consultation last year, Government could have been afforded the equivalent of $310 million annually over a three-year period.
However, he said the Freundel Stuart Government had chosen instead to make an adjustment of $542 million over nine months.
“The adjustment that the minister is bringing to the House is going to inflict about $250 million more pain on this economy than if the Government of Barbados had chosen to enter a programme with the International Monetary Fund,” Arthur said, while warning that Government’s alternative of seeking a homegrown remedy did not match up to the IMF solution based on the country’s “seven-fold problems”.
(Antigua Observer) The Antigua Public Utilities Authority’s (APUA) Electricity Manager has revealed that it will cost EC $6 million to bring three of the six engines at the Wadadli Power Plant (WPP) back online.
Andre Matthias said an assessment of the repairs necessary had been completed and a company by the name of Damex WinPower – which specialises in power plant maintenance – would be part of WPP’s rehabilitation.
According to the electricity manager, the $6 million figure includes the cost of the work to be done, the contracted services and the parts needed for the plant.
APUA, via a press release on Tuesday, said that the Electricity Business Unit has begun repairs to the plant and expects it to be operational by the end of the year. Matthias concurred that the target deadline was feasible.
(Barbados Today) The general cost of living in Barbados is set to rise, following a whopping increase in the contentious National Social Responsibility Levy (NSRL), introduction of a new sales tax on foreign currency transactions and a hike in the excise taxes charged on gasoline and diesel consumption.
With the expectation of raking in $542 million from taxes and expenditure cuts, overcoming a high deficit of $537.6 million, and achieving a small surplus of $4.4 million, these were some of the measures announced Tuesday by Minister of Finance Chris Sinckler in the highly anticipated 2017 Financial Statement and Budgetary Proposals.
The measures come on the heels of appeals by the private sector and Leader of the Opposition Barbados Labour Party Mia Mottley for no new taxes.
However, in his three-hour presentation, Sinckler also announced some expenditure measures, including plans for much needed debt re-profiling, as well as divestment of the Hilton Barbados Resort, for which Government is expecting to receive no less than $100 million in net proceeds, taking into account debt liabilities attached to that property.
Additionally, the Minister of Finance said a mid-year review was done with the aim of reducing Government spending by at least $50 million across ministries from the 2016/2017 Estimates and Expenditure, which was successful.
(Reuters) Prime Minister Theresa May called on British Airways to compensate the thousands of passengers who were left stranded over the weekend by an IT failure and to deliver the service that customers expect of the country's flagship carrier.
BA was forced to cancel all flights from London's Heathrow, Europe's busiest airport, and Gatwick on Saturday after it said a power surge knocked out its computer systems, disrupting its global flight operations, call centers and website.
"It's important that of course British Airways has a compensation scheme ... for people who were traveling," May told an election campaign event in central England on Tuesday.
"It is up to them to sort their IT out and to ensure that they're able to provide the services that people expect them to provide as British Airways."