THE OIL & GAS YEAR THE OIL & GAS YEAR TRINIDAD & TOBAGO 2015 TRINIDAD & TOBAGO. The Who s Who of the Global Energy Industry

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1 00A_COVER_TT_2015.qxp_Layout 1 5/11/15 3:50 PM Page 1 THE OIL & GAS YEAR The Who s Who of the Global Energy Industry ARTICLES INTERVIEWS VIEWPOINTS MARKET ANALYSIS RESOURCES PROJECTS MAPS INVESTOR SPOTLIGHTS THE OIL & GAS YEAR TRINIDAD & TOBAGO ISBN TRINIDAD & TOBAGO The view ahead Kevin RAMNARINE Minister of Energy and Energy Affairs To thrive in a curtailed market Indar MAHARAJ President NATIONAL GAS COMPANY Seaward bound Vernon PALTOO President NATIONAL ENERGY

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6 TRINIDAD & TOBAGO 2015 THE OIL & GAS YEAR The Who s Who of the Global Energy Industry CONTENTS TRINIDAD & TOBAGO Official partner: 10 THE YEAR IN REVIEW 11 INTERVIEW: Kevin Ramnarine, Minister of Energy and Energy Affairs 13 THE YEAR S AWARDS 14 INTERVIEW: Indar Maharaj, National Gas Company 15 MAP: Countries with EITI status 16 INTERVIEW: Vernon Paltoo, National Energy 17 TRINIDAD AND TOBAGO AT A GLANCE 18 INTERVIEW: Thackwray Driver, The Energy Chamber 19 THE INVESTORS INDEX 20 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 country 24 INTERVIEW: Winston Dookeran, Minister of Foreign Affairs 25 VIEWPOINT: Transparent moves. Sherwin Long, TTEITI Secretariat 26 ARTICLE: Compliant and transparent. The country achieves EITI compliance 26 IN RECEIPTS: Results of the country s second EITI report 27 RESOURCE: Trinidad and Tobago s EITI timeline 28 INTERVIEW: Hugh Howard, AmCham T&T 29 PULLOUT MAP: Oilfield and gasfield infrastructure EXPLORATION & PRODUCTION 22 Diplomacy & Politics 31 ARTICLE: Deepwater interest. New offshore technologies help fight declining production levels 31 IN PRODUCTION: Trinidad and Tobago s oil and gas production, MAP: Reserves-to-production ratios in the Americas FOLDOUT MAP: Offshore platforms 33 INTERVIEW: Khalid Hassanali, Petrotrin 34 COMPANY PROFILE: BP Trinidad and Tobago 35 INTERVIEW: Vincent Pereira, BHP Billiton 36 ARTICLE: Exploration next door. Companies in Trinidad and Tobago consider expanding to Guyana-Suriname Basin 37 MAP: Onshore, near-shore, offshore blocks in Suriname 2015 is an election year for Trinidad and Tobago. A new parliament will be created amid the fall in global oil prices, which are the basis of the government s budgetary planning. Prime Minister Kamla Persad-Bissessar has various plans in place to help the country through potentially difficult economic times, including cancelling or shelving infrastructure projects that are deemed non-critical COMPANY PROFILE: BG Group 39 PROJECT HIGHLIGHT: Starfish development 39 IN PRODUCTION: Daily contract quantities at BG Group s Trinidadian gasfields 40 MARKET ANALYSIS: Options to explore. Krishna Persad, KPA Group of Companies 41 COMPANY PROFILE: Repsol 42 GEOLOGY REPORT: Rich in complexity 43 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, INTERVIEW: Dominic Rampersad, Phoenix Park Gas Processors 47 PROJECT HIGHLIGHT: Atlantic LNG plant 47 RESOURCE: Atlantic LNG supply, production and sales 48 COMPANY PROFILE: NiQuan Energy Trinidad 48 IN SUPPLY: Projected contributions of major Trinidadian gas suppliers, COMPANY PROFILE: Shell Trinidad 49 RESOURCE: Shell s PurePlus technology 50 INTERVIEW: Anne Ghent, Ventrin Petroleum Company 50 IN RESERVES: Trinidad and Tobago s gas reserves 51 COMMENT: Prime position. Helped by proximity to major shipping lanes, bunker fuel supply activity is due to increase 52 COMPANY PROFILE: PowerGen 52 IN POWER: Gas used for Trinidadian power generation 54 PETROCHEMICALS Exploration & Production Trinidad and Tobago s petroleum industry managed to reach a peak crude oil output of 181,000 barrels per day in 2005 and is now in a period of steady decline. New extraction technologies have made the country s underexplored deepwater fields accessible for development. International oil companies have renewed interest in the region and are expected to increase exploration activity. However, Trinidad s complex geological structures may prove challenging. 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 THE OIL & GAS YEAR TRINIDAD & TOBAGO The Who s Who of the Global Energy Industry

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8 TRINIDAD & TOBAGO 2015 The Oil & Gas Year is audited by BPA Worldwide CONTENTS TRINIDAD & TOBAGO The Year s Focus: Independent Oil Producers The Trinidadian market is home to an increasing number of independent production companies. Smaller entities are slowly gaining market share and could help the country retain funds normally lost to large internationals. The Goudron field will play a big role in this development as a relatively young field holding good potential for further investment. 74 Banking, Finance & Consultancy 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 In the final quarter of 2014, a $50-million budget surplus came as a surprise after a deficit projected at nearly $154 million. The reversal boosted the outlook on Trinidad and Tobago s economic potential for 2015 after the drop in oil prices threw a budget largely based on oil prices of $45 per barrel. Phoenix Park Gas Processors planned 2015 initial public offering comes as an encouraging sign. 86 Local Oilfield Services Trinidad and Tobago s oilfield services and suppliers run in a lean manner to stay competitive against their larger international counterparts. To achieve this goal, domestic companies focus on niche markets, mostly selling smaller, easier-to-transport supplies and equipment that allows for higher turnover. Large companies have a difficult time extracting profits from smaller projects. FOLDOUT MAP: Oil and gas in the Trinidadian economy 81 COMMENT: Fiscal measures. A new Finance Act arrives 82 INTERVIEW: Anthony Smart and Sharon Christopher, First Citizens Group 83 INTERVIEW: Anthony Seeraj, CIBC FirstCaribbean International Bank 84 VIEWPOINT: Impetus to explore. William David Clarke and Donna-Marie Johnson, J.D.Sellier+Co. 84 IN BUSINESS: 2015 Doing Business rankings 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 discovery 65 OPERATIONS REPORT: Goudron field yields 66 INTERVIEW: Joel M.C. Pemberton, Trinity Exploration & Production 67 COMMENT: On the fast track. The rise of Trinity 67 RESOURCE: Offshore blocks 1a and 1b infrastructure 68 MAP: Onshore blocks 69 IN DISCUSSION: Neil Ritson, LGO Energy, Joel M.C. Pemberton, Trinity Exploration & Production 70 INTERVIEW: Michael Loewen, Touchstone Exploration (Trinidad) 72 COMMENT: Cut back, bulk up, move forward. Companies can expand where others divest 72 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, 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, INTERVIEW: Gregory Hannays, EY 86 LOCAL OILFIELD SERVICES 87 ARTICLE: Lean and local. Local services companies start to compete against their international counterparts 88 INTERVIEW: Mark Laughlin, ProCom 89 COMMENT: Tighten up. Lower oil prices are felt 90 COMPANY PROFILE: Well Services Petroleum Company 91 COMPANY PROFILE: PetroCom Technologies 92 MARKET ANALYSIS: Ready for competition. Kenneth Ferguson and Renée Ferguson, Kenson Group of Companies 92 IN RIGS: Offshore platforms in Trinidad and Tobago, RESOURCE: Depths drilled by major operators, MARKET ANALYSIS: Upstream projections. Roger Packer, Tucker Energy Services 94 IN RIGS: Total number of rig days in Trinidad and Tobago, INVESTOR SPOTLIGHTS: In-Corr-Tech, Tiger Tanks Trinidad 97 INTERVIEW: Anton Paul, Hydrocarb Trinidad 98 VIEWPOINT: A competitive market. Aleem Hosein, Ansa Technologies 99 INVESTOR SPOTLIGHTS: Esau Oilfield Supplies, Cameron (Trinidad), Trinidad and Tobago Local Content Chamber 100 COMPANY PROFILE: Hull Support Services 101 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 THE OIL & GAS YEAR TRINIDAD & TOBAGO The Who s Who of the Global Energy Industry

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10 TRINIDAD & TOBAGO 2015 THE OIL & GAS YEAR The Who s Who of the Global Energy Industry CONTENTS TRINIDAD & TOBAGO International Oilfield Services In 2015, Trinidad and Tobago s oilfield services sector faces challenges. Capital expenditure has decreased and hydrocarbons companies are laying off employees worldwide due to the slump in oil prices. New deepwater developments in the country offer hope that the situation will be brief. Blocks 3 and 7 have been licensed for development and large 3D-seismic surveys are in the process of being interpreted, which should identify further opportunities. 103 IN REVENUE: Major oilfield services companies revenues, Q and Q MARKET ANALYSIS: Peak oilfield. Matt Bryan, Schlumberger 105 ARTICLE: A new frontier for plugs. Well plugs advance 106 COMPANY PROFILE: Lloyd s Register Energy 107 MARKET ANALYSIS: Ship share. Michael Ivey, Rowan Drilling Trinidad 107 INVESTOR SPOTLIGHT: Gyrodata 108 ARTICLE: Know all the angles. Opportunities created by directional drilling 109 INVESTOR SPOTLIGHTS: Weatherford Trinidad, GE Oil & Gas, Baker Hughes Trinidad, SapuraKencana Petroleum 110 ENGINEERING & CONSTRUCTION ARTICLE: Projects on the move. New petrochemicals plants 112 COMPANY PROFILE: Trinidad Offshore Fabricators 113 INTERVIEW: Philip Vilain, Stork Technical Services 114 INTERVIEW: Shazan Ali, TOSL Engineering 115 INVESTOR SPOTLIGHTS: Amcoweld Engineering Services, UniversalPegasus International 116 INTERVIEW: Dwight Mahabir, Damus 117 INVESTOR SPOTLIGHTS: BSI Services Trinidad, Super Industrial Services 118 INTERVIEW: Vaughn Martin, Massy Wood Group 118 IN INVESTMENT: Caribbean Gas Chemical plant shares Engineering & Construction The number of offshore platforms in Trinidad and Tobago is increasing, which is bringing new construction projects to both the upstream and downstream sectors. BP s Juniper development could stimulate construction of new petrochemicals processing plants, while port expansions are in progress to facilitate offshore growth. Phase two of the Port of Galeota expansion is underway in 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 Group 124 IN SHIPPING: Basic handling charges and tariffs for containers at Port of Spain s port, MAP: Regional ports with potential for CNG/LNG delivery 126 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 122 Ports & Logistics Trinidad and Tobago s vital oil industry hit a low point in the 1980s and the government has since made major efforts to diversify its hydrocarbons development. At ports throughout the country, the government is building marine infrastructure that will support multiple burgeoning sectors, including natural gas production and downstream petrochemicals manufacturing. There are also plans to improve a berth at the Port of Brighton beginning in ACCOMMODATION 133 EVENTS 135 ACKNOWLEDGMENTS ADVERTISERS INDEX 136 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 Web Editor: 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, Max Harwood, Jon Hemming, Lewis King, Michael Kuser, Rob Morris, Samantha North, Helena Oh, Reuben Silverman, Oliver Tree Creative Director: Begüm Alpay Co-ordinating Art Director: Melis Tüzün Art Directors: Javier González, Ahmet Sağır, Didem Tereyağoğlu Global Circulation Director: Ebru Ak HR: Ece Özmen Head of Finance: Hasan Meriç Printing: APA Uniprint Production: The Oil & Gas Year, Ltd. ISBN info@theoilandgasyear.com visit 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 All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means electronic, mechanical, photocopied, facsimiled, recorded or otherwise, without the prior permission of The Oil & 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 Year Ltd. 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. Exploring knowledge Extracting intelligence INTERNATIONAL Refining communication THE OIL & GAS YEAR TRINIDAD & TOBAGO The Who s Who of the Global Energy Industry

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12 photo courtesy of National Gas Company THE YEAR IN REVIEW 11 The view ahead Kevin RAMNARINE Minister of Energy and Energy Affairs 14 How to thrive in a curtailed market Indar MAHARAJ President NATIONAL GAS COMPANY 16 Seaward bound Vernon PALTOO President NATIONAL ENERGY

13 INTERVIEW The view ahead Minister of Energy and Energy Affairs Kevin Ramnarine talks to TOGY about recent developments in Trinidad and Tobago s energy industry, as well as its outlook for 2015 and the medium term. The ministry regulates activity in the country s oil and gas industry throughout the value chain. What will be achieved by the Natural Gas Master Plan ? Trinidad and Tobago needs a well-researched 10-year plan detailing natural gas policy to manage challenges such as the impact of the US shale industry on gas markets and production-sharing contract renewals in the face of a shortfall in hydrocarbons supply. The Natural Gas Master Plan will detail the direction that the country should take in deciding the best use of its gas supply. The report will help Trinidad and Tobago to determine how best to use its diminishing resources to benefit the country as a whole. The country has plans to launch both land acreage and shallow-water bid rounds in the near future. Trinidad and Tobago does not have a clear written policy regarding the allocation of natural gas. The plan has the goal of positioning the country as a gas-based economy in the context of uncertainty about how shale gas will impact it. The issue of how to manage allocation will be better understood following the study s results. A specific plan is important now more than ever as the country will face numerous changes over the next three years given its position in the natural gas industry and the increasing influence of gas curtailments. The energy ministry has hired UK-based Poten & Partners on a $1.4-million consultancy contract to help develop the master plan by collecting information and consulting with companies. The results of this are expected in June The proposed plan has received widespread support from the industry as it will give clarity as to the government s policy. How do independent oil producers play a role in the country s oil production? Independent oil producers represent the future of land-based production. Current land-based production rates are around 25,000 bopd. Production from independent operators increases yearly. Estimates suggest that the collective production of independents will surpass Petrotrin s output in the coming years. Independents have demonstrated their efficiency time and time again. Trinidad-focused LGO Energy resuscitated the Goudron oilfield, which produced only 50 bopd in Production rates for this oilfield now stand at around 2,000 bopd. The company has also completed an aeromagnetic survey of its acreage to identify new potential resources. The future is promising for LGO, as well as Canada s Touchstone Exploration and Lease Operators, an associated company of Trinidadian business Well Services Petroleum Company. Trinidad and Tobago had a very successful 2013 onshore bid round, awarding three blocks to Australia s Range Resources, Touchstone Exploration and Lease Operators. The results were made public in February 2014, and the licences were signed in November The country has plans to launch both land acreage and shallow-water bid rounds in the near future. Plans for imminent deepwater bid rounds have been tabled because of the cost involved. It was therefore important to lock in nine production-sharing contracts for deepwater to be actioned over the course of the next couple of years. Trinidad and Tobago has seen gas curtailments since How will this issue be addressed in the medium term? Gas curtailments have an impact on downstream plants at the Point Lisas Industrial Estate. This effect will not recede in the foreseeable future. Curtailments of as much as 20 percent are being seen in 2015 because of a period of underinvestment by a number of upstream companies between 2008 and To combat the problem, the energy ministry has incentivised drilling. In 2009, the number of rig days were 744, while in 2014, rig days totalled 2,443. This shows a marked increase. Kevin RAMNARINE Minister of Energy and Energy Affairs IN FIGURES Volume Trinidad and Tobago s oil production is expected to exceed before ,000 bopd Minimum projection for oil production in five years 100,000 bopd Cost of consulting services for the Natural Gas Master Plan $1.4 million THE YEAR IN REVIEW 11 INTERVIEW The Who s Who of the Global Energy Industry THE OIL & GAS YEAR TRINIDAD & TOBAGO 2015

14 INTERVIEW regime. The government has provided tax breaks and concessions in the last four years that have reinvigorated the upstream sector. A tax reform committee was formed to determine the necessity of a fifth round of incentives. THE YEAR IN REVIEW INTERVIEW 12 To address the issue of gas curtailments, the government has incentivised drilling to boost production IN FIGURES Trinidad and Tobago s rig days in Domestic rig days in ,443 The country s base gas production in mcm per day The impact of curtailments will continue to be a factor well into 2017, when BPTT s Juniper offshore platform project comes on line. The project has already started up at the Corallita and Lantana fields off the southeast coast of Trinidad, and the platform is being fabricated at the Union Industrial Estate in La Brea. While more upstream activity will not eliminate gas curtailments, it will alleviate their impact. Although slightly behind schedule, BG Group s Starfish gas development delivered its first gas in December Chevron and BG Group are 50-percent stakeholders in the $550-million development. The Starfish field is connected to the Dolphin platform and will also provide gas as feedstock for the fourtrain Atlantic LNG facility. BG Group will develop gas resources in blocks 5c and 5d, which may hold significant volumes of reserves. The company acquired the remaining 25-percent stake in its operated block 5c for $62 million from Canada s Niko Resources in March 2014, growing its base. Work is being conducted around the country in an effort to bring more gas into the system and fight the decline of existing reservoirs. In the current environment, it is difficult and challenging to sustain the base gas production figure of 115 mcm (4.07 bcf) per day. Where is the upstream sector headed today with respect to Petrotrin and tax reforms? Trinidad and Tobago has an output of more than 81,000 barrels of oil per day (bopd). The country s production is slated to exceed 90,000 bopd before 2017, with a five-year projection of reaching more than 100,000 bopd. Petrotrin and its Trinmar division will be central to achieving a national increase with its threeyear goal of growing from its current output of around 21,000 bopd to 35,000 bopd. Petrotrin s 3D-seismic surveys will be a key component to this programme, identifying additional land prospects. Realisation of these goals could mean a renaissance of land production for oil in Trinidad and Tobago. One of the tools being used to encourage the upstream sector is fiscal policy. Industry operators have made suggestions through The Energy Chamber regarding the fiscal tax How will becoming compliant with the Extractive Industries Transparency Initiative (EITI) aid the country s extractive industry? A total of 46 companies operating in Trinidad and Tobago have voluntarily reported their contribution to the country s revenue. However, remaining EITI compliant will be challenging. The country has been on the path towards full EITI recognition since 2003, with reinvigorated efforts taking place in EITI recognition has several benefits, including distinguishing Trinidad and Tobago as a serious oil and gas producer. It also tells operators that transparency is a priority for the country and strengthens the extractive industry s systems for accountability and identifying weaknesses. Finally, EITI membership empowers civil society to develop its understanding of the energy industry. The EITI governance structure includes civil society, business and government a tripartite arrangement that will benefit the country. EITI recognition has several benefits, including distinguishing Trinidad and Tobago as a serious oil and gas producer. Why is the initial public offering (IPO) of Trinidad and Tobago NGL (TTNGL) so important to this government? The TTNGL IPO will be a huge part of Trinidad and Tobago s legacy. Phoenix Park Gas Processors, which is 39-percent owned by TTNGL, has made profits since its creation in The company is a well-run business and holds the distinction of being the largest gas processing facility in the Western Hemisphere. The government of Trinidad and Tobago, through the National Gas Company, acquired 39 percent of Phoenix Park Gas Processors from ConocoPhillips for $600 million in August 2013 with plans to list the company on the Trinidad and Tobago Stock Exchange. The government has approved the TTNGL IPO. The Ministry of Finance and the Economy is working with the National Gas Company to ensure that the offering moves forward. This manoeuvre would essentially allow for the democratisation of the energy industry, enabling private citizens to have direct ownership in it. It would also provide for more proper corporate governance, given the scrutiny that is applied to publicly listed companies. THE OIL & GAS YEAR TRINIDAD & TOBAGO 2015 The Who s Who of the Global Energy Industry

15 THE YEAR S AWARDS TRINIDAD & TOBAGO 2015 MAN OF THE YEAR Kevin RAMNARINE Minister of Energy and Energy Affairs Kevin Ramnarine spearheaded the design of an exhaustive natural gas master plan that is expected to guide the domestic sector during the next 10 years. Since coming into office in 2010, the minister has overseen the signing of 12 production-sharing contracts. Nine of these were for deepwater blocks and three were for onshore licences, awarded to three independent oil producers. Ramnarine was instrumental in seeing first gas delivered at UK-based BG Group s Starfish development project in December Furthermore, he has guided Trinidad and Tobago towards compliance with the Extractive Industries Transparency Initiative. UPSTREAM DEVELOPMENT OF THE YEAR The Goudron oilfield, resuscitated by independent oil producer LGO Energy under CEO Neil Ritson, has exceeded expectations. A 30-well development programme began in 2014 during which oil pay was reached in the first eight wells drilled. The seventh well, GY-670, was completed in December 2014 and produced at an initial constrained flow rate of more than 1,000 barrels of oil per day. Goudron production as of April 2015 was around 2,000 barrels of oil per day. A further seven development wells are expected to be drilled by the end of the year. OFFSHORE ACTIVITY OF THE YEAR From March 2014 until mid-february 2015, UK-Australian operator BHP Billiton conducted a 20,000-square-kilometre 3D-seismic survey in the deepwater blocks for which they had successfully signed production-sharing contracts in 2012 and The survey was the largest undertaken by an international oil company globally, covering an area nearly four times the size of Trinidad and Tobago s land mass, and utilised ultra-capacity vessels Ramform Titan and Ramform Atlas. The processing of data from the survey will take up to 18 months to complete. ACQUISITION OF THE YEAR The Ortoire block, located in the southeast corner of Trinidad, was one of three onshore exploration licences awarded in February 2014 by the Ministry of Energy and Energy Affairs to Canada s Touchstone Exploration. The licence was signed in November In addition to conducting several technical studies on the block, Touchstone has a commitment to shoot 85 kilometres of 2Dseismic and conduct a four-exploration-well-drilling programme over an initial six-year term. The minimum financial obligation associated with the Ortoire block is pegged at around $11 million. THE YEAR IN REVIEW 13 THE YEAR S AWARDS TRINIDAD & TOBAGO 2015 SERVICES PROVIDER OF THE YEAR In 2015, Tucker Energy Services celebrated its 80th year as a local Trinidad and Tobago energy services company. It has continued to expand Trinidadian technological know-how and expertise internationally to Venezuela, Colombia, Brazil, Suriname and Belize. In the last five years, 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 gas industry and is able to compete with larger international services and supplies companies. INSTITUTIONAL INITIATIVE OF THE YEAR In January 2015, Trinidad and Tobago became compliant with the Extractive Industries Transparency Initiative (EITI). The multi-year process was led by Trinidad and Tobago s EITI Secretariat, EITI Steering Committee and Ministry of Energy and Energy Affairs and makes the country only the second in the Americas to achieve compliance. Forty-six companies in the domestic extractive industry, including BP, BG, Repsol, BHP Billiton, Petrotrin, National Gas Company and EOG Resources, voluntarily submitted revenue receipts to the government as part of the undertaking. The Who s Who of the Global Energy Industry THE OIL & GAS YEAR TRINIDAD & TOBAGO 2015