Member Info for happysparrow

Not only ON Camera, but by RNS - 3rd August:
'... The pre-commissioning of the gas facility and pipeline consists of testing all electronics, alarms, and operating systems in the facility, testing of the flare and emergency shutdown systems, as well as purging air from the system using inert nitrogen gas. Subsequent to these operations, system commissioning operations will commence, which entails the introduction of natural gas from the Coho-1 well into the facility and pipeline in a step rate manner, officially bringing the system onstream to the Central block natural gas facility.
Coho-1 will commence production following completion of the commissioning and pipeline handover process, with the expectation that production will increase over time to 10 MMcf/d (1,667 boe/d) gross, 8 MMcf/d (1,333 boe/d) net. Touchstone will provide further information once production is optimized through the system.
Paul Baay, President and Chief Executive Officer, commented:
"The completion of the Coho facility and pipeline will be a significant milestone for Touchstone, as it will represent our first natural gas production and is expected to double our current production on a boe basis.
Throughout this process we have encountered challenges that have provided us valuable knowledge to streamline the construction of the Cascadura facility. During the pre-commissioning and commissioning process, we will need to balance the system with the well, pipeline and Central block facility. We will keep all stakeholders informed of our progress, and I would personally like to thank our shareholders for their continued patience as we proceed to full commercial production."

I have to assume production is not 'optimised' as yet. No one has informed as to why.

Excellent work, AB76. Thank you.
I really hope they answer your questions and, as alligator says, this time with deeds following soon after.

I'm not on social media, so would be grateful for someone to post here anything useful they mention on O&G fiscal reform. Hopefully the local press will cover the event too.

https://newsday.co.tt/2022/08/28/asa-wright-nature-reserve-in-battle-with-quarry-operators/

https://newsday.co.tt/2022/08/25/energy-chambers-timely-call/

https://oilnow.gy/regional/time-running-out-for-tt-to-offer-more-investor-friendly-contract-terms-energy-chamber/
'...Alternately, the Energy Chamber said T&T’s gas royalty regime can be restructured to see companies paying more on larger and more profitable fields and less on smaller ones.'

Also:
https://oilnow.gy/featured/no-gas-production-ramp-up-in-tt-anytime-soon-outlook-grim-ramnarine/

I might be wrong on September 2 - it could be the 12th?
https://newsday.co.tt/2022/08/24/new-parliamentary-session-begins-september-12/

Thanks, ab76. Fascinating.

I think I recall that the budget is set for 2nd September.

Rowley is then off to Switzerland on the 2nd to “encourage and to conclude business with Proman, the largest producer of methanol in Trinidad and Tobago”
Rowley said he will also be meeting with officials of the oil companies, Shell and BP, whose negotiations “are coming to an end” before returning home on September 10.

I imagine he can only conclude business with Proman, Shell and BP if he has a clear notion of the fiscal regime they will be operating under.

That Young says “it will all come out in the near future” regards the government's Energy strategy, which seems to tie in with Rowley's ability to conclude deals, suggests to me that fiscal reforms will be announced on the 2nd.

Always optimistic.
GLA

Good quotes listed here: https://twitter.com/AB___76 (Good work, AB76. Thanks.)
Prime Minister: '... As regards potential and un-developed resources Government has been soliciting proposals from upstream operators on the incentives required to stimulate activity for the exploitation of these resources. To that end, the Ministry of Finance in collaboration with the Ministry of Energy and Energy Industries, is conducting a comprehensive review of our oil and gas taxation regime to ensure that Trinidad and Tobago remains an internationally competitive hydrocarbon province. The review encompasses capital allowances, petroleum profits tax, supplemental petroleum tax and royalty, both onshore and offshore, in shallow water and deep-water.'
https://www.opm.gov.tt/prime-minister-dr-the-hon-keith-rowleys-keynote-address-at-the-2022-energy-conference/

'Energy minister Stuart Young recently said the “government recognizes that to encourage further investment in the upstream that the fiscal regime needs to be updated… [and that] … an amended fiscal policy is being drafted for cabinet’s consideration.” '
https://www.bnamericas.com/en/news/trinidad-gas-oil-output-struggles-as-push-to-ease-tax-burden-increases

https://twitter.com/TouchstoneExp/status/1546523079421018112?cxt=HHwWgICqnYCjrfYqAAAA

'Dr. Priya Marajh is currently the Vice President - Advocacy and Member Engagement at the Energy Chamber of Trinidad and Tobago

and a lecturer of various international relations courses at the University of the West Indies. She has extensive experience in both corporate and academia in the energy sector, and in the areas of international business development, relations and law, diplomacy, advocacy, local content development, and social and economic policy development.

Prior to joining the Energy Chamber of Trinidad and Tobago, Dr. Marajh served in the Ministry of Foreign Affairs of Trinidad and Tobago.

She holds a Master of Science in International Relations from the University of the West Indies, a Bachelor of Laws from the University of London and a Doctor of Philosophy in International Relations from the University of the West Indies.'

https://www.guardian.co.tt/business/energy-chamber-calls-for-tax-reform-now-6.2.1536228.a942d75e15
https://www.guardian.co.tt/business/ngc-see-47-billion-turnaround-6.2.1536226.6139651b6b
https://trinidadexpress.com/business/local/ngc-declares-2-56-billion-profit/article_31981b84-2276-11ed-ad19-d31645ba39f8.html

The improvement in the gas business should provide leeway to do more on SPT in the early Sept budget - and pay back the VAT owed.

https://energynow.tt/blog/reform-energy-tax-now-to-encourage-investment

https://twitter.com/AB___76

Thanks, Scott.
Gently reassuring.

I think this is new? - August 15th.
htTps://www.touchstoneexploration.com/wp-content/uploads/2022/08/August-2022-Corporate-Presentation.pdf

Correct link:
https://www.guardian.co.tt/business/eog-fails-to-find-oil-in-trinmar-acreage-6.2.1534026.700c21c0a9

Good report from Mr Williams (mentions TXP briefly):
https://www.lse.co.uk/ShareChat.asp?ShareTicker=TXP&share=Touchst-Ex-Di

Panr RNS yesterday:
Pantheon, like all companies in the oil and gas industry, is experiencing significant inflationary cost and supply chain pressures at present.

Agreed, Sturm.
Here is an example today of Trinidad's political sensitivity to the press reports:
https://newsday.co.tt/2022/08/16/pm-laments-calibre-of-local-regional-journalism/
https://newsday.co.tt/2022/08/17/journalist-rowley/

O/T AET
For what it's worth I wrote this:

AET is not the operator 10 Aug 2022 09:58

This is of concern.
The speed of change and changes willing to be made will all depend on the cooperation of the operator.
Also waiting on various Government approvals (as have recently experienced with TXP, where delays halved the share price).
AET does not seem the master of its own destiny here.
Hope these questions will be raised in the presentation.
Maybe need to see how this relationship progresses in the coming months before jumping in on the headline figures?

Agreed, aligator. But that is not how to get things done imo.
I prompted Mr Cutis Williams to write this article:
https://guardian.co.tt/news/is-the-ema-costing-tt-hundreds-of-millions-of-dollars-6.2.1515925.448be83063
and that seemed the necessary critical catalyst to get performance improved on THIS approval - the one that was essential to TXP's progress.
As performance did improve; due thanks was given for that improvement. There was no need to remind them of past performance - they knew all too well about that - and it would not have been helpful.

I think a tirade of hostile letters and press articles may be coming shortly to Rowley, Imbert, Young - Imbert, particularly - if there is no SPT reform come this September budget. Sharpen your pens, everyone.