Adam Davidson, CEO of Trident Royalties, discusses offtake milestones and catalysts to boost FY24. Watch the video here.
If it helps, Smasher I wrote to the EMA for an update, and received a holding reply a week ago, that began 'We thank you for your email and your continued concern on this critical issue....' They know it is a critical issue, their words - and that the press and politicians will be on their back if there is further delay. Trinidad is desperate for this gas - and so are the politicians. The next election has to be by July 2025 latest. The government's majority is very small (22 PNM to 19 UNC). If the gas development is delayed further, if there is no SPT reform, if O&G companies and investors steer clear from T&T, the economy will crash and the current politicians will be out on their ear. If the Head of the EMA fails to deliver the EIA soon, he will be booted out promptly. They know that EIA has to be delivered on this month. All in my opinion, of course.
[NB: Geopolitics - and hence oil price - T&T cannot rely on the high oil price. The Ukraine war will be over soon. The settlement has already been arranged. See Medvedev's two maps whereby the west of Ukraine will hived off into Poland and Romania:
https://www.youtube.com/watch?v=_yeyMo9FzLo
and Ukraine-Poland merge: https://www.youtube.com/watch?v=iLhG7fC3_mE
American looters and other corporates/countries have already bought much of Ukraine's prime farmland in the West of Ukraine in anticipation of this being included in the EU on war settlement.
However, we are now moving into potential conflict/war/sanctions with China - part2 of the Thucydides Trap, whereby the declining global power (the US) tries to maintain its power as top dog by attacking the rising powers (first Russia, now China). The other ways, of course, are to have One World Government, or for the West to reduce its 'useless eater' population and thus have more wealth to distribute amongst fewer people. Or all three ways simultaneously. Cheerful, I know Will have to see how this all plays out. We live in interesting times.]
https://newsday.co.tt/2022/07/28/sp-projects-4-5-growth-for-trinidad-and-tobago-this-year/
What a jackass.
https://trinidadexpress.com/business/local/t-t-a-safe-harbour-for-investors-says-imbert/article_1fce381a-0a1c-11ed-a198-a73b6c452284.html
The rating agency said: “Nevertheless, the mature energy sector, with gas production declining in recent years and lower-than-expected oil production, along with limited monetary policy flexibility and a heavily managed exchange rate, constrain the country’s ability to respond to potential future shocks, in our view. Our ratings also reflect poor long-term economic performance, with per capita income growth that is below the average for sovereigns with similar income levels.”
correction -again!
I have 1 T$ = £0.12
$7,000 a month x £0.12 x 12 months = £10080 pa
Apologies - about £7000 pa. - my mind wandered, somewhere; must be getting old :-)
https://trinidadexpress.com/opinion/letters/the-plight-of-the-poor-public-servants/article_6044217e-0883-11ed-a73f-9bbaaac1af94.html
'Most of the salaries of public servants range around $6,000 to $8,000 per month'
[about £10,000 per annum]
https://newsday.co.tt/2022/07/21/business-chambers-brace-for-early-budget/
https://www.guardian.co.tt/business/dr-rowley-is-right-but-country-needs-more-than-words-6.2.1522109.36273a6fa8
'...Dr Rowley and his team, led by the Finance Minister Colm Imbert, are yet, after seven years in office, to show any interest in growing the economy outside of the energy sector. The constant appeal from the non-energy sector for the conditions to be created to allow them to compete appears to be ignored and in the case of a more competitive exchange rate, the Minister of Finance is on record as saying he is ignoring the calls....'
This was Herman on Advfn:
'...With regards to the EIA: As of last week, it was supposed to be submitted by the middle of this week. I prefer they submit it when they are 99% sure that EMA will aprove it, so a couple of days delay would still be ok. The COO is down there trying to get things done, so lets see how effective he is. My guesses are usually wrong, but let me try: Both the EIA approval and first gas at Coho during first week of August…:-)
Credit must go to Red Rook on advfn this morning to alerting me to your blog - though here on lse-Txp we've been following your comments in the past on the advfn Trin site. Some excellent work and initiative, ab. Thank you.
Here at TXP we're very much concerned with administrative delays as well, and pushing hard on reform there. Recently Mr Curtis Williams wrote a good critical article for us on the EMA delays; and soon after (in combination with strong pressure by shareholders on the BoD) TXP hired the Vice-President of T&T's Energy Chamber as a director. Putting pressure on politicians locally for reform, through media and industry influencers, seems to help get results. Fingers crossed we see big improvements in the country soon. Their politicians, Mr Young in particular, can hardly expect to lead the Regional Energy Sector strategy, or have their pronouncements regarded with respect, when their own political and administrative shortcomings are so fundamentally weak. The more these shortcomings are exposed locally and regionally, the sooner change will come about. The Energy Chamber and Mr Kevin Ramnarine of the Opposition seem on the ball. I think Colm Imbert has been the problem (and perhaps Mr Rowley?), not Mr Young who is relatively new to post.
Very much liked the example you gave here as to what can be done if the government is fully on board:
https://njayuk.com/operator-friendly-policies-have-positioned-senegal-and-mauritania-natural-gas-industries-for-success/
https://azpnews.com/tt-to-struggle-for-natural-gas-production-until-2027/
A good resource (particularly on tax reform - so much so that Colm Imbert, the finance minister has blocked his posts.):
https://ab-76.blogspot.com/2022/06/
https://twitter.com/AB___76
(NB: if you are not on twitter, and get the 'sign up' screen, then press sign up, and press the x in top left corner of following screen, then you can read the twitter posts.)
Latest news is that the PM wants an early budget - hopefully for SPT tax reform:
PM Dr Rowley says the expectation is that there will be an early Budget this year. @Newsday_TT
https://twitter.com/TTMEEI/status/1545113855931580419/photo/2
'get the resources out of the ground'
'in the shortest time frame'
https://twitter.com/moonxav
A definite improvement !