Member Info for happysparrow

Yes, asked Mr Curtis Williams to investigate - and he has done an excellent job. If only TXP and EMA could do likewise and take deadlines as seriously as journalists do.
Now everyone in the country (and the region), including the Prime Minister and the Energy Minister, should know the problems - and hopefully something will be done.

Importantly, Mark Loquan, President of NGC, should take note. They, and TXP, now need to speed up their project to try and make up for lost time. If the country is losing $792,000 a day, then NGC should be given a budget of $790,000 a day to get this pipeline built asap. With this, they can hire the top people from anywhere in the world, in sufficient numbers, working all hours, to
get it completed. (As could have the EMA ! )

TXP, for its part, will forego $208,000 per day each day this project remains uncompleted (200,000 scf x $2 x 80% WI x 65% net of tax). Thus they have a budget of $200,000 a day to hire the best people, from anywhere in the world, working all hours, to get this done.

Now - let's get on with it.

https://twitter.com/Number10cat

Agree, Dunder, it really is that simple. This project should have met its very first 80 day deadline. Anything after that reflects the failure to allocate quality resources to the project from the outset, shoddy work, and a failure to communicate between the parties. A slight delay is forgivable, but there are no excuses for this level of incompetence (if it is not something more sinister).

From RedRook on advfn (thanks):
"... I posted earlier asking about the terms of the handover of the Coho pipeline to the NGC ... I sent an e-mail to TXP IR for clarification, and got a reply. ... "With respect to the handover of the Coho pipeline to NGC, we do have an agreed upon price with NGC but that price is confidential, the specific terms of which are restricted by a non-disclosure agreement with NGC. The amount covers the cost of the pipeline between Touchstone’s Coho Facility and the Shell facility at Baraka and includes commissioning. It will be a cash payment. "

Agree with the sentiment, Aligator.
Slight correction - 80 working days. Not sure how many days they work in Trinidad (don't laugh) but puts the first period ending about end of April.

With my emails sent out yesterday, Stuart Young, the Director of the EMA, Mark Loquan of NGC, and our Paul of course, as well as 3 Trinidadian newspapers are now fully aware that these delays are costing their people dearly - $792,000 each day [Thanks to David Black for the calculation - which I elaborated on in my emails].

Further emails by other shareholders might urge them on, emphasising the damage to their country (not mentioning damage to shareholders which no one seems to give a f*ck about), to their reputation as an Energy Region, to their own reputation, etcetera.

According to Herman on advfn they meet the EMA today.

https://trinidadexpress.com/business/local/bptt-targets-cassia-c-s-first-gas-by-year-end/article_b3a89198-fbf8-11ec-80ad-5327702629e9.html

Not in my book, Ezhik; not if the business grinds to a halt if not done. You get in better people, more people, work all hours, fully incentivise them, until done - and you plan well ahead to allocate the necessary manpower. That goes for both TXP and the EMA - and you keep good lines of communication open between all parties (as MT and Trek say, PB and others needed to be out in Trinidad pushing this along from the get go.)
However, someone somewhere seems to be deliberately throwing spanners in the works - redesign of shell connection, last minute hiccups with EIA. Sadly, that is the conclusion I'm fast coming to.
And why we haven't had an RNS about the delay, God only knows.

I see MT on advfn airs similar suspicions - that perhaps someone at the top, perhaps the very top, is being paid (or not paid) to be deliberately obstructive to TXP's progress. First Coho, now this EIA:

MT's post : ''ve mentioned previously that following the decision to commence monetising the Ortoire discoveries, PB and some of his senior management should have relocated to T&T to take first hand control of these matters, and in particular the face to face meetings with ministry officials and third party contractors. Despite having decades of first hand experience of how many Government officials in the developing world operate and what senior representatives of many successful private sector businesses do to look after their own and their shareholders interests - you will never hear me advocate on an investment BB that the CEO of a company I'm invested in should 'grease the wheels of commerce', even when I'm acutely conscious its often what's required in many regions of the world in order to unblock 'bureaucracy'. It is a matter of public record that Glencore in this respect have a reputation that would bring a blush to the cheeks of a New York Mob boss ! '

It's a complete shambles, HM. How many times does it have to go back and forth? Why does it take so long to get amendments accepted? This should have all been done within the 80 days initially given for review and approval, that is, by mid-May. Why do they keep regarding TXP's submissions as inadequate? Is shoddy work by TXP the root of the problem? Why wasn't this all thrashed out long ago so that approval was met on schedule?
Or is it too cynical to ask whether someone is sabotaging all efforts whilst trading the markets? For this seems more than just incompetence.

This is the full letter from King Suarez on advfn (Thanks KS):
The letter (dated 1 July 2022) refers to the 2nd Review and Assessment Report (RAR) of 23 June 2022: ""Previous correspondence on the captioned application, ending with the Environmental Management Authority's (EMA's) 2nd Review and Assessment Report (RAR) of June 23, 2022 refer. Pursuant to Rule 6 (2) of the CEC rules, the EMA hereby notifies Primera Oil and Gas Limited (POGL) that we are unable to make a determination of your application by June 30, 2022 as advised by correspondence from the EMA dated 24 May, 2022. The EMA can only do so when the issues highlighted in the 2nd RAR are adequately addressed. As such, the date by which a determination will be made is dependent upon the receipt of a comprehensive response to the 2nd RAR. The EMA expects that a determination will be made within thirty (30) working days from receipt of the complete response. Further to an initial meeting held with POGL on June 03, 2022 on deficiencies in the 1st RAR response, another meeting will be scheduled with POGL, the EMA and its Consultant for the Quantitative Risk Assessment (QRA). Stantec Consulting Ltd, to discuss any concerns or areas of clarification relevant to the QRA in order to satisfactorily address the outstanding issues."

Thanks, KS.
I'm normally a very mild fellow (well, I like to think so), but you can only be pushed so far. Hopefully some improvement soon. Fingers crossed everyone.

Stuart Young, and Mr Loquan (President of NGC) done too.
Enough for one day I think.
Let's see what tomorrow holds.

I have just emailed TXP for an immediate RNS, to the Director of the EMA to emphasise how the delay is hurting the people of Trinidad, and sent further letters to newspapers The Express, and Newsday, as per my previous one sent to The Guardian. I think I'll email Stuart Young next. As Dunderhead says - this is not good enough.

This is the post referred to - from Holdandhope on advfnat 21.17 yesterday:
'It seems notification received that the EIA approval requires further responses to issues raised by the EMA. A meeting is to held with TXP to discuss these, a response then needs to be prepared and submitted and from submission it will be another up to 30 working days wait for the next decision to approve it or not. Casca start up in 2023 looking sadly more inevitable now.'

It starts with 'it seems'.
Clearly PB needs to either put out an RNS by lunchtime that this speculation of further delay is wrong (presumably this information has come from a company source) - and don't forget that Paul said he would inform us immediately of any news, good or bad; or the EMA need to get this approval signed off in the next 24 hours.
Any credibility Paul has left rests on this.
So which is it to be?

Good Morning.
Administrative delays cost the people of Trinidad dearly. Much needed gas was found inland at Cascadura. Since, deadline after deadline has been missed to approve an Environmental Impact Assessment. Each day $792,000 is lost to Government, money wasted that could go to schools and hospitals. Fifty days late, $40 million lost, and we are still waiting.
The golden egg is being smothered by lame ducks.
Set up the fire, bring out the pot.

Happy Sparrow

https://trinidadexpress.com/business/local/young-t-t-to-boost-lng-fertiliser-output/article_07c485bc-fb26-11ec-bc0a-c35493714ba5.html

Meanwhile, they can't even develop gas on their own lands!

https://www.youtube.com/watch?v=M5rjI6qnXqs

Perhaps Paul is making this point to the Ministry right now.

Perhaps Curtis Williams at The Guardian might pick up on it?

He certainly will if no show by Monday:
[ E-mail the Editor: letters@guardian.co.tt ]

Good point made by David Black on advfn:
'... Interestingly for everyday of delay the daily loss at 200m cfpd is Heritage $80k at $2 NGC $600k at $3 Taxes $112k at 35% Total T&T government revenue forgone per day $792k Or $25m a month. Wonder if the “Bean Counters” there have done those sums, somehow I reckon they have....'