Petroleum / Mining in Caribbean
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TRINIDAD AND TOBAGO, 2015/12/27
Trinidad and Tobago’s oil and gas industry is exploring new strategies to respond to weaker hydrocarbons prices, inclunding enhanced oil recovery (EOR) techniques and potential sources of new supply.
T&T’s hydrocarbons industry, which accounted for 42% of GDP in 2014, according to the Central Bank of T&T, continues to face headwinds on both the price and production front.
West Texas Intermediate crude oil, which is traditionally viewed as an appropriate price proxy for Trinbagonian output, fell from additional than $106 per barrel in June 2014 to around $43 as of mid-November.
The concomitant decline in gas prices has as well impacted the twin-island country’s economy. US Henry Hub prices – a key component of the formulas for pricing sales contracts – were down at around $2 per million British thermal units in November, a decline of additional than 65% since February last year.
Additionally, key exports based on gas feedstock, such as ammonia and methanol, have as well seen double-digit price adjustments during 2015.
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BARBADOS, 2015/05/12
Barbados Wednesday signed two offshore exploration agreements with the Australian-based oil company, BHP Billiton that Bridgetown said underscores the need to fasten its energy next.
“Signing these two exploration licences will send a clear message to the industry that Barbados is open for business and is critical about the development of its offshore petroleum sector,” said Prime Minister Freundel Stuart as he signed the agreement with BHP Billiton Vice President of Exploration, Dr. Niall McCormack.
“In addition, Barbadian nationals stand to reap early benefits on execution of the licences through the negotiated provisions for annual training, scholarships, local content, coastal and marine environment research and the acquisition of critical equipment and software,” he added.
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ANTIGUA AND BARBUDA, 2015/04/02
The Antigua and Barbuda government says it will take full ownership of the petroleum company, West Indies Oil Company Limited (WIOC).
A government statement said that Prime Minister Gaston Browne is leading a three-member delegation to Britain where the agreement to change ownership of the company will be signed with the principals of National Petroleum Limited NPL.
“At about 12 noon on Wednesday, we will complete the purchase of WIOC and the government and people will own one hundred % of WIOC. That as well includes approximately 280 acres of land… that will be passed on to the people of Antigua and Barbuda,” Prime Minister Browne told reporters prior to his departure for London.
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COLOMBIA, 2013/09/05
Venezuela and Trinidad and Tobago have reached a transaction to jointly produce gas from fields located between the South Americn country's coast and the two Caribbean islands, Venezuelan Energy Minister Rafael Ramirez said.
Venezuelan national-owned oil giant PDVSA and U.S. supermajor Chevron Corp. will produce the gas from unified offshore fields that contain nearly 12 trillian cubic feet of natural gas, the energy minister said.
The transaction was sealed on Tuesday night with Trinidadian Energy Minister Kevin Ramnarine, who traveled to Caracas to wrap up the agreement, Ramirez said.
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HAITI, 2013/03/02
In a resolution approved by 15 of 16 senators present, the lawmakers as well demanded the establishment of a commission to review amount of the current mining contracts and “a national debate on the country’s mineral resources.”
News of the permits prime caused an uproar in January. Journalists, experts and politicians speculated on what Haiti had lost or would gain, and accused the national mining agency (the Bureau des Mines et d’Energie – BME) of granting “illegal” contracts.
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WORLD, 2013/01/01
The price of oil fell slightly Monday during a quiet day at the world's energy markets.
Concerns over the political stalemate in Washington continue to be the focus of traders, with the price of U.S. benchmark oil down 24 cents to $88.42 a barrel in early trading on the New York Mercantile Exchange.
