Tuesday, December 4, 2012

Energy boom for south Trinidad, $$Billions in investment coming

The government of Trinidad & Tobago has completed the most successful deepwater bid round in 14 years and stands to reap an energy windfall amounting to billions of dollars. 

"I am advised that the total investment associated with these successful bids is at least $US580 million and at most $US1024 million or one billion US dollars," Prime Minister Kamla Persad-Bissessar told a meeting of her United National Congress at the Tulsa Trace Hindu School in Penal. 

She added, "That is at least $TT 3.7 billion or at most $TT 6.4 billion in investment. These bid rounds are held for companies to elect to explore for oil and gas."

She said the energy ministry has completed the evaluation of bids that were received in September and that on Thursday last the cabinet approved them.

"Tonight I am very pleased again to announce the results of that deepwater bid round.

"They are as follows:

  • Deepwater Block 5 has been awarded to BHP Billiton 
  • Deepwater Block 6 has been awarded to BHP Billiton 
  • Deepwater Block 28 has been awarded to BHP Billiton 
  • Deepwater Block 29 has been awarded to BHP Billiton 
"What does this mean? BHP Billiton is an Australian company with revenues of $US 72 billion in 2012. It is one of the world’s largest companies. They have been in Trinidad and Tobago for over 15 years. 

"With these awards they have now signalled renewed confidence in our country and its economy...It means that BHP Billiton will expand in this country. What does it mean for you? It means that more jobs for our young people."

Persad-Bissessar also announced that cabinet has agreed to the award of licenses to State owned Petrotrin in respect of Trinmar and the North Marine acreages. 

"There is expected to be heightened activity in Trinmar in 2013 and that activity will redound to the benefit of the people of Trinidad and Tobago but particularly those living in the South West Peninsula.

"In 2013 to 2017 Petrotrin expects to spend $TT 7 billion in the Trinmar and North Marine Acreages."

The prime minister also stated that Petrotrin has started production from one of the wells in the field that is part of the millenium gas find that the opposition called a "hoax". It's part of a wider strategy for Trinmar and that directly impacts on economic activity in the South West, she said. 

She also announced that the cabinet has agreed to establish in 
La Brea a $US850 million (TT$5.4B) methanol to petrochemicals project to be undertaken by Mitsubushi of Japan. It's a joint project between Mitsubushi and Neal and Massy. 

Persad-Bissessar stated that construction is earmarked for 2013 subject to the investors obtaining all the regulatory approvals including Town and Country Planning approval and a Certificate of Environmental Clearance.

During the peak of construction the plant would employ up to 4,000 and on completion provide 265 permanent jobs.

The Prime Minister said all these developments underline the need for upgraded infrastructure, including the highway to Point Fortin.

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Jai & Sero

Jai & Sero

Our family at home in Toronto 2008

Our family at home in Toronto 2008
Amit, Heather, Fuzz, Aj, Jiv, Shiva, Rampa, Sero, Jai