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Redman wrote:lol
more tootz.
oel Julien
joel.julien@guardian.co.tt
Trinidad and Tobago’s proven crude oil reserves have increased by more than 20 million barrels according to a recent audit done by Netherland, Sewell and Associates Inc, Energy Minister Franklin Khan has revealed.
Khan said in addition to this the audit states that T&T’s probable and possible reserves have also increased significantly.
He said this is a hopeful sign. The audit was as at December 31, 2018.
“All categories of Reserves increased between the 2012 audit and the 2018 audit. Proved Reserves jumped by 10.3 per cent from 199.5 million barrels to 220.1 million barrels. Probable Reserves rose by 16.6 per cent from 85.5 million barrels to 99.7 million barrels and Possible Reserves climbed by 8.5 per cent from 124.8 million barrels to 135.5 million barrels,” Khan said.
“The 20.6 million barrel increase in Proved Reserves is a hopeful sign, and is thanks to the maturity of, and operator commitment to proved undeveloped opportunities onshore Trinidad and in the West Coast Marine Area,” he said.
Khan said the nation’s Contingent Resources also rose by 17.2 per cent—from 58 million barrels in 2012 to 68 million barrels in 2018.
“A 36.8 per cent decrease in the estimates for the East Coast Marine Area between audits was offset by a 25.7 million barrel addition from Onshore Trinidad in 2018.
He said this contribution came from several well-known fields such as Barrackpore, Penal and Parrylands, as well as one operational and one proposed flooding project.
“I’m proud to announce that NSAI’s independent, Best Estimate of our Unrisked Prospective Resources is now a mammoth 3.2 billion barrels. This is an increase of 773.4 per cent over the Unrisked Prospective Resources at 1 January 2012 of only 368.2 million barrels. This notable Resource estimate, more than 90 per cent of which was identified in the Deepwater would not be possible without the achievements of BHP and its partner Shell in acquiring, processing and interpreting prospects identified in the Southerly Deepwater Blocks,” Khan said.
‘With the Invictus drillship now in transit to Trinidad and Tobago from the Gulf of Mexico to drill the Broadside prospect, a commercial discovery in any of its several stacked Miocene targets, would de-risk the prospective resources identified by NSAI significantly and be very good news for Trinidad and Tobago,” he said.
Khan said when the proven reserves of condensate for 2018, estimated by the Ryder Scott Company, are added to the proven crude oil reserves, our proven reserves of crude oil and condensate are 256.9 million barrels.
This exceeds the figure at 1 January 2012 by 14.0 million barrels or 5.7 per cent, he said.
“Upward Revisions based on better production performance and committed projects resulted in a reserves replacement ratio of 107.2 per cent between audits. The reserves to production ratio based on the oil and condensate production and reserves in 2018 on a proved basis is 11.1 years,” he said.
“This is an increase of 54.2 per cent from the 2012 figure of 7.2 years. This change is in part due to the decreased production of 23.2 million barrels in 2018, which was 10.4 million barrels less than was produced in the year preceding the 2012 audit. But our significantly higher proved reserves of crude oil and condensate in 2018, relative to 2012 was another factor,” Khan said.
Khan said besides the potential oil windfall in the Deepwater, since the December 31, 2018 cut-off date for this audit there have been several encouraging oil discoveries and continued exploration and development by operators that can have a positive impact on reserves.
He highlighted:
· BHP’s Block 3a Ruby field, which will boost the country’s production by 15,000 bopd in 2022, has been approved and could be promoted from Contingent Resources to Reserves in a future oil audit.
· Exploration is continuing in the 2013 Onshore Competitive Bid Round Blocks of Ortoire and Rio Claro as Touchstone and Lease Operators Limited respectively follow up on the Barakat, Coho, Cascadura discoveries.
· Columbus Energy announced in April an oil discovery in the Lower and Middle Cruse sands at the Saffron Well, located in the South West Peninsula.
· The 2020 DeepWater Nomination Period is almost completed and should result in a Competitive Bid Round that would permit the continued development of reserves and resources for the future.
· Trinmar began using the Mobile Offshore Production and Compression Unit (MOPU) since December 2019 to perform production and compression duties. It is expected to add approximately 1,840 bopd on average incremental production for 2019/2020.
Asked if he thought with the potential increase in Heritage production and the additional 15,000 barrels of oil per day from BHP if he thought this country’s production could return to 100,000 bo/d, Khan said with some luck it was possible.
The Energy Minister said the Year End 2019 Trinidad and Tobago Natural Gas Reserves Audit Report is in final draft form and will be completed in a matter of a week or two.
Redman wrote:The only tootz here is your theory.
Weve been through this before.
You know everything.
you have all the experience blah blah blah.
what you dont have is anything other than a heap of contradictory unsubstantiated old wives tales based on 'we who know' and the crookedness of the oil industry.
I’m proud to announce that NSAI’s independent, Best Estimate of our Unrisked Prospective Resources is now a mammoth 3.2 billion barrels. This is an increase of 773.4 per cent over the Unrisked Prospective Resources at 1 January 2012 of only 368.2 million barrels. This notable Resource estimate, more than 90 per cent of which was identified in the Deepwater would not be possible without the achievements of BHP and its partner Shell in acquiring, processing and interpreting prospects identified in the Southerly Deepwater Blocks,” Khan said.
They deliberately cut oil and gas supplies just to Close Petrotrin refinery . send home 3500 and shut down Pt lisas . State wells was capped under the red government to halt production . Now all of sudden they can produced 100k barrels. Those of us in oil knows what going on with those wells.
Shiva bless bless that injun prime minster Modi and the injun nationalsbluefete wrote:THERE ARE NO WORDS, TUNERS, NO WORDS!!!
https://www.facebook.com/TheTrio.TT/vid ... 2577161754
bluefete wrote:THERE ARE NO WORDS, TUNERS, NO WORDS!!!
https://www.facebook.com/TheTrio.TT/vid ... 2577161754
Rowlair sold his bamcee begging China.Gladiator wrote:bluefete wrote:THERE ARE NO WORDS, TUNERS, NO WORDS!!!
https://www.facebook.com/TheTrio.TT/vid ... 2577161754
How much beg they beg China for money to do useless crap over the decades..... This man is Ignorant, stupid and feel everybody brainless like his supporters.
Gladiator wrote:How much beg they beg China for money to do useless crap over the decades..... This man is Ignorant, stupid and feel everybody brainless like his supporters.
You a bigger clown than I expected. Line up the dots sonRedman wrote:There is no correlation between what you are saying and that article.They deliberately cut oil and gas supplies just to Close Petrotrin refinery . send home 3500 and shut down Pt lisas . State wells was capped under the red government to halt production . Now all of sudden they can produced 100k barrels. Those of us in oil knows what going on with those wells.
This has nothing to do with the reserves.
The reserve story has nothing to do with our day to day production-----Production has dropped 30% since 2012 (81k)yet the reserves have increased 700% in the same time frame....your info.
Why would the GORTT artificially reduce oil production if they are relying on Heritage to be the lynchpin in refinancing the Petrotrin debt?
Certainly they would need oil production to be high as possible....yet we are down 10% since 2018....
UNC didnt increase production
PNM didnt either.
No conspiracy- just same sht different party
bluefete wrote:THERE ARE NO WORDS, TUNERS, NO WORDS!!!
https://www.facebook.com/TheTrio.TT/vid ... 2577161754
shake d livin wake d dead wrote:Imagine you are the head of CARICOM but didnt know India was sending vaccines to CARICOM
And when you can't pay them pay them back they own you. Like they did in Jamaica. A massive size of prime lands was given to them in exchange for the PortHabit7 wrote:Gladiator wrote:How much beg they beg China for money to do useless crap over the decades..... This man is Ignorant, stupid and feel everybody brainless like his supporters.
Beg China for what? China offers countries loans and we have to pay them back, both PNM and UNC take advantage of it.
We are willing to pay India for vaccines and they want to give it away to others, that is their choice.
There is not T&T can do to change India's mind.
sMASH wrote:hmmmn the same people that jamming NGC with high cost off shore gas, putting them at a disadvantage by selling that gas to pt lisas with that high price, are jumping at the chance to UNITIZE. big companies dont take deals to make a loss.
even if that unitization contract extends to the sale of the lng, it would would be a 10% say in that process.
but wait, it ws 10% and 11% in another plant.. so it would end up being like 5 or 6% say in the WHOLEEE complex.
if u was concerned about transfer pricing before, wait till u hear about the the internal diversion of assets around that 5% interest in that complex. u would be like silent partner.
Redman wrote:We all should be concerned with transfer pricing.
But the published statements state that there will be a restructuring.
We have to wait and see what the final terms are and what are the returns.
Some yes no questions that I would like you to answer...
That 6% ish is correct as of now...can you say what the enterprise value will be?
Can you state what the increase in the revenue from sales would be with the new formulas?
Can you state whether there is an agreement to recoup the 300M investment before any other shareholder gets a cent in dividends?
Can you state whether there was consideration for the risk taken on by making the 300M investment-maybe enhanced equity or dividend flow?
Pointing out hypothetical situations in ignorance of facts is just ole talk.
It would be impossible to say good or bad until we know the above answers-based on the certainty of your position, you have that info.
Otherwise your have again concluded solely based on your politics.
shake d livin wake d dead wrote:Making sure allyuh see it twice. Probably fake
Redman wrote:So there is gas?
You and PEAnut been saying there is no gas-now you saying that that excuse went away?
Is there gas or not?
And the point here is that the unitization seeks to solve BP/Shell s ability to direct gas to(away from) a specific train
Man ollour too dotish for words yes! Redman wrote:No answer?
none?
nothing to add?
just blathering bullchit.
Redman take a rest today, come back tomorrow for some licks nah.Redman wrote:Still nothing.
Is there gas or not?
zoom rader wrote:Redman take a rest today, come back tomorrow for some licks nah.Redman wrote:Still nothing.
Is there gas or not?
who said the TAR was to have T1 in "ready state" for gas. I seriously think Redman don't know what TAR stands for.De Dragon wrote:zoom rader wrote:Redman take a rest today, come back tomorrow for some licks nah.Redman wrote:Still nothing.
Is there gas or not?
There is still no gas for Train 1. It's provision was dependent on Jackarse JUHN Scarfy and his band of incompetents ponying up that $300M, and still not a guarantee according to death warmed over looking Guy Smiley
Colostomy Bag's mastery of dotish is admirable though
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