TriniTuner.com | Latest Event:
Moderator: 3ne2nr Mods
sMASH wrote:Habit7 wrote:If we were using forex to buy feed stock for the refinery and the product was selling at a loss, how is that generating forex?We are producing approximately 40,000 barrels of oil a day and the refinery operates at a capacity of 140,000 barrels a day, so we have to go to the market to buy about 100,000 barrels of oil to make up the shortfall. This results in a net loss in foreign exchange.
http://www.news.gov.tt/content/petrotri ... -ErbYEXaf0
cause if as they said, that salaries was a big junk of their costs was salaries, that would be in tt.
50% if i remember correctly one of the podium rants, so to get rid of the salaries they had to get rid of the workers, which meant getting rid of the union which they thought was only be shutting down the company as was.
so for eg. if their salaries was 5US worth, and crude was 5 US worth. their total costs would be 10 US. if the sell at 8US, they make a loss of 2US.
but their salaries is paid in tt, not US. so if u look at it only from the forex point of view, they spent 5US and gained 8 US. they made a net profit in US of 3.
but totally, they made a loss. the salaries to pay is 5, but not 5US, its 5 US worth of tt. so if u work with 7 exchange rate for only the salaries, u have to pay out 35tt (7x5=35) in salaries, but u only have 21tt(3x7=21). the loss of 2us when u made the sale, ur missing that. and if u pay it in tt, then its 2x7=14tt. u subvention the loss from the treasury.
totally, they were making a loss in the operations, but separated into forex and tt, as long as their forex in was more than their forex out, cause part of their liabilities would be in tt, that was sustainable... pending some sort of fat cutting.
and espinet was able to do that coming to the end, posting big and bold in the paers, 56m profit.
yEs, BuT u StIlL hAvE tHe MaLcOmE jOnEs LoAn BuLlEt PaYmEnT
so, u do what they did, separate the company into the different sections, what the PNMites say, restructure. to allow what ever work around they got to refinance the bullet payment to occur. but u dont cease operations, u keep every ting running, keep the vital staff, and trim ur labor force there. u dont hand every one a contract and a fresh kit.
u trim ur salaries via new contracts, u keep ur forex coming in, and u dont suffer that many unemployed.
zoom rader wrote:Meanwhile In Jamaica a country that has no oil reserves.
Owns and operate an Oil refinery "Petrojam" that made a pre tax PROFIT of $21.3 Million US income .
Petrojam operates a 35,000 barrel per day hydro-skimming refinery, to produce Liquid Petroleum Gas (LPG); Gasoline; Kerosene/Jet Fuel; Automotive Diesel Oil (ADO); Heavy Fuel Oil (HFO); Very Low Sulphur Fuel Oil (VLSFO); and Asphalt. Both grades of unleaded gasoline (90 and 87 R+M/2) contain 10% Ethanol. Ultra Low Sulphur Diesel (ULSD) is imported so that the company can supply the market demand.
Well done Jamaica.
Here in Banana Republic , Trinidad sits on 3 Billions barrels of proven oil and closes the two national oil refineries .
What a jack arse country filled will low level black brains
Here in Banana Republic , Trinidad sits on 3 Billions barrels of proven oil and closes the two national oil refineries .
Redman wrote:http://ttwhistleblower.com/wp-content/uploads/2018/09/Lashley-Report-2018.pdf
I know we not allowed to say anything about 2010-2015 so we will ignore the increases in Total debt during that period, so we will deal with 2016 forward using the Margins as described above- and the correlation between oil prices and the Net margin-
Throughput in 2017 was 130kBOPD and 2018 it was 118k
Average was 125 up to the close.
In 2015 the throughput averaged 125 with an average WTI of $48 USD by Statista s numbers-the refinery net margin was -15 USD per BBL.
https://www.statista.com/statistics/266 ... il-prices/
Using Lashleys Report on the Net Margins, and oil prices as they have been since then
125K through put $50 WTI, would on balance be analogous to what would have been happening 2017-2020-accepting the possibility of changes in throughput.
With a -10 USD margin(2015 was -15) that puts at $485M USD in refining losses for each year.
Any one want to suggest how we were to finance this?
Interestingly the lashley report DOES NOT SPEAK TO ITS STAFF/EMPLOYEE LEVELS in its reccomendations.
sMASH wrote:All the ressons tendered to shut it down, are all The ressons why it would be madness for anyone to want to resume Refining operations.
Buying it would only be to get the equipment at a bargain price or to use as scrap steel.
Nothing I posted is misleading for those in the know.Habit7 wrote:zoom rader wrote:Meanwhile In Jamaica a country that has no oil reserves.
Owns and operate an Oil refinery "Petrojam" that made a pre tax PROFIT of $21.3 Million US income .
Petrojam operates a 35,000 barrel per day hydro-skimming refinery, to produce Liquid Petroleum Gas (LPG); Gasoline; Kerosene/Jet Fuel; Automotive Diesel Oil (ADO); Heavy Fuel Oil (HFO); Very Low Sulphur Fuel Oil (VLSFO); and Asphalt. Both grades of unleaded gasoline (90 and 87 R+M/2) contain 10% Ethanol. Ultra Low Sulphur Diesel (ULSD) is imported so that the company can supply the market demand.
Well done Jamaica.
Here in Banana Republic , Trinidad sits on 3 Billions barrels of proven oil and closes the two national oil refineries .
What a jack arse country filled will low level black brains
I used to live in Jamaica. Jamaica's refinery is less than 1/5 our capacity. They still use fuel oil generators to produce electric at a high cost. Their locally produced automotive fuel is more expensive than our imported fuel. So in other words, Jamaica produces mostly for local consumption and sells it more expensive than regional market prices so that it must make a profit. Probably they are forced to do so under IMF and they cannot carry years of losses like what you all are suggesting.
You cannot compare that to our much larger outfit which has to export and compete with international refineries. You will have to compare us with Curacao and St Croix which have larger or similar capacity refineries, they import crude and sell it internationally.
Comparing Jamaica to Trinidad in terms of refining is like saying why Nissan in financial trouble, Geely is doing fine.Here in Banana Republic , Trinidad sits on 3 Billions barrels of proven oil and closes the two national oil refineries .
Oil reserves are measured as proven, probably, possible, contingent and prospective
T&T has 220.1 million barrels proven oil reserves, 3.2 billion barrels prospective
https://www.guardian.co.tt/business/aud ... 48484faeb8
What you just posted there is the misinformation that has ppl like smash posting dotishness about our oil and gas sector.
zoom rader wrote:Nothing I posted is misleading for those in the know.
Agian you all don't know the true Oil reserves.Habit7 wrote:zoom rader wrote:Nothing I posted is misleading for those in the know.
That is not true, we do not have 3 billion barrels in proven reserves as you stated.
Your opinion doesn't matter. An independent audit quantifies our reserves, not the pain in your left knee.
The govt's exploration and production company Heritage is selling crude and making money. They have employed several geoscientists who are exploring but they don't have the money yet to start production/drilling. For now HPCL is looking to partner with investord like Shell, but it looks likely that as they are earning more now, they might go it alone.
Dem and the AG is the samesMASH wrote:reverse av drilling tactics.
Redman wrote:220M BBLs proven at a 50% recovery rate is 4.4 B USD of oil we need to sell into the international market.
You guys should look up Krishna Persads videos and writings.
Ortoire Block could have
at least 1 tcf of gas
• First production to begin
in two to three months
• Cost competitive
when compared to
present producers
Touchstone’s Ortoire Block could have as much as one trillion cubic feet (tcf) of wet natural gas and may potentially produce in excess of 200 million standard cubic feet of gas per day (mmscf/d) according to Paul Baay, director, president and chief executive officer of Touchstone Exploration Inc.
In addition to which first gas is expected as early as February 2021 ramping up to 100mmscf/d by the fourth quarter next year.
“First gas we are hoping will be delivered late February, beginning of March 2021 for Coho and then the Cascadura and Chinook volumes we anticipate bringing on in the fourth quarter of 2021.
When we look at all three, Cascadura, Cascadura Deep and Chinook we are looking at about 10 million standard cubic feet per day (mmscf/d) from Coho and roughly 80 to 100 mmscf/d from Cascadura/Cascadura Deep and Chinook combined,” Baay told the Business Guardian in an interview on Monday.
He said in all 100 mmscf/d and 2,000 barrels of condensate per day were expected to be produced from the field by the end of next year.
“When we are talking about a ball-park figure right now, we are probably talking about things that are about 5 to 600 billion cubic feet (bcf) with what we see right now, but I think ultimately it is fair to say that on the block we see the potential for there to be at least a tcf (trillion cubic feet) of gas onshore in Trinidad.” Baay revealed.
But Touchstone is not resting on its laurels and plans to continue its drilling campaign with a new prospect, which if it is as successful as the company expects, could essentially double the volumes.
Baay explained: “It is a littler bit further to the East, I think about 11km to the East of Cascadura, and its a well that we call Royston. It’s the kind of prospect that we can see can add an additional 100 mmscf/d if it is successful.”
Touchstone’s President said the discoveries on the Ortoire Block had opened new prospects and technical leads.
“I think there is a lot of potential off our block. We’ve identified besides the prospects we have been talking about, we have identified 21 additional prospects on our block and there are a number of technical leads all the way through from our block, as you move all the way west down to the South West Peninsula. Geologically it’s all the same down there, just some different technical faults, but I think we don’t own it all. Clearly geologically there will be some other major discoveries along this trend onshore in Trinidad.” Bay explained.
He said in the Ortoire Block, Touchstone believes it is into a liquids-rich gas window and therefore is expecting gas and condensate rather than black oil.
Touchstone’s CEO told the Business Guardian that the company will be able to bring on the gas discoveries very quickly because of its close proximity to existing infrastructure and because its costs are far more competitive than the price that the National Gas Company is presently paying for its molecules from the larger producers.
He told BG: “It’s a combination of things. One there is already the existing pipeline that runs up to Phoenix park. It goes right through the middle of our block so the capital cost and the timing to bring that on are going to be significantly less than some of the offshore programmes and it’s just easier and cheaper to bring them on so you know, and I think that’s why we had the success in negotiating with NGC, is that they really see this as being the first gas that they can bring to market and that works for both of us.”
Baay added: “We’re trying to work with the pricing. The real trade off with us and the NGC is that we can find a price that makes sure the plants stay open and hopefully we can open up some of the trains that are shut in, while at the same time getting the right return for our shareholders and I think we have found that balance.”
This is good news for the NGC that has been reeling from a shortage of natural gas and higher prices for gas which it has found difficult to sell to the downstream petrochemical companies that have found the prices too high.
Bay said the success of the drilling campaign means that there is far more knowledge about the prospects onshore and Touchstone is having discussions on how to go after these potential oil and gas opportunities.
“Without saying to much, it is fair to say we are talking to not only Heritage but other operators on the island as well and taking what we learnt in Ortoire, we think there are some opportunities, so we’re having some very open and positive discussions for sure and Heritage is just one of those parties.” Baay told BG.
He said Touchstone’s ability to raise money on the London capital markets meant it has capital now to do both the exploration on the block as well as develop and bring it on stream.
“We think there are probably 4 to 8 development locations at Cascadura and 4 to 8 development opportunities at Chinook so it is really going to become quite frankly a five year or ten year drilling plan onshore now that will be, thanks to the capital we raised in London, going to be self financing pretty quickly. Its going to be very busy quite frankly for the next ten years, I think this is really exciting obviously for us but also for the country.” Baay said.
On the question of oil production which Touchstone is also involved in, Baay said the company was happy with the provisions in the 2021 budget which removed Supplemental Petroleum Taxes (SPT) from being applied to companies that produce 2000 barrels of oil and fewer a day up to the point where crude price reach US $75 a barrel and above.
Baay said its a good first step but more has to be done.
He said: “I think it’s a positive step but I would hope that the government would extend it further like higher volumes and for a longer period of time so that it kind of gives a longer view as to what to do but to be clear I am pretty happy with that being the first step that we’ve made. I think it’s a step in the right direction for sure. Hopefully what it will do is get more activity, hopefully in the south of the island, like around Fyzabad where we are and forest reserve. That particular change in the SPT is very helpful for us down there and you will see us be very active in that area as well during 2021.”
Habit7 wrote:Zoom that is gas, not oil.
It's still done today cause trinidad have lazy geoscientists.Redman wrote:It is IMPOSSIBLE that Touchstone is downplaying their reserves.
Same for Trinity.
that operator story down playing reserves is around since Texaco left Soldado.
This 2020 not 1983
Redman wrote:Dragon, what were the recommendations of the Solomon report?
You’ve stated that the govt ignored the report...so what was the advice did they ignore?
zoom rader wrote:Habit7 wrote:Zoom that is gas, not oil.
Yes its gas but still classed as Oil & Gas
along with Gas finds you get " white Oil" which is condensate oil in certain ratio to gas
zoom rader wrote:It's still done today cause trinidad have lazy geoscientists.Redman wrote:It is IMPOSSIBLE that Touchstone is downplaying their reserves.
Same for Trinity.
that operator story down playing reserves is around since Texaco left Soldado.
This 2020 not 1983
They sit and wait for manipulated data.
Remember some time ago I hinted on touchstone.
The other find coming up is from Nexen oil on the North Cost
Return to “Ole talk and more Ole talk”
Users browsing this forum: shake d livin wake d dead and 51 guests
