Petrotrin refinery shut down

[Redman]

Dragon- thats the article I couldnt find.

Thx.

[zoom rader]

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

It's still done today cause trinidad have lazy geoscientists.

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

You could Hint at anything you want.
Nexen/Touchstone FINDING oil has nothing to do with your claim of understating reserves.

Touchstone and Trinity. and Nexens parent co (CNOOC?)..raise capital outside and are publicly traded entities.

To raise capital- you need to have your reserves declared by internationally accepted professionals.

To list you need to abide by the exchange's rules.

To be running a publicly traded co you would have to sign disclosures etc to certify on the penalty of civil and criminal charges that you disclose EVERYTHING material.

Therefore what you are describing-is not reality today.

You lot really dont know how dirty the oil bussiness is. What you listed is all true and its one reason why they hold back key data on oil finds. Only when they ready to drill then they present the real data for funding.

Stay guilable and beilive the governments reports. Same Reports are fed from the operators. Then after a few years they announce a miracle " big oil find"

This is one reason why I can retire at a very young age

[zoom rader]

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

Gas is classified as gas in oil and gas. It still doesn't corroborate your false claim of 3 billion barrels of proven oil reserves. Plus our proven condensate reserves are 256.9 million barrels.
https://www.guardian.co.tt/business/aud ... 48484faeb8

Dummy I doubt you have ever been on an oil rigg or spoken to moden CEOs, new age geoscientists in the labs or fields.

Long ago you had to do a wild cat or 2D mapping and then decided if to drill. It was a hit and miss operation. You could end up with a water well, tar or a bone dry duster.

When you drill then you had to do various test on the core samples. If testing is positive then they would pressure test the well or drill an extraction well for production.

Depending on well pressure they would begin pumping or introduce injection if pressure is too low to start production.

When oil flows then it is a proven field and that determines the barrels per day stats. This is what Trini calls proven oil.

Now they use 3D mapping and can pin point oil and gas pockets within feets. They can even estimate the well pressures without drilling. Also the barrels per day can be pin pointed based on the well pressure and other factors.

They will still drill to confirm the core test and pressures for production but they will know this information before hand of proven oil and barrels per day.

New age technology has beaten the old ways of oil exploration and the old geoscientists who think they know it all.

There are technology that exploration companies have only to themselves and it's kept a secret as they make huge money selling their leases to production companies

You lot sit and read whats on the net and manipulated data and take that for gospel truth.

keep reading while my bank account grows on "Unproven oil"

[sMASH]

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

It's still done today cause trinidad have lazy geoscientists.

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

You could Hint at anything you want.
Nexen/Touchstone FINDING oil has nothing to do with your claim of understating reserves.

Touchstone and Trinity. and Nexens parent co (CNOOC?)..raise capital outside and are publicly traded entities.

To raise capital- you need to have your reserves declared by internationally accepted professionals.

To list you need to abide by the exchange's rules.

To be running a publicly traded co you would have to sign disclosures etc to certify on the penalty of civil and criminal charges that you disclose EVERYTHING material.

Therefore what you are describing-is not reality today.

You lot really dont know how dirty the oil bussiness is. What you listed is all true and its one reason why they hold back key data on oil finds. Only when they ready to drill then they present the real data for funding.

Stay guilable and beilive the governments reports. Same Reports are fed from the operators. Then after a few years they announce a miracle " big oil find"

This is one reason why I can retire at a very young age

rowley padnahs, nazim baksh and vidya deokisigh, are clean upstanding citizens and supporters.

[zoom rader]

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

It's still done today cause trinidad have lazy geoscientists.

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

You could Hint at anything you want.
Nexen/Touchstone FINDING oil has nothing to do with your claim of understating reserves.

Touchstone and Trinity. and Nexens parent co (CNOOC?)..raise capital outside and are publicly traded entities.

To raise capital- you need to have your reserves declared by internationally accepted professionals.

To list you need to abide by the exchange's rules.

To be running a publicly traded co you would have to sign disclosures etc to certify on the penalty of civil and criminal charges that you disclose EVERYTHING material.

Therefore what you are describing-is not reality today.

You lot really dont know how dirty the oil bussiness is. What you listed is all true and its one reason why they hold back key data on oil finds. Only when they ready to drill then they present the real data for funding.

Stay guilable and beilive the governments reports. Same Reports are fed from the operators. Then after a few years they announce a miracle " big oil find"

This is one reason why I can retire at a very young age

rowley padnahs, nazim baksh and vidya deokisigh, are clean upstanding citizens and supporters.

Redman and Habit 7 never turn a valve or spanner in the oil industry but will have you beilive dem is experts.

[Habit7]

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

Gas is classified as gas in oil and gas. It still doesn't corroborate your false claim of 3 billion barrels of proven oil reserves. Plus our proven condensate reserves are 256.9 million barrels.
https://www.guardian.co.tt/business/aud ... 48484faeb8

Dummy I doubt you have ever been on an oil rigg or spoken to moden CEOs, new age geoscientists in the labs or fields.

Long ago you had to do a wild cat or 2D mapping and then decided if to drill. It was a hit and miss operation. You could end up with a water well, tar or a bone dry duster.

When you drill then you had to do various test on the core samples. If testing is positive then they would pressure test the well or drill an extraction well for production.

Depending on well pressure they would begin pumping or introduce injection if pressure is too low to start production.

When oil flows then it is a proven field and that determines the barrels per day stats. This is what Trini calls proven oil.

Now they use 3D mapping and can pin point oil and gas pockets within feets. They can even estimate the well pressures without drilling. Also the barrels per day can be pin pointed based on the well pressure and other factors.

They will still drill to confirm the core test and pressures for production but they will know this information before hand of proven oil and barrels per day.

New age technology has beaten the old ways of oil exploration and the old geoscientists who think they know it all.

There are technology that exploration companies have only to themselves and it's kept a secret as they make huge money selling their leases to production companies

You lot sit and read whats on the net and manipulated data and take that for gospel truth.

keep reading while my bank account grows on "Unproven oil"

I am not citing myself, I am citing the industry authorities on our reserves. Your hunch is not an authority.

BTW is not 2D and 3D mapping. It is 2D and 3D seismic data which is used to understand structure, depth, facies and amplitudes. These could be used to create subsurface maps but it also done along with well data. This can be further in enhance with earth modeling which creates predictivity model of a subsurface area. This is nothing new and T&T has tons of subsurface data. As much as this is, it still doest provide a foolproof way of interpreting the subsurface as demonstrated recently with BHP's failed Broadside well.

I don't know who you are trying to prove to but your hunch about our reserves is as useful as your PlayWhe predictions. We have highly qualified ppl who quantify this and then are audited by leading international auditing companies. But you, who can't even spell properly say they are wrong.

[sMASH]

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

Gas is classified as gas in oil and gas. It still doesn't corroborate your false claim of 3 billion barrels of proven oil reserves. Plus our proven condensate reserves are 256.9 million barrels.
https://www.guardian.co.tt/business/aud ... 48484faeb8

Dummy I doubt you have ever been on an oil rigg or spoken to moden CEOs, new age geoscientists in the labs or fields.

Long ago you had to do a wild cat or 2D mapping and then decided if to drill. It was a hit and miss operation. You could end up with a water well, tar or a bone dry duster.

When you drill then you had to do various test on the core samples. If testing is positive then they would pressure test the well or drill an extraction well for production.

Depending on well pressure they would begin pumping or introduce injection if pressure is too low to start production.

When oil flows then it is a proven field and that determines the barrels per day stats. This is what Trini calls proven oil.

Now they use 3D mapping and can pin point oil and gas pockets within feets. They can even estimate the well pressures without drilling. Also the barrels per day can be pin pointed based on the well pressure and other factors.

They will still drill to confirm the core test and pressures for production but they will know this information before hand of proven oil and barrels per day.

New age technology has beaten the old ways of oil exploration and the old geoscientists who think they know it all.

There are technology that exploration companies have only to themselves and it's kept a secret as they make huge money selling their leases to production companies

You lot sit and read whats on the net and manipulated data and take that for gospel truth.

keep reading while my bank account grows on "Unproven oil"

I am not citing myself, I am citing the industry authorities on our reserves. Your hunch is not an authority.

BTW is not 2D and 3D mapping. It is 2D and 3D seismic data which is used to understand structure, depth, facies and amplitudes. These could be used to create subsurface maps but it also done along with well data. This can be further in enhance with earth modeling which creates predictivity model of a subsurface area. This is nothing new and T&T has tons of subsurface data. As much as this is, it still doest provide a foolproof way of interpreting the subsurface as demonstrated recently with BHP's failed Broadside well.

I don't know who you are trying to prove to but your hunch about our reserves is as useful as your PlayWhe predictions. We have highly qualified ppl who quantify this and then are audited by leading international auditing companies. But you, who can't even spell properly say they are wrong.

Is it as useful as email gate?

[De Dragon]

Google Geoscientist Habit7 in da hizzy yo!

[sMASH]

Google Geoscientist Habit7 in da hizzy yo!

well, when u cant gt with a scholarship or a GATE again cause they trimming fat in education, dais wah u hadda do...

[De Dragon]

Google Geoscientist Habit7 in da hizzy yo!

well, when u cant gt with a scholarship or a GATE again cause they trimming fat in education, dais wah u hadda do...

Imagine being even too dotish for the secret LFRFD secret scholarships

[Redman]

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

It's still done today cause trinidad have lazy geoscientists.

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

You could Hint at anything you want.
Nexen/Touchstone FINDING oil has nothing to do with your claim of understating reserves.

Touchstone and Trinity. and Nexens parent co (CNOOC?)..raise capital outside and are publicly traded entities.

To raise capital- you need to have your reserves declared by internationally accepted professionals.

To list you need to abide by the exchange's rules.

To be running a publicly traded co you would have to sign disclosures etc to certify on the penalty of civil and criminal charges that you disclose EVERYTHING material.

Therefore what you are describing-is not reality today.

You lot really dont know how dirty the oil bussiness is. What you listed is all true and its one reason why they hold back key data on oil finds. Only when they ready to drill then they present the real data for funding.

Stay guilable and beilive the governments reports. Same Reports are fed from the operators. Then after a few years they announce a miracle " big oil find"

This is one reason why I can retire at a very young age

You’re wrong fella.

There are few things that are scrutinized more than oil reserve data.
An oil executive in a publicly traded company will be risking everything to have material info and not disclose when required.

You are contradicting yourself because reserves strengthen balance sheet, which impacts performance of the co and stock....which is simply the major way CEOs get paid.
Hiding an ASSET is contrary to everyone’s income and total compensation.
So hiding reserves is no longer worth the risk.

And yes the oil business is a dirty business.
You’re not the only person that knows that,and the capital markets and exchanges know how to manage that end of it.
Way better than you might think.

And again...Touchstone and others do not rely on govt numbers.
Neither do the financiers.

[sMASH]

that reminding me of the parliament clip with rope head and imburt, where she tell him about the punkin and bodi, and he say he dont need no help.

u have the imburt level PNMites, and the jennifer baptiste level. the different tiers of pnm.

next ting dais why habbit return, he aint get no school to go to again.....

they tell him troll a lil more and u will get fone cards. we need to man the forums.

[zoom rader]

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

It's still done today cause trinidad have lazy geoscientists.

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

You could Hint at anything you want.
Nexen/Touchstone FINDING oil has nothing to do with your claim of understating reserves.

Touchstone and Trinity. and Nexens parent co (CNOOC?)..raise capital outside and are publicly traded entities.

To raise capital- you need to have your reserves declared by internationally accepted professionals.

To list you need to abide by the exchange's rules.

To be running a publicly traded co you would have to sign disclosures etc to certify on the penalty of civil and criminal charges that you disclose EVERYTHING material.

Therefore what you are describing-is not reality today.

You lot really dont know how dirty the oil bussiness is. What you listed is all true and its one reason why they hold back key data on oil finds. Only when they ready to drill then they present the real data for funding.

Stay guilable and beilive the governments reports. Same Reports are fed from the operators. Then after a few years they announce a miracle " big oil find"

This is one reason why I can retire at a very young age

You’re wrong fella.

There are few things that are scrutinized more than oil reserve data.
An oil executive in a publicly traded company will be risking everything to have material info and not disclose when required.

You are contradicting yourself because reserves strengthen balance sheet, which impacts performance of the co and stock....which is simply the major way CEOs get paid.
Hiding an ASSET is contrary to everyone’s income and total compensation.
So hiding reserves is no longer worth the risk.

And yes the oil business is a dirty business.
You’re not the only person that knows that,and the capital markets and exchanges know how to manage that end of it.
Way better than you might think.

And again...Touchstone and others do not rely on govt numbers.
Neither do the financiers.

Dummy try and understand that an oil exploration company is not the same as an oil production company. This is why they are split to pervent the rules and laws acting on them . There are loop holes .

Most exploration companies are not listed on the stock market so they dont answer to anyone.

[zoom rader]

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

Gas is classified as gas in oil and gas. It still doesn't corroborate your false claim of 3 billion barrels of proven oil reserves. Plus our proven condensate reserves are 256.9 million barrels.
https://www.guardian.co.tt/business/aud ... 48484faeb8

Dummy I doubt you have ever been on an oil rigg or spoken to moden CEOs, new age geoscientists in the labs or fields.

Long ago you had to do a wild cat or 2D mapping and then decided if to drill. It was a hit and miss operation. You could end up with a water well, tar or a bone dry duster.

When you drill then you had to do various test on the core samples. If testing is positive then they would pressure test the well or drill an extraction well for production.

Depending on well pressure they would begin pumping or introduce injection if pressure is too low to start production.

When oil flows then it is a proven field and that determines the barrels per day stats. This is what Trini calls proven oil.

Now they use 3D mapping and can pin point oil and gas pockets within feets. They can even estimate the well pressures without drilling. Also the barrels per day can be pin pointed based on the well pressure and other factors.

They will still drill to confirm the core test and pressures for production but they will know this information before hand of proven oil and barrels per day.

New age technology has beaten the old ways of oil exploration and the old geoscientists who think they know it all.

There are technology that exploration companies have only to themselves and it's kept a secret as they make huge money selling their leases to production companies

You lot sit and read whats on the net and manipulated data and take that for gospel truth.

keep reading while my bank account grows on "Unproven oil"

I am not citing myself, I am citing the industry authorities on our reserves. Your hunch is not an authority.

BTW is not 2D and 3D mapping. It is 2D and 3D seismic data which is used to understand structure, depth, facies and amplitudes. These could be used to create subsurface maps but it also done along with well data. This can be further in enhance with earth modeling which creates predictivity model of a subsurface area. This is nothing new and T&T has tons of subsurface data. As much as this is, it still doest provide a foolproof way of interpreting the subsurface as demonstrated recently with BHP's failed Broadside well.

I don't know who you are trying to prove to but your hunch about our reserves is as useful as your PlayWhe predictions. We have highly qualified ppl who quantify this and then are audited by leading international auditing companies. But you, who can't even spell properly say they are wrong.

It's good that I have you clowns googling Oil research and exploration and trying to quote it, at least you are learning something that is 30 years old and not relevant for today's world.

Google will not tell you how the oil exploration companies use far advance technologies that is not known to General public nor the oil production companies.

Trinidad highly qualified oil experts are of an era 30 years ago and are not up to date with the closely guarded corporate secrets on oil exploration tech.

What you have in Trinidad is a bunch of old lazy farts that copy and paste manipulated data.

The international experts dont do exploration and they all depend on data supplied by production companies .

An oil exploration company is not the same as oil production company.

The heavy hitters of oil e.g., shell, BP, Exxon, Resol all depend on oil exploration companies to find oil. Once it is found and the real data is produced then the giants buy over the lease.

Exploration companiies are not in the habit of producing oil nor finding funding to drill production wells.

An exploration well is not a production well. Production wells are what the big complaines drill when they are sure it will flow oil.

Don't worry Habit 7 I will teach you as we go along.

All my experience is from what I learnt over 20 years working in oil exploration. What you posting is stuff from Google and its not accurate.

Keep licking Rowlee and Guy smiley arse hole and you will resemble their stupidity

[Redman]

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?

For the millionth time

In Par­lia­ment in June, the En­er­gy Min­istry con­firmed HSB Solomon As­so­ciates was paid $7.4 mil­lion for com­pa­ny op­ti­mi­sa­tion work re­gard­ing Petrotrin. McK­in­sey and Com­pa­ny Inc was al­so paid $28 mil­lion for a strate­gic re­view and tran­si­tion.

S&A’s sum­ma­ry states Petrotrin re­tained the com­pa­ny for a work­force op­ti­mi­sa­tion ef­fort for its Ex­plo­ration/Pro­duc­tion and Down­stream/Mar­ket­ing or­gan­i­sa­tions at Pointe-a-Pierre, Point Fortin and San­ta Flo­ra, to de­ter­mine where op­por­tu­ni­ties ex­ist to op­ti­mise and en­hance ef­fi­cien­cy/work­force ef­fec­tive­ness.

S&A stat­ed that Petrotrin want­ed to know the rec­om­mend­ed man­pow­er util­i­sa­tion “based on peer group bench­marks and as­sess­ment of its ex­ist­ing or­gan­i­sa­tion­al struc­ture, staff lev­els and work process­es” in re­la­tion to top-per­form­ing fa­cil­i­ties of sim­i­lar size and com­plex­i­ty.

S&A was to as­sess the cur­rent work process­es/prac­tices as­so­ci­at­ed with dai­ly op­er­a­tions, main­te­nance and sup­port ac­tiv­i­ties as­so­ci­at­ed with E&P, as well as Re­fin­ing and Mar­ket­ing busi­ness­es.

The sum­ma­ry not­ed:

“The re­sult of Solomon’s as­sess­ment in­di­cat­ed that sev­er­al of the key lead­ers with­in Petrotrin are very knowl­edge­able, en­gaged and com­mit­ted to the suc­cess of the busi­ness. Like­wise, Petrotrin man­age­ment has com­mu­ni­cat­ed a com­mit­ment to plac­ing the busi­ness on a path to sus­tain­able im­prove­ment and en­hanced per­for­mance. “The prac­tices fol­lowed with­in the Petrotrin busi­ness sites were com­pared to Solomon’s in­dex of best prac­tices for work­force op­ti­mi­sa­tion. Over­all, Petrotrin is cur­rent­ly do­ing a num­ber of things well and em­ploys prac­tices in sev­er­al ar­eas that are con­sis­tent with the best oil and gas busi­ness­es in the world. “How­ev­er, many prac­tices are lack­ing or are in­con­sis­tent­ly ap­plied in re­la­tion to those em­ployed by top-per­form­ing fa­cil­i­ties and present an op­por­tu­ni­ty for Petrotrin to sig­nif­i­cant­ly en­hance its ef­fi­cien­cy and ef­fec­tive­ness.”
S&A al­so stat­ed, “While many com­pa­nies at­tempt to op­ti­mise their work­forces sim­ply by re­duc­ing staffing lev­els or im­ple­ment­ing a new or­gan­i­sa­tion­al struc­ture, Solomon has ob­served over the years that the most prof­itable busi­ness­es are ac­tu­al­ly fo­cused on max­imis­ing or­gan­i­sa­tion­al ef­fec­tive­ness and fi­nan­cial per­for­mance, not just min­imis­ing the num­ber of peo­ple.”

”

Solomon submitted a 650 page report-that was as youve stated focussed on the work force.
It is an exceptionally detailed analysis.
Anyone interested should read it.

It detailed the analysis done,how it was done, how Petrotrin compared to the LATAM (LTA) peer group and other peer groups.

Real real data and information-I repeat that it is required reading for any that maybe interested.


So when you get past the Exec Summary you would see that at almost every level Petrotrin was overstaffed.

Pg 41 says that for this to work ALL three stakeholders-the Management,shareholder and the UNION HAVE TO WORK TOGETHER.
This stakeholder requirement is repeated through out the first part of the doc.

-While Petrotrin was overstaffed-it was underperforming on the financial/operational efficiency side.

The Staffing analysis Pg 553
-Many departments were overstaffed by up to 70%-The lowest I saw was the security dept at 30% overstaffed.
The average LTA competitor has
60% less ACCOUNTING Staff than Petrotrin.
75% less HR staff
75% less Purchasing-which was interesting-Solomon also saind Petrotrin had 400M TTD in inventory equipment(80% of which has been ther for 15+ years)
The R+M section was broken down in more statistical detail....but the constant through everything was Petrotrin was overstaffed-but there was the required talent to make it work.

The Proposed WFO staffing changes by dept all showed reductions. The section begins on Pg 635

In a nutshell..Solomon says you need all stakeholders to do this, but you will have reduce staff if this has to work -keep the great people and practices-get rid of the rest. Set up proper management and performance oversight and get going.


Yet In August 2018 the union resists the Govt request to reduce the workforce and keep operating...which seems to be following what Solomon recommended.

Yet the UNION-the stakeholder in in the press rejecting out of hand (Pg 41 of the Solo report)

The OWTU President General said they were given three options: for the company to remain as is, to have a ‘scaled-down operation’ where 1,500 workers would be sent home, or a third option where the refinery would be closed down, with workers having to re-apply for 800 positions in exploration and production and 200 positions within a new terminalling operation.

“They propose to send everybody home and hire back 800 persons for exploration and production, and hire 200 persons for the (proposed) terminalling operation in Pointe-a-Pierre."

“The proposal they have for Petrotrin is madness...we disagree with that and we reject that outright,” Roget said.

My question is- how would any of you have handled that situation?

If possible-keep the PARTY out of it.

[Redman]

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

It's still done today cause trinidad have lazy geoscientists.

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

You could Hint at anything you want.
Nexen/Touchstone FINDING oil has nothing to do with your claim of understating reserves.

Touchstone and Trinity. and Nexens parent co (CNOOC?)..raise capital outside and are publicly traded entities.

To raise capital- you need to have your reserves declared by internationally accepted professionals.

To list you need to abide by the exchange's rules.

To be running a publicly traded co you would have to sign disclosures etc to certify on the penalty of civil and criminal charges that you disclose EVERYTHING material.

Therefore what you are describing-is not reality today.

You lot really dont know how dirty the oil bussiness is. What you listed is all true and its one reason why they hold back key data on oil finds. Only when they ready to drill then they present the real data for funding.

Stay guilable and beilive the governments reports. Same Reports are fed from the operators. Then after a few years they announce a miracle " big oil find"

This is one reason why I can retire at a very young age

You’re wrong fella.

There are few things that are scrutinized more than oil reserve data.
An oil executive in a publicly traded company will be risking everything to have material info and not disclose when required.

You are contradicting yourself because reserves strengthen balance sheet, which impacts performance of the co and stock....which is simply the major way CEOs get paid.
Hiding an ASSET is contrary to everyone’s income and total compensation.
So hiding reserves is no longer worth the risk.

And yes the oil business is a dirty business.
You’re not the only person that knows that,and the capital markets and exchanges know how to manage that end of it.
Way better than you might think.

And again...Touchstone and others do not rely on govt numbers.
Neither do the financiers.

Dummy try and understand that an oil exploration company is not the same as an oil production company. This is why they are split to pervent the rules and laws acting on them . There are loop holes .

Most exploration companies are not listed on the stock market so they dont answer to anyone.

The only holes here are the gaps in your logic.

Cany you name one company in trinidad that is an Exploration company and NOT PRODUCING oil???


Well oh great one-you have been referencing HINTING touchstone,its publicly traded.

[De Dragon]

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?

For the millionth time

In Par­lia­ment in June, the En­er­gy Min­istry con­firmed HSB Solomon As­so­ciates was paid $7.4 mil­lion for com­pa­ny op­ti­mi­sa­tion work re­gard­ing Petrotrin. McK­in­sey and Com­pa­ny Inc was al­so paid $28 mil­lion for a strate­gic re­view and tran­si­tion.

S&A’s sum­ma­ry states Petrotrin re­tained the com­pa­ny for a work­force op­ti­mi­sa­tion ef­fort for its Ex­plo­ration/Pro­duc­tion and Down­stream/Mar­ket­ing or­gan­i­sa­tions at Pointe-a-Pierre, Point Fortin and San­ta Flo­ra, to de­ter­mine where op­por­tu­ni­ties ex­ist to op­ti­mise and en­hance ef­fi­cien­cy/work­force ef­fec­tive­ness.

S&A stat­ed that Petrotrin want­ed to know the rec­om­mend­ed man­pow­er util­i­sa­tion “based on peer group bench­marks and as­sess­ment of its ex­ist­ing or­gan­i­sa­tion­al struc­ture, staff lev­els and work process­es” in re­la­tion to top-per­form­ing fa­cil­i­ties of sim­i­lar size and com­plex­i­ty.

S&A was to as­sess the cur­rent work process­es/prac­tices as­so­ci­at­ed with dai­ly op­er­a­tions, main­te­nance and sup­port ac­tiv­i­ties as­so­ci­at­ed with E&P, as well as Re­fin­ing and Mar­ket­ing busi­ness­es.

The sum­ma­ry not­ed:

“The re­sult of Solomon’s as­sess­ment in­di­cat­ed that sev­er­al of the key lead­ers with­in Petrotrin are very knowl­edge­able, en­gaged and com­mit­ted to the suc­cess of the busi­ness. Like­wise, Petrotrin man­age­ment has com­mu­ni­cat­ed a com­mit­ment to plac­ing the busi­ness on a path to sus­tain­able im­prove­ment and en­hanced per­for­mance. “The prac­tices fol­lowed with­in the Petrotrin busi­ness sites were com­pared to Solomon’s in­dex of best prac­tices for work­force op­ti­mi­sa­tion. Over­all, Petrotrin is cur­rent­ly do­ing a num­ber of things well and em­ploys prac­tices in sev­er­al ar­eas that are con­sis­tent with the best oil and gas busi­ness­es in the world. “How­ev­er, many prac­tices are lack­ing or are in­con­sis­tent­ly ap­plied in re­la­tion to those em­ployed by top-per­form­ing fa­cil­i­ties and present an op­por­tu­ni­ty for Petrotrin to sig­nif­i­cant­ly en­hance its ef­fi­cien­cy and ef­fec­tive­ness.”
S&A al­so stat­ed, “While many com­pa­nies at­tempt to op­ti­mise their work­forces sim­ply by re­duc­ing staffing lev­els or im­ple­ment­ing a new or­gan­i­sa­tion­al struc­ture, Solomon has ob­served over the years that the most prof­itable busi­ness­es are ac­tu­al­ly fo­cused on max­imis­ing or­gan­i­sa­tion­al ef­fec­tive­ness and fi­nan­cial per­for­mance, not just min­imis­ing the num­ber of peo­ple.”

”

Solomon submitted a 650 page report-that was as youve stated focussed on the work force.
It is an exceptionally detailed analysis.
Anyone interested should read it.

It detailed the analysis done,how it was done, how Petrotrin compared to the LATAM (LTA) peer group and other peer groups.

Real real data and information-I repeat that it is required reading for any that maybe interested.


So when you get past the Exec Summary you would see that at almost every level Petrotrin was overstaffed.

Pg 41 says that for this to work ALL three stakeholders-the Management,shareholder and the UNION HAVE TO WORK TOGETHER.
This stakeholder requirement is repeated through out the first part of the doc.

-While Petrotrin was overstaffed-it was underperforming on the financial/operational efficiency side.

The Staffing analysis Pg 553
-Many departments were overstaffed by up to 70%-The lowest I saw was the security dept at 30% overstaffed.
The average LTA competitor has
60% less ACCOUNTING Staff than Petrotrin.
75% less HR staff
75% less Purchasing-which was interesting-Solomon also saind Petrotrin had 400M TTD in inventory equipment(80% of which has been ther for 15+ years)
The R+M section was broken down in more statistical detail....but the constant through everything was Petrotrin was overstaffed-but there was the required talent to make it work.

The Proposed WFO staffing changes by dept all showed reductions. The section begins on Pg 635

In a nutshell..Solomon says you need all stakeholders to do this, but you will have reduce staff if this has to work -keep the great people and practices-get rid of the rest. Set up proper management and performance oversight and get going.


Yet In August 2018 the union resists the Govt request to reduce the workforce and keep operating...which seems to be following what Solomon recommended.

Yet the UNION-the stakeholder in in the press rejecting out of hand (Pg 41 of the Solo report)

The OWTU President General said they were given three options: for the company to remain as is, to have a ‘scaled-down operation’ where 1,500 workers would be sent home, or a third option where the refinery would be closed down, with workers having to re-apply for 800 positions in exploration and production and 200 positions within a new terminalling operation.

“They propose to send everybody home and hire back 800 persons for exploration and production, and hire 200 persons for the (proposed) terminalling operation in Pointe-a-Pierre."

“The proposal they have for Petrotrin is madness...we disagree with that and we reject that outright,” Roget said.

My question is- how would any of you have handled that situation?

If possible-keep the PARTY out of it.

It still amazes me that the recommendation about optimizing staff was never followed for what was perceived as fear of the union, only for the union to sit idly by, thumbs firmly up their rears allow PT to close, and thus lose all staff, knowing(?) that they would get their unqualified hands on it. Then farcically, blame the Leader of the Opposition when the GORTT started sticking on the sale. The OWTU have now resorted to third party( Abdullah) begging for "ah Christmas bligh" and get the refinery

[sMASH]

forex bubble they created when they decided to clamp the exchange rate, its beginning to pop.

[Habit7]

forex bubble they created when they decided to clamp the exchange rate, its beginning to pop.

Who is they?

[De Dragon]

forex bubble they created when they decided to clamp the exchange rate, its beginning to pop.

Who is they?

20201213_165422.jpg

2014? Really? So the PNM's oft stated refrain of not adjusting the exchange rate is what then?

[sMASH]

forex bubble they created when they decided to clamp the exchange rate, its beginning to pop.

Who is they?

20201213_165422.jpg

2014? Really? So the PNM's oft stated refrain of not adjusting the exchange rate is what then?

I specifically am referring when imburt on his own volition decided to say, thst he will e managing WHO gets forex but keeping the price the same.

He didn't say that it was a continuation, a change, an improvement from The previous system.
So what ever came before was not on my radar, and according to that headlines, it would seem that imburt'a forex management would have been to rectify the previous administrations mismanagement.


So the 'they' would be imburt by name, as he took ownership fo the forex management.

[Redman]

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?

For the millionth time

In Par­lia­ment in June, the En­er­gy Min­istry con­firmed HSB Solomon As­so­ciates was paid $7.4 mil­lion for com­pa­ny op­ti­mi­sa­tion work re­gard­ing Petrotrin. McK­in­sey and Com­pa­ny Inc was al­so paid $28 mil­lion for a strate­gic re­view and tran­si­tion.

S&A’s sum­ma­ry states Petrotrin re­tained the com­pa­ny for a work­force op­ti­mi­sa­tion ef­fort for its Ex­plo­ration/Pro­duc­tion and Down­stream/Mar­ket­ing or­gan­i­sa­tions at Pointe-a-Pierre, Point Fortin and San­ta Flo­ra, to de­ter­mine where op­por­tu­ni­ties ex­ist to op­ti­mise and en­hance ef­fi­cien­cy/work­force ef­fec­tive­ness.

S&A stat­ed that Petrotrin want­ed to know the rec­om­mend­ed man­pow­er util­i­sa­tion “based on peer group bench­marks and as­sess­ment of its ex­ist­ing or­gan­i­sa­tion­al struc­ture, staff lev­els and work process­es” in re­la­tion to top-per­form­ing fa­cil­i­ties of sim­i­lar size and com­plex­i­ty.

S&A was to as­sess the cur­rent work process­es/prac­tices as­so­ci­at­ed with dai­ly op­er­a­tions, main­te­nance and sup­port ac­tiv­i­ties as­so­ci­at­ed with E&P, as well as Re­fin­ing and Mar­ket­ing busi­ness­es.

The sum­ma­ry not­ed:

“The re­sult of Solomon’s as­sess­ment in­di­cat­ed that sev­er­al of the key lead­ers with­in Petrotrin are very knowl­edge­able, en­gaged and com­mit­ted to the suc­cess of the busi­ness. Like­wise, Petrotrin man­age­ment has com­mu­ni­cat­ed a com­mit­ment to plac­ing the busi­ness on a path to sus­tain­able im­prove­ment and en­hanced per­for­mance. “The prac­tices fol­lowed with­in the Petrotrin busi­ness sites were com­pared to Solomon’s in­dex of best prac­tices for work­force op­ti­mi­sa­tion. Over­all, Petrotrin is cur­rent­ly do­ing a num­ber of things well and em­ploys prac­tices in sev­er­al ar­eas that are con­sis­tent with the best oil and gas busi­ness­es in the world. “How­ev­er, many prac­tices are lack­ing or are in­con­sis­tent­ly ap­plied in re­la­tion to those em­ployed by top-per­form­ing fa­cil­i­ties and present an op­por­tu­ni­ty for Petrotrin to sig­nif­i­cant­ly en­hance its ef­fi­cien­cy and ef­fec­tive­ness.”
S&A al­so stat­ed, “While many com­pa­nies at­tempt to op­ti­mise their work­forces sim­ply by re­duc­ing staffing lev­els or im­ple­ment­ing a new or­gan­i­sa­tion­al struc­ture, Solomon has ob­served over the years that the most prof­itable busi­ness­es are ac­tu­al­ly fo­cused on max­imis­ing or­gan­i­sa­tion­al ef­fec­tive­ness and fi­nan­cial per­for­mance, not just min­imis­ing the num­ber of peo­ple.”

”

Solomon submitted a 650 page report-that was as youve stated focussed on the work force.
It is an exceptionally detailed analysis.
Anyone interested should read it.

It detailed the analysis done,how it was done, how Petrotrin compared to the LATAM (LTA) peer group and other peer groups.

Real real data and information-I repeat that it is required reading for any that maybe interested.


So when you get past the Exec Summary you would see that at almost every level Petrotrin was overstaffed.

Pg 41 says that for this to work ALL three stakeholders-the Management,shareholder and the UNION HAVE TO WORK TOGETHER.
This stakeholder requirement is repeated through out the first part of the doc.

-While Petrotrin was overstaffed-it was underperforming on the financial/operational efficiency side.

The Staffing analysis Pg 553
-Many departments were overstaffed by up to 70%-The lowest I saw was the security dept at 30% overstaffed.
The average LTA competitor has
60% less ACCOUNTING Staff than Petrotrin.
75% less HR staff
75% less Purchasing-which was interesting-Solomon also saind Petrotrin had 400M TTD in inventory equipment(80% of which has been ther for 15+ years)
The R+M section was broken down in more statistical detail....but the constant through everything was Petrotrin was overstaffed-but there was the required talent to make it work.

The Proposed WFO staffing changes by dept all showed reductions. The section begins on Pg 635

In a nutshell..Solomon says you need all stakeholders to do this, but you will have reduce staff if this has to work -keep the great people and practices-get rid of the rest. Set up proper management and performance oversight and get going.


Yet In August 2018 the union resists the Govt request to reduce the workforce and keep operating...which seems to be following what Solomon recommended.

Yet the UNION-the stakeholder in in the press rejecting out of hand (Pg 41 of the Solo report)

The OWTU President General said they were given three options: for the company to remain as is, to have a ‘scaled-down operation’ where 1,500 workers would be sent home, or a third option where the refinery would be closed down, with workers having to re-apply for 800 positions in exploration and production and 200 positions within a new terminalling operation.

“They propose to send everybody home and hire back 800 persons for exploration and production, and hire 200 persons for the (proposed) terminalling operation in Pointe-a-Pierre."

“The proposal they have for Petrotrin is madness...we disagree with that and we reject that outright,” Roget said.

My question is- how would any of you have handled that situation?

If possible-keep the PARTY out of it.

It still amazes me that the recommendation about optimizing staff was never followed for what was perceived as fear of the union, only for the union to sit idly by, thumbs firmly up their rears allow PT to close, and thus lose all staff, knowing(?) that they would get their unqualified hands on it. Then farcically, blame the Leader of the Opposition when the GORTT started sticking on the sale. The OWTU have now resorted to third party( Abdullah) begging for "ah Christmas bligh" and get the refinery

Holy tootz Dragon we agree.
Must be Christmas

But the truth is that if they tried to work with the union the refinery would be open, industrial action, and therefore money running and assets at risk.
I think they would also be under pressure of the refinance timelines.

A working efficient Petrotrin isn’t what the union wanted?
Or is it better to have a shot at owning it.
Good reason to stay quiet....severance paid and a shot at ownership.

What was the sensible move at the end of Aug 2018?

[Habit7]

forex bubble they created when they decided to clamp the exchange rate, its beginning to pop.

Who is they?

20201213_165422.jpg

2014? Really? So the PNM's oft stated refrain of not adjusting the exchange rate is what then?

I specifically am referring when imburt on his own volition decided to say, thst he will e managing WHO gets forex but keeping the price the same.

He didn't say that it was a continuation, a change, an improvement from The previous system.
So what ever came before was not on my radar, and according to that headlines, it would seem that imburt'a forex management would have been to rectify the previous administrations mismanagement.


So the 'they' would be imburt by name, as he took ownership fo the forex management.

Well you specifically said the forex bubble created when they decided to clamp the exchange rate.

The forex bubble burst in 2014 when the governor of CBTT decided to change the allocation of USD to banks causing confidence in the TTD to fall. This was further cemented by the fall in O&G prices in late 2014, 70% of our exports. That is what caused the forex bubble to burst, not what you attribute to Imbert years later.

Stop your revisionist history.

[sMASH]

the bubble might have started there. what did imburt do to deflate it?
cause pnm had a full and complete term in office to put things in place and in their second consecutive term, local businesses are NOW refusing to accept TT.


the bubble started long ago, its NOW bursting. that is on the heel of a full PNM term in office, not any other party.

[Redman]

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.

The new owner is not saddled with the union inextricably tied to operations.

So a non govt owner could just take the Solomon report and begin.

Most ironically...the union will be able to implement the option that they refused under the govt.

[De Dragon]

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.

The new owner is not saddled with the union inextricably tied to operations.

So a non govt owner could just take the Solomon report and begin.

Most ironically...the union will be able to implement the option that they refused under the govt.

Merry Christmas Redman.
Will the OWTU though? They are already speaking about 4500 refinery employees which is basically saying everyone + more will be working at the refinery. Now if they are looking to make the use of that amount of personnel more efficient as recommended by Solomon and others, fine, if not, well then we're off to a horrible start. Collectively, the people at the refinery have to see some benefit to being more efficient beyond merely drawing a salary.

[Redman]

Merry Christmas Dragon... sincerely.

Once they paying..for it,and the royalties due...they free to refurbish and do their thing.

If the ballz it up we go next.

I would prefer a local entity own and operate.

But do we really need it?

[De Dragon]

Merry Christmas Dragon... sincerely.

Once they paying..for it,and the royalties due...they free to refurbish and do their thing.

If the ballz it up we go next.

I would prefer a local entity own and operate.

But do we really need it?

The refinery? In simple terms of providing a safe, reliable forex saving local fuel supply, I'd say definitely. I have expressed my concern about the union being able to do this, but I definitely would love to be proven wrong in this instance.

[Redman]

Fuel for local consumption would be paid for in usd.

I estimate we use 14M TTD per day.
I don't think any right thinking operator would take that risk.

[hover11]

Can anyone say for certain when gas stations will be privatized, it is end of December and I have yet to see any advertisements of such in the local newspapers or otherwise, need to know whether gas price is still increasing in the not too distant future

Fuel for local consumption would be paid for in usd.

I estimate we use 14M TTD per day.
I don't think any right thinking operator would take that risk.