Home' Trinidad and Tobago Guardian : October 17th 2014 Contents A19
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Trinity Exploration and Production plc yesterday
urged members of the Energy Chamber of T&T to
form exploration and production companies of their
own to benefit from the oil and gas wealth still under-
"I will throw it out to the audience to form your
own oil companies," because T&T still has a lot of
opportunities, Monty Pemberton, Trinity s CEO said
when he addressed the Chamber s luncheon at Cara
Suites in Claxton Bay.
Pemberton began his presentation by speaking
about business opportunities for what appeared to be
mainly the chamber s service provider-type companies
with his assessment of the T&T oil and gas province.
"T&T is a hidden gem which remains an attractive
basin with opportunities to build a business of scale,"
Pemberton said he believes the major oil and gas
companies operating in T&T have smaller pools of
"stranded reserves" within their acreages that are not
lucrative for them to pursue but may be worthwhile
for smaller oil companies. He gave examples of his
own company s successes, including growth of reserves
from 11.4 million barrels of oil (mmbo) before 2013 to
47.7 mmbo in 2013 to now 87.7 mmbo in 2014.
The CEO of the London-listed company said the
blocks it acquired from the UK s Centrica plc are esti-
mated to contain gross reserves of 268 billion cubic
feet of gas (bcf).
He said his company still has to close the transaction
but met with Energy Minister Kevin Ramnarine on
this yesterday and the ministry s consent should come
within a month.
A development plan is being drafted for the fields,
Pemberton said, and first gas could come as early as
Turning to Galeota, the acreage inherited from the
acquisition of Bayfield Energy, Pemberton said it has
been like a marriage where one does not know what
one is getting into until after one is already committed.
He said Trinity may have to go back "to how you
would have drilled 50 years ago" to profitably extract
the resources in Galeota.
"There are significant reserves in place. We re just
trying to find an optimal drilling solution," he said.
Modern drilling methods are proving to be not com-
mercially viable, he said.
Pemberton said a lot of money was wasted in Galeota
and Trinity cut what would have been US$10 billion
in wastage over the past year and a half. He said thus
far US$160 million has been spent on Galeota, only
to bring 1300 barrels of oil per day to surface. This
figure is exorbitant compared to the cost of production
in other fields run by Trinity, he said.
He said "big changes" are being made in Trinity s
organisational structure. A new chief operation officer
has been appointed, and yesterday, Pemberton
announced a new head of procurement has also been
Trinity also has a large logistics business which it
is considering "giving up," Pemberton said. In its stead,
Trinity will outsource logistics.
The CEO also addressed the elephant in the room---
plummeting global oil prices. He said oil has fallen
between 20 and 23 per cent over the last two weeks
and this is causing small but large oil companies around
the world to buckle at the knees. He said the decline
"will impact T&T s bottom line immediately."
CUPERTINO, California--- Apple
unveiled a thinner iPad Thursday with a faster
processor and a better camera as it tries to
drive excitement for tablets amid slowing
demand. The company also released an update
to its Mac operating system and introduced a
high-resolution iMac model that might appeal
to heavy watchers of television over the
The new iPad Air 2, at a quarter of an inch
"thin," also adds many of the features
previously available on iPhones. That includes
the ability to take burst shots and slow-motion
video, and unlock the device with a fingerprint
ID sensor instead of a passcode.
Meanwhile, Apple made its new Mac
operating system, Yosemite, available as a free
download starting Thursday. The new 27-inch
iMac---which Apple is dubbing the "Retina 5K"
model---went on sale Thursday as well.
The company also said Apple Pay, its new
system for using iPhones to make credit and
debit card payments at retail stores, will launch
on Monday. AP
T&T needs more local oil companies
Joel Monty Pemberton, CEO, of Trinity Exploration and Production, speaking at the
Energy Chamber's luncheon at Cara Suites, Claxton Bay yesterday. PHOTO: TONY HOWELL
Thinner iPads, sharper iMacs in Apple's lineup
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