Home' Trinidad and Tobago Guardian : December 16th 2014 Contents A17
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LGO Energy plc yesterday
announced that its most
recently completed well, GY-670,
at the Goudron Field was
perforated on December 12 over
a 177-foot interval of oil pay in
the C-sands and is now flowing
at a stabilised, but highly
restricted, rate of 1,085 barrels
of oil per day (bopd) of 37
degree API water-free oil
through a 9/32" choke with a
well-head flowing pressure of
Over the last 48 hours the
well has flowed at an average
rate of 1,104 bopd. The initial
open-hole flow rate calculated
for the well exceeds 6,000 bopd.
LGO CEO Neil Ritson said:
"The first of the three wells on
Pad-3, and the sixth completion
in the eight wells we have drilled
in 2014 has provided our best
initial oil rate to date. Higher
reservoir pressures in this area
of the field combined with
further improvements in drilling
and completion techniques have
given us the highest flow rate
ever seen in the Goudron Field.
Two further wells, GY-671 and
GY-699, have yet to be placed
on production on Pad-3."
Petrotrin President Khalid M.
Hassanali said: "The Petroleum
Company of T&T Limited
(Petrotrin) has an alliance with
LGO at the Goudron field and
welcomes this excellent well
result and congratulates LGO on
their 2014 drilling campaign that
has resulted in significant oil
production from Goudron."
LGO finds highest producing well to date
Hands off the Heritage and Stabilisation
President general of the Oilfields Workers
Trade Union (OWTU) Ancel Roget made
that emphatic declaration yesterday in
response to Prime Minister Kamla Persad-
Bissessar s announcement that Government
will make withdrawals from the HSF if oil
prices continue to slide.
Roget said tapping into the US $5.53 billion
HSF, which was established as a savings
net for the T&T economy, is not a wise
"They need to get their priorities right
and their hands off the Heritage and Sta-
bilisation Fund. They need to cut back on
all of the corruption, the (Debe/Mon Desir
leg) of the San Fernando to Point Fortin
Highway and all of these unnecessary give-
aways and so on," he said.
Persad-Bissessar told reporters over the
weekend that HSF was set-up for rainy days
and was "a padding and a support, budg-
etary support, fiscal support."
Yesterday US benchmark West Texas
Intermediate (WTI) which is close the price
at which T&T crude is sold on international
markets dropped to US$56.38 a barrel while
Brent Crude was $61.33. The budget has
been pegged at US$80 a barrel.
Roget said Government must stop the
continued "bleeding of all of our state enter-
"If there is any way savings can be
achieved it is in the cut back of their over-
spending and their corruption and so on.
Of course a halt to that highway and cut
the extra $4b instead," he advised.
Also expressing concern about the HSF
was Energy Chamber president Dr Thack-
wray Driver who said government "should
beware of inefficient spending."
"We must cut inefficient spending and
after that is done then look at increasing
borrowing before dipping into the savings.
That is a decision for the Ministry of
Finance," Driver said.
However, a differing view came from
president of the Local Content Chamber
Lennox Sirjuesingh, who said: "If that is
the purpose of the fund, then it should be
used. That position has been articulated
and it is within the government s right to
The redesigned $50 bill which went into cir-
culation yesterday was easily available at four
commercial banks in Port-of-Spain.
Some customers who got the banknote said
they were pleased with the new look.
"It s definitely much more attractive and
brighter than the old $50 bill," one customer
said shortly after leaving one of the banks yes-
The new bill was unveiled the bank s 50th
gala anniversary celebrations on Saturday.
Republic Bank Ltd, RBC, First Citizens and
Scotiabank all said they had received their quota
of the new bill and it has been distributed to
their various branches.
The redesigned $50 bill is made from poly-
mer---the same material used to make Canadian
currency. It is gold in colour and its major secu-
rity feature is a transparent plastic area with a
metallic holographic image.
New $50 bill widely available
Union, business group, tell PM:
HERE'S TO US!
InselAir's management and crew toast the airline's inaugural flight to T&T at the VIP Lounge,
Piarco International Airport, yesterday. From left, corporate communication manager Robert de
Wolf, Aljarreau Rampenburg, Julisa Hasselmeyer, chief commercial officer BV Jurgen Lippinkhof,
managing director of Lazzari and Sampson, Michael Lazzari, Jeffery Deswert and Signald
Hendrick. See story on Page A19. PHOTO: SHIRLEY BAHADUR.
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