Home' Trinidad and Tobago Guardian : February 19th 2015 Contents A15
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The volatility in oil prices yesterday,
with both West Texas Intermediate
(WTI) and Brench crudes falling after
making significant gains last week.
WTI, the benchmark US crude
which trades within the range of the
light sweet crudes produced in T&T,
was down by US$1.39 to US$52.14 a
Brent crude, the benchmark for
many international oils, fell US$2 to
US$60.53 a barrel. These
developments halted a comeback
rally that had resulted in a 35 per
cent gain in crude prices since late
January despite mounting US
For several days last week, industry
spending cutbacks and falling US rig
counts helped fuel Brent crude's price
rebound from an almost six-year low
T&T's national budget is pegged on
an oil price of US$45 a barrel.
Oil price rally falters---WTI down to US$52.14
Fish prices skyrocketed on the first
day of Lent, yesterday, with carite
jumping from $30 to $45 per pound.
The cheapest fish available were mixed
varieties, including butterfish, black-
fish and branch, which were selling
for $4 a pound, while sardines were
priced at three pounds for $25.
At Otaheite Bay, where only a small
number of customers could be seen
buying fish for their Ash Wednesday
meals, Cindy Boodoo said she did not
understand why fish prices always
increased during Lent.
"Once again the prices are ridiculous.
We plan to eat fish for Lent but we
have decided to catch our own fish in
Cedros," Boodoo said. Her seven-year-
old son Christopher and husband Roger
Boodoo eventually bought small shrimp
at $15 per pound to do their own fish-
Fisherman Mitra Balchan said it was
customary for fish prices to go up for
Lent because of increased demand and
limited supply. He said big shrimp were
selling for $45 per pound.
"If the fish not biting we have to
raise the price," he explained.
At Otaheite Bay, as well as the King s
Wharf fish market in San Fernando,
customers were few. Vendors Paul
Young and Andre Matas said since the
oil spills along the south western penin-
sula in December 2013, sales have dwin-
"Many of the vendors stopped com-
ing to sell because nobody come here
to say it was safe to fish," Young said.
He added that most of the fishes are
caught along Trinidad s northern and
"Fish prices will be terrible this year,"
said president of the Claxton Bay Fish-
ing Association Kishore Boodram. "We
have high winds and the waters are
polluted heavily and it would not be
until the rainy season that this will
Boodram, who complained about the
high cost of gasoline, bait, fishing tackles
and boat engines, added: "A boat engine
burns four or five times more gas than
a car. We have expenses and nobody
is looking at improving our sector."
He explained that the price of fish
is heavily influenced by supply and
demand during the Lenten period.
LGO Energy Plc has been granted final
approvals for construction of its 2015 drilling
pads with work starting immediately and
expected to take several weeks.
The company has also been notified by
state-owned Petrotrin that they intend to
upgrade the existing 2 7/8-inch export pipeline
from the Goudron Field with a new 4 1/2-
inch pipeline which will increase export capac-
"Now that all the approvals have been grant-
ed for the 2015 Goudron drilling programme
to start, we can look forward to commencing
the new season s drilling, which should see
significant increases in the field s oil produc-
tion," said Neil Ritson, LGO s chief executive.
The new drill pads, designated Pad 4 and
Pad 5, will be used for the next seven devel-
opment wells, GY-672 to GY-680, as part of
the company s initial 30 well programme which
commenced last year with the drilling of eight
LGO has a rig under contract from Well
Services Exploration Limited, Rig-70, and
expects to mobilise the rig as soon as the first
pad is ready for use. Three wells will be drilled
to the C-sand reservoir from Pad 4 before the
rig is moved to Pad 5 where it is expected that
four C-sand wells will be drilled.
The line-pipe for the new Petrotrin 4 1/2-
inch export line is currently being delivered
to the field and when installed will further
reduce the time necessary to make oil sales
from the Goudron Field.
The increase in export capacity, when linked
to the planned lease area custody transfer
(LACT) metre, will greatly increase the pro-
duction handling capacity of the field infra-
The upgrade of the export pipeline infra-
structure is being carried out by Petrotrin at
no cost to the company. The installation of
the LACT metre and the new export pipeline
will be timed to ensure that no export bot-
tle-necks occur as field production ramps up
once additional wells are drilled from Pads 4
and 5 and brought on stream later this year.
All eight wells drilled to the C-sand in 2014
have been completed and are all producing
oil. The majority of the wells are free flowing
with individual restricted rates up to 1,000
bopd per well.
LGO Energy plc, formerly Leni Gas and Oil
plc (LGO), is a United Kingdom-based com-
pany engaged in evaluation, exploration, devel-
opment and production of oil and gas. The
company s T&T operations consist of four
main assets, the Goudron Field IPSC, the
Icacos Oilfield, the Moruga North leases and
the Cedros Peninsular leases.
Its subsidiaries include Leni Gas & Oil Hold-
ings Ltd, Leni Trinidad Ltd, Leni Investments
Trinidad Ltd, LGO Trinidad Holdings Ltd and
Goudron E&P Ltd, among others.
LGO gets green light for new drilling
Mark Mohammed displays
his catch for sale at
PHOTO: TONY HOWELL
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