Home' Trinidad and Tobago Guardian : July 8th 2015 Contents A15
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T&T plays hosts to the globe today with the
official start of the four-day Trade and
Investment Convention (TIC) 2015 at the
Centre of Excellence, Macoya.
President of the T&T Manufacturers'
Association (TTMA) Dr Rolph Balgobin said
more than 500 regional and international
buyers are attending the event. He said TIC is
showcasing parts of the T&T business sector
that can "either attract investment from us or
which we may wish to invest in or export to."
Balgobin said the Ministry of Tertiary
Education and Skills Training will be
participating for the first time along with
other training agencies.
"We are also going to be working closely
with the Ministry of Energy and the Ministry
of Tertiary Education which is going to feature
a jobs fair to showcase to people who want a
career in manufacturing, what it would
It is not just standing in a factory.
Manufacturing has a lot of sophisticated
aspects, including logistics and supply chain
management, finance, and lots more," he said.
Balgobin added: "T&T's food and beverage
sector has been one of the mainstays of
manufacturing. We have done well because of
our creativity and branding, so when we
participate in shows like these it is not as
though we are selling TIC alone because TIC is
really a show which is supposed to facilitate
manufacturers to sell.
"The more you participate in these shows,
the more awareness you build and the more
awareness you build is the more opportunity
TIC 2015 attracts major buyers and exhibitors
Global economic and geopolit-
ical factors are being blamed for
the latest slide in oil prices which
has seen West Texas Intermediate
(WTI) crude---the closest in price
to the light sweet crudes produced
in T&T---drop 7.7 per cent in inter-
national markets Monday and
another 3.6 per cent yesterday to
close at US$50.64 a barrel.
The current WTI price is down
15 percent from the high for the
year set on June 10. However, it is
still above the revised benchmark
oil price of US$45 per barrel and
a revised T&T netback wellhead
gas price of US$2.25 per mmbtu
on which the national budget is
WTI has lost almost 10 per cent
since Thursday s close on global
markets and has lost almost 20
percent from a high above US$62
just a month ago. It had been sit-
ting near US$60 a barrel for a few
months after bottoming at US$43
Analysts say a range of global
economic and geopolitical factors
are responsible for oil s downward
slide and they are forecasting falling
demand for crude with supplies
high and expected to rise. Factors
affecting the oil price are:
• The Greek financial crisis could
slow economic activity in Europe,
which would reduce demand for
gasoline and diesel.
• China s oil imports have
already slipped this year and a
plummeting Chinese stock market
could mean even weaker demand
in the world s second largest oil
• Oil production in Opec, driven
by strong production from Saudi
Arabia and Iraq, is helping to keep
the world s supplies high.
Opec s June production rose for
the fourth month in a row, to 31.3
million barrels per day---1.3 million
barrels per day more than the car-
tel s official target and the highest
level since August 2012.
• Iran is eager to begin exporting
oil that has been held back by
sanctions, and talks between the
US and Iran that could lift those
sanctions appear to be progress-
• US oil production remained
strong even after drillers slowed
their activity in the face of low oil
prices---and now some drillers are
ramping up production again.
After hitting a six-year low of
US$43.46 in mid-March, oil rose
to nearly US$60 in late April as
refiners processed enormous
amounts of crude.
Oil then remained stable until
the middle of last week.
In January, in response to falling
oil prices, Prime Minister Kamla
Persad-Bissessar announced plans
to reduce expenditure and set the
new prices on which the national
budget are pegged.
With lower oil prices, the expec-
tation was that the country would
receive significantly lower levels
of revenue than originally estimat-
ed when the budget was
announced by Finance Minister
Larry Howai in September 2014.
Although oil prices are falling,
officials of state-owned energy
company Petrotrin are optimistic
a production target of 10,000 bar-
rels of oil a day will be achieved
by the end of the year.
The target was highlighted by
Petrotrin president Khalid Hassanali
during the company s annual
Health, Safety and Environmental
(HSE) Leadership Forum at the
Petrotrin Staff Club, Pointe-a-
Pierre, yesterday as he challenged
lease operators, service contractors
and farmouts to increase their pro-
"As we continue to face chal-
lenges of low prices---yesterday we
were down to US$54 per barrel---
and with all those other external
factors beyond our control, we have
to as a company ensure that our
operations are conducted efficiently
and safely with full integrity and
full transparency," he said.
Noting that production now
stands at 9,400 barrels per day,
Hassanali added: "With the current
work plans in progress our target
will remain at 10,000 barrels per
day which I am sure is achievable
and can be surpassed.
The challenge to you, of course,
is to increase it by 1,000 barrels
per day by the end of the fiscal
Exploration and Production vice
president Jamaludin Khan said work
programmes will be undertaken
over specific periods of either five,
seven or nine years and once they
are executed properly, production
will go up.
"Right now the combine from
these three programmes---lease out,
service contracts and farm outs---
runs, as you would have heard this
morning, at just over 9,000 barrels
a day," Khan said. "So with the
increased activity where everybody
is drilling right now, we expect that
to go up again. "
He said while operators will be
affected by low oil prices, they will
make profits because they are low
cost operators and don t have the
major overheads of large energy
HSE manager Shyram Dyal says
oil prices have not affected the
health and safety aspect of
Petrotrin s operations.
"Definitely over the last two years
we have seen tremendous improve-
ments in the lease and farm out
It is something we call continual
improvement in terms of looking
at our management system where
not all companies might be 100 per
cent but the idea is to bring all up
to the same level."
Hassanali urged operators who
are not yet Safe TO Work (STOW)
certified, to do so by the end of
Awards were given out to oper-
ators for their HSE achievements.
Taking the challenge trophy for
best all round lease operator was
Range Resources Limited.
Energy Minister Kevin Ramnar-
ine, who was due to deliver the
feature address, did not attend
because of a personal emergency.
In his absence, remarks were deliv-
ered by ministry s permanent sec-
retary, Selwyn Ashley.
Oil prices tumbling again
Petrotrin increases production targets
Range Resources CEO Yan Liu, second from left, receives the top award for Best All Round Lease Operators,
Service Contractors and Farmouts ( LOSCFO ) from Petrotrin president Khalid Hassanali at Petrotrin's annual
Health, Safety and Environmental (HSE) Leadership Forum in Pointe-a-Pierre yesterday. Also in photo are, from
left, COO of Range Resources Walter Cukavac and Petrotrin vice president E&P Jamaludin Khan. PHOTO: KRISTIAN
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