Home' Trinidad and Tobago Guardian : December 7th 2015 Contents A17
• Twitter: @GuardianTT • Web: guardian.co.tt
WASHINGTON---Don t expect Ameri-
cans in the oil patch to cheer the US job
market s solid gains.
The falling oil and gasoline prices that
for months have coincided with strong
US hiring have helped most Americans.
But they ve come at a painful cost for
workers in the energy and mining sector:
122,300 lost jobs in the past year.
Even as workers nationwide are earning
slightly more than they did a year ago,
average wages have tumbled 1.5 per cent
to US$26.72 an hour for energy production
The November jobs report that the
government released Friday illustrated
the divide between the broad economy
and the ailing fossil fuels industry: Overall,
US employers added a robust 211,000
jobs and the unemployment rate held
steady at a low 5 per cent.
But the energy industry, reeling from
falling oil prices and weakening global
demand, lost 11,300 jobs. (AP)
US oil industry suffers amid economic gains
Natasha Baksh, second from right, is this
year's recipient of the Esme Raphael
Bursary sponsored by Venture Credit
Union Co-operative Society Limited for
final year students pursuing
Management Studies at the University
of the West Indies, St Augustine.
Making the presentation are, from left,
Abbey Mohammed, Ag GM Operations,
Esme Raphael, and Gail Sooknarine-
Ragoo, Ag CEO.
The bursary is named after Raphael, a
pioneer and member of the credit union
society who has given over 30 years'
service to the industry. Raphael held
senior positions at many co-operative
related institutions such as Fedchem
Credit Union, Grastaff Credit Union,
Arouca Credit Union, Venture Credit
Union, Northwest Regional and Central
Regional Chapters of Cooperative Credit
Unions, the Credit Union League of T&T,
T&T Stabilisation Fund, the Association
of Co-operative Credit Union Presidents
of T&T and the Central Finance Facility.
VENTURE CREDIT UNION BURSARY
A dispute between local
energy company Mora Ven
Holdings Limited and
Spanish energy giant Rep-
sol over crude oil supply
has led to the T&T compa-
ny shutting down produc-
tion on its oil platform.
In a statement, Mora Ven,
parent company of Mora Oil
Ventures Limited (MOVL),
said it had been supplying crude to Repsol for some
time and recently the arrangement had become a
month-to-month contract. "There is a dispute as to
the amount of crude that is being supplied. In recent
weeks Repsol have indicated that the level of crude
being supplied is no more than 1.5 per cent of the
amount with the Mora certified meter states," the
"MOVL has taken steps to verify its production
through meter proving and sampling that abides by
the API Standard for metering through turbine meters."
Mora Ven said it had taken "the painful decision"
to stop production on the platform after months of
talks with Repsol "and their recent refusal to have a
third party verify their method.
The company claimed there is a huge disparity
between what it is producing and the amount which
the Spanish energy company says its receives.
Mora Ven said the shut down of the production
means a loss of jobs and the matter will be taken else-
where to be resolved.
Chairman and CEO of Mora Ven George Nicholas
III said: "Mora can no longer afford to be bullied and
ignored by this foreign mega company."
He accused Repsol of using "their corporate muscle
for too long to try and bully Mora into submission."
"We will not stand for this any longer,"
he said. "Accordingly, the board haas made
the painful decision to shut-in production
on the platform, with the resultant loss of
revenue and the loss of tax dollars for the
Treasury. Nicolas said the company will seek
a hearing and investigate a new supply line.
Mora Ven Holdings said it will continue
to invest in and develops its renewable energy
division which was already poinsed to over-
take the oil field in its contribution to the
company s profits.
Mora Ven, an independent oil and gas
company, produces and sells oil and gas from
offshore and explores for and produces hydro-
carbons from its field off the South-East
coast of Trinidad.
It also manufactures, sells, installs, and
repairs solar water heaters and photovoltaic
systems. Repsol has been operating in T&T
since 1995 and has made significant invest-
ments in the local energy sector through its
own offshore operations, as well as its 30
per cent stake in the assets of bpTT. Up to
press time, officials of Repsol could not be
reached for comment on the claims made
by Mora Ven.
Mora Ven stops oil production
George Nicholas III
Links Archive December 6th 2015 December 8th 2015 Navigation Previous Page Next Page