Home' Trinidad and Tobago Guardian : October 17th 2013 Contents YVONNE WEBB
The National Oil Spill Con-
tingency Plan (NOSCP), which
has been in the making over
the past ten years, finally
became reality yesterday at
an official signing ceremony
at Petrotrin, Pointe-a-Pierre.
Energy Minister Kevin Ram-
narine, one of the signatories
to the plan, said he hopes it
will never have to be put to the
test. He said the local energy
sector has been operating with
relative safety, but following
the major oil spill in the Gulf
of Mexico in April 2010, Gov-
ernment decided to revise the
1977 plan to make it more rel-
evant to current demands.
Ramnarine congratulated the
National Hydrocarbon and
Chemical Spill Contingency
committee for their work on
the revised NOSCP. He said
the plan comes at a most
opportune time since 2014 is
shaping up to be a busy year
for drilling and a positive year
for oil and gas. He said most
of the major maintenance work
at bpTT, BG Atlantic and Point
Lisas were done this year, so
there will be no major disrup-
tions in 2014.
Addressing a room full of
major energy players at the
Petrotrin Staff Club, the min-
ister said the NOSCP is very
relevant since bpTT and BHP
will soon start their exploration
programmes for six deep water
"There are also currently
seven rigs in our maritime
space and an eighth rig, the
Sea Drill West Freedom, will
be coming by the end of the
year to do work for Repsol.
"So the level of activity off-
shore has suddenly picked up.
We went from a situation in
2010 where there was one rig
drilling for BP and by the end
of this year, we have eight rigs
drilling in TT."
Ramnarine added that 2014
"is also shaping up to be a pret-
ty positive year in terms of nat-
ural gas supply." He said oil
production for this yearhas
averaged 81400 barrels of oil
per day (bopd).
"From 2006-2012 there was
a continuous decline in oil pro-
duction and we have now
arrested that decline in the year
2013. The mandate falls heavily
on the shoulders of Petrotrin
and the people in this room
from the lease operator farm
out community, to begin to
turn that curve upwards
because we have bottomed out
and we have arrested the
decline in oil production and
we have to begin to turn that
The minister said it is clear
that Petrotrin is central to the
economy of T&T.
"When we look at what is
happening in the world, it is
very clear that the company
has to become more compet-
itive and more productive."
Hassanali, a member of the
Cabinet appointed committee
that developed the NOSCP
commended the Energy Min-
istry for its lead in driving the
initiative for the safety and pro-
tection of the environment.
Hassanali said one of the
major aspects of the national
plan is establishment of an Oil
Spill Response Organisation
(OSRO), by the operating com-
• Twitter: @GuardianTT • Web: guardian.co.tt
Movies Dining Shopping Entertainment
Enchanting World of Entertainment
Take a ride on the Carousel
and Feel the Magic of MovieTowne
Wednesday -- Sunday, 4pm -10pm.
According to the World Bank s 2014
World Development Report, T&T
isn t the richest country in the
Caribbean---not even close.
That honour goes to the Bahamas,
with a GDP per capita of $21,280, fol-
lowed by Puerto Rico, which has a
GDP per capita of around $18,000.
T&T is third in those rankings at
$14,400, followed by St Kitts and
Nevis, which, despite being the
smallest country in the region, has a
per capita GDP of about $13,30, ac-
cording to the World Bank data.
Barbados is ranked as "high in-
come," meaning a GDP per capita of
at least $12,616. Cuba is ranked as
upper middle income---between
$4,086 and $12,615. Aruba, Curacao,
the Cayman Islands, St Maarten, St
Martin and the Turks and Caicos Is-
lands are ranked as high income.
No data was released on the Do-
minican Republic or Haiti.
Bahamas is richest country in the Caribbean
T&T gets new oil spill plan SNC-Lavalin
shares plunge as
Minister of Energy and Energy Affairs Kevin Ramnarine, seated
at centre, signs the National Oil Spill Contingency Plan (NOSCP)
at Petrotrin Pointe-a-Pierre Staff Club on Wednesday morning.
With him are President of Petrotrin Khalid Hassanali, left, and
Marc Rudder, senior petroleum engineer. Standing behind them,
from left, are Neil Gosine, chairman of NP, Luis Pollo of Repsol,
Norman Christie of bpTT and Indira Ramkissoon, legal director,
Ministry of Energy. PHOTO: RISHI RAGOONATH.
Shares of embattled Canadian company SNC-Lavalin
Group Inc tumbled as much as seven per cent yesterday
after the company slashed its 2013 profit forecast, raising
worries about its recovery.
This is just the latest blow for the Montreal-based
company which earlier this month lost out on a planned
arrangement with the Canadian Commercial Corporation
(CCC) to build a $163 million hospital in Penal.
SNC has struggled in the wake of a far-reaching cor-
ruption and ethics scandal that toppled senior executives.
Shares were down 5.1 per cent at C$41.85 on the Toronto
Stock Exchange yesterday and have slipped some 13.5 per
cent since late February 2012, just before the company
announced it was investigating mystery payments for
certain construction projects.
SNC said that it sees 2013 profit at C$10 million to
C$50 million, down sharply from an earlier estimate of
C$220 million to C$235 million. Analysts expected a profit
of C$226.83 million, on average.
SNC, which is scheduled to report third-quarter results
on November 1, also said it will focus on high-margin
Standard & Poor s Ratings Services cut its long-term
corporate credit and senior unsecured ratings on SNC in
May, saying that it expected high administration costs
from the company s ethics scandal will hurt profitability.
SNC-Lavalin is being investigated for bribery and cor-
ruption scandals in half a dozen countries. Former CEO
Pierre Duhaime and former executive vice-president
Riadh Ben Aissa are accused of various infractions including
bribery, fraud, and money-laundering involving, among
others, a contract to build the McGill University Health
Centre and payments to the Gadhafi family for lucrative
Links Archive October 16th 2013 October 18th 2013 Navigation Previous Page Next Page