T&T’s 2023 budget, presented in September 2022, was based on oil at $92.50 per barrel and gas at $6.00 per mmbtu. WTI oil price averaged $78 during 2023 ($95 in 2022), with Henry Hub natural gas averaging $2.56 (this was $6.45 in 2022!). 2024’s budget is based on $85 for oil and $5.00 for gas. The budgeted numbers appear high based on the last few months of 2023, and we will see the impact in 2024 on the actual vs expected revenue numbers.
Crude oil plus condensate production averaged just under 55,000 barrels per day for 2023, while gas production was 2.6 bcf/d for the same period. This is slightly down from 2022 (58,500 and 2.7).
The larger local players, BP, Shell, EOG, Perenco, Woodside and Heritage have had a lot of activity over the year, the highlights of which we have tried to document below. Meaningful new gas has come online from Touchstone onshore, and we look forward to more from them.
Touchstone Exploration Inc (LON:TXP) is a Canadian-based, international upstream oil and gas company currently active in the Republic of Trinidad and Tobago. Primera Oil and Gas is the Trinidadian subsidiary of Touchstone.
