Caribbean energy watch: Fuel hedge program, seismic call, tank procurement

Puerto Rico’s energy regulator PREB hired Stone X Financial to develop a fuel procurement hedging strategy program for power utility PREPA.

The work will begin with a risk assessment that will cover governance oversight and internal controls, and compare procurement practices to industry standards, among other tasks.

The watchdog ordered PREPA to cooperate with the advisor and submit related information by month-end.

“One of the main causes of the prohibitive cost of electric power in Puerto Rico is the high cost of purchasing fossil fuels used to generate more than 95% of our electricity,” according to a senate bill quoted by PREB.

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Esso Exploration and Production Guyana issued a request for information (RFI) seeking commercial and technical details from suppliers for meeting bid selection requirements for marine 3D seismic data acquisition in the Stabroek block.

The deadline to submit RFI documents is October 27, according to the procurement notice.

Meanwhile, the country’s natural resources minister Vickram Bharrat met with Saad bin Sherida Al-Kaabi, Qatar’s energy minister and CEO of Qatar Energy.

The meeting (Bharrat on left in photo) was “to advance discussions and collaboration within the petroleum and energy sectors,” the ministry reported.

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Jamaican refinery Petrojam issued a request for proposals to build two asphalt tanks. Offers for the 240-day contract are due December 14, bidding information shows.