Jul 2015 Financial News

T&T oil, gas production down seven per cent since January

Jul 20, 2015

Trinidad and Tobago's crude oil and natural gas production has been falling since the start of the year. Crude oil production in May fell 6.7 per cent since January, while natural gas production dropped 7.5 per cent over the same period, according to the Energy Ministry's Consolidated Bulletin released in July.

Crude production fell to 78,275 barrels of oil per day (bopd) in May versus 83,882 bopd in January. Year-on-year (y-o-y), May oil production fell 2.2 per cent from 80,071 bopd.

Offshore, the country's oil production fell 2.2 per cent to 56,127 bopd in May from 59,549 in January. May 2014 offshore production was 56,979 bopd.

Land production fell nine per cent in May to 22,148 bopd from 24,333 bopd in January. May 2014 land production was 23,092 bopd, meaning there was also a y-o-y decline onshore.

Repsol continues to lead the charge as the highest oil producer after the State via Petrotrin and Trinmar. Repsol produced 13,234 bopd in May, growing its production 5.4 per cent since the start of the year.

BP production down 30.4 per cent since start of year

BP Trinidad and Tobago (bpTT), like the sovereign, has seen its production fall consistently every month since January, ending May with 9,130 bopd, which is 30.4 per cent down from January's 13,109 bopd.

BHP Billiton crude oil production remained flat at 8,092 bopd in May versus 8,089 bopd in January.

Another industry metric, rig days, signalling increased exploration drilling and potential production, rose by 31.5 per cent y-o-y in May to reach 317, its highest for the year.

BG, BP and Trinmar, in that order, accounted for most of the increase in rig days.

Natural gas production down too

Trinidad and Tobago's natural gas production is also still falling and Energy and Energy Affairs Minister Kevin Ramnarine has said he sees no improvement in sight (if and) until bpTT's Juniper field begins production in mid-2017.

Natural gas production fell 7.5 per cent in May to 3.8 billion standard cubic feet of gas per day (bscf/d) from 4.1 bscf/d in January. BP's natural gas production over the same period decreased 14 per cent. BG remained stable at 948 million scf/d.

Source:
R03;Aleem Khan
Trinidad Express
Monday July 20, 2015

http://www.trinidadexpress.com/20150720/business/tt-oil-gas-production-down-seven-per-cent-since-january