May 2017 Financial News

Petrotrin contributes 57 percent of TT's crude oil production

May 15, 2017

STATE owned oil company Petrotrin contributes 57 percent of the national crude oil production in the country.

The figure was presented during an overview of the company’s performance for the past fiscal year. On May 5, Petrotrin hosted its Exploration and Production (E&P) technical meeting with the Ministry of Energy and Energy Industries at Pointe-a- Pierre.

According to a statement from Petrotrin, this annual presentation “provides the company with the opportunity to formally update the Ministry of Energy and its regulatory bodies on business performance in its core areas of operations.” The company said a similar presentation is scheduled to be hosted for its refining and marketing operations later this month.

At the meeting , Petrotrin said, “Despite challenges experienced in the energy sector, its exploration and production division continued to be a key contributor to the company and the country, accounting for 57 percent of the country’s total national crude oil production.

Production over the year was, however, impacted by falling oil prices and total equity oil and gas production for the year averaged 65,322 barrel of oil equivalent per day.

Crude oil production on land averaged 12,374 barrels per day while Trinmar recorded an average crude production of 20,947 barrels of oil per day.

Petrotrin also gave an account of its exploration and production activities during the 2016 fiscal period and put forward plans for the 2016/2017 year.

Among key activities during the period, Petrotrin drilled and completed 18 wells in its own operations on land.

Of these, nine wells were completed via primary drilling and nine were enhanced oil recovery (EOR) projects. Drilling and reactivation activities and the requisite upgrade and installation of facilities and infrastructure also continued in South West Soldado.

In fiscal 2017, Petrotrin stated that it will continue “to push forward with strategic projects focused on fostering innovative strategies to build its business.

Plans for fiscal year 2017 include the continued implementation and development of an asset integrity programme in all E&P operations in conformance with international standards (incl abandonments); drilling and workover projects both onshore and offshore; the implementation of two new steam-flood projects in Forest Reserve and the continued implementation of the South West Soldado Project.

Petrotrin stated that despite its current challenges, it remains committed to building a sustainable business and return value to its stakeholders.

Source:
Newsday
Monday May 15, 2017

http://www.newsday.co.tt/news/0,243654.html