Petrotrin boosts production - EntornoInteligente

Entornointeligente.com / The trinidad Guardian / State-owned Petrotrin has started increasing its crude production from 41,000 barrels per day in February this year to 46,438 barrels per day at the end of April, President Fitzroy Harewood revealed yesterday. He was speaking at a luncheon hosted by the Energy Chamber of T&T, held at Cara Suites Hotel in Claxton Bay.

Harewood told the audience that increasing crude oil production was the key to Petrotrin’s survival at a time when the company was facing blows over its poor health, safety and environmental standards.

He also said that Petrotrin was not adverse to having talks with Venezuela to import crude for the refinery.

Responding to a recommendation from former Chairman of the Society of Petroleum Engineers (SPE) Roger Packer that T&T should look towards Venezuela for oil, Harewood said a government-to-government arrangement will have to be entered into for that to be achieved.

Packer said Venezuela, which has the among the biggest oil reserves in the world, was looking for a partner and Petrotrin could form a partnership and take over an acreage of 1,000 wells to boost its oil refining capacity.

He noted that the Energy Chamber and contracting companies could work with Petrotrin and Petróleos de Venezuela, S.A. (Petroleum of Venezuela) PDVSA to achieve this.

Harewood, who thanked Packer for his input, said crude quality was important.

“Our refinery is processing 46,000 barrels of local crude. We want to produce less fuel oil and more high value products so the crude we pick for the refinery is designed to give us the optimum product output,” Harewood explained. He added that discussions have also been held with the government of Guyana to import crude.

“While we are not adverse to crude oil sharing, we have bought crude from Venezuela in the past in areas that are no longer available to us. It is a complex issue but we are willing to participate in those conversations,” Harewood added.

He also said that if Petrotrin has to survive, local crude production must increase.

“If you can keep the cost of the raw material down, and maximize the cost of the finished product, then you going to make money so the refinery margins are extremely important,” Harewood said.

He noted that the best way to keep the cost of the input material down is to increase local crude production. He said Petrotrin planned to build a sustainable business by managing old oil decline, increasing crude production, completing the South West Soldado development, reducing operational costs and increasing third party participation both onshore and offshore.

Despite the recent backlash the company faced, Harewood said Petrotrin had managed to increase its refinery throughput, resume bunkering operations, initiated asset integrity improvement, lowered long-term debt and pursued a debt solution with the Ministry of Finance.

Petrotrin boosts production

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