Heritage Petroleum Company Limited generated revenue of $3.287 billion in its first three quarters of operation, said Trinidad and Tobago’s Finance Minister Colm Imbert during Monday’s budget presentation.
Heritage, the oil and gas exploration and production company, formed after the shuttering of the Petroleum Company of Trinidad and Tobago Limited (Petrotrin) late last year, earned a net profit of $543.5 million. What’s more, it saw increased production of 33,549 barrels per day in June when compared to 31, 760 last December.
“Inadequate investment in exploration, production and infrastructure for many years is now therefore being reversed”, Colm said. “Facilitating this process of recovery is the recently-executed Memorandum of Understanding (MOU) between Heritage and Shell TT.”
That partnership will see the provision of technical and cash investment, he said, which is needed to develop Heritage’s offshore acreages and sustain the growth of crude oil production.
” The former State-run Petrotrin closed after accumulating some $15 billion dollars in losses with further losses projected at $2 billion annually.”
Production is expected to increase to an average of 35,000 barrels per day by year’s end and just over 40,000 barrels per day by 2022, with increased work-over and on-shore and shallow water drilling activity.
Colm cautioned that steps were being taken to avoid the fate of the defunct Petrotrin.
“With the recent reform of the governance arrangements, we are ensuring
that these companies with their respective business models discharge their
mandates in an efficient and effective manner.
The former State-run Petrotrin closed after accumulating some $15 billion dollars in losses with further losses projected at $2 billion annually, a position which the Finance Minister said “was not only unsustainable, but posed a serious threat to the country’s financial system.”