Petrotrin refinery shut down

[Habit7]

I am waiting to hear how bad this plant is for T&T.

[zoom rader]

It's an opening ceremony.
The plant is very likely fully functioning already. They may do some PR with JUHN Scarfy thing like when Panday "started" M4 with the "start button"

The minister said it was a commissioning. Whether commissioning/opening ceremony nevertheless, it is the good thing.

UNC wanted it to dump it as scrap. It took Niquan to take them to court and demand they sell as an asset. Under PNM they got the support to invest $1B of private capital in making the plant operational. Now it will pay $2B in direct taxes and provide jobs.

It is nice to cry down the shutting down of the loss-making refinery, but when a plant was saved from the scrapyard, allyuh silent.

Be consistent.

Loss making refinery was due to the red government incompetence in running a business.

Red Black governments must not be running even a parlour

[Habit7]

Well PNM didnt help by saddling Petrotrin with debt but UNC couldn't manage either. Since when oil prices were high and they could have begun the restructuring towards increased profitability, the losses started under them.

PNM, with no room for error, bit the bullet and restructured and now we earning billions.
Jai ho Niquan Energy!

zr stoking racists while UNC still renting. I hear they moved recently. I wonder if they ever consider buying land and letting their supporters donate a brick?

[zoom rader]

Well PNM didnt help by saddling Petrotrin with debt but UNC couldn't manage either. Since when oil prices were high and they could have begun the restructuring towards increased profitability, the losses started under them.

PNM, with no room for error, bit the bullet and restructured and now we earning billions.
Jai ho Niquan Energy!

zr stoking racists while UNC still renting. I hear they moved recently. I wonder if they ever consider buying land and letting their supporters donate a brick?

Balisier House was brought with tax payers money, like you forgot that.

You probably to young to know how
Balisier was brought.

[Redman]

Well PNM didnt help by saddling Petrotrin with debt but UNC couldn't manage either. Since when oil prices were high and they could have begun the restructuring towards increased profitability, the losses started under them.

PNM, with no room for error, bit the bullet and restructured and now we earning billions.
Jai ho Niquan Energy!

zr stoking racists while UNC still renting. I hear they moved recently. I wonder if they ever consider buying land and letting their supporters donate a brick?

5 years with a constitutional majority,high oil prices and concurrent revenues, the fiscal space to load debt, were not enough advantages for the unc to take the initiative and deal with the matters.

[zoom rader]

Well PNM didnt help by saddling Petrotrin with debt but UNC couldn't manage either. Since when oil prices were high and they could have begun the restructuring towards increased profitability, the losses started under them.

PNM, with no room for error, bit the bullet and restructured and now we earning billions.
Jai ho Niquan Energy!

zr stoking racists while UNC still renting. I hear they moved recently. I wonder if they ever consider buying land and letting their supporters donate a brick?

5 years with a constitutional majority,high oil prices and concurrent revenues, the fiscal space to load debt, were not enough advantages for the unc to take the initiative and deal with the matters.

But the red African government had 9 terms vs 1 term of kamala .

You comparing 1 term vs 9 terms

[De Dragon]

Well PNM didnt help by saddling Petrotrin with debt but UNC couldn't manage either. Since when oil prices were high and they could have begun the restructuring towards increased profitability, the losses started under them.

PNM, with no room for error, bit the bullet and restructured and now we earning billions.
Jai ho Niquan Energy!

zr stoking racists while UNC still renting. I hear they moved recently. I wonder if they ever consider buying land and letting their supporters donate a brick?

5 years with a constitutional majority,high oil prices and concurrent revenues, the fiscal space to load debt, were not enough advantages for the unc to take the initiative and deal with the matters.

But the red African government had 9 terms vs 1 term of kamala .

You comparing 1 term vs 9 terms

That's his retarded shtick since day one, never mention the LFD RFD PNM, as though they never presided over any economic boom times and high energy revenues
Thing is he's succeeded in convincing no one save for the rest of the LFD RFD PNM 2Nr's like Tunts7 and OJT elec.

[De Dragon]

It's an opening ceremony.
The plant is very likely fully functioning already. They may do some PR with JUHN Scarfy thing like when Panday "started" M4 with the "start button"

The minister said it was a commissioning. Whether commissioning/opening ceremony nevertheless, it is the good thing.

UNC wanted it to dump it as scrap. It took Niquan to take them to court and demand they sell as an asset. Under PNM they got the support to invest $1B of private capital in making the plant operational. Now it will pay $2B in direct taxes and provide jobs.

It is nice to cry down the shutting down of the loss-making refinery, but when a plant was saved from the scrapyard, allyuh silent.

Be consistent.

Yes, celebrate earning $2B over 20+ years when WE spent $1.5B to construct the plant, then gave it away
LFD RFD PNM economics and logic. Then, because ALL of the top LFD RFD PNM leadership is corrupt, Arse-Wari declined to hold the man TOTALLY responsible, Malcolm Jones to account, based on advice from a corrupt lawyer in a one paragraph opinion.
I know people who work there and I'm glad that they at least finally have the plant up and running, but to come here and glom JUHN Scarfy gonads like he do some magical thing is only for LFD RFD PNM fanboys like you and Plastic.

[zoom rader]

It's an opening ceremony.
The plant is very likely fully functioning already. They may do some PR with JUHN Scarfy thing like when Panday "started" M4 with the "start button"

The minister said it was a commissioning. Whether commissioning/opening ceremony nevertheless, it is the good thing.

UNC wanted it to dump it as scrap. It took Niquan to take them to court and demand they sell as an asset. Under PNM they got the support to invest $1B of private capital in making the plant operational. Now it will pay $2B in direct taxes and provide jobs.

It is nice to cry down the shutting down of the loss-making refinery, but when a plant was saved from the scrapyard, allyuh silent.

Be consistent.

Yes, celebrate earning $2B over 20+ years when WE spent $1.5B to construct the plant, then gave it away
LFD RFD PNM economics and logic. Then, because ALL of the top LFD RFD PNM leadership is corrupt, Arse-Wari declined to hold the man TOTALLY responsible, Malcolm Jones to account, based on advice from a corrupt lawyer in a one paragraph opinion.
I know people who work there and I'm glad that they at least finally have the plant up and running, but to come here and glom JUHN Scarfy gonads like he do some magical thing is only for LFD RFD PNM fanboys like you and Plastic.

Pawnhabit 7 never work in industry but he knows. This clown only depends on the red government to get a Job through the back door.

Pawnhabit can even pass a private sector job interview

[Habit7]

I am waiting to hear how bad this plant is for T&T.

Yes, celebrate earning $2B over 20+ years when WE spent $1.5B to construct the plant, then gave it away
LFD RFD PNM economics and logic. Then, because ALL of the top LFD RFD PNM leadership is corrupt, Arse-Wari declined to hold the man TOTALLY responsible, Malcolm Jones to account, based on advice from a corrupt lawyer in a one paragraph opinion.
I know people who work there and I'm glad that they at least finally have the plant up and running, but to come here and glom JUHN Scarfy gonads like he do some magical thing is only for LFD RFD PNM fanboys like you and Plastic.

As predicted.

As usual, you are wrong again. Inasmuch as the Malcolm Jones board messed up the GTL plant, it was still redeemable. But UNC in 2012 wanted to sell the plant as scrap metal to embarrass the PNM. Niquan had to take the then Petrotrin board to court to buy it to operate and not sell it as scrap. It was the UNC appointed board that approved the selling price and it was sanctioned by Larry Howai, MoF. Yet we will never hear you talk about RSTUVWXYZ UNC and their economics and logic when it was they "gave it away " after they were literally stopped from giving it away as scrap metal.

Niquan invested US$120M locally in the plant and will pay $2B in taxes this is not counting income taxes and sale taxes by the company and employees. But because it hurts your anti-PNM narrative you must oppose it as I predicted.

Furthermore, it was a UNC appointed lawyer that gave the advice to discontinue the frivolous claim against Malcolm Jones because among other things you cant sue one man who has one vote for a board decision. And I agree he is corrupt, he agrees he is corrupt too, because he said was involved in a corrupt kickback scheme with the UNC AG. One of the rampant corruption under them.

And since I don't like to make fun of ppl who have reading problems, I prefer to call you a liar. Nelson's opinion was not one paragraph as you lied about earlier.

Mr. Nelson QC, Mr. Ramdeen and Mr. Debideen met with AG Al-Rawi and Petrotrin’s legal team
on February 16th 2016 at an all Counsel meeting at which Mr. Nelson QC provided to AG Al-Rawi
for the first time, his written opinion dated October 11th 2015 which stated:

“I have been asked by Instructing Attorney in this matter to prepare a note of advice to the
Board of Petrotrin in relation to the company’s duty to make disclosure of witness
statements by former directors and senior management adduced by Petrotrin in
arbitrations against WGTL Inc. Those witness statements relate to matters that may be
relevant to the events which are the subject matter of Petrotrin’s legal action against the
directors. The Defendant, Mr. Malcolm Jones, is seeking the disclosure.”
“I was not involved in the relevant arbitrations between Petrotrin and WGTL Inc. nor was
I consulted regarding the drafting of the witness statements. I have been provided with the
witness statements for [names given]. I have not been provided with a copy of the arbitral
award.”

“In the application by Mr. Jones he indicated that in his Defence he will be relying on the
outcome of the arbitration proceedings between Petrotrin and WGTL Inc and that the
documents in the arbitration proceedings are “important and relevant to the defence of
this matter”….In my opinion this is best approached from what I think a Court in Trinidad
will order in the circumstances. There is a widespread approach that litigation should be
approached with all cards on the table facing upwards. This means that a court will be
inclined to order disclosure more often than not. In my view, notwithstanding an argument
of confidentiality/privilege, a court will order disclosure of the relevant documents. I
therefore do not think that Petrotrin will be successful in resisting the application…”.

“As mentioned in paragraph 2 above, I have attached the advices originally rendered in
this matter. I have considered the contents of [names given] witness statement, which were
not available in 2011 when the advices were rendered. Having considered them carefully,
there is a basis for concluding that the Petrotrin Board, through bad business decisions,
found itself committed to the GTL venture with WGTL Inc. The Board was naïve and
probably duped by the WGTL Inc. principals. Once the Board discovered how deeply
committed Petrotrin had become, it appears from the witness statements of the two
directors that the company did what they could to protect Petrotrin’s assets. I apprehend
that Mr. Jones will testify at trial to the same effect. A court may very well find that the
decisions which taken to achieve this were bad business decisions. However, a distinction
is to be drawn between bad business decisions and negligence. This is what will engage
the court. I understand that [names given] were convincing witnesses at the arbitration
proceedings. There is no reason to believe that they will not be equally convincing in a
trial of this action. In the circumstances, there is a reasonable likelihood that a judge will
be persuaded that there was a bad business decision but no negligence. This is a matter
the Board will need to consider in the context of the future conduct of this action.”

[matr1x]

Can't argue with Habit7 on this one.



He is having a mental breakdown from defending all of pnm lies. Give the man some space

[Redman]

Goalpost change coming.

[zoom rader]

Can't argue with Habit7 on this one.



He is having a mental breakdown from defending all of pnm lies. Give the man some space

P◇rnhabit7 tells more lies and spin, there is no easing up on this red government idiot

[Habit7]

I think silence and a reluctance to respond, is the best response.

[zoom rader]

I think silence and a reluctance to respond, is the best response.

That's the response of your red government prime minister,,he never answers a question. He evades questions with lies

[The_Honourable]

Energy Minister: New RFPs for Petrotrin refinery coming soon



Energy Minister Franklin Khan has said his ministry is working with the Ministry of Finance to develop new request for proposals (RFP) for the sale of Petrotrin refinery.

In an interview on TV6’s morning show programme, Khan said he was optimistic about the sale and venturing in new markets.

“In a couple of weeks, we will go out with a new request for proposal for the refinery. That is in the hands of the Minister of Finance (Colm Imbert). My optimism is based on the fact that Heritage’s crude which is heavy crude, is fetching a higher price than BP’s east coast crude. There is a market for a refinery of that nature," he said.

“This government is adamant about restarting the refinery because it can create jobs, economic activity, multiplier effects and most importantly it will create foreign exchange.”

Khan added that after the sale, the state will no longer be involved in the refining business but will be focused on exploration and production which is the core business of Heritage Petroleum.

On Friday, the Oilfield Workers Trade Union (OWTU) told Newsday that they wished not to comment on the matter until the RFP has been issued.

The refinery in Pointe-a-Pierre was closed in 2018 and government later opened RFPs for the sale of the facility. There was much confusion in the bidding process and government three times rejected the OWTU-led Patriotic Energies and Technologies Co Ltd's offer of US $700 million.

Also throwing its hat in the ring is the Confederation of Regional Business Chambers. Its coordinator Jai Leladharsingh said they are interested in putting forward a bid for the refinery.

He said because they are a non-governmental organisation their greatest challenge has been funding.

“We are an NGO. In order to be effective in our interest to bid the presidents of some of the chambers have been in discussion to establish a company in which it can source appropriate funding and all the necessities to put forward a good bid for the refinery.”

Source: https://newsday.co.tt/2021/04/09/energy ... ming-soon/

[The_Honourable]

Young dismisses UNC claims Government in talks on Pointe-a-Pierre refinery

Energy Minister Stuart Young on Monday dismissed Opposition claims that Government was talking to parties other than the Oilfield Workers Trade Union (OWTU) led Patriotic Energies and Technologies Co Ltd, which had previously expressed interest in the former Petrotrin refinery in Pointe-a-Pierre.

Patriotic's bid for the refinery was rejected by Government in February. Previous bids by Patriotic were rejected in January and last October.

Young said Trinidad Petroleum Holdings, the overall owner of the refinery, is submitting a marketing plan for Cabinet's consideration to seek potential bidders on the open market.

He also said a new request for proposals (RFP) for the sale of the refinery is being worked on. These matters were previously mentioned by Young's predecessor Franklin Khan (who died on April 17) and Finance Minister Colm Imbert.

Young also said the Trinidad and Tobago Upstream Downstream Energy Operations Company Ltd only sells natural gas to NiQuan and not to any other client.

Source: https://newsday.co.tt/2021/05/25/young- ... -refinery/

[wing]

Buying scrap iron ..... Ole battery buying......

[The_Honourable]

OWTU submits another bid for Petrotrin refinery



Oilfield Workers Trade Union (OWTU) President General Ancil Roget says its company Patriotic Energies and Technologies, had submitted another proposal for the assets at Petrotrin.

He made the disclosure while speaking at the wreath laying ceremony at the gravesite of former trade union leader Tubal Uriah “Buzz” Butler as part of the Labour Day remembrance in Fyzabad today.

He said that at the appropriate time, in the near future, “comprehensive statements” will be made by OWTU on the issue.

Roget said that following the appointment of Minster of Energy Stuart Young, Young “met with everybody, we would have requested to meet with him but he refused to meet with us. As we speak Trinidad and Tobago, there’s another proposal before them for the acquisition of those assets for which they have never responded to.”

It was last February that the Government for the third time rejected Patriotic’s proposal for the refinery. Minister of Finance Colm Imbert during a press conference confirmed that it was the end of the road for negotiations between the Government and Patriotic.

Roget this morning said there was the attempt to entangle OWTU in the acquisition process. He added. “All the mamaguy they mamaguy at elections (Local Government and General Elections) saying that OWTU is going to acquire the assets of Pointe a Pierre and OWTU won the bid, admitting that we had the best proposal, but all of that was just a ruse, a ruse in attempting to, after sending the workers home and trying to break the union, a ruse to whittle down the union’s finances and to drive us out of the landscape of Trinidad and Tobago. Well that failed but today I want to tell Trinidad and Tobago that, to date, in spite of all that they have said and they have said on many occasions that they gave us another chance, that was just a ruse ... They cannot be trusted. It was never genuine. All of the talk they would have talked around election time, it was just a ruse. But there’s a God.”

Covid-19 restrictions saw Roget and a few others at the Fyzabad public cemetery to lay the wreath on Butler’s bust at his gravesite. The usual Labour Day march from Avocat Junction to Charlie King Junction was also cancelled due to Covid-19 restrictions. It was the same last year.

Roget added that the curfew, the State of Emergency and the pandemic will come to an end because of contributions of workers in this country. He said it is the worker who keep the wheels of the economy going and it is the workers, not the Prime Minister, that the country owes an eternal debt of gratitude.

He said that the trade union movement was still alive after 84 years.

Secretary General of Communication Workers Union Clyde Elder and former President of Trinidad and Tobago Farmer’s Union Shiraz Khan also spoke during the wreath laying ceremony at the cemetery.

A wreath was also laid at the Monument of La Brea Charles.

https://trinidadexpress.com/newsextra/o ... 5d053.html

[sMASH]

This fur habbit7.Xxx

[Gladiator]

This fur habbit7.Xxx9k%3D(10).jpg

Yeah boy they all sound a special kind of retarded when they try to argue that Petrotrin matter...

[alfa]

This fur habbit7.Xxx9k%3D(10).jpg

Yeah boy they all sound a special kind of retarded when they try to argue that Petrotrin matter...

Especially the ones who never step foot in an oil field but going blindly by what they read trying to sound knowledgeable

[De Dragon]

This fur habbit7.Xxx9k%3D(10).jpg

Yeah boy they all sound a special kind of retarded when they try to argue that Petrotrin matter...

Nah Tuntsy pretty much manages it for every topic..............

[Wraith King]

This fur habbit7.Xxx9k%3D(10).jpg

Yeah boy they all sound a special kind of retarded when they try to argue that Petrotrin matter...

Nah Tuntsy pretty much manages it for every topic..............

He is consistently ignorant and uniformed on everything yet thinks his handler is an expert on every topic.

[Ben_spanna]

so what is the latest with refinery sale?

Kamala sold the plant then she stopped the sale.

She have more power than the red Goverment and the red Goverment trade union.

Blame Kams

[Habit7]

This fur habbit7.Xxx9k%3D(10).jpg

Yeah boy they all sound a special kind of retarded when they try to argue that Petrotrin matter...

Nah Tuntsy pretty much manages it for every topic..............

He is consistently ignorant and uniformed on everything yet thinks his handler is an expert on every topic.

I might be ignorant but what is wrong with my uniform?

[zoom rader]

This fur habbit7.Xxx9k%3D(10).jpg

Yeah boy they all sound a special kind of retarded when they try to argue that Petrotrin matter...

Nah Tuntsy pretty much manages it for every topic..............

He is consistently ignorant and uniformed on everything yet thinks his handler is an expert on every topic.

I might be ignorant but what is wrong with my uniform?

You not" might" you are ignorant , all you do is sit and web search all day long for misinformation and propaganda on old and out dated articles

[De Dragon]

This fur habbit7.Xxx9k%3D(10).jpg

Yeah boy they all sound a special kind of retarded when they try to argue that Petrotrin matter...

Nah Tuntsy pretty much manages it for every topic..............

He is consistently ignorant and uniformed on everything yet thinks his handler is an expert on every topic.

I might be ignorant but what is wrong with my uniform?

Nah.

[Habit7]

Giddem

Heritage emerges from crisis and grows stronger
by Curtis Williams

Thu Sep 30 2021


State-owned Heritage Petroleum continues to report strong economic performance as the company has made an after tax profit of $1.2 billion for the first nine months of the 2021 financial year.

Not only has the company increased its profits but it has also grown production while benefiting from improved global crude oil prices.

The Business Guardian obtained an advance copy of the accounts which appear in today’s newspaper and they show record financial performance of the relatively newly minted Exploration and Production Company.

According to the accounts for the nine months ended June 30 2021, Heritage Petroleum Company Limited and its subsidiaries’ revenue for the period was $4.9 billion vs $3.2 billion in 2020, reflecting the continued increase in production and Brent prices which averaged $58/bbl for the year to date. This increase the company noted is representative of improved market conditions as COVID-19 restrictions across the world are slowly being eased.

“As a result of both our production increase and better Brent pricing our profit has increased to $1.2 billion as compared to $0.7 billion for the same period in 2020,” its chairman Michael Quamina revealed.

Hertitage is reporting that there has been strong cash generation from operations of $2 billion and cash balances stand at $1.7 billion.

The company which was formed following the failure of Petrotrin said its contribution, in the form of taxes, levies and royalties to the Government, was $606 million for the nine-month period.

The company said in addition to paying its taxes to government its net profit was achieved even with it having met all the debt payment obligations of Trinidad Petroleum Holdings Limited (TPHL) inherited from Petrotrin.

On the production side, Heritage is reporting that despite the challenges of the pandemic in managing the operations of the business it continues to grow production.

“Production is key for the company and Heritage continues to focus on activities that sustain existing production while exploiting new reserves through in-house drilling and workover programmes as well as with our key partnerships. Heritage has grown production by 7.3 per cent for the period to 41.6 bopd vs 38.7 bopd when compared to production for the comparable nine-month period in 2020.”

The company said its reserve replacement strategy has been successful and it has arrested the decline in production and reserves with its Field Revitalisation, Enhanced Oil Recovery and workover programmes.

“We have rebuilt the inventory of workover and drilling opportunities and in 2022, we will be pursuing an aggressive drilling campaign both on Land and Offshore. Our focus is on progressing new reserve pools which is a key element of our strategic growth agenda. Heritage continues to focus on value adding projects and increasing our operating efficiency as part of our overall strategy to operate a safe, profitable and sustainable business,” the chairman’s report read.

In response to questions from the BG, Quamina said 2021 was a strong year for financial returns at Heritage. The focus of 2022 he explained is to grow production and progress reserves that will drive the long-term growth of the business.

“We have made significant strides in developing our Drilling and Workover inventory. We are optimistic by the options in the subsurface, on both fronts, the progression of the reserves which will deliver and maintain the base profile, and new resources like Soldado East field that will grow production in 2022 and beyond.

“Our drilling and workover campaign in 2022 will be aggressive as we return to drilling on land with 10 wells. We will also be drilling 4 wells offshore in East Soldado, this is the first offshore drilling programme in this lease since 2016. In addition, we will be maintaining our workover campaign and enhanced oil recovery program.

We have a strong local team who are committed to deliver our agenda. Our strategy continues to be safe, efficient, and reliable operations,” Quamina told BG.

COVID-19 and work from home

Heritage said like many other organisations it has had to cope with the impact of COVID-19 on its day-to-day operations which has meant transitioning to remote working arrangements. The company said it has had to create ‘isolation bubbles’ for the operations team working in the fields and offshore to reduce COVID-19 spread.

“Even so, we have continued to deliver our ongoing projects all whilst ensuring the highest standards of health, safety and well-being are maintained for our employees and our community,” noted Heritage in its financial statement.

ESG Agenda

Heritage insisted it is committed to supporting the aims of the national commitments aligned to the Paris Agreement and to contribute to the UN Sustainable Development Goals on climate change as part of its Environment, Social and Governance (ESG) strategic agenda. Heritage said it continues to focus on GHG improvements and supports the Cabinet-appointed Carbon Capture Utilisation and Sequestration (CCUS) Committee.

“We are committed to developing our first Annual Sustainability Report in May 2022 in accordance with the Global Reporting Initiative (GRI). Taking on the challenge of our first sustainability report has created both momentum and tremendous opportunities. It affords us the chance to determine our goals, reflect on what we have achieved and how we will improve.”

On the issue of its fenceline communities the state company said it continues to work with those communities by providing much-needed assistance for those impacted by the onset of COVID-19 through food hamper distributions and donations of computer equipment to secondary school students.

“We have also partnered with community-based organisations (CBOs) to distribute 20,000 seedlings as a part of our ‘Here we Grow’ programme to encourage home gardening and households to eat what they grow.

“As we move forward, I would like to thank the Management and Staff of the company for their continued commitment to the company and to Trinidad and Tobago.”

Heritage Petroleum Company Limited (“Heritage”) was incorporated on October 5, 2018. It is primarily engaged in exploration, development, production and marketing of crude oil. The sole shareholder is Trinidad Petroleum Holdings Limited (TPHL). The ultimate parent is the Government of the Republic of Trinidad and Tobago with consolidated subsidiaries in Trinidad and Tobago and the United Kingdom.

Prior to Heritage’s formation, its exploration and production activities were conducted by Petroleum Company of Trinidad and Tobago.

https://guardian.co.tt/business/heritag ... 557e122975

[zoom rader]

Giddem

Heritage emerges from crisis and grows stronger
by Curtis Williams

Thu Sep 30 2021


State-owned Heritage Petroleum continues to report strong economic performance as the company has made an after tax profit of $1.2 billion for the first nine months of the 2021 financial year.

Not only has the company increased its profits but it has also grown production while benefiting from improved global crude oil prices.

The Business Guardian obtained an advance copy of the accounts which appear in today’s newspaper and they show record financial performance of the relatively newly minted Exploration and Production Company.

According to the accounts for the nine months ended June 30 2021, Heritage Petroleum Company Limited and its subsidiaries’ revenue for the period was $4.9 billion vs $3.2 billion in 2020, reflecting the continued increase in production and Brent prices which averaged $58/bbl for the year to date. This increase the company noted is representative of improved market conditions as COVID-19 restrictions across the world are slowly being eased.

“As a result of both our production increase and better Brent pricing our profit has increased to $1.2 billion as compared to $0.7 billion for the same period in 2020,” its chairman Michael Quamina revealed.

Hertitage is reporting that there has been strong cash generation from operations of $2 billion and cash balances stand at $1.7 billion.

The company which was formed following the failure of Petrotrin said its contribution, in the form of taxes, levies and royalties to the Government, was $606 million for the nine-month period.

The company said in addition to paying its taxes to government its net profit was achieved even with it having met all the debt payment obligations of Trinidad Petroleum Holdings Limited (TPHL) inherited from Petrotrin.

On the production side, Heritage is reporting that despite the challenges of the pandemic in managing the operations of the business it continues to grow production.

“Production is key for the company and Heritage continues to focus on activities that sustain existing production while exploiting new reserves through in-house drilling and workover programmes as well as with our key partnerships. Heritage has grown production by 7.3 per cent for the period to 41.6 bopd vs 38.7 bopd when compared to production for the comparable nine-month period in 2020.”

The company said its reserve replacement strategy has been successful and it has arrested the decline in production and reserves with its Field Revitalisation, Enhanced Oil Recovery and workover programmes.

“We have rebuilt the inventory of workover and drilling opportunities and in 2022, we will be pursuing an aggressive drilling campaign both on Land and Offshore. Our focus is on progressing new reserve pools which is a key element of our strategic growth agenda. Heritage continues to focus on value adding projects and increasing our operating efficiency as part of our overall strategy to operate a safe, profitable and sustainable business,” the chairman’s report read.

In response to questions from the BG, Quamina said 2021 was a strong year for financial returns at Heritage. The focus of 2022 he explained is to grow production and progress reserves that will drive the long-term growth of the business.

“We have made significant strides in developing our Drilling and Workover inventory. We are optimistic by the options in the subsurface, on both fronts, the progression of the reserves which will deliver and maintain the base profile, and new resources like Soldado East field that will grow production in 2022 and beyond.

“Our drilling and workover campaign in 2022 will be aggressive as we return to drilling on land with 10 wells. We will also be drilling 4 wells offshore in East Soldado, this is the first offshore drilling programme in this lease since 2016. In addition, we will be maintaining our workover campaign and enhanced oil recovery program.

We have a strong local team who are committed to deliver our agenda. Our strategy continues to be safe, efficient, and reliable operations,” Quamina told BG.

COVID-19 and work from home

Heritage said like many other organisations it has had to cope with the impact of COVID-19 on its day-to-day operations which has meant transitioning to remote working arrangements. The company said it has had to create ‘isolation bubbles’ for the operations team working in the fields and offshore to reduce COVID-19 spread.

“Even so, we have continued to deliver our ongoing projects all whilst ensuring the highest standards of health, safety and well-being are maintained for our employees and our community,” noted Heritage in its financial statement.

ESG Agenda

Heritage insisted it is committed to supporting the aims of the national commitments aligned to the Paris Agreement and to contribute to the UN Sustainable Development Goals on climate change as part of its Environment, Social and Governance (ESG) strategic agenda. Heritage said it continues to focus on GHG improvements and supports the Cabinet-appointed Carbon Capture Utilisation and Sequestration (CCUS) Committee.

“We are committed to developing our first Annual Sustainability Report in May 2022 in accordance with the Global Reporting Initiative (GRI). Taking on the challenge of our first sustainability report has created both momentum and tremendous opportunities. It affords us the chance to determine our goals, reflect on what we have achieved and how we will improve.”

On the issue of its fenceline communities the state company said it continues to work with those communities by providing much-needed assistance for those impacted by the onset of COVID-19 through food hamper distributions and donations of computer equipment to secondary school students.

“We have also partnered with community-based organisations (CBOs) to distribute 20,000 seedlings as a part of our ‘Here we Grow’ programme to encourage home gardening and households to eat what they grow.

“As we move forward, I would like to thank the Management and Staff of the company for their continued commitment to the company and to Trinidad and Tobago.”

Heritage Petroleum Company Limited (“Heritage”) was incorporated on October 5, 2018. It is primarily engaged in exploration, development, production and marketing of crude oil. The sole shareholder is Trinidad Petroleum Holdings Limited (TPHL). The ultimate parent is the Government of the Republic of Trinidad and Tobago with consolidated subsidiaries in Trinidad and Tobago and the United Kingdom.

Prior to Heritage’s formation, its exploration and production activities were conducted by Petroleum Company of Trinidad and Tobago.

https://guardian.co.tt/business/heritag ... 557e122975

All of dat and potholes all over Trinidad, our lives in mess with more taxes to pay with less pay and few jobs

Profits for Ministers and 1% to ship abroad .

You really is a kant