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Shutdown forRedman wrote:The Newsday article says that Petrotrin-made 250M USD for the year ending Sept 30 2018.
That would be the LAST full year in existence as a refinery.
What was the cost of crude they refined.
Why would anyone in the world shut down a fkin refinery making 23% margins???
Redman wrote:Allergic2BunnyEars wrote:Redman must be happy.
Not so sure nah....
The audit (submitted last week resulted in a scene like pirates of the Caribbean ...a 5 man stand off 10 gun pointing.
M.A.D
but when you have operators getting paid 3x their due......000s BOPD worth in extra cash is generated....
meaning your operation has cost for producing 5 BOPD, you getting paid for 15 BOPD.
That over invoicing spreads far and wide as far as Tobago even.
The board that is to be replaced was defending the company.
Keep in mind that Espinet presided over TCLs buy out by CEMEX.
Redman wrote:Heritage doing what to generate 70 M USD in Feb.
78,000,000 in 28 days equates to 2.8M USD a day.
With a $50 USD barrel that's 50,000 BOPD.
What are they producing ?
Hope you now understand why there was never a recession as your party stated .Redman wrote:Heritage doing what to generate 70 M USD in Feb.
78,000,000 in 28 days equates to 2.8M USD a day.
With a $50 USD barrel that's 50,000 BOPD.
What are they producing ?
Boiiiiiiiii ... Weeeee boi.... anyways gn 2nrssMASH wrote:Redman wrote:Heritage doing what to generate 70 M USD in Feb.
78,000,000 in 28 days equates to 2.8M USD a day.
With a $50 USD barrel that's 50,000 BOPD.
What are they producing ?
cocaine
Redman wrote:Heritage doing what to generate 70 M USD in Feb.
78,000,000 in 28 days equates to 2.8M USD a day.
With a $50 USD barrel that's 50,000 BOPD.
What are they producing ?
Redman wrote:Heritage doing what to generate 70 M USD in Feb.
78,000,000 in 28 days equates to 2.8M USD a day.
With a $50 USD barrel that's 50,000 BOPD.
What are they producing ?
Redman wrote:How they getting 50USD per bbl?
Heritage Petroleum Limited today paid the Treasury TT$131 million in Oil Royalties!! This was for the 3-month period Jan-Mar 2019. It's the first time our national oil company has paid its taxes in the last 3 YEARS! Congrats to all involved!!" Imbert said in a tweet, seemingly quite gleeful.
Given that royalties are 12.5 per cent on gross revenue, this would suggest that for the stated period, Heritage made revenues of about $1.05 billion.
On March 26, Energy Minister Franklin Khan, in reply to a question, told the Senate the earnings of Heritage from its crude oil exports last December were US$38 million and for January 2019, US$64 million, totalling US$102 million or about TT$700 million for two months. Imbert, acting as energy minister in Senate on April 2, said as at January 31, Heritage reported a net loss of US$2.76 million. The company also has to pay the Supplemental Petroleum Tax, which kicks in when West Texas Intermediate (WTI) oil prices cross US$50 per barrel.
Trinidad Petroleum Holdings Ltd, in a statement yesterday, denied a newspaper report that Heritage had earned an after-tax profit of $565 million in four months. It did not state its profits but said it is reviewing the financial results from its subsidiaries and expects to publish interim unaudited financial results at the end of May.
He said one sale was to Trafigura, an international trader, the other to Exxon Mobil Sales and Supplies and third to Shell “each with the most competitive bid on the three occasions thereby providing an indication of the market value of the much maligned Petrotrin crude.” He added the price they got was above West Texas Intermediate (WTI), a benchmark in oil pricing.
Khan said all three cargoes have been shipped and bids have been invited for the delivery of two cargoes in December.
“So the plan is working well.”
Mark asked what was the price of the WTI this country was able to fetch and Khan replied it was WTI plus two dollars.
“You can check the reference price. That price is referenced every day on the international market.”
The price of WTI on Wednesday was US $54.72 per barrel.
Mark then asked what was the total value of the oil exported for the period. Khan said the package size based on the tanker size was approximately 500,000 barrels and take that and multiply by the reference price quoted.
nervewrecker wrote:Redman wrote:Heritage doing what to generate 70 M USD in Feb.
78,000,000 in 28 days equates to 2.8M USD a day.
With a $50 USD barrel that's 50,000 BOPD.
What are they producing ?
They probably include the quota from the lease in it. 50 BOPD is doable.
Those rigs and new drilling are mostly private listed companies in the UK. It's a little fact that was never explain to normal citizens. The goverment gave up pumping and drilling new wells.xtech wrote:At some high vantage points in the oil fields I can derricks all over. Even Seeing rigs servicing wells I haven’t seen serviced for years. Feels like I am a kid again.
Without the trade union seems like more work can get done for less.
zoom rader wrote:Those rigs and new drilling are mostly private listed companies in the UK. It's a little fact that was never explain to normal citizens. The goverment gave up pumping and drilling new wells.xtech wrote:At some high vantage points in the oil fields I can derricks all over. Even Seeing rigs servicing wells I haven’t seen serviced for years. Feels like I am a kid again.
Without the trade union seems like more work can get done for less.
A lot of mis information was told on TT oil revserves. One of these companies recently found 1 billion barrels, but those wells only pump 50 to 1000 barrels per day. So they are left with the task of getting the oil out. When you join the dots together you will see that goverment gave up on ill advise .
The people that said there are little oil left are the same people drilling for new oil and investing in it.
A high con job was laid apon TT oil industry
These UK owned companies hire minimum local staff. You can probably count them on your two hands. They now to manage staff and get the oil out.xtech wrote:zoom rader wrote:Those rigs and new drilling are mostly private listed companies in the UK. It's a little fact that was never explain to normal citizens. The goverment gave up pumping and drilling new wells.xtech wrote:At some high vantage points in the oil fields I can derricks all over. Even Seeing rigs servicing wells I haven’t seen serviced for years. Feels like I am a kid again.
Without the trade union seems like more work can get done for less.
A lot of mis information was told on TT oil revserves. One of these companies recently found 1 billion barrels, but those wells only pump 50 to 1000 barrels per day. So they are left with the task of getting the oil out. When you join the dots together you will see that goverment gave up on ill advise .
The people that said there are little oil left are the same people drilling for new oil and investing in it.
A high con job was laid apon TT oil industry
you think Past Governments didnt know? I personally know that they knew as far back as 2008. They have all been asking Petrotrin to increase production but I think everybody hand was tied because of labor costs and to many workmen sitting idle lazy ethics. Oil is there but cost to much to get it out of the ground. Quick fix fool people to swallow the nasty lie pill to get rid of the workers the union. then Offer blocks to those who want to invest and re-hire the same workers under private contractors see production increase.
Redman wrote:https://newsday.co.tt/2019/04/23/heritage-pays-tt131m-in-royalties/Heritage Petroleum Limited today paid the Treasury TT$131 million in Oil Royalties!! This was for the 3-month period Jan-Mar 2019. It's the first time our national oil company has paid its taxes in the last 3 YEARS! Congrats to all involved!!" Imbert said in a tweet, seemingly quite gleeful.
Given that royalties are 12.5 per cent on gross revenue, this would suggest that for the stated period, Heritage made revenues of about $1.05 billion.
On March 26, Energy Minister Franklin Khan, in reply to a question, told the Senate the earnings of Heritage from its crude oil exports last December were US$38 million and for January 2019, US$64 million, totalling US$102 million or about TT$700 million for two months. Imbert, acting as energy minister in Senate on April 2, said as at January 31, Heritage reported a net loss of US$2.76 million. The company also has to pay the Supplemental Petroleum Tax, which kicks in when West Texas Intermediate (WTI) oil prices cross US$50 per barrel.
Trinidad Petroleum Holdings Ltd, in a statement yesterday, denied a newspaper report that Heritage had earned an after-tax profit of $565 million in four months. It did not state its profits but said it is reviewing the financial results from its subsidiaries and expects to publish interim unaudited financial results at the end of May.
zoom rader wrote:Redman bro, give up the Petrotrin fight.
If you want the real deal then invests in these as listed on the UK AIM stock exchange. Trinity, TXP, CERP.
1. Trinity oil
2. Columbus Energy
3. Thouchstone oil
All these small companies are the ones that have leases on old oil fields and pulling in the money. They are the ones that are revamping Ex Petrotrin oil fields. Some wells only pump 50 to 1000 barrels per day. Goverment has given them free reign to improve and drill new wells. These are the private companies that are pumping TT oil while paying taxes to goverment.
Don't invest in any local Trini run oil companies if any, cause they will not be held accountable for their mis-deeds. Plus they will be politically aligned.
xtech wrote:At some high vantage points in the oil fields I can derricks all over. Even Seeing rigs servicing wells I haven’t seen serviced for years. Feels like I am a kid again.
Without the trade union seems like more work can get done for less.
Trinis were fooled by the government for doom and gloom. The same folk that spread doom are the ones invested in these companies. Just go on the websites of these oil companies and see what their projected plans and drilling for new wells are.nervewrecker wrote:zoom rader wrote:Redman bro, give up the Petrotrin fight.
If you want the real deal then invests in these as listed on the UK AIM stock exchange. Trinity, TXP, CERP.
1. Trinity oil
2. Columbus Energy
3. Thouchstone oil
All these small companies are the ones that have leases on old oil fields and pulling in the money. They are the ones that are revamping Ex Petrotrin oil fields. Some wells only pump 50 to 1000 barrels per day. Goverment has given them free reign to improve and drill new wells. These are the private companies that are pumping TT oil while paying taxes to goverment.
Don't invest in any local Trini run oil companies if any, cause they will not be held accountable for their mis-deeds. Plus they will be politically aligned.
I am of the impression that they know something because they are expanding. Touchstone has employed a lot of younger qualified people as opposed to dinosaurs that insist on using prehistoric technology.xtech wrote:At some high vantage points in the oil fields I can derricks all over. Even Seeing rigs servicing wells I haven’t seen serviced for years. Feels like I am a kid again.
Without the trade union seems like more work can get done for less.
You feel I was talking BS when I said we have oil. Khan has a very good idea where a lot of these wells are that were drilled and capped. They know what they were doing when they keep preaching doom and gloom.
Efforts were made to find a lot of these old wells recently and the locations cleaned up, electrical done to service them etc.
zoom rader wrote:Trinis were fooled by the government for doom and gloom. The same folk that spread doom are the ones invested in these companies. Just go on the websites of these oil companies and see what their projected plans and drilling for new wells are.nervewrecker wrote:zoom rader wrote:Redman bro, give up the Petrotrin fight.
If you want the real deal then invests in these as listed on the UK AIM stock exchange. Trinity, TXP, CERP.
1. Trinity oil
2. Columbus Energy
3. Thouchstone oil
All these small companies are the ones that have leases on old oil fields and pulling in the money. They are the ones that are revamping Ex Petrotrin oil fields. Some wells only pump 50 to 1000 barrels per day. Goverment has given them free reign to improve and drill new wells. These are the private companies that are pumping TT oil while paying taxes to goverment.
Don't invest in any local Trini run oil companies if any, cause they will not be held accountable for their mis-deeds. Plus they will be politically aligned.
I am of the impression that they know something because they are expanding. Touchstone has employed a lot of younger qualified people as opposed to dinosaurs that insist on using prehistoric technology.xtech wrote:At some high vantage points in the oil fields I can derricks all over. Even Seeing rigs servicing wells I haven’t seen serviced for years. Feels like I am a kid again.
Without the trade union seems like more work can get done for less.
You feel I was talking BS when I said we have oil. Khan has a very good idea where a lot of these wells are that were drilled and capped. They know what they were doing when they keep preaching doom and gloom.
Efforts were made to find a lot of these old wells recently and the locations cleaned up, electrical done to service them etc.
Getting the oil out is not a problem as they will be using Nitrogen injection and I think I read about water injection.
When I told folks to invest in trinty oil their share price was 1.6 pence now it stands at 12 pence a share that's almost 8 fold. Hope folk understand why I no longer have to work.
Read herenervewrecker wrote:zoom rader wrote:Trinis were fooled by the government for doom and gloom. The same folk that spread doom are the ones invested in these companies. Just go on the websites of these oil companies and see what their projected plans and drilling for new wells are.nervewrecker wrote:zoom rader wrote:Redman bro, give up the Petrotrin fight.
If you want the real deal then invests in these as listed on the UK AIM stock exchange. Trinity, TXP, CERP.
1. Trinity oil
2. Columbus Energy
3. Thouchstone oil
All these small companies are the ones that have leases on old oil fields and pulling in the money. They are the ones that are revamping Ex Petrotrin oil fields. Some wells only pump 50 to 1000 barrels per day. Goverment has given them free reign to improve and drill new wells. These are the private companies that are pumping TT oil while paying taxes to goverment.
Don't invest in any local Trini run oil companies if any, cause they will not be held accountable for their mis-deeds. Plus they will be politically aligned.
I am of the impression that they know something because they are expanding. Touchstone has employed a lot of younger qualified people as opposed to dinosaurs that insist on using prehistoric technology.xtech wrote:At some high vantage points in the oil fields I can derricks all over. Even Seeing rigs servicing wells I haven’t seen serviced for years. Feels like I am a kid again.
Without the trade union seems like more work can get done for less.
You feel I was talking BS when I said we have oil. Khan has a very good idea where a lot of these wells are that were drilled and capped. They know what they were doing when they keep preaching doom and gloom.
Efforts were made to find a lot of these old wells recently and the locations cleaned up, electrical done to service them etc.
Getting the oil out is not a problem as they will be using Nitrogen injection and I think I read about water injection.
When I told folks to invest in trinty oil their share price was 1.6 pence now it stands at 12 pence a share that's almost 8 fold. Hope folk understand why I no longer have to work.
yes, range resources has been using this technology some years now.
Not sure of the nitrogen injection though. May have to pull some talk.
I doubt folk will ever trust a trini locally owned oil company. In the UK you are held and could face jail for mis-leading investors.Redman wrote:The main problem remains-there is a disconnection between the oil sector and the Capital Markets.
Quite stupidly the local market is not the place to raise money to finance local and now regional oil production.
Outside of where you have collateral that falls into house and land.
The foreigners have the ability to attract capital via exchanges/investors that understand the dynamics.
At this point there is enough excess capital in the system to create a structure that will focus its lending to local production activities.
This would be the most effective way to kick start the CREATION of economic value locally in a commodity that is USD based.
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