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Petrotrin refinery shut down

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SuperiorMan
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Re: Petrotrin refinery shut down

Postby SuperiorMan » October 1st, 2021, 12:29 pm

zoom rader wrote:
Habit7 wrote: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


Time to leave this country....it gone thru.

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Re: Petrotrin refinery shut down

Postby Habit7 » October 1st, 2021, 1:05 pm

The usual suspects. Rejoice at bad news, vex with good news.

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Re: Petrotrin refinery shut down

Postby alfa » October 1st, 2021, 1:08 pm

Habit7 wrote:The usual suspects. Rejoice at bad news, vex with good news.

You do know that e&p was always making money right?

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Re: Petrotrin refinery shut down

Postby SuperiorMan » October 1st, 2021, 1:32 pm

Habit7 wrote:The usual suspects. Rejoice at bad news, vex with good news.


Habit...was Zoom right when he said you're a Jamaican woman?

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Re: Petrotrin refinery shut down

Postby Habit7 » October 1st, 2021, 1:43 pm

alfa wrote:
Habit7 wrote:The usual suspects. Rejoice at bad news, vex with good news.

You do know that e&p was always making money right?

Yeah we discussed that since last year viewtopic.php?p=10118192#p10118192

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zoom rader
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Re: Petrotrin refinery shut down

Postby zoom rader » October 1st, 2021, 4:05 pm

Habit7 wrote:The usual suspects. Rejoice at bad news, vex with good news.
What good news ?

The citizens will never see that money.

It's all going to Ministers and 1% to be shipped abroad.

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zoom rader
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Re: Petrotrin refinery shut down

Postby zoom rader » October 1st, 2021, 4:06 pm

SuperiorMan wrote:
Habit7 wrote:The usual suspects. Rejoice at bad news, vex with good news.


Habit...was Zoom right when he said you're a Jamaican woman?
She is Jamaica and was fired from the 1% media houses over false and misleading news.

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Re: Petrotrin refinery shut down

Postby sam1978 » October 1st, 2021, 6:05 pm

Petrotrin never closed down.

According to Roweow and Lionel7

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zoom rader
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Re: Petrotrin refinery shut down

Postby zoom rader » October 1st, 2021, 6:19 pm

sam1978 wrote:Petrotrin never closed down.

According to Roweow and Lionel7
Tell that to the 5000 workers who worked there.

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Re: Petrotrin refinery shut down

Postby De Dragon » October 2nd, 2021, 3:41 am

Could have been 1.2B + AV gifted thief oil money.

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Re: Petrotrin refinery shut down

Postby The_Honourable » October 19th, 2021, 10:13 am

Three international bidders compete for refinery

Image

Approaching the third anniversary of the shutdown of the Pointe-a-Pierre Refinery, Minister of Energy and Energy Industries Stuart Young says three international bidders are in the running for the acquisition of the Guaracara Refining Company.

Guaracara oversees the refinery, which was mothballed in 2018 after the government closed Petrotrin and retrenched over 5,000 workers.

During yesterday’s debate on the Appropriation (Financial Year-2022) Bill, 2021, Young remained adamant that the government did not shut down Petrotrin.

He said it restructured Petrotrin to create Guaracara, Heritage Petroleum Company Ltd, which oversees Exploration and Production (E&P), and the Paria Fuel Trading Company, which imports and distributes fuel domestically and regionally.

He said the latter two State companies are making profits.

“Three international players right now are being assessed and evaluated. Let us see where that goes,” Young said.

The news comes months after the government thrice rejected proposals from Patriotic Energies and Technologies Co Ltd – a company incorporated by the Oilfields Workers’ Trade Union.

As for the new entities, Young reported that for the period ending June 2020, Heritage made a profit of $700 million with revenue of $3.2 billion and paid taxes, levies and royalties totalling $700 million.

For the nine months ending June, profit increased to $1.2 billion with revenue of $4.9 billion and $606 million in taxes, levies and royalties paid.

With oil and gas production forecasted to increase in 2022, the Ministry expects an increase in projected revenue. It also hopes to get royalties from both oil and natural gas production, exceeding $5 billion.

Although countries are moving away from oil and gas and toward renewable energy, Young said the Ministry is pushing increased production because it recognizes that this change will not happen overnight. Therefore, the Ministry will instruct Heritage to engage in farm out and lease agreements.

As for the future of natural gas and T&T’s transition to renewable energy, Independent Senator Amrita Deonarine says that natural gas continues to play a pivotal role in the future.

However, Deonarine said T&T cannot ignore that two of its larger producers, Shell and BPTT, already signalled a transition to renewables and hydrogen by 2050. Deonarine said changes in global climate change policy was the driver. It also means that the companies capital expenditures profile will shift from oil and gas.

“Natural gas is really in the medium term, just a transitory price to the ultimate end game of hydrogen and renewables,” Deonarine said.

She believes T&T should develop a long term strategy toward decarbonization and enable an environment to create green jobs and industries.

As for the Ministry’s push towards renewable energy, Young said it is negotiating a massive solar project called LARA to generate 112.2 MW of electricity. But Deonarine is unsure that this is the best move. She asked if the solar plant guarantees a reduction in natural gas consumption for electricity generation.

She said she did not see any model that evaluates the saving from this initiative. She also noted that the electricity grid already has excess capacity, but the government seeks to enter another purchasing agreement for electricity. She asked if the government could not find a solution whereby the financial benefits stay here.

She suggested a rooftop solar programme with a net-metering arrangement. It can reduce congestion on the grid, improve grid resilience in a natural disaster and reduce natural gas consumption in electricity generation. She suggested that a large scale solar park owned and operated by the Electricity Commission could save on foreign exchange.

Young said the Ministry was also looking at carbon capture, utilization and storage so T&T can do its part to reduce global carbon emissions. The Ministry is also working with the Ministry of Public Utilities to plan a hydrogen project.

In the 2022 National Budget presentation, Minister of Finance Colm Imbert announced that plans were proceeding with fuel liberalization. However, Young said the government has not yet implemented it as it monitors global prices. He said the government is putting things in place for the vulnerable in society by footing the bill for the increase on personal levels.

However, he asked why multimillionaires should get a subsidy when they can afford it.

“So right now, we the taxpayers are still absorbing that subsidy, but the legislation is in place. The Ministry is ready when the government takes a decision.”

Source: https://www.cnc3.co.tt/three-internatio ... -refinery/

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Re: Petrotrin refinery shut down

Postby zoom rader » October 19th, 2021, 10:20 am

Hard luck for the Trade unions that sold out to the red government

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Re: Petrotrin refinery shut down

Postby De Dragon » October 19th, 2021, 10:57 pm

zoom rader wrote:Hard luck for the Trade unions that sold out to the red government

Get ah few million to hush yuh skunt while LFD RFD PNM in power
Get a carrot dangled in front yuh eye to hush yuh skunt about PT's closure.
Now like a used condom, OWTU has been thrown out after the bull :lol:

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Re: Petrotrin refinery shut down

Postby death365 » October 20th, 2021, 4:44 am

I think that after the 2nd tine they smell the rat an knew that iz failure.


That refinery will only be back up and producing the year before elections...

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Re: Petrotrin refinery shut down

Postby zoom rader » October 20th, 2021, 6:38 am

death365 wrote:I think that after the 2nd tine they smell the rat an knew that iz failure.


That refinery will only be back up and producing the year before elections...
Yup your smelt the rat .

Red government will use it to say they provided employment and opportunities.

And then idiots will all clap and say grate

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Re: Petrotrin refinery shut down

Postby Redman » October 20th, 2021, 7:07 am

Lol at all these theories ...

Meanwhile there is an EOI out for the onshore blocks
Let's hope they do it right.

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Re: Petrotrin refinery shut down

Postby zoom rader » October 20th, 2021, 8:24 am

Redman wrote:Lol at all these theories ...

Meanwhile there is an EOI out for the onshore blocks
Let's hope they do it right.
Av?

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Re: Petrotrin refinery shut down

Postby Redman » October 20th, 2021, 8:41 am

Sadly I think he will bid for some blocks-steups

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Re: Petrotrin refinery shut down

Postby zoom rader » October 20th, 2021, 9:06 am

Redman wrote:Sadly I think he will bid for some blocks-steups
Well he's gonna have to deal with foreign buyers that make sure they get what they paid for.

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Re: Petrotrin refinery shut down

Postby Redman » October 20th, 2021, 9:35 am

Well I think that Heritage still acts as the aggregator -buying all local crude, and then sells on 250-500k BBL shipments.

No international buyer will take smaller loads costs too much

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Re: Petrotrin refinery shut down

Postby teems1 » October 20th, 2021, 9:48 am

zoom rader wrote:
Habit7 wrote:The usual suspects. Rejoice at bad news, vex with good news.
What good news ?

The citizens will never see that money.

It's all going to Ministers and 1% to be shipped abroad.


Currently the new setup is making a profit, while Petrotrin was running at a perpetual loss and being added to our deficit annually.

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Re: Petrotrin refinery shut down

Postby zoom rader » October 20th, 2021, 9:57 am

teems1 wrote:
zoom rader wrote:
Habit7 wrote:The usual suspects. Rejoice at bad news, vex with good news.
What good news ?

The citizens will never see that money.

It's all going to Ministers and 1% to be shipped abroad.


Currently the new setup is making a profit, while Petrotrin was running at a perpetual loss and being added to our deficit annually.
You have to understand that the red government purposely let Petrotrin become a burden in order to shut it down. Give it rope to hang itself, they did it with Caroni, Tanteak, Isscott , Trintomar, Trinmar ect.

This is a model that they use time and time again. Look who's next Wasa.

The management of these ex state companies was headed by managers that was not qualified or did not a clue how to run a company efficiently. Most managers and CEOs was red government agents who was only there to milk it and give out contract to their side service companies.

It was all a scam

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Re: Petrotrin refinery shut down

Postby Redman » October 20th, 2021, 12:15 pm

L
O
L

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zoom rader
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Re: Petrotrin refinery shut down

Postby zoom rader » October 20th, 2021, 12:49 pm

Redman wrote:L
O
L
It's no laughter matter idiot

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Re: Petrotrin refinery shut down

Postby Redman » October 20th, 2021, 12:53 pm

zoom rader wrote:
Redman wrote:L
O
L
It's no laughter matter idiot


Your interpretation is what is laughable.

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Re: Petrotrin refinery shut down

Postby zoom rader » October 20th, 2021, 1:19 pm

Redman wrote:
zoom rader wrote:
Redman wrote:L
O
L
It's no laughter matter idiot


Your interpretation is what is laughable.
When the red government what new boats for bago to run their racket , what did they do?

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Re: Petrotrin refinery shut down

Postby Redman » October 20th, 2021, 1:33 pm

zoom rader wrote:
Redman wrote:
zoom rader wrote:
Redman wrote:L
O
L
It's no laughter matter idiot


Your interpretation is what is laughable.
When the red government what new boats for bago to run their racket , what did they do?


Take a breath, step away from the keyboard, calm down,formulate a cogent question,type carefully.

You seem lathered up to the point of incoherence

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Re: Petrotrin refinery shut down

Postby Wraith King » October 20th, 2021, 2:44 pm

:roll:
Redman wrote:
zoom rader wrote:
Redman wrote:
zoom rader wrote:
Redman wrote:L
O
L
It's no laughter matter idiot


Your interpretation is what is laughable.
When the red government what new boats for bago to run their racket , what did they do?


Take a breath, step away from the keyboard, calm down,formulate a cogent question,type carefully.

You seem lathered up to the point of incoherence


How ironic.

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Re: Petrotrin refinery shut down

Postby De Dragon » October 21st, 2021, 12:27 am

Wraith King wrote::roll:
Redman wrote:
zoom rader wrote:
Redman wrote:
zoom rader wrote:
Redman wrote:L
O
L
It's no laughter matter idiot


Your interpretation is what is laughable.
When the red government what new boats for bago to run their racket , what did they do?


Take a breath, step away from the keyboard, calm down,formulate a cogent question,type carefully.

You seem lathered up to the point of incoherence


How ironic.

Not really, when Red Dotish has no point, and this happens a lot, he resorts to condescension and snarkiness, which only comes across as lame, but he seems either not to know, or to care.

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Re: Petrotrin refinery shut down

Postby Redman » October 21st, 2021, 7:01 am

Allyuh should find a room.

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