Petrotrin soaks up profits

Vice president, exploration and production (E&P), Victor Mitchell, said E&P had secured profits of TT$718 million in 2004/2005 and that this represents a four percent increase over the previous fiscal year.

And 2006, the company wants to see the intensification of initiatives where total exploration and investments would surpass TT$1.6 billion.

With north coast marine area in full flight and sustained production from land and east coast operations, the refinery is in a position where it can now aggressively pursue new opportunities in heavy oil and other novel oil winning activities, according to the company in its latest newsletter.

WTI crude prices averaged US$53.58 per barrel while netback wellhead gas prices averaged US$4.70 MCF, it was noted.

Total equity oil production was 59,896 BOPD and when added to gas production of 140.1 MMCFD resulted in an overall production of 84,139 BOEPD, he said.

Joint ventures (JV) were on a roll, with E&P Division racking up success with future prospects for expansion looking promising.

His figures were presented during the annual technical meeting of the Ministry of Energy and the EMA where he gave a detailed account of 2004/2005 achievements as well as plans for the current fiscal year.

Mitchell pointed out that the JV operations at NCMA Block 9 was the single largest contributor to profitability, noting its output had risen overall by some 30 percent, an increase of 5,1894 BOEPD in JV equity production.

He also highlighted Petrotrin’s acquisition of a 15 percent interest in the Teak, Saaman and Poui (TSP) Fields and an additional 12 percent share in the South East Coast Consortium, now 16 percent. He indicated that E&P continues aggressively to expand JV programmes since these have proven to be very effective ways of improving the viability of such operations, and establishing an effective presence in the very profitable gas market.

At Trinmar, Mitchell said the focus was on the reactivation of South West Soldado and the drilling of four lateral wells among other initiatives to enhance oil production.

The lease operatorships and farmouts programme continued to produce a steady 5,863 barrels of oil per day. Total equity crude production from Land North and East Coast (LNE) Operations, inclusive of joint ventures, lease operatorships and Trintomar averaged 26,274 BOPD for the year while the equity gas production averaged 113.5 MMCFD, resulting in an equity oil and gas production average of 45,844 barrels of oil equivalent (BOE) for 2004/2005 from LNE Operations.

Oil production from Trinmar for the year averaged 33,713 BOPD and gas production was 26,6 MMCFD, resulting in an overall total of 38,295 BOEPD.