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E&P Looks toward the Future
At the 2010 Annual Technical Meeting with the
Ministry of Energy and Energy Industries, held at Pointe-a-Pierre on 2010 April
12, Petrotrin reported on its plans for the future.
For the fiscal year 2009/ 2010, Petrotrin expects to
spend approximately TT$0.4 billion on its Joint Venture Operations and
approximately TT$0.7 billion on seismic work, drilling, capital workovers and
infrastructure in its land and marine acreages. The company will continue to
rely on sound project management processes to facilitate the timely completion
of these projects. To this end, the operations groups will continue to use
project steering committees to monitor, assess and expedite projects to improve
the efficiency and effectiveness with which these projects are delivered.
In the upcoming year the primary focus for the E&P
Division will be to address HSE issues in all areas of the upstream operations,
ensuring compliance with regulatory standards and legislation. Attention will be
also placed on improving operational efficiency reflected by lower costs in all
areas. Major oil winning activities will continue. These include infill drilling
and replacement drilling to ensure optimal reservoir exploitation in existing
EOR projects as well as sidetracks, well recompletions and other workovers.
Petrotrin will continue the project to undertake 3D
seismic acquisition over its core land areas for future exploration exploitation
drilling. Land drilling will commence during the second quarter, while in
Trinmar, drilling is expected to commence in the last quarter of the fiscal year
and continue thereafter. It is also expected that there will be significant in
the marine infrastructure, mainly for replacements and repairs as well as
installation of pipelines, platforms and other structures to ensure structural
integrity and safety.
The Joint Venture programme will continue to provide
the opportunity to increase our reserves and involvement in new upstream
business particularly gas. It is anticipated that a joint venture will be sought
for the Trinmar acreage during the last quarter of 2009/ 2010, while Incremental
Production Services Contracts (IPSC) will be awarded for idle land assets,
particularly in the eastern areas.
News
Highlights
2010
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