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For
Petrotrin’s President Mr. Kenneth Allum, the ten year sub-licence
agreement with Contractors for seven fields in Petrotrin’s onshore block
is a significant development.
Mr. Allum
shared this view when delivering an address at the signing ceremony of
the Consent to Sub-License the Onshore Eastern Blocks at the Hyatt
Regency Trinidad, Port of Spain on October 28th, 2009.
Present at the signing were the Minister of Energy Conrad Enill and
senior officials of the Ministry of Energy, top management of Petrotrin,
top officials of RBTT Limited as well as a large media contingent.
The blocks
or fields referred to are: Inniss Trinity, Moruga East, Goudron,
Catshill, Beach-Marcelle, Navette and Balata East.
In his
address, Mr. Allum reminded the audience that the State re-granted the
licences for these fields to Petrotrin in October 2006.
He said:
“In an effort to stimulate activity and optimise production from these
onshore Eastern Fields, Petrotrin invited companies via open tender to
submit expressions of interest to enhance petroleum production in the
fields. This took place in 2008.”
Under the
terms of the contract each operator is required to conduct technical
studies, reactivate idle wells and to drill new ones. The operator can
run 3D seismic over the allotted blocks as per their discretion.
The
President gave details of the production increases that the Company is
hoping to achieve. He said: “We are cautiously anticipating a production
increase in the first year of at least 200 bopd per field. This should
produce, of course, a total increase of 1,400 bopd for all seven fields.
This would translate into increased indigenous crude supply for our
Pointe-a-Pierre refinery.”
He added
that Petrotrin is always searching for new sources of equity crude
because of the much higher cost of shipping crude from abroad.
“Given
current favourable prices which are slowly but surely climbing we are
anxious to increase the supply of equity crude oil and gas to our
Pointe-a-Pierre Refinery,” he said. |
