00:00 In response to a question from TV6 News on Sunday about crude oil production in Trinidad
00:05 and Tobago going into the new year 2024, Energy Minister Stuart Young said oil production
00:10 continues to attract the government's attention.
00:13 Minister Young further said that, as the government has explained, due to the exploitation of
00:18 the local oil fields for over 100 years, they are mature and depleting.
00:24 The Energy Minister said oil production has been on the decline since 2010.
00:29 World Bank data shows that as of September of this year, crude oil production stood at
00:33 just over 53,000 barrels of oil per day.
00:38 In September of 2010, local oil production was just over 96,000 barrels of oil per day.
00:45 The Energy Minister told TV6 News on Sunday that Heritage Petroleum Company Limited has
00:50 been mandated to focus on improving its oil production and there are other independent
00:55 exploration and production companies cooperating in Trinidad and Tobago who are aggressively
01:00 seeking to increase production.
01:02 Heritage Petroleum is a subsidiary of the state-owned Trinidad Petroleum Holdings Limited
01:07 which replaced Petritrin as the state's oil company.
01:11 Energy Minister Young told TV6 News that a successful onshore-nearshore bid round was
01:16 completed this year which should also bring some new oil production to market.
01:21 Jule Brown, TV6 News.
01:23 [BLANK_AUDIO]
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