HERITAGE MANDATED TO IMPROVE OIL PRODUCTION

CCNTV6

While there continues to be a focus... on the need for MORE natural gas in Trinidad and Tobago.., the Energy Minister.. says the Government is continuing to focus on local oil production....which has been on the decline since 2010.  Juhel Browne reports.

Transcript

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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