The major move is part of the NOC’s strategy to once again make operations sustainable and balance finances. The company has lost about TTD 8 billion (USD 1.17 billion) since 2013, according to the statement. Petrotrin’s board estimates that a TTD 25-billion (USD 3.66-billion) cash injection is required to maintain infrastructure and pay down arrears, which currently amount to TTD 12 billion (USD 1.76 billion).
“With the termination of the refining operations and the redesign of exploration and production, Petrotrin will now be able to independently finance all of its debt and become a sustainable business,” the NOC’s chairman, Wilfred Espinet, said in the statement.
In a transition period starting October 1, Petrotrin will begin exporting all the oil it produces, and refining will be phased out. The country’s fuel imports are expected to gradually increase to around 25,000 bpd.
“Petrotrin is no longer producing enough oil to operate the Pointe-á-Pierre refinery efficiently,” Espinet said. “We are producing approximately 40,000 bopd and the refinery operates at a capacity of 140,000 bpd, so we have to go to the market to buy about 100,000 barrels of oil to make up the shortfall. This results in a net loss in foreign exchange.”
The UK's hydrocarbons regulator has awarded 31 new exploration licences in the country's North Sea waters, Reuters reported on Friday Read More
ExxonMobil announced the closing of its USD 60-billion acquisition of Pioneer Natural Resources on Friday, a move that solidifies its… Read More
BP-Eni joint venture Azule Energy has entered a strategic farm-in agreement with Rhino Resources in Namibia's offshore Orange Basin, the… Read More
Africa-focused energy group Chariot has spudded the RZK-1 exploration well on the Gaufrette prospect at the Loukos Onshore licence in… Read More
Touchstone Exploration has acquired Trinidad-focused Trinity Exploration & Production in an all-shares deal, the Canadian upstream player said on Wednesday Read More
ExxonMobil is "optimistic and pushing forward" with the Rovuma LNG project in Mozambique and eyes an FID by the year's… Read More
This website uses cookies.