Trinidad oil Economy - Petrotrin
Summary
There is only one oil company in Trinidad, Petrotrin, it is state owned and reports directly to the Minister of Finanace. It employs 5% of the population and provides 40% of the states income. It is on 2000 acres of land and is located in Pointe-a-Pierre on the west coast of Trinidad along the Gulf of Paria, some 35 miles south of Port-of-Spain.
2000 acres of land and is located in Pointe-a-Pierre on the west coast of Trinidad along the Gulf of Paria, some 35 miles south of Port-of-Spain.
- With a full conversion capability of 168,000 bpd,
- Liquefied Petroleum Gas,
- Aviation Fuel,
- Motor Gasoline, Diesel
- Fuel Oil.
Petrotrin Refinery
Petroleum Company of Trinidad and Tobago Limited (Petrotrin) is a state-owned oil company in Trinidad and Tobago. The company was established in 1993 by the merger of Trintopec and Trintoc, two state-owned oil companies. A third company, Trinmar Ltd was merged into the company in 2000.[3] Trintoc was formed from the assets of Shell Trinidad Ltd., and Texaco, while Trintopec was formed when the government purchased Trinidad Tesoro a joint venture between the government and Tesoro Oil Company which was created to purchase the assets of British Petroleum. These companies were formed from a suite of earlier companies (including United British Oilfields of Trinidad (UBOT) and Trinidad Leaseholds Limited) which had themselves been formed from the companies which were first able to commercialise oil finds in Trinidad in the early twentieth century.
- Petrotrin operates in land and marine acreage across southern Trinidad.
- In some instances, the company has engaged in joint ventures, lease operatorships, farmouts and incremental production services contracts to support its exploration and production activities.
- In 2004, Petrotrin was granted an automatic stake in all exploration and production arrangements with foreign companies in Trinidad and Tobago.
As a state-owned Company, Petrotrin is under the direct control of the Minister of Finance acting as Corporation Sole.
Colm Imbert
- The Ministry of Energy and Energy Affairs (MEEA) is the line ministry that provides the specialized technical analyses and statutory approvals for the Company's operations, while ensuring adherence to the Government's policy guidelines. (See Governance)
- Mr. Franklin Khan Head) is a petroleum geologist by profession, having spent 20 years in the energy sector both locally and abroad in a broad range of positions both at the technical and managerial levels.
These sectors are the largest single contributors to the GDP of the country and the revenues generated provide the resources for the future development objectives of the Government of the Republic of Trinidad and Tobago.
The Ministry of Energy and Energy Affairs is responsible for monitoring, controlling and regulating the energy and mineral sectors of Trinidad and Tobago.
Its early years began in 1904 when the Mines Department was established to manage Manjak production. In 1948 the Mines Department was re-designated the Petroleum Department.
- Today, we are Trinidad and Tobago’s largest crude oil producers. We also have an interest in some natural gas production. Our operations and partnerships cover most of the island of Trinidad and much of the waters surrounding the island of Tobago.
We operate Trinidad and Tobago’s only petroleum refinery. Our refinery has a full conversion capacity of up to 168,000 bpd and average throughput of approximately 112, 974 bpd. Our petroleum products are sold locally and as well as to customers across the Caribbean, Latin America and the eastern seaboard of the United States of America. (See Our Operation
Today, Petrotrin operates Trinidad and Tobago's single petroleum refinery, located at Pointe-à-Pierre, just north of San Fernando in south Trinidad. Some crude is imported to meet the needs of the refinery which produces liquid petroleum gases, unleaded motor gasoline, avjet/kerosene, diesel/ heating oil, fuel oil and aviation gasoline among other products.
Petrotrin is currently engaged in its second refinery upgrade to improve the quality of refined products exported to regional and international markets.
Petrotrin currently produces 48,047 barrels per day (7,638.9 m3/d) and has proven reserves totaling 439,585 million barrels (6.98884×1010 m3).
The refinery has a capacity of 190 thousand barrels per day (30,000 m3/d) and it is the only refinery in the world that operates alongside a wildlife park[4]
Founded: January 1993
Number of employees: 4,300
Predecessor: Trintoc, Trintopec
Key people: Andrew Jupiter (Chairman)
Trinidad
water pollution from agricultural chemicals, industrial wastes, and raw sewage; oil pollution of beaches; deforestation; soil erosion
Pitch Lake, on Trinidad's southwestern coast, is the world's largest natural reservoir of asphalt
Protestant 32.1% (Pentecostal/Evangelical/Full Gospel 12%, Baptist 6.9%, Anglican 5.7%, Seventh-Day Adventist 4.1%, Presbyterian/Congretational 2.5%, other Protestant 0.9%), Roman Catholic 21.6%, Hindu 18.2%, Muslim 5%, Jehovah's Witness 1.5%, other 8.4%, none 2.2%, unspecified 11.1% (2011 est.)
Trinidad and Tobago relies on its energy sector for much of its economic activity, and has one of the highest per capita incomes in Latin America. Economic growth between 2000 and 2007 averaged slightly over 8% per year, significantly above the regional average of about 3.7% for that same period; however, GDP has slowed down since then, contracting during 2009-12, making small gains in 2013 and contracting again in 2014-16. Trinidad and Tobago is buffered by considerable foreign reserves and a sovereign wealth fund that equals about one-and-a-half times the national budget, but the country is in a recession and the government faces the dual challenge of gas shortages and a low price environment.
Energy production and downstream industrial use dominate the economy. Oil and gas typically account for about 40% of GDP and 80% of exports but less than 5% of employment. Trinidad and Tobago is home to one of the largest natural gas liquefaction facilities in the Western Hemisphere. Trinidad and Tobago produces about nine times more natural gas than crude oil on an energy equivalent basis with gas contributing about two-thirds of energy sector government revenue. The US is the country’s largest trading partner, accounting for 28% of its total imports and taking 48% of its exports.
Economic diversification is a longstanding government talking point, and Trinidad and Tobago has much potential due to its stable, democratic government and its educated, English speaking workforce. The country is also a regional financial center with a well-regulated and stable financial system. Other sectors the Government of Trinidad and Tobago has targeted for increased investment and projected growth include tourism, agriculture, information and communications technology, and shipping. Unfortunately, a host of other factors, including low labor productivity, inefficient government bureaucracy, and corruption, have hampered economic development.
active local transmission of Zika virus by Aedes species mosquitoes has been identified in this country (as of August 2016); it poses an important risk (a large number of cases possible) among US citizens if bitten by an infective mosquito; other less common ways to get Zika are through sex, via blood transfusion, or during pregnancy, in which the pregnant woman passes Zika virus to her fetus (2016)
Electricity
9.3 billion kWh (2014 est.)
population without electricity: 12,452
electrification - total population: 99.8%
electrification - urban areas: 100%
electrification - rural areas: 99% (2012)
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