Petrotrin
From Wikipedia, the free encyclopedia
Petrotrin, the Petroleum Company of Trinidad and Tobago is the major 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 was later merged into the company. 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's main holdings are extensive, mature onshore fields located across southern Trinidad. Large areas have been leased out to small private producers who are able to make a profit on wells that are unprofitable for Pertotrin, given its higher labour costs. The company operates a refinery at Pointe-à-Pierre, just north of San Fernando in south Trinidad. Most crude petroleum produced in Trinidad is exported without being refined. The refinery depends on imported crude (mostly from Venezuela), which is either used domestically or exported.
Petrotrin currently produces 48,047 mbbl/day and has proven reserves totalling 439,585 mbbl.
