Trinidad & Tobago show a 2% increase in oil production in Q4 2014

Jan 05, 2015 12:00 AM

Preliminary estimates from the Ministry Of Energy and Energy Affairs (MEE) indicate that in the fourth quarter of 2014 there was a 2% increase in oil / condensate output compared to the fourth quarter of 2013.

This increase was realized despite a shutdown of BHP's facilities for maintenance in mid-November into early December, according to a press release from the MEE.

Preliminary estimates from the Ministry Of Energy and Energy Affairs also indicate that national oil production averaged 81,100 barrels of oil per day (bopd) in 2014. This is roughly the same level of output as in 2013 when production averaged 81,144 bopd. It should be noted that for the period 2012 to 2014, the decline in oil / condensate output has been halted. From 2006 to 2011 there was a precipitous decline in production.

On a company basis, increases in oil/ condensate output in 2014 came from Leni Gas and Oil (LGO), Repsol and BPTT. Based on a preliminary assessment of information, indications are that oil/ condensate production in the first quarter of 2015 will outstrip oil production in the first quarter of 2014.

Energy Minister Kevin Ramnarine noted that: “The slide in oil production that started in 2006 has been halted over the last three years. We expect oil production in 2015 to be slightly higher than what obtained in 2014.”

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