An update on Petrotrin in the context of a lower for longer oil price environment
In today’s unpredictable oil price environment, the focus is on survival. There is a growing realisation that lower oil and gas prices are here to stay. Today’s energy outlook is therefore very different from even the recent past. Oil prices are very sensitive to supply and demand and have shown considerable volatility. Prices dropped from $107 per barrel in June 2014 to a low of $29 per barrel in January 2016, a decline of 73% in a period of just 18 months. Following the decision by OPEC and non-OPEC producers cut production by agreement oil prices rose from the low of $29 in January 2016 to $52 in December 2016 and have continued to hover in this vicinity.
At the recently concluded 2017 Energy Conference the Minister of Finance reiterated that the major oil producer in Trinidad and Tobago at this time is Petrotrin, which accounts for almost 50% of the country’s total production. He noted that Petrotrin is therefore the key to improved oil production in Trinidad and Tobago in the short and medium term and the best chance to reverse the current decline in crude production.
Petrotrin’s Executive Management is cognizant of the ongoing national dialogue about the fortunes of the Company in the context of the collapse in world oil prices now characterized as a “lower for longer” oil price environment. In the face of this new reality, we at Petrotrin are therefore faced with the challenge of making the necessary changes so that we can be competitive and continue to fulfil our purpose as the sate-owned national oil and gas Company.
Date: Wednesday May 10th, 2017
Presenter: Mr Fitzroy Harewood, President PETROTRIN
Venue: Cara Suites, Hotel and Conference Centre
Time: 12:00 noon - 2:00pm (Registration begins at 11:30)
Members: TT$550 plus VAT
Non-members: TT$650 plus VAT