Petrotrin
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This article relies on references to primary sources or sources affiliated with the subject, rather than references from independent authors and third-party publications. Please add citations from reliable sources. (May 2009) |
| Type | State owned |
|---|---|
| Industry | Oil and gas industry |
| Founded | 1993 |
| Headquarters | Pointe-a-Pierre, Trinidad and Tobago |
| Website | www.petrotrin.com |
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 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 Petrotrin, 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 barrels per day (7,638.9 m3/d) and has proven reserves totalling 439,585 million barrels (6.98884×1010 m3).
The refinery has a capacity of 190 thousand barrels per day (30,000 m3/d).
In 2010, Petrotrin was sued by World GTL for breach of contract, resulting in the largest lawsuit in the history of Trinidad and Tobago.
