Page 8 - LatAmOil Week 21 2022

LatAmOil CUBA LatAmOil

Sonangol has agreed to cover 85% of the $30mn hydrocarbon system and is on trend with Vara-
cost of the two-well drilling programme that dero, a field that contains billions of barrels of oil.
begins with the Alameda-1 exploration well, and McDaniel & Associates, as independent experts
its Australian partner will cover the remaining and consultants, published a competent persons
15%. report (CPR) in mid-2018 concluding that the
Block 9 covers an area of 2,344 square km block contained about 15.7bn barrels of oil in
along the northern coast of Cuba and is about place (OIP) as a best estimate and prospective
140 km east of Cuba. It lies within a proven resources of 676mn barrels (best estimate). ™

TRINIDAD AND TOBAGO
Rowley says Petrotrin refinery could

process Guyanese crude oil after sale

KEITH Rowley, the prime minister of Trini-
dad and Tobago, has said that the Petrotrin oil
refinery in Point-a-Pierre may be able to process
crude from nearby Guyana after its sale, which is
currently in the works.
Speaking to reporters on May 22, Rowley
said government officials had been discuss-
ing this option with the company that has
been awarded the right to negotiate a takeover
of Guaracara Refining Co., the subsidiary of
state-owned Trinidad Petroleum Holdings Ltd
(TPHL) that owns the refinery. But he also indi-
cated that these discussions had not led to the
buyer making any concrete plans for the acqui-
sition of Guyanese feedstock.
“The discussion did involve the possibility
that if Guyana has oil and Guyana is interested The Petrotrin refinery has a throughput capacity of 140,000 bpd (File Photo)
[in] someone who we have selected here or are
selecting, then those conversations should take predict how long contract negotiations are likely
place,” Rowley said. “That’s where we are at the to take.
moment, and it all has to do with a supply of oil Rowley stressed this point while speaking to
to the refinery.” members of Parliament last week. “Given the
He went on to say that he expected the refin- nature of what is happening, one cannot put
ery to continue making important contributions a timeline on it at this stage, and it being only
to the economy of Trinidad and Tobago even recent, it is reasonable to assume that as the work
after its sale to a private investor. “We always is ongoing, that a timeline as to when it will be
will be happy if the refinery is operating,” he concluded is not really feasible at this stage, and
remarked. “It doesn’t have to be a government I’m not going to guess at that,” he said.
refinery to be a contributor to our economy, but The Petrotrin refinery is the only oil-pro-
it all turns on the availability of oil, which will cessing plant in Trinidad and Tobago. It has a
not cost the people of Trinidad and Tobago sig- throughput capacity of 140,000 barrels per day
nificant losses.” (bpd), but it has been idle since 2018 and was
The press conference took place just a few operating below capacity for some time before
days after the prime minister told Members of it suspended operations.
Parliament that his government had reviewed The island state’s government began trying
the offers made from all four entities participat- to sell the plant in 2019, saying it doubted Gua-
ing in the tender for Petrotrin and had chosen racara’s ability to reverse the decline that had
the top bidder. “After evaluation, TPHL has caused it to incur $1bn worth of losses between
identified a preferred bidder and is currently 2014 and 2019. At that time, Port of Spain said
pursuing discussions with this [party],” he was it was looking for an investor who could pump
quoted as saying by Caribbean National Weekly. about $4bn into the plant, including $2bn to
“The process is ongoing.” cover unpaid debts and another $2bn to cover
Thus far, Port of Spain has declined to iden- operational expenses and pay for an overdue
tify the chosen buyer. It has also said it cannot equipment upgrade.

P8 www. NEWSBASE .com Week 21 26•May•2022