Page 22 - PNM General Election 2020 Manifesto

• New oil discovery (Ruby Field) with expected
MINISTRY OF ENERGY
production of 10,000 bpd in 2022

PETROTRIN / HERITAGE PETROLEUM
AND ENERGY INDUSTRIES

PETROTRIN / HERITAGE PETROLEUM
UPSTREAM SUCCESS TRANSFORMATION

• Hosted the Spotlight on Energy which
revealed the revenue leakage from the
Natural Gas Industry
• Negotiated enhanced revenues for T&T from
Gas of TT$6.5B over the period 2018 to 2027
• Finalized new LNG marketing arrangements,
resulting in additional revenues for T&T of
TT$800M per year
• Settled the long outstanding Gas Royalty
issue with BP, resulting in revenue for T&T of
$500M
• Settled a long outstanding Gas Sales
Agreement with Shell, resulting in Gas at a Petrotrin was successfully restructured in 2018,
preferential price for T&T giving way to Trinidad Petroleum Holdings
• Increased Natural Gas Production from 3.3 Limited (TPHL), which yielded the following
bscfd in 2016 to approximately 3.8 bscfd in positive outcomes:
2018
• Facilitated TT$60B in capital investment in • Heritage, the upstream subsidiary of TPHL
the Energy Sector from 2016 to 2019 made a profit of TT$1.4B in 2019, compared
• Facilitated the drilling of a significant number to the former Petrotrin’s annual $2B loss
of exploration wells, adding to new • Heritage increased oil production back to
discoveries of oil and gas, increasing oil 2018 levels
reserves by over 700% • Heritage paid the Government over
• Facilitated new gas production from various TT$800M in royalties, levies and taxes
platforms and fields totalling 1.3 bcfd

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PNM THE RIGHT CHOICE ON AUGUST 10 People’s National Movement Manifesto 2020