Petrotrin
Encyclopedia
Petrotrin, the Petroleum
Company of Trinidad and Tobago
is the major 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 48047 oilbbl/d and has proven reserves totalling 439585 Moilbbl.
The refinery has a capacity of 190 koilbbl/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.
Petroleum
Petroleum or crude oil is a naturally occurring, flammable liquid consisting of a complex mixture of hydrocarbons of various molecular weights and other liquid organic compounds, that are found in geologic formations beneath the Earth's surface. Petroleum is recovered mostly through oil drilling...
Company of Trinidad and Tobago
Trinidad and Tobago
Trinidad and Tobago officially the Republic of Trinidad and Tobago is an archipelagic state in the southern Caribbean, lying just off the coast of northeastern Venezuela and south of Grenada in the Lesser Antilles...
is the major 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
Royal Dutch Shell
Royal Dutch Shell plc , commonly known as Shell, is a global oil and gas company headquartered in The Hague, Netherlands and with its registered office in London, United Kingdom. It is the fifth-largest company in the world according to a composite measure by Forbes magazine and one of the six...
Trinidad Ltd., and Texaco
Texaco
Texaco is the name of an American oil retail brand. Its flagship product is its fuel "Texaco with Techron". It also owns the Havoline motor oil brand....
, while Trintopec was formed when the government purchased Trinidad Tesoro a joint venture between the government and Tesoro
Tesoro
Tesoro Corporation is a Fortune 100 and a Fortune Global 500 company headquartered in San Antonio, Texas, with 2008 annual revenues of $28.3 billion, and approximately 5,600 employees....
Oil Company which was created to purchase the assets of British Petroleum
BP
BP p.l.c. is a global oil and gas company headquartered in London, United Kingdom. It is the third-largest energy company and fourth-largest company in the world measured by revenues and one of the six oil and gas "supermajors"...
. 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
Trinidad
Trinidad is the larger and more populous of the two major islands and numerous landforms which make up the island nation of Trinidad and Tobago. It is the southernmost island in the Caribbean and lies just off the northeastern coast of Venezuela. With an area of it is also the fifth largest in...
in the early twentieth century.
Petrotrin's main holdings are extensive, mature onshore fields located across southern Trinidad
Trinidad
Trinidad is the larger and more populous of the two major islands and numerous landforms which make up the island nation of Trinidad and Tobago. It is the southernmost island in the Caribbean and lies just off the northeastern coast of Venezuela. With an area of it is also the fifth largest in...
. 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
Oil refinery
An oil refinery or petroleum refinery is an industrial process plant where crude oil is processed and refined into more useful petroleum products, such as gasoline, diesel fuel, asphalt base, heating oil, kerosene, and liquefied petroleum gas...
at Pointe-à-Pierre
Pointe-à-Pierre
Pointe-à-Pierre is a town in Trinidad and Tobago. It lies north of San Fernando and south of Claxton Bay. It is most famous as the site of the country's largest oil refinery which is run by Petrotrin, the state-owned oil company....
, just north of San Fernando
San Fernando, Trinidad and Tobago
The City of San Fernando with a population of 55,419 according to the 2000 census, is the larger of Trinidad and Tobago's two cities and the second largest municipality after Chaguanas. It occupies 18 km² and is located in the southwestern part of the island of Trinidad...
in south Trinidad. Most crude petroleum produced in Trinidad is exported without being refined. The refinery depends on imported crude (mostly from Venezuela
Venezuela
Venezuela , officially called the Bolivarian Republic of Venezuela , is a tropical country on the northern coast of South America. It borders Colombia to the west, Guyana to the east, and Brazil to the south...
), which is either used domestically or exported.
Petrotrin currently produces 48047 oilbbl/d and has proven reserves totalling 439585 Moilbbl.
The refinery has a capacity of 190 koilbbl/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.