Petrotrin to explore Point oil sands

Juhel Browne jbrowne@trinidadexpress.com
Saturday, February 14th 2009
http://www.trinidadexpress.com/index.pl/article_news?id=161439707

State-owned oil refining and production company Petrotrin is set to carry out exploration activity on land in Parrylands and Guapo Field in Point Fortin to determine the feasibility of extracting tar sands in a field that is anticipated to amount to two billion barrels of oil.

And while this field could double the nation's oil reserves, Petrotrin will be undertaking the exploration exercise at a time when it is badly in need of revenue as it is considering major cutbacks in expenditure that may include staff cuts as it made losses of $200-$300 million in the last quarter of 2008 alone.

Furthermore, Petrotrin will begin exploring the Point Fortin field even as many of the company's workers have been protesting a delay in the payout by management of $240 million worth of bonuses.

Energy Minister Conrad Enill made the disclosure about the Point Fortin find during Thursday's post-Cabinet news conference at the Diplomatic Centre, St Ann's.

He said Cabinet had approved an exploration licence for Petrotrin for the Point Fortin field on Thursday as he noted it was the first time that the exploration of tar sands was being carried out in Trinidad and Tobago.

By most definitions tar sands are (which are also called oil sands) are a combination of clay, sand, water, and bitumen which is a heavy black viscous oil that is the main element to be sought after by Petrotrin.

"What is contemplated here is that Petrotrin will joint venture with a partner we have identified. The partner brings to the table the technology, the information, the understanding and that exercise will tell us what we do not now know about that particular resource. Once we know that we then have to make an investment decision as to whether we move forward or not," Enill said.