According to the latest available official figures from the Ministry’s Web site, in October, offshore oil production rose to 62,021 bopd from 60,443 bopd a year earlier. T&T’s oil production had already hit a two-year high in September, according to an October 7 statement from the Ministry. In September, national oil production averaged 84,848 barrels per day, the highest in two years.
The increase in production took place both year-on-year and month-on-month. In August, production averaged 82,184 bopd. In September 2013, the national average production was 81,140 bopd. Ramnarine first signaled oil production would remain flat, on December 22, while speaking to reporters at the signing of a new oil and gas exploration and production licence for SOOGL, a subsidiary of China’s Sinopec; Toronto-listed Touchstone Exploration and Production (E&P); and Petrotrin.
He had said then that oil production in 2014 would have increased but BHP Billiton, which operates the Angostura field off the east coast of Manzanilla, had a shut down. He said when BHP Billiton shuts down this takes around 8,000 barrels of oil per day off national production averages.
According to official data, BHP Billiton averaged 10,206 bopd in 2013, and, up to October (2014) was averaging 8,925 bopd. Outside of state-owned Petrotrin and Trinmar, Repsol was the biggest producer, as at October 31, averaging 11,846 bopd, followed by BP with 11,045 bopd.