Home' Trinidad and Tobago Guardian : January 13th 2015 Contents Policemen look on as a
truck awaits equipment at
the Desperadoes panyard,
Laventille, yesterday, as the
band organised to complete
a move to its new location
for the Carnival season. Pan
hauler Atiba Pantin was
killed at the site on Sunday
when the band initially
started the activity. (SEE
PHOTO: MARCUS GONZALES
Minimum wage still to be reviewed --- McLeod News --- Page A6
Tuesday, January 13, 2015 www.guardian.co.tt Guardian
Petrotrin president Khalid Hassanali is
forecasting a dim 2015, saying the state-
owned oil company could lose 40-50 per
cent in revenue due to the continuing sip
in global oil and gas prices.
As such, he says the company has read-
justed its budget and will also have to slash
drilling and development programmes. The
revised budget will take into consideration
its revenue forecast over a five-year period,
Hassanali made the comment following
the opening of a workshop on incident com-
mand systems at Petrotrin s staff club at
Pointe-a-Pierre. He said the company suf-
fered a loss last year and expected to do the
same again this year.
"As you know, we are in a down cycle
and in these down cycles we still have to
prepare for when prices will re rise.
"We are experiencing about a 40 to 50
per cent loss in gross revenue but, like I
said, we manage our cash flows very carefully
in these times," he said.
Hassanali s statement comes mere days
after Prime Minister Kamla Persad-Bissessar
announced that Government would peg its
national budget figure on US$45 a barrel
for oil and $2.25 for gas, as well as various
cutbacks in Government spending, due to
the falling global prices.
Yesterday, Hassanali said Petrotrin would
use the down cycle not only to optimise
and restructure the company but also be
prepared for when the prices began to rise.
Hassanali said the company would reduce
spending on its drilling and developmental
programmes as many of its aged assets
needed to be replaced. The focus too, he
said, would be on cash management rather
than accounting profits.
He added: "We will continue to cut,
maybe to a reduced extent, our drilling pro-
grammes, our developmental programmes,
because we have an asset that has to be
"We have just come out of acquisition of
seismic at the marine acreages in Trinmar.
We have certain responsibilities there and
we also have already started development
drilling in terms of our land seismic so there
is a lot of potential."
Although the oil price ended yesterday
at US$46.30 a barrel with gas at $2.81 per
trump, Hassanali said that would be suf-
ficient to withstand the current crisis,
although he said that would only be for a
He said there were several initiatives with
the Ministry of Energy and Energy Affairs
to manage cost carefully.
"If you think of that in terms of our lifting
cost, in other words, the money that is
required to take a barrel of oil out of the
ground, we can manage at the current pric-
ing scenario. We can manage on a cash
basis, not forever, but we can manage for
a period of time."
Khalid orders Petrotrin cutbacks and says:
We can manage
for short time
Last month, Energy Minister Kevin
Ramnarine announced in the Senate that
Petrotrin had suffered a loss of $346
million in fiscal 2014 and had a total debt
of $14.38 billion.
He made the comment as he appealed
to Petrotrin workers not to carry through
on a proposed strike action over the
company's claim that it could not
"This is not a time for acrimony at
Petrotrin. This is not a time to break
down Petrotrin but to build up Petrotrin,"
Ramnarine said the company's poor
financial performance was partly due to
losses by the refining arm of the
The way forward for the company
was to increase its crude oil and gas
production through its own efforts as
well as from ventures, such as its lease
operatorship, farmout, incremental
production service contract (IPSC) and
joint venture programmes.
He said improved production was
expected from the Trinmar operations in
the Jubilee field and the ongoing South
West Soldado project.
Contacted yesterday, Petrotrin's
communications department said at the
end of 2013-2014 fiscal period, the
company revenue was TT$29.285 billion
and there was a loss of $347 million. The
main contributor to the loss was a low
2 arrested for attacking
cars on Valencia bypass
Two men were arrested over the weekend for
throwing stones at cars on the Valencia Bypass.
Police believe attacks are part of a ploy by per-
petrators to get motorists to stop so they can rob
The arrests came even as people took to social
media website, Facebook, over the weekend to
highlight the attacks.
A photo of a large stone was shared on the site
by a friend of one victim with a caption stating:
"This is what a friend of mine found in his car last
night after passing on the Valencia bypass last
night. Luckily his glass was down so he only heard
a noise in the car. Be careful in the back there,
especially at night. Please repost to warn your
Senior Supt Sacenarine Mahabir, head of the
Eastern Division, yesterday told the T&T Guardian
that three teenagers, ranging in ages from 17 to 19,
were arrested, charged and appeared in the San-
gre Grande Magistrates Court on charges of mali-
cious damage to vehicles.
Facebook users statedthe people were throwing
the stones with the intent to rob the drivers who
stopped. Mahabir, however, said the police had no
reports of any robberies.
"We had some reports of people throwing rocks.
Over the weekend we held three young fellas. We
had no account of a robbery and no evidence of
any robberies taking place," Mahabir said.
Last Monday, 32-year-old Murlesha Majid, of
San Francique, was shot and wounded along the
Beetham Highway after her brother-in-law Rajpath
Balgobin stopped so his wife could change their
son s diaper.
A group of men reportedly attempted to surround
the car as it was parked, firing shots as Balgobin
drove off when they realised they were being
for 12TH JANUARY, 2015
Photographs obtained from twitter of a broken
car glass during an attack along the newly
opened Valencia By-pass over the week.
PROTECTION FOR DESPERS
Links Archive January 12th 2015 January 14th 2015 Navigation Previous Page Next Page