Home' Trinidad and Tobago Guardian : October 12th 2016 Contents • Twitter: @GuardianTT • Web: guardian.co.tt
WEDNESDAY, OCTOBER 12, 2016
Petrotrin s oil production has declined
from 64,500 barrels per day in October
2006 to 45,000 in October 2016. The
State-owned company s Trinmar opera-
tions oil production also declined from
33,000 barrels of oil per day in 2006 to
21,000 in 2016.
Petrotrin chairman Professor Andrew
Jupiter, in revealing the worrying trend at
an Energy Caribbean Conference at the
Trinidad Hilton and Conference Centre yes-
terday, warned that if things continue to be
done the same way, oil production will con-
tinue to decline.
Jupiter was one of several speakers rep-
resenting the energy interests of different
Caribbean countries speaking at the start
of a private two-day conference to look at
sustainable energy sources for the Caribbean
in new oil and gas frontiers, offshore deep-
water plays and renewable energy.
He said increasing operational and capital
costs and insufficient cash generation to
fund investments, were some of the chal-
lenges Petrotrin is facing at present.
Giving some options, he said by working
together with the Oilfield Workers Trade
Union (OWTU), Government and other
stakeholders Petrotrin can increase its oil
production in the coming years.
"It s a partnership you have to develop
to come up with short and medium pro-
grammes to first arrest the oil decline and
then increase production," he said.
Jupiter s disclosures about Petrotrin s
declining production echoed statements
made by Prime Minister Dr Keith Rowley
during an address to the nation in September
when he advised caution in consumption
Rowley had said: "For the last ten years
we have been sitting on a crisis in the oil
production side and we have allowed it to
escape us largely because the situation has
been masked by relatively strong revenue
stream bolstered largely by favourable prices.
"The situation can no longer escape our
attention and sustained lower prices now
and into the medium term should be a mat-
ter of great concern to all of us."
The PM added: "These developments
have serious consequences for our revenue
base and must of necessity significantly
raise caution in our consumption patterns
and debt management activities."
Jupiter, a former Permanent Secretary in
the Energy Ministry, spoke to the small
group in the Hilton Ballroom on the way
forward for Petrotrin and its role in the
development of T&T s energy sector.
He said Petrotrin s acreage is not as much
as some believe and he wants to request
and acquire acreage relinquished to the State
He said there are opportunities for devel-
opment at Petrotrin since assets are located
in prolific hydrocarbon basins which are
Jupiter said the company has contributed
across all sectors of T&T s economy as the
largest crude oil producer and second largest
real estate holder. Petrotrin has also made
a significant contribution to community
development, played a significant role in
job creation and paid billions of dollars in
taxes, he said.
SEOUL, SOUTH KOREA---Samsung Elec-
tronics said yesterday that it is discontin-
uing production of Galaxy Note 7 smart-
phones permanently, a day after stopping
global sales of the ill-fated devices.
The South Korean company said in a reg-
ulatory filing that it decided to stop man-
ufacturing Note 7s for the sake of consumer
Samsung is struggling to regain consumer
trust after a first round of recalls that prompt-
ed criticism both for the faulty devices and
for the company s handling of the problem.
After the earlier recall, the company said
it had identified a manufacturing defect in
the batteries of its top-of-the-line smart-
It started shipping new Note 7 phones
that were supposed to be safer. But reports
that even the replacements were catching
fire led Samsung to announce it was stopping
sales of the devices.
Authorities in the US and South Korea are
still investigating why even the replacement
Note 7 phones that Samsung equipped with
a safer battery are catching fire. An official
at the South Korean safety agency said the
replacement phones may have a defect that
is different from the problem with the original
Note 7s. Samsung s shares plunged 8 per
cent Tuesday in Seoul, their biggest fall since
the 2008 financial crisis. And that was before
it announced it was discontinuing the Note
7. Also Tuesday, China s product safety reg-
ulator said Samsung will recall all Galaxy
Note 7 smartphones sold in mainland China,
amounting to around 191,000 units. The
General Administration of Quality Supervi-
sion, Inspection and Quarantine said it was
investigating for defects in the devices
Samsung will either provide a full refund
at the original price or replace Note 7 units
with any other model of Samsung phone,
and give refunds of the difference in prices,
along with a 300 yuan (US$45) voucher.
Samsung s brand has already been battered
by complaints it is doing too little to reassure
Chinese owners their handsets are safe.
Initially, Samsung had said in September
that the Note 7s sold in China would not be
affected because their batteries came from
a different supplier, ATL.
Samsung recalled 1,858 Note 7 phones in
China in September, saying they were dis-
tributed for testing before sales to the public
began on September 1. (AP)
Petrotrin chairman Andrew Jupiter, centre, at yesterday's Caribbean energy
conference at the Trinidad Hilton and Conference Centre, Port-of-Spain.
PHOTO: MARCUS GONZALES
Huge declines at Petrotrin
Crisis in local oil production
Galaxy Note 7s
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