With the steady decline in Trinidadian crude oil production, State-owned oil company Petrotrin has signalled the possibility of refining crude oil which was discovered in Guyanese waters recently.
In 2016, US-based multinational energy company Exxon Mobil Corp. announced an oil discovery in the Liza field, some 193 kilometres just off the coast of Guyana, which may hold as much as 1.4 billion barrels of crude.
In a media release, Petrotrin said the company was open to the possibility of “further developing business relations with fellow energy companies in neighbouring Guyana” and, as if to emphasise its experience in the oil industry, noted that the company had accumulated “significant experience and expertise in the refining business in the Caribbean as its Pointea- Pierre refinery this year celebrates its 100th anniversary.” “Following the completion of the Gasoline Optimisation Programme (GOP) at the Pointe-a-Pierre refinery in 2015, the refinery has resumed high throughput operations consistent with its capacity of 168,000 bpd (barrels per day),” Petrotrin said.
Petrotrin also cited the construction of an Ultra-Low Sulphur Diesel Plant which would “further improve the quality of products at the refinery” and was expected to be completed in 2020. “While Petrotrin is confident that it can explore several avenues for improved relations with the Guyanese energy industry, our capacity to process the crude discovered in the Stabroek Block can only be determined after the quality of this crude has been ascertained,” Petrotrin stated, adding, “In this regard, Petrotrin will be further guided by the ongoing discussions with the Guyanese government.”