Jeremy mentions interest in Jubilee21 Jun 2020 10:07
Jubilee
When Petrotrin was busted up, the Heritage Petroleum company was formed to deal with exploration and production, both on and offshore. The jewel in the crown is the Jubilee field.
According to the Guardian of 11 April 2012, on 30 March: “Prime Minister Kamla Persad-Bissessar announced that Petrotrin had made a discovery of a 48-million-barrel field in Cluster 6 of Trinmar’s southwest Soldado acreage. She declared that God was a Trini and that as a result of the Jubilee discovery, government would be in a position to make economic decisions faster because of the availability of additional funds.
“She said: ‘So what does it now mean for the man in the street, for the citizen of T&T? In a phrase, if I would sum it, I would say better times in the best of initiatives that will benefit you the citizen of T&T.’
“Trinmar’s chairman Lindsay Gillette also announced that the discovery was made close to existing infrastructure and in shallow water, allowing the company to produce the field within a year.”
That was eight years ago. Not a litre, far less a barrel of oil, has been produced. What happened instead is that the integrated oil company, Petrotrin, has been dismantled, Heritage established and it is now seeking ‘joint partners’ (read foreign capital) to develop the field.
So Heritage, already trying to confuffle one’s brain with its sleight of hand financial statement, is now seeking expressions of interest with hope of attracting what they term the ‘right partners’ for developing the Jubilee field which will need ‘significant capital injections and the application of specialised technology’.
To this end, Heritage is inviting local and international exploration and production companies to participate. So we have come full circle. From the plantation to the plantation!
Sign In
Follow the stocks
