Petrotrin chairman Lindsay Gillette last Thursday addressed the media on the Opposition's response to Petrotrin's announcement of the Cluster 6 oil find by Petrotrin.
Following the full text of Gillette's statement:
On behalf of all employees of Petrotrin, I call upon the Honourable Leader of the Opposition Dr Keith Rowley to unreservedly withdraw his remarks that the technical team at the State owned oil company fabricated the story of the Jubilee Oil Discovery.
The Opposition Leader has maligned the reputation of the dedicated team at Petrotrin by his comments in questioning why it took one year for Petrotrin to make the announcement.
Petrotrin adhered to internationally accepted standards of evaluation over the past year before making public the find. Had we followed the Honourable Opposition's prompt to make an immediate announcement, we might well have found ourselves being premature in the conclusions drawn.
The accusation made on the technical staff at Petrotrin is a low blow to the morale of all employees of Petrotrin and an unfair, unsubstantiated attack on the professionalism and integrity on those whose efforts have produced such rewarding results for the benefit of the entire nation.
Petrotrin simply stated the facts:
• The State owned oil company began the Trinmar Forward Drilling campaign in March 2011 and this was completed in March 2012
• In all, 21 wells were drilled. Five appraisal wells drilled in the general area of Cluster 6 were part of this campaign. Four of these appraisal wells were successful. This represents a much higher success rate than is the industry norm.
• Current data indicate an estimated 48 million barrels of oil, which when added to the Bayfield discovery of which Petrotrin owns 35 per cent, there is a combined estimated delivery of 80 million barrels, a very significant find.
• The oil found was light and heavy crude. This enables Petrotrin to more easily produce the reserves at lower cost since the light oil may be mixed with heavy oil, making it easier to recover and better satisfy the needs of the refinery.
• The location is in 60 feet of water, in close proximity to Point Fortin. This means that future infrastructural costs will be generally lower than other offshore developments.
Petrotrin already has infrastructure nearby, which can be leveraged to achieve production at an earlier date. Those are the facts. Whatever interpretation is made from them is not for Petrotrin outside of saying it is very good news for Trinidad and Tobago. It is most unfortunate that the Opposition Leader has sought to sully the name of Petrotrin and the positive results achieved by the company in the interest of Trinidad and Tobago. I am proud of the work done by the staff at Petrotrin to record this impressive milestone and congratulate them for their sterling contribution.