Oil

Chaguaramas oil came from a ship; no dead fish, birds found

The Environmental Management Authority (EMA) and Institute of Marine Affairs (IMA) says that no oily substance was found at the Cocorite Fish Landing Facility and in the waters in its immediate vicinity.

The two agencies say in a joint-statement that this was one of the key observations of a surveillance exercise conducted this morning by a joint team comprising representatives of the Environmental Management Authority (EMA) and the Institute of Marine Affairs (IMA).

Energy Chamber wants speedy investigation into Petrotrin oil-fraud allegations

The Energy Chamber of Trinidad and Tobago is hoping for a speedy conclusion to the investigations into allegations of fraud involving the sale of oil to Petrotrin.

The Chamber says it hopes appropriate action is then taken.

It issued the following statement today:

"The Energy Chamber is very concerned about the allegations being made about fraud in the transfer and sale of oil from A&V Drilling to Petrotrin.  

Oil prices rise ahead of OPEC meeting on output-cuts

Oil prices climbed on Monday, pushing futures to their highest levels in more than a month, as expectations grow for an extension to the OPEC-led production cut agreement into the first quarter of next year.

June West Texas Intermediate crude tacked on 32 cents, or 0.6%, at $50.64 a barrel. 

The contract expires at the session’s end, with July crude which traded at $51.04, up 37 cents, or 0.7%, set to become the front-month contract. July Brent crude LCON7, +0.65% the global benchmark, rose 24 cents, or 0.5%, to $53.85 a barrel.

Business: BP posts first quarter profits of US$1.45 billion

British oil giant BP rebounded back into net profit in the first quarter, energised by deep cost-cutting and rising crude prices, the group revealed on Tuesday (May 2).

Earnings after taxation stood at US$1.45 billion (€1.33 billion) in the first three months of 2017, which contrasted with a net loss of US$583 million during the first quarter of 2016.

Benchmark oil contract Brent North Sea crude averaged US$54.61 in the first quarter, up 55 per cent year-on-year.

Petrotrin working with established centres to rehabilitate affected birds

State-owned oil company, Petrotrin says it is working with established centres to rehabilitate birds impacted by the oil spill.

Petrotrin says anyone with information about affected wildlife, should contact its 24-hour emergency hotline.

The following is a statement by Petrotrin.

"Petrotrin continues an appeal to members of the public to share information to support its efforts to rescue birds and wildlife possibly impacted by the spill that occurred on one of its tanks on Sunday, 2017 April 23. 

Petrotrin: 300 barrels of oil have entered the sea

State-oil company, Petrotrin has said that clean-up operations have revealed that 300 barrels of oil have entered the sea from Sunday's oil spill.

Petrotrin says it continues to spearhead efforts to contain and recover oil from the spill.

Petrotrin issued the following statement today:

"Petrotrin continues its ongoing activities to contain and recover the oil spilled from its Pointe-aPierre operations.

Aerial surveys and monitoring continued this morning alongside other clean-up and recovery activities.

20 barrels of oil spilt in Petrotrin tank leak

Petrotrin has activated its emergency response plan after a leak was detected at one of its storage tanks.

According to a release issued by Petrotrin, the discovery was made at the Pointe-a-Pierre refinery on Sunday evening.

Initial estimates suggest that approximately 20 barrels of oil escaped the company's containment.

Demand for oil slows for second year

Demand for oil is expected to slow for the second year in a row, the International Energy Agency has said.

The forecast comes after years of excess supply, which last year prompted major oil producers to agree to cuts in output.

The IEA said the oil market was now "very close to balance."

But the organisation predicted supply would grow in coming months, with US oil-producing firms driving the increase.

Pages