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Columbus Energy says Petrotrin changes are a “big step”

"Yesterday's announcement is a big step by Petrotrin to create a strong and economically viable exploration and production business to the benefit of the people of Trinidad and Tobago.”
oil and gas operations
Columbus sells production from the Goudron field to Petrotrin

Columbus Energy Resources PLC (LON:CERP) executive chairman has described the restructuring of Petrotrin as “big step”.

The planned restructuring of Petrotrin's operations will see the state oil firm stop refining activities, to instead export crude, as it also focusses more on exploration and production.

Columbus, in a stock market statement, said that it expects there’ll be no impact on its crude sales arrangements as it does not interact directly with the refinery - the oil is sold ‘at the gate’ to Petrotrin and Columbus anticipates that the oil will be sold via export.

WATCH: Columbus Energy 'well capitalised' as it continues to build portfolio in Trinidad

"Yesterday's announcement is a big step by Petrotrin to create a strong and economically viable exploration and production business to the benefit of the people of Trinidad and Tobago,” said Leo Koot, Columbus chairman.

“We applaud their commercial strategy and are satisfied that the proposed closure of the Point-a-Pierre refinery will have no negative impact on our Goudron operations and potentially benefit Columbus into the future, if we are able to obtain a higher oil price due to the high quality of our Goudron oil. 

“We have regular meetings with senior Petrotrin representatives and intend to continue to work closely with Petrotrin in the months ahead as they undertake their changes."

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