Petrotrin update: now Trinidad Petroleum Holdings Ltd

[nervewrecker]

Yes but A&V and LOL paying back one red cent?

[Redman]

was listening to aunty kams jus now she tells of the corruption in the company and she called names hence the change in the board etc ... PNM again

But all of dat happening before she come in.
And they just played down their racket on top of that.

This hindsight 2020 crap ....

Just down the road from baksh she was.collecting toys

[Redman]

Yes but A&V and LOL paying back one red cent?

At that level ....make sure direct political contributions are made.with first money ...By chq and duly receipted

Continue over invoicing....like a bawse

[nervewrecker]

A&V start drilling after PNM won the election

[Redman]

After getting kicked out of WAS A.

He used to walk around with Manning card....get nuff people kick off well site.

When the system went down in 08 they cleans house....he then gets the blocks.

[nervewrecker]

The next contractor actually ask to buy petrotrin already. Already have half of it.

[10-01]

A&V start drilling after PNM won the election

they got the contract in 2009

[kstt]

Kamla calls for probe of $100m Petrotrin disparity


Kevon Felmine
Published:
Monday, September 11, 2017

Opposition Leader Kamla Persad-Bissessar plans to write to acting Police Commissioner Stephen Williams and the Integrity Commission, asking them to investigate the findings of an internal audit which shows that a lease operator owned by a People’s National Movement financier had defrauded Petrotrin of close to $100 million over the past six months.

She told a UNC National Congress in Couva yesterday that a company operating in the Catshill field had overstated the amount of oil it was selling to Petrotrin.

Persad-Bissessar said in July, Petrotrin discovered there was a disparity in the quantity of oil it was purchasing from operators in the field and what was being received at the Pointe-a-Pierre refinery. The internal audit department was asked to investigate.

She said the audit team discovered that the discrepancy had been occurring since October 2016, around the time that former energy minister Nicole Oliviere was replaced by Franklin Khan. Petrotrin discovered that the difference in the figures emanated from one particular field, the Catshill field, which has been under the control of the same operator since 2009.

She said the internal audit concluded that the custody transfer process at the Catshill field had been compromised based on the number of control issues identified during their visit to the field and analysis of the sales tickets and GPS records. This resulted in an overstatement of production and leakage from the company.

In the internal auditors’ opinion, this purchase of non-existent crude was the main contributing factor to Petrotrin receiving significantly less oil than the volumes recorded by its Exploration and Production department, she said. Persad-Bissessar said it was estimated that between January to June 2017, the Catshill operator overstated production by at least 350,000 barrels and Petrotrin overpaid US$11.5 million. She Petrotrin would have paid US$1.8 million in royalties to Government for oil not received during the six-month period.

“I want to challenge the Prime Minister today to tell the country that he did not know this was going on at Petrotrin. I want to challenge the Minister of Energy to tell the country today that he did not know this was going on at Petrotrin. I want to ask Andrew Jupiter today if this was the reason why he resigned from Petrotrin. I want to ask if this is the reason the Petrotrin board was fired,” she said
http://www.guardian.co.tt/news/2017-09- ... -disparity

[air wick]

The next contractor actually ask to buy petrotrin already. Already have half of it.

I hear Massy Energy buy out SWS

[gastly369]

Kamla calls for probe of $100m Petrotrin disparity


Kevon Felmine
Published:
Monday, September 11, 2017

Opposition Leader Kamla Persad-Bissessar plans to write to acting Police Commissioner Stephen Williams and the Integrity Commission, asking them to investigate the findings of an internal audit which shows that a lease operator owned by a People’s National Movement financier had defrauded Petrotrin of close to $100 million over the past six months.

She told a UNC National Congress in Couva yesterday that a company operating in the Catshill field had overstated the amount of oil it was selling to Petrotrin.

Persad-Bissessar said in July, Petrotrin discovered there was a disparity in the quantity of oil it was purchasing from operators in the field and what was being received at the Pointe-a-Pierre refinery. The internal audit department was asked to investigate.

She said the audit team discovered that the discrepancy had been occurring since October 2016, around the time that former energy minister Nicole Oliviere was replaced by Franklin Khan. Petrotrin discovered that the difference in the figures emanated from one particular field, the Catshill field, which has been under the control of the same operator since 2009.

She said the internal audit concluded that the custody transfer process at the Catshill field had been compromised based on the number of control issues identified during their visit to the field and analysis of the sales tickets and GPS records. This resulted in an overstatement of production and leakage from the company.

In the internal auditors’ opinion, this purchase of non-existent crude was the main contributing factor to Petrotrin receiving significantly less oil than the volumes recorded by its Exploration and Production department, she said. Persad-Bissessar said it was estimated that between January to June 2017, the Catshill operator overstated production by at least 350,000 barrels and Petrotrin overpaid US$11.5 million. She Petrotrin would have paid US$1.8 million in royalties to Government for oil not received during the six-month period.

“I want to challenge the Prime Minister today to tell the country that he did not know this was going on at Petrotrin. I want to challenge the Minister of Energy to tell the country today that he did not know this was going on at Petrotrin. I want to ask Andrew Jupiter today if this was the reason why he resigned from Petrotrin. I want to ask if this is the reason the Petrotrin board was fired,” she said
http://www.guardian.co.tt/news/2017-09- ... -disparity

Ohmehlawd

[786 Accounting]

Any word if fuel subsidy to be removed in the budget this month ?

[10-01]

Any word if fuel subsidy to be removed in the budget this month ?

o god no plz ...

[zoom rader]

Time to sell this crap.

[airuma]

"This resulted in an overstatement of production and leakage from the company"

Is this a financial leakage she's speaking about or oil leakage? Is there opportunity for the amount of oil "leaked" to be overstated?

[Redman]

Co A produces 5BBLS of oil.
They take it to a fiscalization point....and a Petrotrin employee signs off on 5BBLs.

That ticket is the basis of payment ...and is used in the production tally for the well,field and company.

when an employee inflates that number .....the distortion results:

A) Overpayment to Co A
B)Shortfall in production Numbers
c) shortfall in oil stocks for refining purposes-covered by imports or fudging other numbers.

In this case that co has been under scrutiny...and there is strong basis for the numbers.
If this was happening for any length of time ....KPB numbers might be low.

Since there is a company man that has signed off on the production of Co A.....Co A can duck the charges and it remain a company issue-lack of controls etc

[Specialist Baboons]

http://www.trinidadexpress.com/20170911 ... -oil-probe

[10-01]

Untitled.jpg (97.06 KiB) Viewed 3720 times

rowley trying to duck d allegations ?

[De Dragon]

JUHN Scarfy in a real bind here. Normally he woulda fly out brisk brisk, but he was already on a fly out from the last cockup, so.............

[Specialist Baboons]

Untitled.jpg

rowley trying to duck d allegations ?

he'll obviously blame kamla....

[10-01]

Untitled.jpg (50.06 KiB) Viewed 3661 times

Khan making lots of excuses ... in respect to the measurement system ....

[kstt]

"not matching the figures that were being recorded as received from the storage tanks where the oil was being stored after being pumped from the fields by the operator."

The company will say it is being stolen from the storage tank or they will blame the operator for not confirming the quatity or for stealing it himself.

[kstt]

JUHN Scarfy in a real bind here. Normally he woulda fly out brisk brisk, but he was already on a fly out from the last cockup, so.............

[10-01]

[airuma]

"not matching the figures that were being recorded as received from the storage tanks where the oil was being stored after being pumped from the fields by the operator."

The company will say it is being stolen from the storage tank or they will blame the operator for not confirming the quatity or for stealing it himself.

Or it leak out while filling an oil tanker because of a valve malfunction.
BTW, how come Ancil ain't chime in on this yet?

[Redman]

duplicate

[Redman]

10 01 what is that from??

Those were close to the numbers I was told earlier this year...... producing 1200 billing 5-7k.
Again the cause is simple dishonesty of a few complicit employees.....defended by a strong union.
This happening since moraven days..IPO days. return line buried so that Petrotrin buys the same barrel multiple time.



Its remarkable that the simple solution of having random multiple eyes at fiscalization points,auto flow meters at well head, and random spot dips on trucks toting oil-testing volume and water cut.

with a little staff...who hard core you could audit and capture most of the dotishness

[The_Honourable]

Meanwhile... PNMites on facebook moving away from the point saying that Kamla should not say anything because she teef out all the money and should be in jail. They are saying this because Kamla buss d file.

And during that argument, they not dealing with and condemning what going on now with this audit report.

[RBphoto]

Wonder how much of this translated into "Oil spills"

[Dizzy28]

Anyone believes Franklin khan when he speaks? Man have that evil look to him

[pjfred]

19 million us dollars was misappropriated from petrotrin in purchasing oil that did not exist from a and v drilling in catsill.