Opportunities with Petrotrin

Khalid Hassanali

President

Energy Chamber Luncheon

17th October 2012

Petroleum Company

of Trinidad and Tobago Limited

Company Overview

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PETROTRIN is the largest integrated oil and gas company in Trinidad and Tobago (T&T)

Overall Leadership

Largest integrated Oil and Gas Company in T&T, a major revenue generator with a leading position in oil and gas refining as well as in exploration and production

Sales Revenue(e) for FY2011/12 of TT $ 40 Billion

Ownership 100% owned by the Government of the Republic of Trinidad and Tobago

Government Take(e) for FY2011/12 of TT $ 1.6 Billion (Royalties, SPT , PPT, Levy)

Location Strategically located to supply the Caribbean, Central America and the U.S. markets resulting in a transportation-cost advantage

Crude Oil Producer

Leading producer of crude oil in T&T - Average crude production of approximately 35KBPD in FY2011/12 – approx. 42% of the country's total crude output

Oil and Gas production from Joint Ventures 30KBOEPD

Marketing and

Refining

Clients Long standing sales relationships with international Oil & Gas companies – Shell, Exxon and Chevron account for more than 23% of PETROTRIN’s refined products sales.

Owner and operator of the sole crude oil refinery in T&T, the Pointe-a-Pierre Refinery

Full conversion capacity of up to 168,000 bpd and average throughput of approximately 127,650 bpd

Leading supplier of petroleum products in the regional CARICOM - 49% market share

(e) - estimated

Petrotrin in National Development

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Business Investor

Invested TT $24.5 billion during the period 2002 to 2011. FY 12/13 Capex of TT$ 4.0 Billion

Operating expenditure including salaries and wages, materials , contracts, utilities, etc. amounted to TT $29.4 billion. FY 2012/13 Opex of TT$4.5 Billion

Contributor to the Treasury

Over TT $32.0 billion paid in royalties, SPT and Petroleum Profits Tax over the period 2002 to 2011

Some US $ 27 billion (TT $177.6 billion) earned in foreign exchange between 2002 and 2011

Developer of indigenous business capability

Over 700 firms registered as contractors > 75% Local

Over 2800 registered suppliers to the company > 75% Local

Lease Operatorships ( 24) , Farmouts (10) and IPSC (5)

Community Relations

Petrotrin fosters and maintains close relations with the communities adjacent to its operations and extends its corporate philanthropy to the wider national community

Human Developer

We cater for our employees as well as other citizens of Trinidad and Tobago through – Employee training, Employee education initiatives, Leadership development, Undergraduate and Graduate Trainee Programmes, OJT and Apprenticeship

Petrotrin’s Business Model / Strategic Imperatives

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Upstream Producing Fields

Refinery Markets

FY 2011/12 Refined products sold to:

Local 21% Regional 23 %

Extra Regional 13% International 43%

Crude Imports

Strategic Imperatives • Institute culture of accountability, efficiency, HSE and risk

management

• Increase reserves and production

• Maximize returns on refinery investment

• Cost Management

• Improve stakeholder relationships

Exploration and Production

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Joint Ventures – Participating Interest

BLOCKSEQUITY

INTERESTJOINT VENTURE PARTNERS

Moruga West 40.0% Neal and Massy Energy Resources Limited

Central Block 35.0% BG Trinidad Central Block Limited

SW Peninsula 27.5% Trinidad Exploration and Development Unlimited

Parrylands 'E' 25.0% New Horizon Exploration Trinidad & Tobago Unlimited

Central Range Deep 20.0% Voyager Energy (Trinidad) Ltd, Parex Resources (Trinidad) Ltd.

Central Range Shallow 35.0% Voyager Energy (Trinidad) Ltd, Parex Resources (Trinidad) Ltd.

Guayaguayare Deep 20.0% Voyager Energy (Trinidad) Ltd

Guayaguayare Shallow 35.0% Voyager Energy (Trinidad) Ltd

East Brighton (Sub-Area B) 30.0% Primera East Brighton Limited / SOOGL Antilles (Trinidad) Ltd.

Pt. Ligoure 50.0% Ten° North Energy Limited

Pelican 16.0%

EOG Resources Trinidad Limited / The National Gas Company of Trinidad and

Tobago Limited (NGC)

SECC 16.0% EOG Resources Trinidad Limited / NGC

NCMA Unitized Area 19.5%

BG Trinidad & Tobago Limited / ENI Trinidad & Tobago Limited / NSGP (Ensign)

Limited

TSP 15.0% Repsol YPF S.A. (Repsol E&P T&T Limited) / NGC

Block 1A 20.0% Centrica (Horn & Wren) Limited

Block 1B 20.0% Venture North Sea Gas Limited

Block 3A 15.0%

BHP Billiton (Trinidad 3-A) Ltd / Chaoyang Petroleum (Trinidad) Block 3A Limited

/ Kerr-McGee TT E&P Ltd / Elf Exploration Trinidad B.V.

Mayaro Guayaguayare 30.0% Sonde Resources Trinidad and Tobago Limited

Block 22 10.0% Centrica Resources Limited

Galeota 35.0% Bayfield Energy (Galeota) Limited

Block 2ab 35.0%

Centrica Resources (Armada) Limited, Niko Resources Trinidad and Tobago

Limited, Voyager Energy (Trinidad) Ltd.

NCMA2 20.0% Niko Resources Trinidad and Tobago Limited, RWE Dea AG

NCMA3 20.0% Niko Resources Trinidad and Tobago Limited

NCMA4 20.0% Venture North Sea Oil Limited

ONSHORE

OFFSHORE

Exploration and Production

Strategic Focus Areas

• Reversing the declining trend of reserves and production

from a mature asset base while developing new fields

• Controlling cost of operations

• Improving Asset Integrity

• Pursuit of External Opportunities

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Exploration and Production

Key Upstream Activities

• Exploration and subsequent development activity following 3D seismic on Land .

• Accelerated exploitation of Trinmar Licence

– SWS reactivation and development

– Cluster 6 (Jubilee)

• Improving recovery from stripper land operations (Enhanced Oil Recovery (EOR), Field Optimization etc.)

• Reactivation of idle wells

• Monetization of Trinmar heavy oil reserves

• Upgrading infrastructure on land and offshore

• Drilling and Workovers

– Trinmar 1 drilling rig yr and 2 workover rig yrs

– Land 1.5 drilling rig years 18 workover rigs (10 Contractor)

• Land Bid Round

– Petrotrin to facilitate Land bid round on behalf of MEEA . Areas outside of existing producing fields to be put out for bid

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SWS CONTRACTED FLOATING FACILITY(BEFORE RETROFIT)

CLUSTER 20 PREP WORK (before works)

SW Soldado Cluster 20 (Prep work ongoing)

Refining and Marketing

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Refining and Marketing

Clean Fuels Upgrade

– Gasoline Optimisation Programme is almost complete. Last plants are being commissioned. GOP comprised

• New Isomerisation Unit

• New CCR Platformer Unit

• New Acid/ Alkylation Train

• Upgraded FCCU

• Associated offsites and Utilities

– Ultra Low Sulphur Plant under construction – 86.3 % Complete (Construction)

Margin Maximisation

– Assessing opportunities to move further down refined products value chain

• Expansion of local bunkering

• Opportunities in external markets

#8CDU Turnaround ( 49 Days )

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Acid Alkylation Complex

FCCU

CCR Platformer Isomerisation Unit

Gasoline Optimisation Plants

ULSD CONSTRUCTION

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ULSD Construction

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Other Opportunities

• Supply of services and systems in respect to enhancing our water and air quality

– Consultancy services

– Mitigation treatment systems

– Technology application

• CDM project opportunities

– Project implementation opportunities

– Leverage Petrotrin’s POA to include other projects

• Other Opportunities

– Refinery water supply from Sea Lots

– Land and Trinmar pipeline and facilities Maintenance

– Chemical Treatment of pipelines

– Debottlenecking production facilities at Trinmar

– Supply of marine craft

– Offshore residential facilities

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Q&A

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WILD FOWL TRUST AT POINTE-A-PIERRE