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Petrotrin agrees to Bayfield Energy switch to Brent
Shares in Trinidad-focused oil firm Bayfield Energy rose nearly eight per cent yesterday on the London Stock Exchange yesterday after the company announced that it had renegotiated its contract with state-owned Petrotrin. According to a report on the ProActive Investors Web site, Bayfield Energy said output from the Trintes field is to be benchmarked against the higher value Brent price rather than West Texas Intermediate, after it re-negotiated its contract. In a statement yesterday, Bayfield said it first entered into a contract for the sale of its crude oil with Petrotrin in April 2009, which set the sales price at a 17.5 per cent discount to the published price for West Texas Intermediate (“WTI”) crude, a commonly used marker for crude sales in the Caribbean market.
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