T&T is now importing more oil as domestic production has fallen and most of the imports are coming from Russia.
Latest figures show crude imports reaching 102,703 barrels/day in the first nine months of 2016, a 31 per cent increase over the corresponding period in 2015. The bulk of the imports was crude oil from Russia, accounting for close to 50,000 barrels/day. Colombian Vasconia grade had previously accounted for the highest imports but none was imported in 2016.
The crude oil imports are to complement domestic production to supply the 168,000 b/d Pointe-a-Pierre refinery owned by state-owned Petrotrin.
Data shows that from January to September, T&T produced 71,234 barrels/days which was 10.7 per cent less than in 2015. This country exported 26,555 barrels/day of domestic crude, mainly Galeota Mix, between January and September, which is 17.8 per cent less than the corresponding 2015 period.
Data also shows a parallel decline in domestic gas production.