Petrochemicals
fallBy
By Sean Douglas
Newsday
Port Spain
Petroleumworldtt.com
08 26 07
DESPITE
Prime Minister Patrick Manning’s
boast in his Budget Speech, the production of several
petrochemicals fell very significantly according
to a Budget document released Monday: “The
Review of the Economy 2007”.
In
a section entitled “The Real Economy” there
was mixed news regarding “energy and extractive
industries” with crude oil refining/production
falling last year, but natural gas production increasing
by 5.8 from 25,515 million cubic metres to 26,996
million cubic metres, while for petrochemicals
it was all declining production.
For
nitrogenous fertilisers, urea production fell
by 16 percent to 416,000 tonnes, while ammonia
production fell by 5.5 percent to 3,233,000 tonnes
per year. “As a result export sales of ammonia
also fell in the current period by 9.6 percent
to 2,923,000 tonnes, thereby reversing the expansionary
export trend witnessed in the previous two years.”
Likewise methanol production also fell by 1.5
percent from 4,053,000 tonnes to 3,991,000 tonnes
last year, causing a ten percent drop in methanol
exports.
The report also cited problems at the Mittal Steel
plant in Point Lisas. Production of iron and steel
products contracted by 16.6 percent, while production
of direct reduced iron (DRI) fell by 17.2 percent.
Mittal’s
exports were also hampered by inefficiencies
at the port.
The
report added that drilling for oil/gas had increased
from 110,000 metres in 2005/2006 to 129,000
metres last year, reflecting a shift from marine
to onshore drilling. The report spelt out falling
oil production. Less crude oil was found, with
production falling from 36.5 million barrels in
2005 to 30.6 million barrels last year. Also, local
refineries were processing less oil, this throughput
falling from 39.4 million barrels to 38.2 million
barrels over successive years. Oil extraction,
although still overwhelmingly based at sea, was
shifting slightly towards land. “The share
of domestic crude production from marine fields
also declined to 81.7 percent of total production,
from 84.2 percent in 2006.”
Trinidad & Tobag Newsday
Wednesday, August 22 2007
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