MEDIA RELEASE: Energy Minister reviews Heritage’s 2022 results and 2023 Business Plans

Port of Spain: January 10, 2023 – The Chairman of Heritage Petroleum Company Limited (Heritage), Mr. Michael Quamina, Deputy Chairman, Mr. Reynold Ajodhasingh and the Executive Leadership of Heritage met with the Honourable Mr. Stuart Young, Minister of Energy and Energy Industries and the Permanent Secretary in the Ministry of Energy and Energy Industries, Mrs. Penelope Bradshaw-Niles, at the Heritage Corporate Office, Port of Spain, to present the Company’s 2022 results and 2023 plans and strategy.

Heritage reported a strong performance in 2022 and demonstrated its consistent delivery in the area of revenue generation. In 2022, the company embarked upon an aggressive drilling and workover programme, with ten wells drilled on land and one offshore, while operating 22 rigs. In 2023, the focus continues on drilling another ten wells on land and five wells in the Soldado field offshore. This is in addition to Enhanced Oil Recovery and integrity projects that are currently underway.

The Minister reiterated the important role that Heritage plays in the revenue generation for the country as the company contributed a significant percentage of the National GDP in 2022. He reminded Heritage of the  need “to continue producing  oil as efficiently and as safely as possible and to maximize financial returns for the country’s energy reserves” while continuing to be a sustainable and resilient business. He also emphasized the need for “nimbleness” to respond to the volatile geopolitical forces in the world that impact the oil and gas industry.

In addition to the company’s focus on the exploration, development and production of crude oil, Heritage was also able to demonstrate to Minister Young its work with its stakeholders, private sector, and neighbouring communities. In 2023, Heritage will continue to support its fenceline communities through a host of social sustainability programmes that are designed to empower the society, through the provision of scholarships, IT training and agricultural entrepreneurship programmes.

At the close of the meeting today, Minister Young, in expressing his support to the Board and Leadership of Heritage’s 2023 plan, advised that the company should “continue to identify opportunities to grow the business”.  He also reiterated that Heritage “should seek to always narrow the gap between their plans and execution, and deliver on its promises.”

 The Corporate Communications Unit

10 January 2023

The Honourable Mr. Stuart Young, Minister of Energy and Energy Industries and Permanent Secretary Mrs. Penelope Bradshaw-Niles meet with Heritage Chairman Mr. Michael Quamina, Deputy Chairman, Mr. Reynold Ajodhasingh and the Heritage Executive Leadership Team.

 

(L-R) Heritage Deputy Chairman, Mr. Reynold Ajodhasingh, Chairman Mr. Michael Quamina, CEO Ms. Arlene Chow, the Honourable Mr. Stuart Young, Minister of Energy and Energy Industries and Permanent Secretary Ms. Penelope Bradshaw-Niles.

 

The Corporate Communications Unit  

10 January 2023 

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