Oil Production Set To Rise Under Heritage Petroleum Expansion Plan
Heritage Petroleum is undertaking an aggressive programme to increase oil production from its existing fields.
Minister of Energy and Energy Industries, Dr Roodal Moonilal, gave confirmation as he outlined the Government’s plan to increase Trinidad and Tobago’s oil production figures at the Society of Petroleum Engineers of Trinidad and Tobago’s Mature Basins Energy Symposium on Wednesday.
« After years of decline, the outlook for the period 2027 to 2029 shows meaningful recovery. On a fiscal year basis, forecasted production is projected to increase from 57,300 barrels of oil per day in 2026 to approximately 62,100 barrels per day in fiscal year 2027. This we project to climb to 74,600 barrels per day in fiscal 2029. »
The Energy Minister offered a comprehensive view of the plan ahead for the Heritage Petroleum Company for the remainder of 2026.
« For the remainder of 2026, ladies and gentlemen, Heritage land operations will include the drilling of five development wells and one exploration well. Its lease operators, farm-outs and enhanced production sharing contract operators are projected to drill 20 development wells. Heritage will also offer idle wells to operators for reactivation and work-overs to expand its lease-out operations. »
He said two additional wells are planned for 2026 as well as an exploration well in the South West Soldado field to test the potential of a previously unexplored area.
« In addition, bids have been invited from operators for three blocks, PS3, Moruga North and Tabaquite. With respect to Heritage’s offshore operations, the East Soldado programme has regained momentum. The production from wells drilled earlier this year is expected to come on stream by August 2026. This is expected to add 1,300 barrels of oil per day to existing production. »
In his address, the Energy Minister also indicated the Government intends to improve gas production in the coming months.
