Trinidad profits pinched
Trinidad and Tobago's state-owned oil and gas company Petrotrin saw net profits dip 1.7% in 2007 due to higher costs.
Despite the overall loss, Petrotrin's executive chairman Malcolm Jones said revenues for the year ending September 2007 reached an "all-time high" of $4.2 billion, up 2.5% from 2006.
Nonetheless, the company reported a net profit of just $205 million, down 1.7% from the previous fiscal year due mainly to increased refinery and employee benefit costs.
Petrotrin also suffered a loss of 8000 barrels a day of crude oil production when it decided last May to shut down eight platforms in the twin-island Caribbean nation for "structural integrity concerns". The shutdown followed the death of a contract worker when a gas pipeline ruptured during maintenance operations.
Petrotrin spokesman Arnold Corneal said repairs were almost complete on the platforms and the company plans to bring them back into operation on a staggered basis by the end of April.
Petrotrin also increased capital expenditures, directing part to a programme aimed at providing cleaner and more efficient fuels.
More money also was invested in Petrotrin's upstream joint venture operations with several partners to increase crude oil and natural gas production, Reuters reported.