LGO confirmed on Thursday it had been notified by the Petroleum Company of Trinidad & Tobago Ltd (Petrotrin) of the overriding royalty rate reductions.
The new rates, which applies to production at oil prices below $50 per barrel, will see the royalty rate on the majority of barrels produced reduced by over 40% to rates below 10%.
LGO said this would have a net revenue benefit at current prices and production levels of about 10% to the company's Trinidadian subsidiary which operates the Goudron field.
“We
