Heritage Resumes Sales

Heritage Petroleum Company Limited has resumed oil exports with the sale and export of 550,000 barrels of crude on June 19th. This was the company's first cargo sale since April 30th, as Heritage made a decision to store, rather than sell its crude after crude prices fell to record lows, and economic activity slowed due to the COVID-19 pandemic. Heritage Petroleum optimised the use of all 1.8 million barrels of tank storage available in Pointe-a-Pierre and Point Fortin, until the crude prices recovered sufficiently. Heritage says the storage strategy allowed for the deferral of the sale of the crude cargo to June, earning the company approximately TT$88 million over and above what it would have received for just one cargo of crude if this had been sold at April/May Brent prices. Brent Crude is now trading at approximately US$42 per barrel, after falling to as low as US$13 per barrel.