Petroleum Company of Trinidad and Tobago Limited

Trinidad and Tobago Energy Conference

Hyatt Regency Hotel and Conference Centre,

Trinidad

2017 January 23-25

Energy Based, People Powered

UPSTREAM OPERATIONS

• Crude oil Production averaged 43,388 BOPD for FY 2016 (Includes JV/LO/FO/IPSC)

• Land: 84 MMBO (proved reserves 2015)

• Marine: 46.6 MMBO (proved reserves 2015)

• 203.9 BSCF (proved gas reserves 2015)

Production and Reserves

• 189,004 acres Onshore

• 810,892 acres Offshore

Net Acreage (2016 September 30)

• Onshore and offshore Joint Ventures (JV) – Twenty-three (23)

• Lease Operatorships (LOs) – Twenty-four (24)

• Incremental Production Service Contracts (IPSCs) – Seven (7)

• Farmouts (FOs) – Ten (10)

Partnerships

Upstream Operations

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Upstream

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KEY STATISTICS FY 2015 FY 2016Unaudited

FY 2017Forecast

WTI (US$/BBL)

56.54 41.54 52.08

Net Income/(Loss)(TT$ Million)

440.0 (87.2) 266.0

CAPEX (TT$Million)

1,246 1,143 460

Crude Production (Bopd)(Incl LO/FO/IPSC)

45,960 43,338 43,494

Gas Production (mmcfd)

150.7 131.5 105.1

Government Take (TT$Million)

1,430 517 891

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2016 Update - Own Operations

Onshore Drilling

Drilled and completed eighteen (18) wells on Land : Nine(9) primary and nine (9) EOR

Offshore Drilling

Five (5) wells drilled and completed in the SoldadoAcreage

Trinmar OBC 3D Seismic Survey

In Fiscal 2014, acquired 540 km2 of full fold Ocean BottomSensor/Cable 3D Seismic in Trinmar. Final processing inprogress:

Phase 1 Depth migration - completed

Phase 2 Depth migrated seismic data completed and a copyof the volume was submitted to the MEEI as required by ourLicense obligation to do so by December 31st, 2016

Phase 3 Converted Wave processing continues, expectedcompletion date: End 1st Quarter 2017

South West Soldado(SWS)

Continued drilling and reactivation activities, along withrequisite upgrade and installation of facilities andinfrastructure in these fields

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2016 Update - Partnerships

Joint Ventures (JV) Drilled one (1) Appraisal well Ruby 3 in Block

3(a)

Lease Operatorship (LO) Blocks

Eight (8) development wells drilled

Farmout (FO) Blocks Three (3) development wells drilled

Incremental Production Service Contracts (IPSC)

Twenty (20) development wells drilled

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* Wells drilled in FY2016 (LO, FO and IPSC Blocks) as per Minimum WorkObligations

2017 PLANS

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2017 Plans - Upstream

Asset Integrity Robust Asset Integrity Programme in all E&Poperations in conformance with InternationalStandards (incl. Abandonments)

Drilling Onshore: Drill ten (10) wells (three (3) primary andseven (7) EOR)

Offshore: No Drilling is proposed for Fiscal 2017

Workovers

(ETWs/NRTs/Convs/Abd)

Onshore: Fifty-six (56)

Offshore: Sixty-three (63)

South West SoldadoProject (SWS)

Key activities include:

New Pipelines and Infrastructure – In progress

Workovers (NRTs & Reactivations) – On-going

Reviewing progress and way forward to complete Phase 1

The existing Eagle II will be utilized for a further one yearfrom August 2016, during which time, efforts willcontinue on procurement of a suitable Production andCompression Facility

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2017 Plans – Upstream (Cont’d)

Joint Ventures (JV)

Continue exploration/development MWOactivities and production/maintenanceactivities; commence development drilling inBlock 1(a) during 2H’2017

Lease Operatorship (LO) Blocks

Eight (8) development wells to be drilled *

Farmout (FO) Blocks Five (5) development wells to be drilled *

Incremental Production Service Contracts (IPSC)

Ten (10) development wells to be drilled *

(* Work plans for FY2017 LO, FO and IPSC Blocks are based on the Minimum WorkObligations)

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Upstream Challenges

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Upstream Challenges

Declining production

and reserves Increasing

operating and capital

costs

Aged and non-optimal

infrastructure, inadequate for

significant production

increase

License Obligations (Exploration Drilling) due in 2017 and

2018

Insufficient cash generated

to fund investment

requirements due to low

crude prices

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Upstream Initiatives

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Upstream Initiatives

Manage Old Oil Decline

Build/ Improve

Capacity & Reduce Costs

New Oil

Increase 3rd Party

Participation in existing asset base

South West

Soldado/

Jubilee

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Capital Expenditure Forecast

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Crude Oil and Gas Production Forecast

(BOEPD)

Given the current volatile economic environment, we will continueto aim for operational excellence and beyond compliance in HSEand Asset Integrity performance

Exercise greater discipline in the management of our capitalinvestment and operating costs, with periodic reviews of theseexpenses especially in relation to price volatility

Implement sustaining strategic initiatives with the desired resultsof maintaining our natural production decline, increasing newproduction and reserves, reducing unit operating and lifting costsand improving asset reliability

Remain focused on our commitment to our workforce by re-engineering our development strategy to ensure that all ouremployees are proficiently trained, motivated and committed toincreasing productivity and thus securing the sustainability ofPetrotrin.

Way Forward

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Presented By:

Stephen Awah

Vice President, Exploration & Production

Energy Based, People Powered

THANK YOU

Trinidad and Tobago Energy Conference

Hyatt Regency Hotel and Conference Centre, Trinidad

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