Lease Operators Limited (LOL), was awarded its first oil field in 1988, to manage and operate, under Trintopec’s Lease Operatorship Programme. This Programme was designed to revitalize the nation’s land based Petroleum Sector by putting idle equipment to work and creating additional employment. During the past fourteen (14) years, LOL has experienced tremendous growth. We have successfully bidded for an additional three fields by meeting our contractual agreements with Petrotrin, The National Oil Company Of Trinidad & Tobago, and by maintaining a high standard of quality and performance. In addition to our first field, PS # 1, we operate three (3) additional blocks – WD # 1, WD # 3 and WD # 11. In April 1998 we acquired Oilbelt Services Limited, with two more blocks in the Grande Ravine area. Under the original Lease Operatorship Agreement we were only allowed to reactivate uneconomic and abandoned oil wells. These wells were considered stripper wells and only able to produce marginally (5- 10 bopd). Lease Operators Limited, however decided to seek ways to improve and optimize its production. This was done by carrying out a Geological and Reservoir study of each Block to identify any Remaining Recoverable Reserves. An aggressive Workover and Well replacement programme was developed from these studies and have proved to be successful. Today, 75% of the oil produced in our Blocks comes from Replacement wells and Heavy Workovers. Since October 1994, we have drilled fifty six wells, one of which was the first Horizontal Well drilled on land in Trinidad. Presently, Lease Operators Limited produces 1,500 BOPD and over a period of fourteen (14) years, have produced and sold over 3,000,000 barrels of oil. In addition, we produce over 3 MMCF of gas per day. Lease Operators Limited is the largest privately owned and managed oil company in Trinidad, which employs 130 people. The company produces 30% of all the oil sold to Petrotrin from the Lease Operatorship programme. Our long term goal is to become the largest oil producer on land in Trinidad & Tobago.
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