Technology
Kesar: PNM planned to divert Petrotrin pensions to NIS
MINISTER in the Ministry of Energy, Ernesto Kesar, has claimed that the former government intended to use the remaining funds from two pension plans of the defunct Petrotrin company to bolster the National Insurance System (NIS).
Kesar made the comments on Friday during his contribution to the debate on The Appropriation (Financial Year — 2026) Bill, 2025.
Kesar said that former finance minister Colm Imbert had presented an independent executive report commissioned by the Ministry of Finance, which referred to two pension plans for former Petrotrin workers and recommended that the remaining funds eventually be transferred to the NIS.
He said that at the time of the valuation in 2022, the book value of the Petrotrin employees’ pension fund stood at $7.4 billion, and at the time the company was closed, it was valued at $9.37 billion.
Kesar claimed that it was the intention of Imbert and the former government to “run down” the funds by not paying the deficits.
He said projections showed that the funds would have been exhausted by 2033, leaving former employees who had not yet received their payments without access to their benefits. According to Kesar, the remaining balance would then have been transferred to the NIB.
“That is how they were going to fund the NIB,” Kesar said.
He had earlier described the decision to close down Petrotrin as “destructive,” noting that more details of the Government’s plan to revive the former State-owned oil refinery would be announced later, including by Energy Minister Dr Roodal Moonilal.
Kesar said he stood in solidarity with all former Petrotrin workers and others who had lost their jobs in the energy sector.
He also stated that the financial situation of Petrotrin, compared to its successor Heritage Petroleum Ltd, was “chalk and cheese.”
Energy action
Kesar outlined a series of upcoming projects in the energy sector that he said are expected to generate significant revenue.
He noted that with most drilling and exploration projects set to begin in 2026, approximately 40 drilling operations and well workovers are being planned.
This includes several projects by Heritage, with seven development wells and one exploration well planned in its Preau Block. Three development wells are set to be drilled in the Barrackpore area at a depth of 9,000 feet, while four additional wells will be drilled at 5,500 feet, Kesar said.
Kesar said Heritage is set to embark on offshore projects in 2026 to boost oil production, with ongoing work to upgrade the relevant receiving facilities.
The company plans to lease 16 development wells to its operators for drilling, in addition to 33 well workovers.
He criticised the previous government for cutting rig days by 50%, from 2,849 in 2015 to just 1,234 in 2024.
Kesar added that T-Rex Resources Ltd will drill two wells in its Moruga Block and one appraisal well, while Bahamas Petroleum Company is scheduled to drill seven development wells and carry out one well workover in 2026.
Kesar said Touchstone Exploration plans to drill two development wells in its Cascadura field. Summit Energy also intends to develop one well and carry out one workover, he stated.
He added that De Novo Energy (Proman) will work on a sidetrack of an existing well to further exploration in its Iguana field.
Woodside Energy will continue studies evaluating potential concepts for Deepwater Blocks 14 and 23A, the development of two concepts for the Calypso Project, and a lightweight floating production unit.
EOG Resources plans to develop the Mentor field at an estimated cost of US$614 million, with projected gross operating cash flow of US$764.8 million. Kesar said the Government’s share of profit revenue from the project will be 74%.
MINISTER in the Ministry of Energy, Ernesto Kesar, has claimed that the former government intended to use the remaining funds from two pension plans of the defunct Petrotrin company to bolster the National Insurance System (NIS).
Kesar made the comments on Friday during his contribution to the debate on The Appropriation (Financial Year — 2026) Bill, 2025.
Kesar said that former finance minister Colm Imbert had presented an independent executive report commissioned by the Ministry of Finance, which referred to two pension plans for former Petrotrin workers and recommended that the remaining funds eventually be transferred to the NIS.
He said that at the time of the valuation in 2022, the book value of the Petrotrin employees’ pension fund stood at $7.4 billion, and at the time the company was closed, it was valued at $9.37 billion.
Kesar claimed that it was the intention of Imbert and the former government to “run down” the funds by not paying the deficits.
He said projections showed that the funds would have been exhausted by 2033, leaving former employees who had not yet received their payments without access to their benefits. According to Kesar, the remaining balance would then have been transferred to the NIB.
“That is how they were going to fund the NIB,” Kesar said.
He had earlier described the decision to close down Petrotrin as “destructive,” noting that more details of the Government’s plan to revive the former State-owned oil refinery would be announced later, including by Energy Minister Dr Roodal Moonilal.
Kesar said he stood in solidarity with all former Petrotrin workers and others who had lost their jobs in the energy sector.
He also stated that the financial situation of Petrotrin, compared to its successor Heritage Petroleum Ltd, was “chalk and cheese.”
Energy action
Kesar outlined a series of upcoming projects in the energy sector that he said are expected to generate significant revenue.
He noted that with most drilling and exploration projects set to begin in 2026, approximately 40 drilling operations and well workovers are being planned.
This includes several projects by Heritage, with seven development wells and one exploration well planned in its Preau Block. Three development wells are set to be drilled in the Barrackpore area at a depth of 9,000 feet, while four additional wells will be drilled at 5,500 feet, Kesar said.
Kesar said Heritage is set to embark on offshore projects in 2026 to boost oil production, with ongoing work to upgrade the relevant receiving facilities.
The company plans to lease 16 development wells to its operators for drilling, in addition to 33 well workovers.
He criticised the previous government for cutting rig days by 50%, from 2,849 in 2015 to just 1,234 in 2024.
Kesar added that T-Rex Resources Ltd will drill two wells in its Moruga Block and one appraisal well, while Bahamas Petroleum Company is scheduled to drill seven development wells and carry out one well workover in 2026.
Kesar said Touchstone Exploration plans to drill two development wells in its Cascadura field. Summit Energy also intends to develop one well and carry out one workover, he stated.
He added that De Novo Energy (Proman) will work on a sidetrack of an existing well to further exploration in its Iguana field.
Woodside Energy will continue studies evaluating potential concepts for Deepwater Blocks 14 and 23A, the development of two concepts for the Calypso Project, and a lightweight floating production unit.
EOG Resources plans to develop the Mentor field at an estimated cost of US$614 million, with projected gross operating cash flow of US$764.8 million. Kesar said the Government’s share of profit revenue from the project will be 74%.
