T&T Audit to answer why A&V’s oil production fell by 65%

(Trinidad Guardian) One of the issues the forensic audit currently being completed by Kroll Consulting Canada Co (Kroll) will seek to answer is why A&V Oil and Gas’ daily oil production fell by 65 per cent in a matter of two months.

A&V’s daily oil production fell from around 5,000 barrels of oil a day in June to just over 1,700 two months later, in August, according to the Monthly Production and Price Data in the Energy Sector report dated October 31, which was submitted to the Cabinet and reported in Thursday’s Business & Money magazine.

The sharp decline occurred without any significant increase in the number of rig days recorded.

The Sunday Guardian sought to get A&V’s owner Haniff Nazim Baksh to explain the drastic decline in his company’s oil production figures, but he did not respond to calls and text messages.

The significant drop in A&V’s oil production figures coincides with an internal audit report into Petrotrin dated August 17, which stated that because of a lack of due diligence Petrotrin’s oil production figures had been inflated.

Opposition Leader Kamla PersadBissessar raised the issue in September labelling it a “fake oil” fiasco. A&V Oil and Gas is the main contributor of Petrotrin’s Incremental Production Service Contracts (IPSC).

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