Heritage Petroleum announces that it has resumed oil exports, with the sale and export of 550,000 barrels of crude oil on June 19th.

In a statement on Wednesday, the company said this was its first cargo sale since nearly two months ago on April 30th. 

During the interval, Heritage made a decision to store rather than sell its crude, since crude prices were at record lows.

The company optimised the use of all 1.8 million barrels of tank storage available in Pointe-a-Pierre and Point Fortin.

With COVID-19 restrictions easing and demand for oil slowly screeping back to normal levels, Heritage made a decision to resume its sale of crude “at much more favorable price and market conditions.”

“Because of this storage strategy, which allowed for the deferral of the sale of the crude cargo to June, Heritage has earned 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,” the company said.

Brent is now trading at approximately $US42 per barrel- compared to the $US13 it fell to during the height of the pandemic.