PM: $180,000 monthly salary for new Heritage CEO

Incoming Heritage Petroleum CEO Erik Keskula will be paid a monthly salary of $180,000.

Keskula will replace Arlene Chow, who retires from the post on June 13.

His salary was revealed by the Prime Minister on Wednesday in Parliament.

Keskula gets a relocation allowance of $12,600 and a completion bonus of $180,000, payable at the end of his six-month probation.

Rowley said Keskula's non-cash benefits include housing of up to U$5,000 per month, a company vehicle (which will be maintained by Heritage) and a driver.

Keskula will have use of the vehicle and driver during his probationary period.

At the end of this period, Rowley continued, Keskula will have the option to purchase a vehicle up to the value of $700,000.

Heritage will also pay his utility bills and cover medical insurance for Keskula and his immediate family.

Keskula will be entitled to 21 days vacation annually.

In a statement on Tuesday, the company said Keskula’s appointment followed a rigorous recruitment process which considered candidates from TT and the international oil and gas industry.

Keskula has over 25 years of experience in the international oil and gas industry, with particular focus on exploration and production. He has functioned in several executive and senior management positions across the world with ConocoPhillips, a US-based oil and gas producer. Keskula previously served as ConocoPhillips president in Malaysia and vice president of the North Slope operations in Alaska.

Rowley also said Heritage has spent $9 million in inspecting its pipeline infrastructure.

Heritage, he said, was spending approximately $15 million annually to replace aged parts of that infrastructure.

He said Heritage inherited that infrastructure from predecessor companies such as Petrotrin, Texaco and Tesoro.

Rowley expected Heritage to spend more money on improving its infrastructure over time.

In the Senate on May 16, Finance Minister Colm Imbert said a home-owner in Avocat built a garage over a 16-inch pipeline used by the company which eventually ruptured.

As a result, 20 people from four households were relocated to Paria Suites Hotel in La Romaine and are staying there while repairs to the pipeline and clean-up works continue.