In the late 1980's, the Trinidad and Tobago oil industry was faced with very low oil prices, the departure of multinationals, declining oil production because of a high percentage of shut-in wells, and idle rigs and equipment. Much of the acreage acquired by the state oil company was not exploited fully. From this slump, emerged the lease-operatorship and farmout programs. From 1989 to 1999, local oil entrepreneurs carved a niche that sparked revitalization in the local oil industry creating benefits for themselves, the state oil company Petrotrin, the government, and the country.