Energy giants BP and Shell have signed deals to explore three deepwater blocks in Trinidad and Tobago, Minister of Energy and Energy Industries Stuart Young announced…
READ MORETrinidad and Tobago’s Energy Industry
Hon. Stuart YOUNG
Minister of Energy and Energy Industries
TRINIDAD AND TOBAGO
Trinidad and Tobago’s Energy Industry In Figures
Oil reserves200 million barrels
Oil production77,000 bopd
Gas reserves300 bcm
Gas production24.7 bcm
Transition in the Caribbean Oil & Gas Sector
Trinidad and Tobago’s oil and gas industry has had operations for more than a century and now supports the largest hydrocarbons production in the Caribbean. In the 1990s, the country successfully transitioned from an oil-dominated industry towards becoming a major gas producer. The country sits in the top ten list of LNG exporters in the world, with one of the largest LNG processing plants in the Western Hemisphere. The energy industry remains a key pillar for the economy, representing around 45% of its GDP despite the country’s efforts to diversify its industrial output. The upstream sector is overseen by NOC National Gas Company and has attracted many international stakeholders such as BP, Shell, Proman, Perenco and BHP.
Due to a slowdown in upstream investment, the island has experienced a decline in natural gas production since 2014, something expected to continue in the near term. Because the country has such an abundant pool of gas resources, its gas processing and petrochemicals sectors have thrived. However, severe gas shortages in recent years have forced several midstream and downstream companies, including Atlantic and Methanol Holdings, to scale back activity. While traditional hydrocarbons reserves have dwindled, the island nation has made significant recent finds in its deepwater blocks to balance the country’s gas reserves with its production rate.
“The government is securing investors for the new industrial estates in its drive to expand foreign direct investment, diversify the economy and to create employment opportunities for the people of Trinidad and Tobago. The focus on the energy industry is to increase production of both oil and natural gas,” Franklin Khan, former minister of energy and energy industries, told The Energy Year. “We are now in full thrust towards a trajectory of sustained growth and development and contributing to our sovereign wealth whilst stimulating foreign direct investment in our economy. It is a clear signal that our energy sector is the place to invest.”
Trinidad and Tobago’s Energy Industry Interviews and News
Venezuela and Trinidad and Tobago have signed an agreement with British energy giant Shell and Trinidad’s state-owned National…
READ MOREEnergy giants Shell and BP are changing their stakes in Trinidad and Tobago’s Atlantic LNG facility in a bid to return to full…
READ MOREAnthony Brash, managing director of Well Services Petroleum Company, talks to The Energy Year about the company’s main recent…
READ MORETrinidad and Tobago reports
More reportsTrinidadian conglomerate ANSA McAL has signed an MoU with local renewables company Kenesjay Green (KGL) to develop green energy…
READ MOREShell has awarded McDermott the engineering, procurement, construction and installation (EPCI) contract for its Manatee…
READ MORETrinidad-based global professional services network Blewstream has joined with local environmental consulting firm Coastal…
READ MOREVenezuela has upped oil production to 850,000 bpd with the goal of reaching 1 million bopd, the country’s oil minister said on…
READ MORETouchstone Exploration has hit its forecasted gas production volumes at the onshore Cascadura field in Trinidad and Tobago, the Canadian independent announced on…
READ MOREKevin Ramnarine, former Minister of Energy and Energy Industries, talks to The Energy Year about challenges in ramping up Trinidad’s oil and gas production, the role…
READ MOREJuan Vázquez, Woodside Energy’s Trinidad and Tobago president and country manager, talks to The Energy Year about the local impact of Woodside’s merger with BHP…
READ MOREA vibrant E&P landscape remains in Trinidad and Tobago. Recent successes from BP and Touchstone have shown both onshore and offshore that there are resources which…
READ MORETrinity Exploration & Production confirmed a potential commercial oil find at the Jacobin-1 well in the Palo Seco area onshore Trinidad and Tobago, the UK independent…
READ MOREJonathan Walker, head of dispute and risk management at M. Hamel-Smith and Company, talks to The Energy Year about trends in oil and gas investment relevant to risk…
READ MOREWoodside Energy Group is returning the deepwater TTDAA 5 exploration block in Trinidad and Tobago to the government, Reuters reported on Wednesday.
The Australian…
READ MORETrinidad and Tobago and Suriname have signed an MoU aimed at energy co-operation, the countries announced at a signing ceremony on Thursday.
Suriname’s President…
READ MOREMikaiel Dookie, managing director of Ecotox Environmental Services, talks to The Energy Year about how Trinidad’s evolving renewables scene is changing its market for…
READ MOREWHOSE PLATFORM IS THIS?
ASK US
- Do you have a question for The Energy Year about oil and gas?
- If we know, we’ll tell you.
- If not, we’ll ask the experts in the field.