The worldwide decline in oil prices has created heated discussions in Trinidad and Tobago on whether the more than 20-percent decrease will profoundly impact the…
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 MOREAustralian exploration and production company Range Resources has announced a 15-percent increase in Trinidadian oil production since January 2014. Despite not being…
READ MORETrinidad’s minister of finance, Larry Howai, on Thursday said that each ministry in the country will reduce its spending by $45 million in 2015 due to falling oil…
READ MOREThe Goudron oilfield has spudded its seventh well, with an eighth imminent. It is part of an aggressive 30-development well programme for UK-based exploration and…
READ MOREKevin Ramnarine, minister of energy and energy affairs, presented cabinet a report on October 31, which stated that in light of falling oil prices, new oil production…
READ MOREThe Goudron oilfield in southeastern Trinidad continues to pay dividends for UK-based exploration and production company Leni Gas & Oil (LGO). With commitments to…
READ MOREA court case in Trinidad and Tobago has revealed the extent of shortfalls in the supply from the National Gas Company to industrial customers which have at times…
READ MOREResponsible for supplying Singapore’s Jurong Island with 3 million tonnes of LNG, BG’s Anthony Barker tells TOGY how he is dealing with a global LNG shortage as he…
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.