![Trinidad and Tobago’s downstream potential](https://d3jmgibn6sgz2k.cloudfront.net/wp-content/uploads/2024/04/23165052/Trinidad-and-Tobagos-downstream-potential-280x212.jpg)
As an established global petrochemicals exporter, Trinidad is well positioned to take the lead as a green commodity producer.
READ MOREHydrocarbons reserves:10 billion boe
Date of first oil:December 2019
Guyana’s oil and gas industry represents a massive opportunity for the nation to kickstart its economy and diversify its energy mix as the world transitions away from fossil fuels. While the country’s oil and gas potential was traditionally minimal, discoveries following ExxonMobil’s substantial find in the offshore Stabroek block in 2015 have put the country on the investment map. Since then, the country has pursued exploration activities and considerably raised its proven reserves, further underlining the country’s nascent potential.
To meet rising production and protect the South American country’s interests in its resources, the Ministry of the Presidency established the Department of Energy in August 2018 to oversee handing PSCs and enforce regulations in the development of the hydrocarbons industry. The World Bank and International Monetary Fund have provided strong support for Guyana to establish clear policies and mechanisms to transfer knowhow to local entities and ensure sustainable growth.
The country plans to use funds gained through oil and gas sales to update its power generation sector and move away from reliance on bunker fuel and diesel, build associated infrastructure such as pipelines and refineries and foster a sustainable forestry sector based on the country’s heavily forested ecosystem. However, to diversify its economy, the country must first set down a feasible roadmap and policy framework to ensure its rich resources directly benefit the country and lead to maintainable development of industry.
Dr Joseph Ishmael Khan of NGC talks about ensuring a greater supply of natural gas to the Trinidadian market.
READ MOREExxonMobil is planning to drill up to 30 wells at its new project in Guyana.
READ MOREUS player Fulcrum LNG has been chosen by Guyana to help develop a natural gas processing facility.
READ MOREMarc Sitaram of Bandera Oil Tools talks about the company’s strategic approach to oilfield equipment supply in Trinidad and…
READ MORESeatrium has been awarded a contract for yet another FPSO vessel destined for Guyana’s Stabroek block.
READ MORESeatrium has secured topside integration work for the Guyana-bound FPSO Errea Wittu.
READ MORERussell Boodoo of TOSL Engineering talks about the company’s role in supporting Trinidad's energy transition.
READ MOREAs an established global petrochemicals exporter, Trinidad is well positioned to take the lead as a green commodity producer.
READ MORETechnipFMC has won a contract valued at up to USD 1 billion from ExxonMobil for works on the Whiptail project off Guyana.
READ MORESaipem has received authorisation to proceed on EPCI work for ExxonMobil's Whiptail development offshore Guyana.
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