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Trinidad and Tobago’s Energy Industry

David SMALL

Independent Senator

PARLIAMENT OF TRINIDAD AND TOBAGO

There is a huge opportunity for the service-level industry in Trinidad and Tobago to get business in Guyana.
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Trinidad and Tobago’s Energy Industry In Figures

Oil reserves200 million barrels

Oil production77,000 bopd

Gas reserves300 bcm

Gas production24.7 bcm

Trinidad and Tobago

Transition in the Caribbean Oil & Gas Industry

Trinidad and Tobago’s oil and gas industry has the largest hydrocarbons production in the Caribbean and has been in operation for more than a century. In the 1990s, the country successfully transitioned from an oil-dominated industry towards becoming a major gas producer thanks to companies such as the stae-owned National Gas Company and BP Trinidad and Tobago. The nation 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, which is expected to continue in the near term. While traditional hydrocarbons reserves have dwindled, the island nation has made significant recent finds in its deepwater blocks which balanced its gas reserves with its production rate. The country’s latest oil and gas bid rounds have drawn interest and further upstream development is expected in the long 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.

“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.

 

Trinidad and Tobago’s Energy Industry Interviews and News

TEY_post_Enrique-ZEPEDA (1)
Interview
Mexico - September 27, 2022

Enrique Zepeda, CEO of Transportes Aéreos Pegaso, talks to The Energy Year about the recovery of Mexico’s offshore aviation…

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Trinidad and Tobago NGL sees profit turnaround
NEWS
Trinidad and Tobago - August 16, 2022

Trinidad and Tobago NGL (TTNGL) recorded a profit of USD 16.9 million in the first six months of 2022, measuring a 40.6% rise…

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Trinidad and Tobago launches oil and gas bid round
NEWS
Trinidad and Tobago - July 08, 2022

Trinidad and Tobago has put 11 onshore and nearshore blocks up for bidding under its 2022 oil and gas bid round, the government…

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Trading and logistics for Mexicos fuel supply Indimex Rajan VIG
Interview
Mexico - June 06, 2022

Rajan Vig, CEO of Indimex Marketing and Trading, talks to The Energy Year about Mexico’s fuel trade and transport…

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Trinidad and Tobago maps

Trinidad and Tobago – Point Lisas Industrial Port 2019

    ALL MAPS
    Dominica partners with Trinidad for decarbonisation
    NEWS
    Trinidad and Tobago - November 09, 2021

    Kenesjay Green has signed an MoU with Climate Resilience Execution Agency for Dominica to develop green alternatives across the…

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    Farid ANTAR Republic Bank Ghana
    Interview
    Ghana - October 04, 2021

    Farid Antar, managing director of Republic Bank (Ghana), talks to The Energy Year about how the Ghanaian economy has gained…

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    Paul Baay Touchstone
    Interview
    Trinidad and Tobago - November 12, 2020

    Paul Baay, president and CEO of Touchstone Exploration, spoke in March 2020 to The Energy Year about the company’s latest work in its Ortoire and development blocks,…

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