Trinidad and Tobago’s Energy Industry
PARLIAMENT OF 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 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.
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