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Trinidad and Tobago’s Energy Industry

Hon. Stuart YOUNG

Minister of Energy and Energy Industries

TRINIDAD AND TOBAGO

There is tremendous potential for regional energy security integration. Trinidad and Tobago, Guyana and Suriname need to lead the charge.
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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 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

Argeo to undertake Trinidad AUV survey for Woodside
NEWS
Trinidad and Tobago - April 18, 2024

Norway's Argeo will provide an AUV survey for Woodside Energy at the deepwater Calypso field in Trinidad and Tobago.

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An edge in environmental monitoring technology_Frank-TEELUCKSINGH Trinidad Coastal Dynamics
Interview
Trinidad and Tobago - April 02, 2024

Frank Teelucksingh, managing director of Coastal Dynamics Limited, talks to The Energy Year about why assessing greenhouse gas…

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Interview
Trinidad and Tobago - March 28, 2024

Kirk and Candice Aanensen of Balanced Engineering & Construction Management talk about the demand for the company’s services.

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Woodside seeks improved terms in Trinidad’s Calypso project
NEWS
Trinidad and Tobago - March 25, 2024

Woodside Energy is seeking improved fiscal terms for developing Trinidad and Tobago's Calypso deepwater gas project.

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Trinidad and Tobago maps

Trinidad and Tobago Upstream Activity Map 2022

ALL MAPS
Trinidad in talks with USA on Venezuela gasfield project
NEWS
Trinidad and Tobago - March 21, 2024

The Trinidadian government is holding talks with US counterparts to seek a licence for a BP-led gasfield project shared with…

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Massy Wood secures five-year engagement from Shell
NEWS
Trinidad and Tobago - March 20, 2024

Trinidad's Massy Wood has secured a five-year engineering and support agreement from Shell Trinidad & Tobago.

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