Australia’s BHP Billiton has struck natural gas through the Victoria-1 well offshore Trinidad and Tobago, the company revealed in a financial statement released on…
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
Curtis Boodoo of the University of Trinidad and Tobago talks about why continuous education is important for engineers and…
READ MORERussell Boodoo of TOSL Engineering talks about the company’s role in supporting Trinidad's energy transition.
READ MORETrinidad and Tobago reports
More reportsTouchstone Exploration has acquired Trinidad-focused Trinity Exploration & Production in an all-shares deal.
READ MORENarvin Salick of Gyrodata Trinidad talks about the company's acquisition by SLB and its newest service offering.
READ MOREAs an established global petrochemicals exporter, Trinidad is well positioned to take the lead as a green commodity producer.
READ MOREWoodside Energy is seeking improved fiscal terms for developing Trinidad and Tobago's Calypso deepwater gas project.
READ MORERepairs have started on a leaking well offshore Trinidad and Tobago, local media reported on Tuesday.
According to the Ministry of Energy and Energy Industries,…
READ MOREKaren Darbasie, CEO of First Citizens Bank, talks to TOGY about financing for energy companies in Trinidad and Tobago, the areas the bank is concentrating on and how…
READ MORESuper-major Shell is calling interested parties to submit proposals for the provision of a semi-submersible rig for an offshore drilling campaign in Trinidad and…
READ MOREKevin Ramnarine, Trinidad and Tobago’s former minister of energy and energy industries, talks to TOGY about policy changes that have led to a more attractive and…
READ MORETrinidad and Tobago’s energy ministry is seeking foreign assistance to stem hydrocarbons spewing from a well in the Gulf of Paria, local media reported over the…
READ MOREWell Services Petroleum Company has completed a three-well drilling campaign at DeNovo Energy’s offshore Iguana field, the services provider said in a company…
READ MOREEnergy minister Franklin Khan has announced a gas sales agreement with NiQuan Energy that will allow its gas-to-liquids (GTL) project to move forward, local media…
READ MORERandy Rambhai, country manager for National Oilwell Varco (NOV) in Trinidad and Tobago, talks to TOGY about the status of the domestic oil and gas industry and business…
READ MOREAustralia’s BHP Billiton has commenced drilling the Victoria-1 exploration well in Trinidad and Tobago’s offshore TTDAA 5 block, international media reported…
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