Helena Inniss, executive director of Kronus Geological Services, talks to TOGY about the state of Trinidad and Tobago’s gas industry and how the government is…
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
Russell Boodoo of TOSL Engineering talks about the company’s role in supporting Trinidad's energy transition.
READ MORETouchstone Exploration has acquired Trinidad-focused Trinity Exploration & Production in an all-shares deal.
READ MORETrinidad and Tobago reports
More reportsNarvin 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 MORENorway's Argeo will provide an AUV survey for Woodside Energy at the deepwater Calypso field in Trinidad and Tobago.
READ MOREWoodside Energy is seeking improved fiscal terms for developing Trinidad and Tobago's Calypso deepwater gas project.
READ MOREStruggling to contain a leaking subsea well at the Soldado North field, Trinidad and Tobago NOC Petrotrin is preparing to spend USD 1.47 million to abandon the well,…
READ MORETrinidad and Tobago NOC Petrotrin has responded to an oil leak from an offshore line at the Soldado North field in the Gulf of Paria, local media reported on…
READ MOREBP has agreed to pay Trinidad and Tobago more than USD 1 billion in outstanding claims, the island nation’s prime minister told journalists on Thursday.
“In the…
READ MORETwo external consulting firms have been hired to advise on the restructuring of Trinidad and Tobago’s state-owned Petrotrin, energy minster Franklin Khan said in a…
READ MOREColumbus Energy is in the early stages of acquiring additional stakes in the Icacos field of Trinidad and Tobago, the company said in a press release on Monday.…
READ MOREAquaterra Energy has delivered a Sea Swift conductor-supported platform to DeNovo Energy’s Iguana field, the engineering solutions provider announced in a press…
READ MOREState-owned Petrotrin and Trinidad and Tobago’s Oilfields Workers’ Trade Union signed a memorandum of agreement (MoA) related to the NOC’s restructuring over the…
READ MORETrinidad and Tobago’s state-owned National Gas Company (NGC) has signed a new long-term gas sales agreement with the Caribbean Nitrogen Company (CNC), local media…
READ MORESeveral companies operating throughout the oil and gas value chain in Trinidad and Tobago are increasing security at their facilities, international media reported…
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