BP Trinidad and Tobago (BPTT) enters June with a flurry of activity. On Friday, the company not only announced two discoveries at the Macadamia and Savannah exploration…
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
As 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 MORETrinidad and Tobago reports
More reportsFrank Teelucksingh, managing director of Coastal Dynamics Limited, talks to The Energy Year about why assessing greenhouse gas…
READ MOREKirk and Candice Aanensen of Balanced Engineering & Construction Management talk about the demand for the company’s services.
READ MOREWoodside Energy is seeking improved fiscal terms for developing Trinidad and Tobago's Calypso deepwater gas project.
READ MOREThe Trinidadian government is holding talks with US counterparts to seek a licence for a BP-led gasfield project shared with…
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A new era for the Lobito terminal
INTERVIEW
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Shell has announced plans to acquire lucrative acreage in Trinidad and Tobago’s east marine area from super major Chevron for USD 250 million.
The transaction,…
READ MORETOGY talks Ann Marie Bissessar, the dean of the faculty of social sciences at The University of the West Indies (UWI), St. Augustine Campus, and Trinidad about the…
READ MORETOGY talks to Richard P. Young, the chairman of the Trinidad and Tobago International Financial Centre (TTIFC), about the market’s competitive advantages, the…
READ MOREPetrotrin is in talks to transfer its 20% stake in Block 1a to the National Gas Company of Trinidad and Tobago (NGC).
Negotiations surrounding the sale are reported…
READ MORETOGY talks to Norman Christie, regional president of BP Trinidad and Tobago (BPTT), about ongoing and slated activities, the importance of developing competitive local…
READ MOREAn investigative team has been deployed by Petrotrin in response to a Sunday oil spill. The event has resulted in hundreds of barrels of oil deposits in the Gulf of…
READ MOREShell and Eni were the talk of the town last week in oil and gas, albeit for the wrong reasons. Their dealings surrounding the acquisition of the OPL 245 Block offshore…
READ MOREOn Thursday, BP Trinidad and Tobago brought the Trinidad Onshore Compression (TROC) project on stream. The initial start-up is only partial, as the development is not…
READ MORETOGY talks to Adrian Achan, general manager of AdON Group, about the company’s core maintenance activities, diversifying into the lubricants markets and looking to…
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