The prime minister of Trinidad and Tobago, Keith Rowley, in a televised address late on Wednesday hinted at an overhaul of state-run Petrotrin.
Having averted a…
READ MOREHon. Stuart YOUNG
Minister of Energy and Energy Industries
TRINIDAD AND TOBAGO
Oil reserves200 million barrels
Oil production77,000 bopd
Gas reserves300 bcm
Gas production24.7 bcm
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.”
As an established global petrochemicals exporter, Trinidad is well positioned to take the lead as a green commodity producer.
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READ MOREThe prime minister of Trinidad and Tobago, Keith Rowley, in a televised address late on Wednesday hinted at an overhaul of state-run Petrotrin.
Having averted a…
READ MOREPetrotrin workers are set to go on strike on Monday in an effort to force a breakthrough in talks between its union, the company and the government.
The three…
READ MORERange Resources found prospective resources at its GY 681 well on the Beach Marcelle field in Trinidad, the British E&P company announced on Tuesday.
The…
READ MOREThe Iguana gasfield offshore Trinidad and Tobago will begin producing gas within 15 months, local media reported on Tuesday.
Citing the Certificate of Environmental…
READ MOREPerenco on Friday said it had finalised the acquisition a 70% stake in the Teak, Samaan and Poui (TSP) Block offshore Trinidad and Tobago, marking the company’s…
READ MOREVenezuela will supply natural gas to Trinidad and Tobago from its offshore Dragon field under a deal signed by the leaders of the two nations in Caracas on…
READ MOREBP’s local subsidiary in Trinidad and Tobago, BPTT, is targeting the third quarter of 2017 for first gas from the offshore Juniper project, the company told TOGY on…
READ MORENicole Olivierre lost her position as Trinidad and Tobago’s Minister of Energy and Energy Industries in a cabinet overhaul, local media reported on Tuesday.
The…
READ MOREThe Japan Bank for International Cooperation (JBIC) earlier this week said it would continue to support projects in Trinidad and Tobago, lauding the business…
READ MORETOGY speaks to KPMG’s Nicole Joseph, senior manager – tax and Robert Alleyne, managing partner, about Trinidad and Tobago’s (T&T) budget for fiscal year 2016/17…
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