The US exploration and production company Range Resources has spudded the first of a 22-well development in its Trinidad holdings, the company announced in a Monday…
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
Marc Sitaram of Bandera Oil Tools talks about the company’s strategic approach to oilfield equipment supply in Trinidad and…
READ MORECurtis Boodoo of the University of Trinidad and Tobago talks about why continuous education is important for engineers and…
READ MORETrinidad and Tobago reports
More reportsRussell 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 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.
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LGO Energy has started drilling a new well at the onshore Goudron field in Trinidad, the company announced on Monday. The GY-678 well will be the seventh well the UK…
READ MORETrinidad and Tobago is home to an increasing number of successful independent oil producers. Competing directly with major international oil companies (IOCs), national…
READ MOREThe Ocean Victory semi-submersible rig has arrived in the waters of Trinidad and Tobago for BP’s development of the Juniper natural gas project, oil and gas news site…
READ MORENational Gas Company (NGC) president Indar Maharaj talks to TOGY about the importance of the energy model for the downstream sector. NGC is engaged in the purchase,…
READ MORETrinidad and Tobago’s Local services providers such as Ansa Technologies have had to adapt their inventory to a volatile supply-and-demand market in parallel to…
READ MOREIn December 2014, UK company BG Group announced that its platform in Trinidad and Tobago’s Starfish field had delivered its first gas. Since then, production has been…
READ MOREBP Group of Companies in India regional president and head of country Sashi Mukundan speaks to TOGY about the potential of India’s upstream sector for international…
READ MORERecent fiscal tax incentives have coincided with growth in exploration in Trinidad and Tobago, yet gas supply is down. Partners in Trinidad law firm J.D.Sellier+Co.,…
READ MOREThe governor of the Central Bank of Trinidad and Tobago, Jwala Rambarran, on Thursday announced that his institution would be injecting $150 million into the economy in…
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