Trinidad’s minister of finance, Larry Howai, on Thursday said that each ministry in the country will reduce its spending by $45 million in 2015 due to falling oil…
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…
READ MOREThe Goudron oilfield has spudded its seventh well, with an eighth imminent. It is part of an aggressive 30-development well programme for UK-based exploration and…
READ MOREKevin Ramnarine, minister of energy and energy affairs, presented cabinet a report on October 31, which stated that in light of falling oil prices, new oil production…
READ MOREThe Goudron oilfield in southeastern Trinidad continues to pay dividends for UK-based exploration and production company Leni Gas & Oil (LGO). With commitments to…
READ MOREA court case in Trinidad and Tobago has revealed the extent of shortfalls in the supply from the National Gas Company to industrial customers which have at times…
READ MOREResponsible for supplying Singapore’s Jurong Island with 3 million tonnes of LNG, BG’s Anthony Barker tells TOGY how he is dealing with a global LNG shortage as he…
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