Saipem has been awarded five new EPCI and FEED contracts worth around USD 650 million for offshore work in Angola, Trinidad and Tobago, the UK and Saudi Arabia, the…
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
Curtis Boodoo of the University of Trinidad and Tobago talks about why continuous education is important for engineers and…
READ MORERussell Boodoo of TOSL Engineering talks about the company’s role in supporting Trinidad's energy transition.
READ MORETrinidad and Tobago reports
More reportsTouchstone 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.
READ MOREWoodside Energy is seeking improved fiscal terms for developing Trinidad and Tobago's Calypso deepwater gas project.
READ MOREMcDermott International has signed a FEED contract with Shell for works on the Manatee gas development project, the global engineering and construction company…
READ MOREPalaash Narase, operations manager of Aronco Services, talks to The Energy Year about challenges facing Trinidad and Tobago’s energy industry and how Trinidadian…
READ MORETrinidadian Minister of Energy Stuart Young has signed an NDA as part of launching official negotiations in Venezuela for the development of the Dragon offshore…
READ MOREJordan Pollonais, general manager of Inland Offshore Contractors Limited (IOCL), talks to The Energy Year about new advances the company has made with the uptick in…
READ MOREFrank Teelucksingh, managing director of Coastal Dynamics (CDL), talks to The Energy Year about progress and hurdles in establishing a renewable energy market in…
READ MOREThe National Energy Corporation of Trinidad and Tobago has introduced the country’s first low-exhaust tug boat to its fleet, the Trinidadian energy ministry announced…
READ MOREAngela Lee Loy, chairman of Eve Anderson Recruitment Agency, and Maria Chong Ton, the company’s CEO, talk to The Energy Year about the current human resources pool…
READ MORETrinidad and Tobago has invited CARICOM nations to process their oil and gas resources in the country, Prime Minister Keith Rowley announced on Tuesday.
The country…
READ MOREAshley Taylor, president of the Point Lisas Industrial Port Development Corporation (PLIPDECO), talks to The Energy Year about recent developments at the industrial…
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