Trinidad pitches processing regional oil and gas resources

Trinidad 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 said it was willing to commit its current spare capacity to produce products such as LNG and petrochemicals.

Due to low gas outputs, Trinidad and Tobago has idle downstream assets, including a liquefaction train and a 140,000-bopd refinery.

“We are open to discussion with our other Caribbean neighbours on the monetisation of their hydrocarbon resources in Trinidad and Tobago,” said Rowley.

The prime minister also pointed to significant recent finds in Guyana, Suriname, French Guiana, Belize and Trinidad and Tobago as economic imperatives.

“Fossil fuels are still the main energy source for the world’s economic engine and are cost-effective,” said Rowley.

“It is resilient and affordable energy that creates economic growth. Therefore, climate change should not prevent developing countries from using fossil fuels as energy sources in pursuit of economic growth.”

Trinidad and Tobago’s gas production currently averages 2.8 bcf per day.

The prime minister addressed more than 1,200 delegates at the opening address of Guyana’s International Energy Conference and Expo.

In January 2022, Trinidad and Tobago was granted a licence by the US government to develop the offshore Dragon gasfield, which is located in Venezuelan territorial waters.