In the aftermath of the Covid-19 pandemic and on the back of high global energy prices, Trinidad & Tobago is set to grow over 50% faster than the global average for 2022. A balanced approach between maintaining energy security and driving the sustainable energy transition forwards offers a wealth of opportunities for the twin-island nation, which has explored solar and wind energy sources but…
On the oil and gas industry’s transition to sustainability How do you assess the impact of the Covid-19-induced crisis on the natural gas industry? MARK LOQUAN: The Covid-19 pandemic erupted during a challenging period for the oil and gas industry. From a business perspective, energy prices were already in a downcycle prior to the pandemic due to a surplus of output worldwide. Prices then fell…
The petrochemicals and logistics sectors have been some of the most exposed industries in Latin America and across the world during the past 13 months. Both critical to the region’s economies, they faced substantial headwinds in the early months of the pandemic, such as closed borders and strict measures on industrial operations. For petrochemicals and chemical firms, the immediate impact has been…
Hydrocarbons have long been the primary driver of Trinidad and Tobago’s economy. Indeed, T&T is the largest oil and gas producing country in the Caribbean, with the energy sector contributing around 45% to GDP, according to the Ministry of Energy and Energy Industries (MEEI). In addition, the country has a developed upstream petrochemicals industry and is a major exporter of liquefied natural…
With an energy system entirely dependent on natural gas, the transition to cleaner energy generation has emerged as a pressing priority in Trinidad and Tobago. Indeed, per capita carbon emissions from energy-related activities in T&T are nearly 2.5 times greater than the world average, according to the Inter-American Development Bank. In June 2019 the government reaffirmed its commitment to generating…
A number of recent oil and gas discoveries in Trinidad and Tobago bode well for the energy industry over the medium term, with the country well positioned to attract further investment from international operators. This comes at a time when energy multinationals are increasingly turning their interests to the Caribbean region, buoyed by an uptick in similar discoveries in neighbouring Guyana and Suriname. Nevertheless,…
In December 2018 Petrotrin – Trinidad and Tobago’s state-owned oil and gas company – completed a major restructuring drive, aimed at streamlining the company’s operations and cutting costs. While the move resulted in major job losses and faced opposition, it was seen as essential, both in order for the company to regain profitability and for the country to successfully revamp its hydrocarbons…
Although the world remains largely dependent upon fossil fuels for power generation, a gradual transition towards renewable sources has been taking place since the 1990s, underpinned by multilateral deals such as the Kyoto Protocol, the Doha Amendment and, more recently, the Paris Agreement. Investment and development in renewable technologies has historically been led by developed countries, however,…
The twin-island nation of Trinidad and Tobago is located in the southern end of the Caribbean, just off the coast of Venezuela. Its rich and varied heritage lends itself to a vibrant society and cuisine derived from an array of ethnicities and religions. On the back of elevated global oil prices, T&T has gone through a period of rapid economic expansion in recent decades, resulting in higher leve
Interview:Mark Loquan To what extent did the sector develop in 2019, and what direction will it take in 2020? MARK LOQUAN: In 2019 there were improvements in gas production and related petrochemicals exports, but commodity prices declined. Free-on-board Caribbean prices for ammonia stood at $211 per tonne, down 24% from the 2018 average, while US spot methanol prices stood at $297 per tonne,…
