Energy
From The Report: Trinidad & Tobago 2018
View in Online Reader

The oil and gas industry has long been the driver of Trinidad and Tobago’s economy. In 2017 the petroleum sector accounted for 33.7% of GDP, according to the “Review of the Economy 2017” report by the Ministry of Finance. T&T plays an important role as a gas supplier for the Latin American and the Caribbean market, given that Peru is the only other exporter of liquefied natural gas (LNG) in the region. Falling global oil prices and a drop in production have spurred T&T to consider more stable sources of energy to boost its economy. However, despite increasing interest in renewables, the country is still focused on developing its natural gas segment. Upcoming gas projects, including the Dragon gas field deal with Venezula, and recent output figures are encouraging a positive outlook for the sector, with the rebound in gas production levels expected to continue on an upward trajectory. This chapter contains interviews with Franklin Khan, Minister of Energy and Energy Industries; Claire Fitzpatrick, Regional President, BP Trinidad and Tobago; and Mark Loquan, President, National Gas Company of Trinidad and Tobago.

Articles from this Chapter

Overview

Output rebound: Upcoming projects set to increase gas production amid efforts to promote more sustainable sources
OBG
plus

The oil and gas industry has long been the driver of Trinidad and Tobago’s economy. In 2017 the petroleum sector accounted for 33.7% of GDP, according to the “Review of the Economy 2017” report by the Ministry of Finance. T&T plays an important role as a gas supplier for the Latin American and the Caribbean market, given that Peru is the only other exporter of liquefied natural gas (LNG) in the region. While both countries hold the region’s only LNG facilities, T&T’s liquefaction…

Interview

Turning a corner: Franklin Khan, Minister of Energy and Energy Industries, on regional cooperation and the rise in upstream production
OBG
plus

Interview:Franklin Khan What events will shape the energy sector in 2018? FRANKLIN KHAN: The coming year will undoubtedly be much more positive in all aspects than the previous three. After a very challenging period, it seems like the sector has turned the corner. Since the implementation of the Trinidad and Tobago gas model – which amalgamated international producers in the upstream segment, with the National Gas Company (NGC) as the aggregator – liquefied natural gas and petrochemical…

Interview

New frontiers: Claire Fitzpatrick, Regional President, BP Trinidad and Tobago (BPTT), on future prospects in oil and gas
OBG
plus

Interview:Claire Fitzpatrick In relation to the acquisition of the new deep-water blocks, how feasible is the extraction and subsequent commercialisation of these finds? CLAIRE FITZPATRICK: After the acquisition of two deepwater blocks, BP has reduced its stake in them to 30%, with BHP taking on the role of operator. We went after this acreage because we saw its potential, and the fact that we have retained a stake underlies our continued belief in the project. The BP group has leaders throughout…

Analysis

Operation overhaul: Plans to restructure the state-owned oil company meet resistance, while private companies ramp up exploration activities
OBG
plus

While state-owned oil company Petrotrin announced in the first half of 2018 that it would finalise plans to restructure its operations in order to increase efficiency, moderate losses and ramp up oil and gas production, as of early September 2018 the process had yet to take shape. Petrotrin has faced strong opposition from the Oilfield Workers’ Trade Union (OWTU), which said that the restructuring plans could put 2500 employees out of a job, according to international media in late August…

Interview

Creative solutions: Mark Loquan, President, National Gas Company (NGC) of Trinidad and Tobago, on tapping marginal and cross-border fields
OBG
plus

Interview:Mark Loquan To what extent can further regional integration foster growth in the natural gas market? MARK LOQUAN: T&T’s production is largely dominated by shallow-water fields that have either been totally depleted or are already in production. To maintain current production levels and increase them in the medium term, our strategy is to turn towards local deepwater platforms, as well as tap the remaining smaller marginal and stranded fields. The latter imply a high level…

Analysis

Refined methods: Challenging conditions call for innovative downstream strategies
OBG
plus

While the upstream sector is the main driving force behind the prosperity of Trinidad and Tobago’s energy industry, further efforts are needed to strengthen the downstream sector against challenging conditions. Increased shale gas output in the US has pushed down costs for processing fuel and feedstock for production, and lessened their dependence on gas imports as well as by-products such as ammonia and methanol from T&T. US import volumes of natural gas from T&T peaked in 2004…

Analysis

Winds of change: Steady progression towards renewable sources of generation
OBG
plus

Trinidad and Tobago’s electricity generation is completely fired by fuel, but only 8% of its natural gas output is channelled to electricity generation. Directing the gas to its power stations deprives the country of potential revenues that could be gained from selling liquefied natural gas (LNG) as feedstock, especially given that only one of two Latin American countries exports LNG, most of which goes to the US, or as feedstock for the production of petrochemicals such as ammonia and…