Market Size of Trinidad & Tobago Oil and Gas Upstream Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | < 4.40 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Trinidad and Tobago Oil and Gas Upstream Market Analysis
The market for oil and gas upstream in Trinidad and Tobago is expected to grow at a CAGR of approximately around 4.4% during the forecast period of 2020 - 2025. Factors, such as increasing natural gas production, and plans to improve oil and gas production are expected to increase the growth for the Trinidad and Tobago oil and gas market, during the forecast period. However, decrease in the prices of the natural gas, due to the increase in production of natural gas in Russia and the United States, has made the production less profitable in the Trinidad and Tobago fields, which has been acting as a restraint in the growth of oil and gas market in Trinidad and Tobago.
- Offshore projects are expected to remain the most utilized of the deployment locations as they provide for cheaper access to the oil resources. In 2019, the offshore gas fields and oil fields dominated the market overwhelmingly.
- Rerouting, expansion, and construction of pipelines are getting installed in the Trinidad and Tobago, which can become an opportunity for an increase in the oil and gas upstream sector by decreasing the cost of transportation.
- Increasing gas production coupled with increasing investment in the oil and gas fields are expected to drive the market in the forecast period.
