Market Trends of Trinidad & Tobago Oil and Gas Upstream Industry
This section covers the major market trends shaping the Trinidad & Tobago Oil and Gas Upstream Market according to our research experts:
Offshore Oil and Gas Production to Dominate the Market
- Around 43,056 MMSCF/D of natural gas was produced, mostly, from the offshore fields, In 2019 which decreased from 43,536 MMSCF/D and around 40,131 barrels of oil per day (bopd) was produced from the offshore oilfields alone, in 2019, which fell about 5.65% from 42,540 bopd.
- In 2019, offshore make approximately 68% of the oil produced with 40,131 bopd being produced in the offshore fields and 18,720 bopd in the onshore fields.
- As of 2019, BPTT had 15 offshore platforms and two onshore processing facilities. The company is Trinidad & Tobago's largest gas producer, accounting for about 55% of the nation's gas production.
- Hence, offshore oilfields are expected to dominate the market due to gas reserves being concentrated in the water bodies of the exclusive economic zone.
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Increasing Gas Production to Drive the Maket
- In 2018, natural gas production became 29.2 million tons increasing from 27.4 million tons, in 2017. New projects, both onshore and offshore, are the primary reason for the increase in growth of natural gas.
- In 2019, BPTT commissioned its 15th installation in the offshore sector of Trinidad & Tobago which is expected to have a production capacity of around 600 MMscf/d.
- Matapal is a new offshore gas project being developed off the coast of Trinidad and Tobago, in 2019. The production capacity of the project is estimated to be 400 million standard cubic feet (mscf) of gas per day, with average annual peak production of approximately 70 million barrels of oil equivalent per day (mboed)
- Hence, the oil production is expected to dominate the market owing to its large production. It is also likely to drive the market by attracting investment into the industry.
