The Oil & Gas Year Trinidad & Tobago 2015
Having reached a peak crude oil output in 2005 of 181,000 barrels per day, Trinidad and Tobago’s petroleum industry is now in a period of steady decline. Despite this, new extraction technologies have now made the country’s underexplored deepwater fields accessible for development. Exploration activity is expected to increase following renewed interest in the region from national oil companies.
After Trinidad and Tobago’s vital oil industry hit a low point in the 1980s, the government has taken steps to diversify its hydrocarbons development and build infrastructure such as ports. Alongside this, the Trinidadian market is witnessing the emergence of an increasing number of independent production companies. With smaller entities gradually gaining market share, there is the potential for the country to retain funds that otherwise would be lost to large internationals. To remain competitive against their larger international counterparts, the country’s oilfield services and suppliers are focussing on smaller niche projects.
Following the slump in oil prices, Trinidad and Tobago’s oilfield sector faces challenges in 2015, with a decrease in capital expenditure and the laying off of employees. The government has responded to the drop by postponing or cancelling infrastructure projects deemed non-critical. Yet despite the slump, Trinidad and Tobago was able in the final quarter of 2014 to beat expectations and achieve a $50-million budget surplus, boosting the economic outlook for 2015.
Featuring articles, analysis and interviews with key figures such as the minister of energy and energy affairs, Kevin Ramnarine, TOGY’s second book on Trinidad and Tobago is an indispensible resource for investors.