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Energy and Energy Related Industries

Oil and Gas Production and Prices

A closer look at the energy sector shows that in 2006, Trinidad and Tobago produced 142,753 barrels of oil per day (bopd). With respect to natural gas, production averaged almost 3.9 billion cubic feet per day. By far the largest producer of natural gas in Trinidad and Tobago is bpTT, which accounted for almost 60% of all natural gas produced.

In 2007, crude oil production is anticipated to be 142,000 barrels per day with natural gas production averaging at 4.1 billion cubic feet of gas per day, or 706,900 barrels of oil equivalent. This would mean that Trinidad and Tobago’s combined oil and natural gas production on an equivalency basis would be 848,900 barrels of oil equivalent. Given the projected rate of increase of natural gas production, Trinidad and Tobago could soon be producing one million barrels of oil equivalent.

The country’s economy also continues to benefit from high prices for its main export commod...