Latin America Advisor
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Will New Awards Boost Trinidad and Tobago’s Oil Sector?
Trinidad and Tobago has accepted bid recommendations for six of eight onshore oil and gas exploration blocks, nearing the announcement of new onshore exploration licenses, people familiar with the matter told Reuters on May 28. The development came as the Caribbean nation, the second largest exporter of liquefied natural gas in the Americas, is facing declining oil and gas production. Who is expected to win the bids, and how would the exploration awards help address the sector’s slowdown? How important is the oil and gas industry to the nation’s economy?
Kevin Ramnarine, former minister of energy and energy affairs of Trinidad & Tobago: “Trinidad and Tobago’s oil production and natural gas production have declined substantially in the last eight years. This has affected the country’s exports of LNG, ammonia and methanol, and by extension its real GDP and foreign exchange earnings. The recent onshore bid round is an attempt to stave off that decline, at least for oil. The onshore province of Trinidad has always been more oil prone. While authorities have made no formal announcement, there have been reports in the international media as to what the outcome of that bid round might be. It should be noted that successful companies will have to demonstrate the financial capacity to execute their work programs. There are other challenges facing drilling in Trinidad and Tobago, and these relate to the length of time to get permits related to the drilling and production of oil and gas. It could take companies as long as eight years to…”Read More
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A sister publication of the Inter-American Dialogue’s daily Latin America Advisor, the weekly Energy Advisor captures fresh analysis from business leaders and government officials on the most important developments in oil and gas, biofuels, the power sector, renewables, new technologies, and the policy debates shaping the future of energy in the Western Hemisphere and beyond. To subscribe or for more information, contact Gene Kuleta, editor of the Advisor, at email@example.com.
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