Earlier this year, the Energy Chamber released a map that showed the upstream activity taking place in the country. This was first released at the T&T Energy Conference in February 2025.
Over the last 6 months there have been some significant changes to this activity map, as projects have moved through the development cycle. Some projects have achieved a final investment decision and have moved into the full development stage, while some exploration projects have found commercial resources and are now in the stage of working towards a final investment decision. Last week the map was also significantly changed by the return of a major player, ExxonMobil, with an exploration block in the deepwater.
The North American onshore market is the most dynamic drilling rig market in the world, with rig rates (especially in the USA) quickly responding to changing market conditions. Despite President Trump’s mantra of “drill baby drill” the rig rate has actually fallen in 2025, driven by market fundamentals rather than rhetoric.
The energy sector is the major contributor to national income, contributing on average 30-40% of gross domestic product (GDP). However, it only employs on average 2% of the national workforce or around 12,700 people.
Gasoline prices vary from country to country because each country adopts their own policies for setting the price at the pump, including price regulation, subsidies and taxes. In many countries prices also fluctuate over time, in response to changing international commodity prices.
In the Caribbean region, the price of gasoline varies significantly from country to country, with the most expensive being more than double the cheapest. The country with the cheapest gasoline in the region in July 2025 is Guyana, while the most expensive is Barbados. Trinidad and Tobago sits in the third position, when arranged from cheapest to most expensive.
Last week, Perenco announced that they completed the acquisition of Woodside’s producing oil and gas assets in Trinidad & Tobago. This move, along with their acquisition of bpTT’s Cashima, Amherstia, Flamboyant and Immortelle (CAFI) fields earlier this year, solidifies the company as a major oil and gas producer in T&T. In fact, based on Q1 2025 production data it is estimated that Perenco will now be the 2nd largest producer of oil and gas in terms of barrel of oil equivalence, second to bpTT and is followed by Shell and EOG Resources.
The pace of electric vehicle (EV) sales is picking up around the world. In fact, in 2024, electric car sales surpassed 17 million worldwide, increasing by more than 25% from 2023. The global stock of EVs is currently around 58 million vehicles and the penetration of EVs into the global market has displaced over 1 million barrels per day of oil consumption in 2024.
Trinidad and Tobago was the second largest methanol exporter in the world in 2024. The country exported 4,071.3 thousand tonnes of methanol and generated USD $1.3 billion in export sales.
LNG is one of Trinidad and Tobago’s top exports. Atlantic, the country’s LNG producer, exports to about 17 countries around the world. These can be broken into five regional markets: North America, South and Central America, Europe, Middle East and Africa and Asia Pacific; T&T supplies LNG into each of these markets. T&T exported 10.3 bcm of LNG around the world in 2024, a slight decline from 2023 when the country exported 10.5 bcm and a significant decline from a 10 year high of 17.1 bcm, in 2015.
The Ministry of Energy and Energy Industries recently released the first quarter production data from the energy sector in Trinidad and Tobago.
In the first quarter of 2025, there were short-term increases in the production of crude oil but declines in the production of natural gas and gas-related industries like LNG, methanol, and ammonia production. The data highlights some core issues within the energy sector. Looking at monthly and quarterly data and even single year data often be a bit misleading as it ignores critical historical information.
The Green Fund is an often-overlooked asset in Trinidad and Tobago. It has been quietly accumulating a significant amount of funds and is rarely ever tapped. At present, the fund contains over $11 billion TT dollars, but only around $326 million has ever been disbursed in 16 years. This data was recently released with the Auditor General’s Report 2024.
Trinidad and Tobago is the largest exporter of ammonia in the world. In 2024, the country produced more than four million tons and exported almost all of it, generating substantial foreign exchange in the process. Most ammonia goes into the production of fertilisers, though there are other uses.
In 2024, there were four major producers of natural gas in Trinidad & Tobago, namely bpTT, Shell, EOG Resources and Woodside. Together these companies produce about 95% of the country’s natural gas. Almost all of this comes from offshore fields predominantly off the east of Trinidad and north coasts of Trinidad and Tobago.
