Over the past few weeks, we have highlighted the energy sector's contribution to the economy of Trinidad and Tobago (T&T). A vital area of this sector is the energy services subsector, which consists of the many local and foreign contractors that execute projects for the country's major operators.

The energy sector is the major contributor to the government’s taxation revenue stream. Over time, the energy sector’s contribution as a percentage of the total has been falling due to declining production and volatility in international pricing.  Nevertheless, the sector is the highest taxed sector in the T&T economy.  In fact, operations of upstream companies result in over 30 different taxes, levies, and fees. The ones that are unique to the sector are the Petroleum Profit Tax (PPT), Supplemental Petroleum Tax (SPT), and Royalties. Companies engaged in upstream operations in Trinidad and Tobago (T&T) are subject to a special fiscal regime, principally governed by the Petroleum Taxes Act (PTA).

Over the last 20 years, the revenue received by the central government from the energy sector has seen significant annual fluctuations.  The general pattern has been that revenue received over the last 10 years (147 billion dollars) has been considerably less than the revenue received during the previous decade (236 billion dollars).

The Energy Chamber has long been a dedicated supporter of the Ocean Conservancy’s International Coastal Cleanup. For the past decade, we've collaborated with our member companies and various NGOs to clean up beaches at Carli Bay in Couva, Vessigny Beach in La Brea and Quinam Beach, on the coast due south of Siparia.  Over time, we've focused more of our efforts on Quinam Beach, which remains a beautiful southern Trinidadian gem, despite the significant trash accumulation it faces.

The University of the West Indies has seen lower enrolment for engineering degrees for both undergraduate and graduate programmes. Data from the University's Statistical Digests show that from academic year 2015 to 2024, enrolment fell by 38%. The enrolment of males fell by 34% while the enrolment of females fell fast, by 44%.

Data from the Trinidad and Tobago Occupational Safety and Health Authority shows a downward trend in reported accidents from the fiscal year 2018/19 to the present across all economic activities. Over the last six periods, the number of reported accidents fell from 1,981 to 1,350, representing an approximately 32% reduction. Reports of critical accidents also fell from 79 to 51 over the same period. While the full fiscal year for 2024–2025 is not yet complete, data from October 2024 to June 2025 shows that OSHA recorded 1,005 accidents of which 48 were critical accidents, continuing this downward trend.

Crude oil production in Trinidad and Tobago has experienced a steady decline since its peak in the late 1970s, when the country produced almost 230,000 barrels of oil per day. There was a brief period of substantial increase from 2002 to 2006, but since then, production has fallen sharply from 143,000 barrels per day to just over 50,000 barrels per day in 2025 (average Jan-Mar).

Energy-driven economies with small populations often bear the brunt of public criticism for CO2 emissions when people discuss emissions per capita. This metric masks the global contribution of emissions from major economies. When we look at CO2 emissions per capita, we see countries like Qatar, Bahrain, Kuwait, the UAE, Brunei, Trinidad and Tobago, Oman, Saudi Arabia, New Caledonia, and Gibraltar. Of these nations, only Saudi Arabia individually accounts for more than 1% of global CO2 emissions. Trinidad and Tobago, sixth on this list, only accounts for 0.08% of total global CO2 emissions.

In a previous article, the Energy Chamber examined employment data trends within the energy sector. This highlighted that, despite its critical role in driving economic activity, the sector employs only about 2% of the workforce.

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.