Trinidad and Tobago’s oil production is projected to increase from 57,300 barrels per day in fiscal year 2026 to approximately 74,600 barrels per day by fiscal year 2029, according to Energy Minister Dr. Roodal Moonilal.
Speaking at the Society of Petroleum Engineers Trinidad and Tobago (SPETT) 2026 Mature Basins Energy Symposium on July 1, Moonilal said the outlook marks a shift after several years of declining oil production. He attributed the projected recovery to a combination of new developments, redevelopment of mature fields and increased activity by upstream operators.
“Oil remains an important pillar of Trinidad and Tobago’s energy future,” the minister said. “After years of decline, the outlook for the period 2027 to 2029 shows meaningful recovery.” He said production is forecast to rise to about 62,100 barrels per day in fiscal year 2027 before reaching approximately 74,600 barrels per day by fiscal year 2029.
According to Moonilal, several upcoming gas developments are also expected to contribute condensate production. He pointed to the bp Trinidad and Tobago (bpTT) and EOG Resources joint venture, including the Mento and Coconut developments, as well as EOG’s work with bpTT in the Trinidad Southern Petroleum (TSP) area and the 2025 Beryl discovery. He also cited Perenco’s redrill and workover programme at the Poui field as contributing to the improved outlook.
The minister said Heritage Petroleum is expected to make the largest contribution to the country’s production recovery through both its onshore and offshore programmes. For the remainder of 2026, Heritage plans to drill five development wells and one exploration well in the Preau Block, while lease operators, farmouts and enhanced production sharing contractors are projected to drill another 20 development wells. Heritage also intends to offer idle wells for reactivation and has invited bids for the PS-3, Moruga North and Tabaquite blocks.
Offshore, Heritage expects production from wells drilled earlier this year in the East Soldado programme to come onstream by August, adding an estimated 1,300 barrels of oil per day. Two additional development wells are planned this year, while an exploration well is scheduled for the South West Soldado field to test a previously unexplored area.
Moonilal also highlighted measures aimed at extending the life of mature producing assets. He said the government recently signed amendments to production sharing contracts with Perenco to extend production from the Block 2c and 3a assets and introduced a fiscal incentive in the Finance Bill 2026 to encourage development of qualifying marginal marine gas fields. The incentive reduces the royalty rate on eligible natural gas production to 8% and provides a 30% uplift on qualifying expenditure.