Trinidad and Tobago Oil and Gas Upstream Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Trinidad and Tobago Oil and Gas Upstream Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The market for oil and gas upstream in Trinidad and Tobago is expected to grow at a CAGR of approximately around 4.4% during the forecast period of 2020 – 2025. Factors, such as increasing natural gas production, and plans to improve oil and gas production are expected to increase the growth for the Trinidad and Tobago oil and gas market, during the forecast period. However, decrease in the prices of the natural gas, due to the increase in production of natural gas in Russia and the United States, has made the production less profitable in the Trinidad and Tobago fields, which has been acting as a restraint in the growth of oil and gas market in Trinidad and Tobago.

Key Highlights

• Offshore projects are expected to remain the most utilized of the deployment locations as they provide for cheaper access to the oil resources. In 2019, the offshore gas fields and oil fields dominated the market overwhelmingly.
• Rerouting, expansion, and construction of pipelines are getting installed in the Trinidad and Tobago, which can become an opportunity for an increase in the oil and gas upstream sector by decreasing the cost of transportation.
• Increasing gas production coupled with increasing investment in the oil and gas fields are expected to drive the market in the forecast period.

Key Market TrendsOffshore Oil and Gas Production to Dominate the Market

• Around 43,056 MMSCF/D of natural gas was produced, mostly, from the offshore fields, In 2019 which decreased from 43,536 MMSCF/D and around 40,131 barrels of oil per day (bopd) was produced from the offshore oilfields alone, in 2019, which fell about 5.65% from 42,540 bopd.
• In 2019, offshore make approximately 68% of the oil produced with 40,131 bopd being produced in the offshore fields and 18,720 bopd in the onshore fields.
• As of 2019, BPTT had 15 offshore platforms and two onshore processing facilities. The company is Trinidad & Tobago’s largest gas producer, accounting for about 55% of the nation’s gas production.
• Hence, offshore oilfields are expected to dominate the market due to gas reserves being concentrated in the water bodies of the exclusive economic zone.

Increasing Gas Production to Drive the Maket

• In 2018, natural gas production became 29.2 million tons increasing from 27.4 million tons, in 2017. New projects, both onshore and offshore, are the primary reason for the increase in growth of natural gas.
• In 2019, BPTT commissioned its 15th installation in the offshore sector of Trinidad & Tobago which is expected to have a production capacity of around 600 MMscf/d.
• Matapal is a new offshore gas project being developed off the coast of Trinidad and Tobago, in 2019. The production capacity of the project is estimated to be 400 million standard cubic feet (mscf) of gas per day, with average annual peak production of approximately 70 million barrels of oil equivalent per day (mboed)
• Hence, the oil production is expected to dominate the market owing to its large production. It is also likely to drive the market by attracting investment into the industry.

Competitive Landscape

The Trinidad and Tobago oil and gas upstream market is consolidated. The major companies include BP PLC, Shell Trinidad & Tobago Limited, The National Gas Company of Trinidad and Tobago Limited, EOG Resources, Inc. and BHP Group PLC.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

IBM Corporation
Oracle Corporation
Internap Corporation
Packet Inc. (An Equinix Inc. Company)
Scaleway Inc.
Amazon Web Services Inc
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CenturyLink, Inc.
LightEdge Solutions, Inc

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