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- GENERAL OVERVIEW
- INSTITUTIONS AND ENERGY POLICY
- ENERGY COMPANIES
- ENERGY SUPPLY
- ENERGY PRICES
- ENERGY CONSUMPTION
- ISSUES AND PROSPECTS
- DATA TABLES
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This analysis includes a comprehensive Trinidad and Tobago energy market report and updated datasets. It is derived from the most recent key economic indicators, supply and demand factors, oil and gas pricing trends and major energy issues and developments surrounding the energy industry. The report provides a complete picture of the country situation, dynamics, current issues and future prospects. With market data and continuous follow-up of markets news, this report brings clear and concise insights with which to tackle national energy challenges and opportunities. Browse the tabs below for a detailed table of contents, the list of graphs and tables, and details on the data files.
- Competitive bid rounds for exploration and production are held regularly, both onshore and in shallow water, and deep water.
- Despite the need for diversification, a clear renewable policy has not yet been defined.
- BP is the largest natural gas upstream company, with around half of total production.
- BP and Shell are the main operators in LNG liquefaction.
- The country is the largest LNG producer and exporter in Latin America. It exports 40% of its LNG to Latin America.
- Electricity production is stable since 2013.
- Motor fuel prices are 2 to 3 times lower than in other Caribbean countries.
- Electricity prices are quite stable and are among the lowest in the world.
- The country has the third highest per capita energy consumption worldwide because of energy-intensive industries.
- Gas reserves are depleting quickly, and the country is aiming to develop exploration to come back among the top 10 LNG producers worldwide.
- Several new gas fields should be developed over the coming years, including the Manatee and Dragon fields near the border with Venezuela.
Institutions & Energy Policy
The Ministry of Energy and Energy Industries supervises the energy sector.
Since 1997, natural gas has played an important role in the economy, supplanting oil and reflecting the increasing interest in the development of the gas and petrochemical industry. The Government's current priority is to reduce dependence on oil by promoting the country's gas resources.
The state-owned oil and gas group Petrotrin, which faced massive losses and debts, was restructured in 2018 and split into several companies under Trinidad Petroleum Holdings Ltd (TPHL): Heritage Petroleum (E&P), Paria (imports and fuel trading), and Guaracara Refining.
Trinidad has substantial gas reserves, estimated at 274 bcm at the end of 2021, which, however, only represent around 10 years of production. Its oil reserves are more modest (33 Mt).
The prices of electricity in the residential and industrial sectors are regulated and have been quite stable since 2009. They are among the lowest in the world, at about US$4.7c/kWh for households and US$3.2c/kWh for industry (2022).
Graph: ELECTRICITY PRICES FOR INDUSTRY AND HOUSEHOLDS (US$c/kWh)
The country ranks third worldwide in terms of per capita energy consumption (around 10.7 toe in 2021 and over 12 toe over 2016-2019, i.e. nearly 10 times the average for Latin America and the Caribbean). Electricity consumption per capita is approximately 6 000 kWh (2021, i.e. 3 times the average for Latin America and the Caribbean).
Issues & Prospects
Today, the gas reserves over production ratio seems insufficient to meet the rate of development and the growth in domestic consumption (8-10 years vs 38 years in 2000). A reduction in supply could lead to an increase in costs, which would undermine the competitiveness of downstream industries (ammonia and methanol).
- GRAPH 1: CO2-energy Emissions (MtCO2)
- GRAPH 2: Installed electric capacity by source (2021, %)
- GRAPH 3: Gross power production by source (TWh)
- GRAPH 4: Power generation by source (2021, %)
- GRAPH 5: Gasoline & diesel prices (US$/l)
- GRAPH 6: Electricity prices for industry and households (US$c/kWh)
- GRAPH 7: Consumption trends by energy source (Mtoe)
- GRAPH 8: Total consumption market share by energy (2021, %)
- GRAPH 9: Final consumption market share by sector (2021, %)
- Economic Indicators: Annual historical data including population, GDP growth, imports and exports, inflation rate, energy security and efficiency indicators, CO2 emissions.
- Supply Indicators: Historical data including oil and gas reserves, electric and refining capacity, energy production, power production and external trade. All are detailed by energy source.
- Demand Indicators: Historical data including consumption per inhabitant, consumption trends, total consumption by energy source, final consumption by energy source and sector, and electricity consumption by sector.
- Energy Balances: Single table displaying the overall energy industry balance per annum, also graphically displayed by energy sub-segment.
- Infrastructure Projects: Covers power plant projects by energy, technology, status and operator.
The Trinidad and Tobago energy market data since 1990 and up to
is included in the Excel file accompanying the Trinidad and Tobago country report.
It showcases the historical evolution, allowing users to easily work with the data.
Key Data included in the excelsheet:
- Economic indicators: Annual historical economic indicators, energy security, energy efficiency and CO2 emissions.
- Supply indicators: Annual historical reserves, capacity, production and external trade (imports(+) exports(-) balance).
- Demand indicators: Annual historical consumption per capita, consumption trends, total consumption, final consumption (per energy and per sector) and electricity consumption total and per sector.
- Energy Balance: total and per energy.
- Trinidad and Tobago Energy Prices: In addition to the analysis provided on the report we also provided a data set which includes historical details on the Trinidad and Tobago energy prices for the follow items: price of premium gasoline (taxes incl.), price of diesel (taxes incl.), price of electricity in industry (taxes incl.), price of electricity for households (taxes incl.), price of natural gas in industry (taxes incl.), prices of natural gas for households (taxes incl.), spot price of Brent and CO2 emissions (from fuel combustion).
The Trinidad and Tobago country report is complemented with a national power generation dashboard (excel file) from our Power Plant Tracker Service.
Data included in the excelsheet:
- New capacities: Current power mix, installed capacity at date, capacity under construction and under development.
- Power Sector Performances: Historical data on installed capacity, power generation, thermal power plants inputs, average thermal power plant efficiency, CO2 emissions of the power sector, carbon factor of the power sector.