Trinidad & Tobago energy report

• A new Deep Water Competitive Bid Round for exploration and production was launched in 2021.
• Despite the need for diversification, a clear renewable policy has not yet been defined.
• The natural gas upstream sector is operated by foreign companies, mainly BP and Shell.
• The country is the world's 7^th largest LNG supplier. It exports one third of its LNG to Latin America.
• Electricity production is slowly declining 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 and to stay in the top 10 LNG producers worldwide.
• Several new gas fields should be developed over the coming years, including the Manatee field near the border with Venezuela.

• Institutions & Energy Policy

  The Ministry of Energy and Energy Industries supervises the energy sector.

• Energy Companies

  Oil:

  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.

• Energy Supply

  Oil:

  Since 2006, crude oil production has fallen by 57% (-6%/year), from 8.5 Mt to 3.7 Mt. This rapid decrease is mainly explained by a faster than expected decline in the production of the Angostura field and by the rapid collapse in the production at Trinmar.

  Around 80% of the oil production is exported (2.9 Mt in 2020); the rest is consumed in the energy sector.

• Energy Prices

  Electricity:

  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 (2021).

  Graph: ELECTRICITY PRICES FOR INDUSTRY AND HOUSEHOLDS (US$c/kWh)

• Energy Consumption

  The country ranks third worldwide in terms of per capita energy consumption (around 10.5 toe in 2020 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 (2020).

• Issues & Prospects

  Gas:

  Today, the gas reserves over production ratio seems insufficient to meet the rate of development and the growth in domestic consumption (8 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).

• GENERAL OVERVIEW
• INSTITUTIONS AND ENERGY POLICY
• ENERGY COMPANIES
• ENERGY SUPPLY
• ENERGY PRICES
• ENERGY CONSUMPTION
• ISSUES AND PROSPECTS
• DATA TABLES
• ABBREVIATIONS
• GLOSSARY

Download the Table of Contents

Below is a list of the Trinidad & Tobago energy market report graphs:

• GRAPH 1: CO₂-energy Emissions (MtCO₂)
• GRAPH 2: Installed electric capacity by source (2020, %)
• GRAPH 3: Gross power production by source (TWh)
• GRAPH 4: Power generation by source (2019, %)
• 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 (2020, %)
• GRAPH 9: Final consumption market share by sector (2020, %)

In the Trinidad & Tobago energy market report you will find the following tables:

• 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.