Trinidad & Tobago energy report

• In 2017, the Finance Ministry introduced a royalty rate of 12.5% on natural gas, while oil royalties remain at 10-12.5%.
• Despite the need for diversification, a clear renewable development has not yet been defined.
• The state-owned oil and gas group Petrotrin was restructured in 2018 and split into several companies.
• The natural gas upstream sector is operated by foreign companies, mainly BP and Shell.
• Trinidad & Tobago is the world's 7^th largest LNG supplier with Atlantic LNG's four trains. The country exports most of its LNG towards Latin American markets.
• Electricity production is increasing rapidly (+4%/year between 2000 and 2015), driven by energy-intensive industries such as aluminium and petrochemicals.
• Electricity prices have remained relatively stable over the past five years.
• Motor fuel prices increased significantly from 2016 and 2018 with the removal of subsidies.
• The country ranks third worldwide in terms of per capita energy consumption due to energy-intensive industries such as ammonia, methanol, fertilizers, and aluminium.
• Gas reserves are depleting quickly and the country is aiming to develop exploration and to stay in the top 10 LNG producers worldwide.
• Despite limited interest in the most recent offshore exploration auction, 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).

• Energy Supply

  Oil:

  Between 2006 and 2019, oil production fell by 56% (-6%/year), from 8.5 Mt to 3.8 Mt. According to preliminary statistics, it declined by a further 4% in 2020. 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.

• Energy Prices

  Oil:

  The price of diesel and gasoline increased significantly from 2016 to 2018 due to the removal of subsidies. Since 2018, gasoline prices have been declining in line with international prices, while diesel prices have remained stable. The price of premium gasoline reached US$0.29/l in 2020 (-42% compared to 2018) and that of diesel US$0.50/l (stable since 2018).

• Energy Consumption

  The country ranks third worldwide in terms of per capita energy consumption (over 12 toe, i.e. nearly 10 times the average for Latin America and the Caribbean). Electricity consumption per capita is approximately 6 000 kWh (2019).

• 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 (2019, %)
• 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 (2019, %)
• GRAPH 9: Final consumption market share by sector (2019, %)

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.