Trinidad and Tobago Oil and Gas Exploration and Production Market Volumes and Forecast by Terrain, Assets and Major Companies, 2021-2025

Trinidad and Tobago’s total gross crude oil and condensate production capacity in 2020 was valued at 50,566 barrels per day (bd) and is forecasted to show a decline with a CAGR of more than -8% during the period 2021-2025. In 2020, the total production in Trinidad dropped by almost 22 thousand barrels of oil equivalent per day (mboed) compared to 2019. The majority of produced resources are located in shallow waters, while less than 1.5% of 2020 production comes from onshore fields. Crude oil production in 2020 dropped by more than 12% compared to 2019. Natural gas production saw a large decrease and the current COVID-19 related crisis had a low impact on sanctioned upstream developments in Trinidad and Tobago. All of the planned and announced projects were in an advanced planning stage, and although they experienced some delays, they will be able to reach their expected production peaks within a reasonable timeframe.

Overview of Trinidad and Tobago crude oil and condensate production

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What are the market dynamics of the Trinidad and Tobago exploration & production market?

Trinidad and Tobago (Trinidad) are dominated by the production of natural gas and exports of LNG. Natural gas production in Trinidad and Tobago (T&T) is expected to grow by an average of 2% in the next 3 years and reach over 3,400 million cubic feet per day (mmcfd). However, in 2024 production starts declining at a 3% rate to a value of 3,200 mmcfd in 2025, assuming no new projects are brought online to compensate. Unlike natural gas, crude oil production grows in 2021 but then plunges in 2025 to 42,500 barrels of oil per day (bd). The main driver of growth is in shallow water accumulations of the Columbus Basin, which supplies 97% of the total country’s natural gas production.

With respect to exploration, in 2020 two discovery wells onshore Trinidad, Cascadura Deep-1, and Chinook-1 have been drilled by Touchstone Exploration Inc in the Ortoire exploration block of the Southern basin. Both wells encountered significant hydrocarbon reservoirs and the results exceeded pre-drill expectations. Despite the fact, that Cascadura Deep-1 exploration well was suspended before reaching the designed depth, the well encountered a 3,000 feet (ft) hydrocarbon column and it provided valuable information for further evaluation of the area. In 2019, there were seven discovery wells drilled, three of which are onshore and four are ultra-Deepwater wells operated by BHP. Bele-1, Tuk-1, and Hi-Hat-1 wells were spudded in July 2019 as part of the BHP’s Phase 3 Deepwater drilling campaign and brought additional information for the further valuation of the Northern licenses of the company. All three encountered natural gas columns and have established additional volumes around the Bongos discovery. Technical work is underway to assess further exploration targets and commercial options for the Northern Gas play. The Boom-1 well completed BHP’s Phase 4 exploration program. The well was spudded in August 2019 to a total.

In May 2019, Trinidad and Tobago closed a shallow water competitive bid round 2018, where only three blocks out of six, U(c), 4(c), and LRL, received the joint bid from two major oil and gas producers in the country, BP and Shell. The three blocks are on the east coast of Trinidad and represent acreage that was previously relinquished by other operators and hence did not hold high potential. Government is still in the negotiation process with both companies regarding submitted bids, but the decision is expected to be made soon. Since most of the developed and undeveloped shallow water blocks are already licensed, the upside potential is expected to come from the Deepwater acreage, that is offered in the 2020 Deepwater competitive bid round. The bidding round was originally scheduled to take place at the end of 2020 but was delayed until 2021. However, due to the sudden death of Trinidad and Tobago’s energy minister, Franklin Khan, in April 2021, the round could be further delayed. A total of 28 Deepwater blocks are offered, including two blocks that are expected to be relinquished by BHP due to unsuccessful exploration results. Trinidad and Tobago government are going to hold combined bidding round for shallow water and onshore blocks after the Deepwater round is closed.

What are the key categories of Trinidad and Tobago’s crude oil and natural gas production?

The Trinidad and Tobagonian crude oil and natural gas production is categorized by terrain into onshore, shallow water, deep water.  The shallow water category accounted for the largest share in both crude oil production and natural gas production in 2020. The Deepwater is thus expected to grow during the forecast period.

The major assets in Trinidad and Tobago’s crude oil and condensate production include Trinmar Area, Ruby, Teak, Samaan and Poui, and Greater Angostura. Similarly, the major assets of Trinidad and Tobago’s marketed natural gas production include Juniper, Greater Angostura, Angelin, Savonette, and Kapok.

Trinidad and Tobago exploration & production market, by type

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Which are the key players in Trinidad and Tobago’s exploration & production market?

The key players in Trinidad and Tobago’s crude oil and condensate production include Heritage Petroleum Co Ltd, BHP, Others Ltd and The National Gas Company of Trinidad and Tobago Ltd, Perenco Holdings, and Touchstone Exploration Inc. The major companies of Trinidad and Tobago’s natural gas production consist of BP Plc, Repsol SA, EOG Resources Inc, BHP, The National Gas Company of Trinidad and Tobago Ltd, and Royal Dutch Shell Plc. Heritage Petroleum Co Ltd was the leading company in crude oil and condensate production while BP Plc was the leading company in natural gas production in Trinidad and Tobago, in 2020.

Trinidad and Tobago exploration & production market, by key players

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Market report scope

 Scope

This report provides an overview of the Trinidad and Tobagonian exploration & production sector. The report includes:

• Key details of active and upcoming oil and gas assets in the country.
• Recently licensed blocks details, licensed blocks count by company, and latest discoveries.
• Latest mergers and acquisitions, and awarded contracts related to the E&P sector in the country.

Reasons to Buy

• Gain a strong understanding of Trinidad and Tobago’s E&P sector.
• Facilitate decision-making based on strong historical and outlook of oil and gas production data, licensed blocks details, and discoveries.
• Assess your competitor’s production outlook and licensed blocks count in the country.
• Analyze the latest M&A landscape and awarded contracts related to the country’s E&P sector.