T&T Faces Energy Sector Challenges as Oil and Gas Production Declines
Trinidad and Tobago's economy has long been driven by oil and natural gas production. However, these non-renewable resources are declining in production, with more gas reserves than oil but not enough to meet installed plant capacity.
The business model developed was based on maximizing the value added by natural gas through conversion into exported intermediate products such as methanol and ammonia. However, a policy change in 1995 shifted focus towards exporting liquefied natural gas (LNG).
Eight upstream developments are scheduled to bring first gas online between 2026 and 2028, driven by major energy operators like BP, Shell, and EOG Resources. These projects aim to counteract historical production declines and restore full supply to the country's LNG and downstream industries.