Creating and distributing additional copies is prohibited without the permission of the publisher. Contact

Heading Downstream

Sep 1, 2005

Soaring oil and gas prices are pounding Caribbean economies. But Trinidad & Tobago, the region's largest producer of gas and oil, is flying high.

Oil prices are up about 40% this past year and show signs of rising further, a phenomenon that is confounding Caribbean governments from the Bahamas to Grenada. But high oil prices bring good tidings to Trinidad & Tobago. The energy sector accounts for the bulk of Trinidad & Tobago's annual exports of $7.1 billion and generates one-third of annual government revenues of $20 billion. Unfortunately, oil reserves are being depleted faster than new discoveries can be made. The US Energy Information Administration (EIA) warns that unless Trinidad & Tobago makes substantial new discoveries soon, its oil reserves could be depleted within a decade. In 2004, Trinidad & Tobago was producing 165,000 barrels per day (bpd) of oil production, of which 80% was crude oil. Production continues increasing, with BHP Billiton's Angostura field coming on-stream this year. The field, which has an estimated 310 million barrels of recoverable reserves, is set to...

To continue reading please take a free trial, subscribe or login below.

Already have an account?


Subscribe now for unlimited access to all current and archive news, data and market analysis. 


Free trial

Take a free two-week trial now for the latest news, data and market analysis.

Free Trial

LatinFinance Events


Will ABS become more interesting for LatAm borrowers as US monetary policy normalizes?


Printing isn't available for this page.