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...
Already have an account?
Subscribe now for unlimited access to all current and archive news, data and market analysis.
Take a free two-week trial now for the latest news, data and market analysis.