DUBLIN--(BUSINESS WIRE)--Research and Markets (http://www.researchandmarkets.com/research/fba647/trinidad_tobago) has announced the addition of the "Trinidad & Tobago Oil and Gas Report Q1 2012" report to their offering.
BMI View: Trinidad & Tobago's vital LNG sector faces an uncertain future. The industry was largely developed to deliver gas to the US market, which at the time was expected to be subject to an ever-rising import requirement.
The proliferation of gas production from shale formations across the US, however, has dramatically reduced the need for imports and T&T has been forced to look for new export destinations in an increasingly crowded global LNG market. Oil production is forecast to decline as the country struggles to attract interest in new deepwater exploration.
Trinidad and Tobago (T&T)'s oil and gas sector has been buoyed by high oil prices, but the uncomfortable reality is that oil production and exports have been declining - something that is likely to continue unless significant investment is made in new exploration.
BMI forecasts that oil production will fall from 141,000 barrels per day (b/d) in 2011 to 127,000b/d in 2016. Oil consumption is expected to rise steadily over the same period, from 42,230b/d in 2010 to just over 53,000b/d by 2016. Oil supply and demand trends mean that T&T's net oil exports will shrink from over 100,000b/d in 2010 to less than 75,000b/d by 2016.
The short- to medium-term outlook for the country's gas sector is more positive, as T&T will remain an important regional liquefied natural gas (LNG) exporter. Gas production is forecast to rise from 42.1bn cubic metres (bcm) in 2011 to 47bcm in 2016, as new projects come onstream over the next few years.
Companies Mentioned:
- Petroleum Company of T&T (Petrotrin)
- The National Gas Company of Trinidad & Tobago (NGC)
- BP Energy Company of Trinidad & Tobago (BPTT)
- BG Trinidad & Tobago
- BHP Petroleum Trinidad
- Centrica
- EOG Resources
- Sinopec
- Chevron
- Repsol YPF
- Total
- ALNG
- Unipet
- Niko Resources
For more information visit http://www.researchandmarkets.com/research/fba647/trinidad_tobago