Oil production in Trinidad began in 1908 and output
peaked back in 1977.
Onshore production, in the west of the country is in serious decline but
offshore output, is now increasing as new fields off the east of the
country are developed and as condensate and NGL output increases in
association with gas. A second peak has just passed.
Convrsely gas production is increasing rapidly as new gas fields in the
southeast and north feed the country’s expanding LNG plant at Point
Deepwater oil and gas production may be achievable in the longer term.
consumes large volumes of gas relative to oil in its mature economy. Gas
consumption is increasing as new output is achieved from offshore
waters. Oil consumption, almost all of which is used in automobiles,
will remain flat whilst gas consumption increases in all other sectors.
Oil exports peaked in 2006 and gas exports, as LNG to the USA, are
forecast to peak around 2015.