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Trinidad and Tobago Oil and Gas Upstream Industry Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Market Report Covers Oil and Gas Companies in Trinidad and Tobago and is Segmented by Location of Deployment (Onshore and Offshore)

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Trinidad and Tobago Oil and Gas Upstream Market Size

Trinidad and Tobago Oil and Gas Upstream Market - Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR < 4.40 %

Major Players

Trinidad & Tobago Oil and Gas Upstream Market

*Disclaimer: Major Players sorted in no particular order

Trinidad and Tobago Oil and Gas Upstream Market Analysis

The market for oil and gas upstream in Trinidad and Tobago is expected to grow at a CAGR of approximately around 4.4% during the forecast period of 2020 - 2025. Factors, such as increasing natural gas production, and plans to improve oil and gas production are expected to increase the growth for the Trinidad and Tobago oil and gas market, during the forecast period. However, decrease in the prices of the natural gas, due to the increase in production of natural gas in Russia and the United States, has made the production less profitable in the Trinidad and Tobago fields, which has been acting as a restraint in the growth of oil and gas market in Trinidad and Tobago.

  • Offshore projects are expected to remain the most utilized of the deployment locations as they provide for cheaper access to the oil resources. In 2019, the offshore gas fields and oil fields dominated the market overwhelmingly.
  • Rerouting, expansion, and construction of pipelines are getting installed in the Trinidad and Tobago, which can become an opportunity for an increase in the oil and gas upstream sector by decreasing the cost of transportation.
  • Increasing gas production coupled with increasing investment in the oil and gas fields are expected to drive the market in the forecast period.

Trinidad and Tobago Oil and Gas Upstream Market Trends

This section covers the major market trends shaping the Trinidad & Tobago Oil and Gas Upstream Market according to our research experts:

Offshore Oil and Gas Production to Dominate the Market

  • Around 43,056 MMSCF/D of natural gas was produced, mostly, from the offshore fields, In 2019 which decreased from 43,536 MMSCF/D and around 40,131 barrels of oil per day (bopd) was produced from the offshore oilfields alone, in 2019, which fell about 5.65% from 42,540 bopd.
  • In 2019, offshore make approximately 68% of the oil produced with 40,131 bopd being produced in the offshore fields and 18,720 bopd in the onshore fields.
  • As of 2019, BPTT had 15 offshore platforms and two onshore processing facilities. The company is Trinidad & Tobago's largest gas producer, accounting for about 55% of the nation's gas production.
  • Hence, offshore oilfields are expected to dominate the market due to gas reserves being concentrated in the water bodies of the exclusive economic zone.
Crude oil and condensate production

Increasing Gas Production to Drive the Maket

  • In 2018, natural gas production became 29.2 million tons increasing from 27.4 million tons, in 2017. New projects, both onshore and offshore, are the primary reason for the increase in growth of natural gas.
  • In 2019, BPTT commissioned its 15th installation in the offshore sector of Trinidad & Tobago which is expected to have a production capacity of around 600 MMscf/d.
  • Matapal is a new offshore gas project being developed off the coast of Trinidad and Tobago, in 2019. The production capacity of the project is estimated to be 400 million standard cubic feet (mscf) of gas per day, with average annual peak production of approximately 70 million barrels of oil equivalent per day (mboed)
  • Hence, the oil production is expected to dominate the market owing to its large production. It is also likely to drive the market by attracting investment into the industry.
Natural gas production

Trinidad and Tobago Oil and Gas Upstream Industry Overview

The Trinidad and Tobago oil and gas upstream market is consolidated. The major companies include BP PLC, Shell Trinidad & Tobago Limited, The National Gas Company of Trinidad and Tobago Limited, EOG Resources, Inc. and BHP Group PLC.

Trinidad and Tobago Oil and Gas Upstream Market Leaders

  1. BP PLC

  2. Shell Trinidad & Tobago Limited

  3. The National Gas Company of Trinidad and Tobago Limited

  4. EOG Resources, Inc.

  5. BHP Group PLC

  6. Perenco SA

*Disclaimer: Major Players sorted in no particular order

Trinidad and Tobago oil and gas upstream key players.png
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Trinidad and Tobago Oil and Gas Upstream Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Scope of the Study

    2. 1.2 Market Definition

    3. 1.3 Study Assumptions

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET OVERVIEW

    1. 4.1 Introduction

    2. 4.2 Market Size and Demand Forecast in USD billion, till 2025

    3. 4.3 Recent Trends and Developments

    4. 4.4 Government Policies and Regulations

    5. 4.5 Market Dynamics

      1. 4.5.1 Drivers

      2. 4.5.2 Restraint

    6. 4.6 Supply Chain Analysis

    7. 4.7 PESTLE Analysis

  5. 5. MARKET SEGMENTATION

    1. 5.1 Location of Deployment

      1. 5.1.1 Onshore

      2. 5.1.2 Offshore

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Strategies Adopted by Leading Players

    3. 6.3 Company Profiles

      1. 6.3.1 BP PLC

      2. 6.3.2 Shell Trinidad & Tobago Limited

      3. 6.3.3 The National Gas Company of Trinidad and Tobago Limited

      4. 6.3.4 EOG Resources Inc.

      5. 6.3.5 BHP Group PLC.

    4. *List Not Exhaustive

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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Trinidad and Tobago Oil and Gas Upstream Industry Segmentation

The Trinidad and Tobago oil and gas upstream market report include:

Location of Deployment
Onshore
Offshore
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Trinidad and Tobago Oil and Gas Upstream Market Research FAQs

The Trinidad & Tobago Oil and Gas Upstream Market is projected to register a CAGR of less than 4.40% during the forecast period (2024-2029)

BP PLC, Shell Trinidad & Tobago Limited, The National Gas Company of Trinidad and Tobago Limited, EOG Resources, Inc., BHP Group PLC and Perenco SA are the major companies operating in the Trinidad & Tobago Oil and Gas Upstream Market.

The report covers the Trinidad & Tobago Oil and Gas Upstream Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Trinidad & Tobago Oil and Gas Upstream Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Trinidad and Tobago Oil and Gas Upstream Industry Report

Statistics for the 2024 Trinidad and Tobago Oil and Gas Upstream market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Trinidad and Tobago Oil and Gas Upstream analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Trinidad and Tobago Oil and Gas Upstream Industry Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)