Guyana and Suriname (interesting)8 Aug 2020 23:14
Oil production peaked at 193,000 bopd in 2007 and has suffered a steep decline since then, to 87,000 bopd in 2018. The fall in output is mainly attributed to the increasing difficulty of extracting resources from the country’s ageing fields, as well as low oil prices and subsequently decreased exploration efforts. In 2017 and 2018, headway was made in EOR projects aimed at mitigating the crude production decline. A recent study indicated the presence of 3 billion barrels of heavy oil in the country’s previously explored onshore and offshore acreage, putting EOR back into the spotlight. Companies have been turning their focus to mature areas, such as Perenco in the Teak, Samaan and Poui fields.
On top of the positive developments taking place in the country, Trinidadian companies expect to benefit from movements in neighbouring oil and gas producers. The country is uniquely positioned to serve as a hub for the region’s nascent hydrocarbons markets. Countries such as Guyana and Suriname are looking to take advantage of Trinidad and Tobago’s oil and gas expertise, as well as its port infrastructure.
The Oil & Gas Year Trinidad & Tobago 2019 was produced in collaboration with both the Energy Chamber and the Ministry of Energy and Energy Industri