Guyana Surpasses T&T In Hydrocarbon Production

  • Guyana now produces more hydrocarbons in the Caribbean region than veteran producer Trinidad and Tobago (T&T) according to recent data. Data from T&T's Ministry of Energy and Energy Industries shows oil and condensate production of 50,246 barrels per day (b/d) in the first four months of 2024. Gas production in the same period averaged almost 2.6Bn standard cubic feet per day (mscf/d) for T&T. Collectively, this amounts to approximately 484,000 barrels of oil equivalent per day (boe/d).
  • Trinidad's hydrocarbon production is on a steady decline, down from approximately 719,000 boe/d in 2015. Notwithstanding, Trinidad is hoping cross-border cooperation with Venezuela brings some gas projects to fruition to help buoy its declining output, including the highly anticipated Dragon project.
  • Guyana, on the other hand, started oil production in December 2019 and is experiencing significant annual increases. ExxonMobil, the sole operator with projects in production, has added an average of 98,000 b/d in the period 2020-2024.
  • In the first four months of 2024, oil production averaged 616,000 b/d. Considering data for May-June, the half-year average jumps to 623,000 b/d, based on data from the Ministry of Natural Resources. While the standardised conversion of hydrocarbons into barrels of oil equivalent per day makes the comparison simple, oil and gas differ significantly in their market value, applications, and the products derived from them.
  • Oil is primarily refined into fuels such as gasoline, diesel, and jet fuel, with a significant portion also used in the production of petrochemicals. Natural gas, which makes up the bulk of Trinidad's production, is in contrast predominantly used for electricity generation, heating, and as a feedstock for chemical production, including fertilisers.
  • Yet, the comparison highlights a significant turning point in the Caribbean's energy landscape. Trinidad and Tobago, a veteran producer with over a century of industry experience, is now seeing its production decline as its reserves mature. Meanwhile, Guyana, having commenced production only five years ago, is experiencing an oil boom.

(Source: Trinidad Express Newspaper)