Did you hear the news about Trinidad and Tobago? At the International Energy Conference and Expo in Guyana, Prime Minister Dr Keith Rowley was like a proud parent showing off his region’s newfound love for crude oil. With significant discoveries in countries like Guyana, Suriname, French Guyana, Belize, and Trinidad and Tobago, oil is no longer on the periphery but has taken center stage in the Caribbean.
Rowley also pointed out that major oil and gas companies are trying to buy up the coasts of Barbados, Grenada, the Bahamas, Cuba, Jamaica, and the Dominican Republic. It’s like a game of Monopoly, but with black gold instead of colorful cash.
However, the problem has always been the lack of funds and resources to conduct proper research and drilling.
however, Trinidad and Tobago has taken the baton to solve that problem once and for all. Port of Spain expressed its willingness to help its Caribbean Community (CARICOM) counterparts in the development of their oil and gas industries. Prime Minister Rowley stated that his country Trinidad and Tobago has adopted a policy to encourage economic cooperation with its regional neighbors in the energy sector.
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From Rags to Riches
Trinidad and Tobago is like the big shot of the region, producing the most of the black gold. According to the US Energy Information Administration (EIA), as of January 2021, Trinidad and Tobago had proven natural gas reserves of a whopping 22.7 trillion cubic feet, which is enough to make you light-headed just thinking about it!
The nation is the sixth-largest exporter of liquefied natural gas (LNG) in the world and the largest exporter in the Western Hemisphere. They also had oil reserves of roughly 243 million barrels, which could probably fill up a few thousand gas tanks.
But you might be surprised at how many islands are also getting in on the action.
For instance, Cuba has been investigating its Gulf of Mexico offshore reserves, which are thought to contain around 20 billion barrels of oil and 9.8 trillion cubic feet of natural gas. The Bahamas and Jamaica are also in the league. Also don’t forget Guyana and its oil discoveries which have been a total game-changer for Guyana’s economy.
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A New OPEC
It’s time to talk about the exciting possibilities of drilling for oil and gas in the Caribbean.
Picture this: a future where the Caribbean islands stand tall as a powerhouse of energy production. The very notion of a potential energy alliance, much like the famed OPEC, sends shivers down our spines. But let’s be realistic, it’s not going to be a walk in the park. The Caribbean region has to navigate through some daunting challenges to reach this lofty goal.
It is uncertain whether the Caribbean islands could compete with the current OPEC member nations in terms of production and pricing, and the history of political unrest in the region is also a cause for concern.
Despite these challenges, there’s a glimmer of hope on the horizon. Bold announcement of Trinidad and Tobago has breathed new life into the region’s energy sector. It’s like the pledge of a rising underdog, and we can’t wait to see how it unfolds.
