Has Trinidad overcome its gas shortfall issues?

"Overall, the concern about the gas situation is abating as energy companies have committed to geo-technical, exploration and development activities aimed at identifying and producing new gas fields."

Trinidad and Tobago energy minister Franklin Khan made the comment at a sector event in Port of Spain this week where he said that natural gas production in the country has reached its highest output in years.

Indeed, latest ministry numbers show that output in April was 101Mm3/d (3.579Bf3/d), up 8% compared to the same month in 2017 and 2016, but still below historical highs.

The official said that production is forecast to stabilize at around 4.1Bf3/d in 2020-22 as projects such as Angelin, Colibri and De Novo come online.

VENEZUELA

Khan also highlighted potential supply from the Dragon field in Venezuela and the Loran Manatee cross-border development with the neighboring country.

At a meeting (pictured) in Caracas on Wednesday, officials from both countries discussed the Dragon project and agreed to meet again in two weeks to seek finalization of agreement terms.

The Trinidad delegation was led by Stuart Young, minister in the office of the attorney general and legal affairs and minister in the office of the prime minister, and included the president of National Gas Company of Trinidad and Tobago.

The Venezuelan delegation was led by oil minister and PDVSA president Manuel Quevedo. Shell executives also were in attendance.

OIL

Khan was less enthusiastic about the island's crude production prospects amid falling output despite tax incentives and said that a turnaround lay with state oil company Petrotrin.

The NOC accounts for 59% of oil production which has been stymied by limited exploration as a result of financial constraints, according to the minister.

"Arising from the mandate given by government to the board of directors that Petrotrin must become a viability entity, the board has been taking steps to manage and reduce costs and to expand its productive base," he said.