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Natural gas production increases by almost four per cent in T&T

Natural gas production in Trinidad and Tobago increased almost four per cent in the third quarter which drove increased production in petrochemicals and liquefied natural gas (LNG), the Central Bank of Trinidad and Tobago (CBTT) revealed.  

Natural gas production increased by 3.7 per cent in the third quarter.

Domestic natural gas production increased by 3.7 per cent to 3,604 million cubic feet per day (mmcf/d) over the same period last year, the CBTT said in its Monetary Policy Announcement released on Friday, December 27.

The improvement was achieved even with maintenance shutdowns at two if the nation’s large natural gas platforms, the CBTT said, and drove petrochemicals up by 23.3 per cent while LNG grew eight per cent.

“An uptick in local sales of cement suggests that construction activity is responding to the rise in public sector infrastructural investments.”

– The Central Bank of Trinidad and Tobago

“At the same time, over the third quarter of 2019, crude oil production remained at its level of just under 60,000 barrels per day during the first half of the year, compared with a daily average of around 64,000 barrels per day in calendar 2018, a reflection of ongoing maturation of the oil fields,” the CBTT said.

Meanwhile, the CBTT also said there were “modest expansions” the non-energy sectors, particularly in distribution and finance during the third quarter. The Central Bank said “An uptick in local sales of cement suggests that construction activity is responding to the rise in public sector infrastructural investments.”

The Central Bank of Trinidad and Tobago in Port of Spain.

What’s more, credit in the private sector by the consolidated financial system slowed to 4.3 per cent in September year-on-year when compared to 4.5 per cent in July.

Consumer credit also grew to 5.5 per cent, as a result of growth in debt consolidation and refinancing, however, business credit further shrank to 5.5 per cent.

Headline inflation for the 12 months up to November 2019 slowed to 0.3 per cent, according to figures from the Central Statistical Office even as core inflation (excluding food prices) decelerated to 0.6 per cent.

The next Monetary Policy Announcement is due on March 27, 2020.