The Central Bank of Trinidad and Tobago (CBTT) is continuing to bank on new projects in the energy sector as the source of economic recovery in the country following a three-year recession extending from 2014 to 2016.
Even with the fall-off in refining output due to the closure of the Petrotrin refinery, the CBTT reported “evidence of an energy-led recovery in economic activity,” in its most recent (2018) annual report.
The CBTT said the boost to natural gas output from the Juniper project positively affected downstream production of petrochemicals and liquid natural gas (LNG).
Juniper is BP Trinidad and Tobago (BPTT’) s 14th offshore platform in Trinidad and its sixth to be constructed at the fabrication yard in La Brea, Trinidad.
LNGworldnews.com at mid-year reported that Trinidad and Tobago’s liquefied natural gas (LNG) production increased 32.4 percent year-on-year in June to 2.52 million cubic meters.
Meanwhile, production at Atlantic LNG’s 14.8 mtpa Point Fortin facility rose 8.7 percent, according to the monthly data provided by Trinidad’s Ministry of Energy.
LNGworldnews said LNG production at the Point Fortin liquefaction facility located in southwestern Trinidad started to pick up last year helped by new upstream gas developments such as BP’s Juniper project and the onshore compression project.
The site indicates Atlantic produces LNG from natural gas delivered from offshore fields north and east of Trinidad owned and operated by affiliates of the company’s members and others. This LNG company is owned by BP, Shell, China’s sovereign wealth fund CIC unit Summer Soca and Trinidad’s state-owned company NGC.