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BMI View: Shortages of natural gas are expected to persist at least until the start of the Juniper field in late
2017. These supply challenges will continue to disrupt gas exports and comes amid government concerns
over the profitability of liquefied natural gas exports. The government has also called for operators to fully
exploit existing acreage, suggesting the emergence of tensions between officials and upstream players.
While a series of major wells is being planned in 2016, investment has already been delayed due to the
current market conditions, underscoring the impact of lower commodity prices.
The main trends and developments in the Trinidad & Tobago (T&T) oil and gas sector are:
? T&T disclosed plans to finance a new pipeline that would carry gas from Venezuela's Dragon field,
which could contain up to 339bcm of gas. The project would deliver sorely needed new supplies that
could help to ease persistent shortages of gas. However the project has not yet been included in our
forecasts, given uncertainty over the political and economic situation in Venezuela.
? BHP Billiton commenced its offshore drilling campaign alongside its partner Royal Dutch Shell in May,
targeting a major deepwater prospect that was believed to have at least 5bn bbl of oil in place. On August
11, the company announced it has plugged the LeClerc 1 ST01 deepwater well located some 217km
offshore after it encountered natural gas in multiple zones but failed to discover oil. The exploration plan
will test several additional deposits over the next three years, focusing on the discovery of commercial