Production of natural gas, the main commodity in Trinidad and Tobago (T&T), has been declining ever since 2015. Future gas output is projected to stay below 2017 numbers and then decline at a higher rate after 2024. In order to maintain the same level of production in the mid-term, the country needs to stimulate the exploration sector and pour investments in less explored areas such as deepwater offshore T&T, says GlobalData, a leading data and analytics company.
With respect to exploration, there were seven discovery wells drilled in 2019 and three wells drilled in 2020 with various level of success. For instance, two onshore wells, Cascadura Deep-1 and Chinook-1, spudded in 2020 by Touchstone Exploration in the Ortoire exploration block, encountered significant hydrocarbon reservoirs and their drilling results exceeded pre-drill expectations.
Touchstone Exploration Inc (LON:TXP) is a Canadian-based, international upstream oil and gas company currently active in the Republic of Trinidad and Tobago.