Trinidad and Tobago’s oil production is projected to recover over the next three years, moving from years of decline to a stronger outlook by 2029, Energy and Energy Industries Minister Dr. Roodal Moonilal announced Wednesday.
Moonilal gave the forecast during his feature address at the Society of Petroleum Engineers Trinidad and Tobago Section’s 2026 Mature Basins Energy Symposium. He framed oil as a continuing part of the country’s energy future, as Trinidad and Tobago works to extend production from mature fields and pursue new opportunities in deeper and more complex reservoirs.
“After years of decline, the outlook for the period 2027 to 2029 shows meaningful recovery,” Moonilal said. On a fiscal-year basis, oil production is forecast to rise from 57,300 barrels per day (b/d) in 2026 to about 62,100 b/d in 2027. It is projected to climb to 74,600 b/d by 2029.
The recovery is expected to come from several areas, including liquids-rich gas developments, work by bpTT and EOG Resources in the TSP area, Perenco’s activity in the Poui field, and Heritage Petroleum’s land and offshore programs.
Moonilal pointed to the 2025 Beryl discovery in the TSP Deep Area of the Columbus Basin as one example of remaining potential in mature acreage. The discovery was made in a basin that has been producing since 1972.
Trinidad and Tobago is a mature hydrocarbon province, with commercial production dating back 118 years. The Southern Basin has been producing since 1908, while the Trinidad Northern Areas, more commonly known as Trinmar, has been producing since 1955. The minister said older basins still hold value when companies apply stronger reservoir management, enhanced recovery, infill drilling, sidetracks, recompletions, workovers, seismic reprocessing, and better geological modelling.
“Advances in technology have demonstrated that there are opportunities to unlock hydrocarbons in both mature and frontier basins,” he said.
Heritage Petroleum is expected to make the largest contribution to the national oil recovery effort. On land, the company plans to target deeper horizons within its existing producing acreage.
For the remainder of 2026, Heritage’s land operations will include five development wells and one exploration well in the Preau Block. Its lease operators, farmouts, and enhanced production sharing contractors are projected to drill 20 development wells.
Heritage will also offer idle wells to operators for reactivation and workovers. The company has invited bids from operators for three blocks: PS-3, Moruga North, and Tabaquite.
Offshore, the East Soldado Programme has regained momentum. Production from wells drilled earlier this year is expected to come onstream by August 2026, adding oil production at 1,300 b/d.
Two additional development wells are planned for 2026. Heritage is also planning an exploration well in the South West Soldado field in the coming months to test a previously unexplored area.
