Perenco has become Trinidad and Tobago’s second-largest oil and gas producer, following a string of asset acquisitions that significantly expanded its share of national output, according to Q1 2025 production data reviewed by the Energy Chamber of Trinidad and Tobago.
The Anglo-French independent now accounts for 22% of the country’s oil and gas production on a barrel of oil equivalent (boe) basis, a metric that combines crude oil, condensate and natural gas volumes based on energy content.
Perenco surpasses Shell (20%), EOG Resources (15%), and trails only BP Trinidad and Tobago (bpTT), which holds a 35% share. State-owned Heritage Petroleum accounts for 6%, while other producers make up the remaining 2%.
The surge in Perenco’s position follows its acquisition of bpTT’s Cashima, Amherstia, Flamboyant and Immortelle (CAFI) fields earlier this year, and the recent completion of its purchase of Woodside Energy’s Greater Angostura producing assets.
Woodside’s operations included over 300 million standard cubic feet per day (mmscf/d) of gas (about 12% of the country’s total) and more than 1,600 barrels per day (b/d) of oil production.
Last year, Perenco produced just 1.7% of the 2.5 bscf/d natural gas in Trinidad, and 10.8% of the 50,854 b/d crude oil and condensate, government data shows.
Perenco has said its strategy focuses on optimizing mature and marginal fields. The company has signaled further growth with its 2024 drilling success at the Onyx field in the TSP license area, where it encountered significant natural gas volumes.
The Energy Ministry said it welcomes Perenco as a ‘major gas producer’.
The government is examining ways to encourage upstream investment, with a view to boosting primarily gas production, which has been in a long-term decline.
