CAPITAL: Port of Spain

MONETARY UNIT: Dollar

REFINING CAPACITY: 245,000 b/cd

OIL PRODUCTION: 125,000 b/d

OIL RESERVES: 584 million bbl

GAS RESERVES: 15.9 tcf

Government-owned National Gas Co. (NGC) estimated in late 1996 that gas reserves at yearend 1995 totaled 18.8 tcf, compared with 13.9 tcf in 1993. The more recent year`s figure included proven and discounted probable and possible reserves.

Trinidad`s crude oil production was on a general decline that began almost 2 decades ago.

The country was riding a major exploration surge dominated by a string of important gas discoveries in the Atlantic Ocean that continued through 1997. Most activity was aimed at gas in the Columbus basin off southeastern Trinidad.

Amoco estimated it found more than 3 tcf of gas and 40 million bbl of oil and condensate off Trinidad during the year. Its late 1997 discoveries included the Renegade and Sparrow wells, Amoco`s eighth and ninth commercial finds off Trinidad since 1995.

BG plc, formerly British Gas, and Texaco 50-50 started up Dolphin field off eastern Trinidad in March 1996 to supply as much as 275 MMcfd to NGC by 2003. Dolphin, with more than 1 tcf of reserves, was producing about 87 MMcfd in early 1997.

Enron Oil & Gas Co. began work in Trinidad when it obtained a 95% working interest in the Southeast Coast Consortium (SECC, previously owned by the Trinidadian government) in 1992. It produced 150 MMcfd of gas and 6,000 b/d of condensate and crude in early 1997 from the SECC, which includes Kiskadee, Ibis, and Pelican fields.

Elf, Amoco, and Repsol signed a production sharing contract covering 400 sq km Block S11(b) off the southeast coast. They committed to acquire 250 sq km of 3D seismic data and drill one wildcat within 3 years. Elf also owns 30% of Block 2c off the Trinidadian coast with operator BHP Petroleum (Trinidad) holding 70%.

BG, Deminex, and Agip were granted a production sharing contract in 1997 for the 230,000 acre North Coast Marine Area 1 license. It consists of two former licenses, DAB West and DAB East, 40-60 km off northern Trinidad. The license contains the Hibiscus, Orchid, Iris, and Poinsettia discoveries, which combined have estimated reserves of more than 3 tcf of gas.

GAS from the single-train, $1 billion LNG complex at Point Fortin, Trinidad, due to start up in 1999, will go to purchasers in the Northeast U.S., Spain, and Puerto Rico.