Energy in Latin America: Production, Consumption, and Future Growth

By Kang Wu; Cynthia Obadia | Go to book overview

Chapter 8
Trinidad and Tobago

Trinidad and Tobago is a small, English-speaking Caribbean island country located just seven miles off the northeastern coast of Venezuela. Trinidad and Tobago has a high education level and a literacy rate of 97 percent. Its per capita GNP (US$3,670 in 1991) 1 is the highest in Latin America and the Caribbean. However, the economy is experiencing difficulties as the country is burdened with a large foreign debt (US$2.1 billion in early 1992) and a high unemployment rate (about 23% in 1991), although the GDP growth rate has taken a positive turn since 1990 following years of negative growth.

The abundant oil and natural gas resources, in addition to a well-developed heavy industry infrastructure, enabled the island state to become one of the most prosperous countries in the Latin American and Caribbean region, especially in the 1970s. The Trinidad and Tobago economy has been based on oil and gas for two decades. Oil revenues allowed the country to embark on a rapid industrial and infrastructural development program that generated a dramatic increase in domestic consumption of oil in the 1970s. 2 However, Trinidad and Tobago has been in a recession since the end of 1982, owing to its slow adjustment to declining world oil prices. The country experienced an urban unemployment rate of over 20 percent during the late 1980s. During 1990-1991, real GDP grew by an average of 2.4 percent a year. However, real GDP declined again by 0.1 percent in 1992 and by 1 percent in 1993. 3


PRIMARY ENERGY SUPPLY

The most important primary energy sources in Trinidad and Tobago are natural gas and oil. In 1991, the country produced 279,500 boe/d of primary energy, down from 292,500 boe/d in 1980 (Figure 8.1). In 1992, the primary energy

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Energy in Latin America: Production, Consumption, and Future Growth
Table of contents

Table of contents

  • Title Page iii
  • Contents vii
  • Illustrations xi
  • Abbreviations, Acronyms, and Measurements xvii
  • Foreword xix
  • Preface xxi
  • Chapter 1 - Regional Overview of Latin American Energy 1
  • Notes 12
  • Chapter 2 - Mexico 27
  • Notes 36
  • Chapter 3 - Venezuela 49
  • Notes 57
  • Chapter 4 - Brazil 69
  • Notes 78
  • Chapter 5 - Argentina 91
  • Notes 101
  • Chapter 6 - Colombia 113
  • Notes 120
  • Chapter 7 - Ecuador 133
  • Notes 140
  • Chapter 8 - Trinidad and Tobago 151
  • Notes 159
  • Chapter 9 - Peru 173
  • Notes 180
  • Chapter 10 - Bolivia 193
  • Notes 200
  • Chapter 11 - Chile 211
  • Notes 217
  • Chapter 12 - Future Energy Growth in Latin America 229
  • Notes 240
  • Appendixes 253
  • References 299
  • Index 303
  • About the Author *
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