Oil and Gas in Trinidad and Tobago

Trinidad & Tobago is one of the oldest oil producing countries in the world. Commercial oil production began in 1908 in the La Brea area. Today Trinidad and Tobago is one of the wealthiest and most developed nations in the Caribbean and is listed in the top 66 High-Income countries in the world. In the Caribbean, it is one of the richest countries, with a per capita GDP of USD $28,400 (2009). In November 2011, the OECD removed Trinidad and Tobago from its list of Developing Countries. Trinidad and Tobago has earned a reputation as an excellent investment site for international businesses and has one of the highest growth rates and per capita incomes in Latin America. Recent growth has been fueled by investments in liquefied natural gas (LNG), petrochemicals, and steel. Additional petrochemical, aluminum, and plastics projects are in various stages of planning. Trinidad and Tobago is the leading Caribbean producer of oil and gas, and its economy is heavily dependent upon these resources but it also supplies manufactured goods, notably food and beverages, as well as cement to the Caribbean region. Oil and gas account for about 40% of GDP and 80% of exports, but only 5% of employment.

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