Natural gas demand is expected to increase by 20 mboe/d, reaching 87 mboe/d in 2045. Its low CO2 emissions, compared to coal and oil, make gas the backup option in the energy transition. The share of natural gas in the primary energy mix is expected to increase to 24.2% in 2045, surpassing coal by 2030. In 2019, Trinidad and Tobago was the world's tenth-largest exporter of liquefied natural gas to all continents. Its main markets were the United States, Spain, the Dominican Republic, and China, while Peru is the second-largest exporter of liquefied natural gas in the region.
Oil demand is projected to increase by 15.4 mboe/d, reaching 106.1 mboe/d in 2045. Although its share in the energy mix will decline, oil will remain the fuel with the largest share. Oil trade flows are crucial to balancing the market and reducing potential demand and supply shocks. In a global context of high inflation and geopolitical tensions, energy policies seek to limit global warming and build a resilient and sustainable future. Hydrocarbon prices are facing an era of uncertainty due to the energy transition and geopolitical changes. How can the producing countries of Trinidad and Tobago and Peru in the region maximize the value of their recent investments in natural gas and oil, ensuring their usefulness in the future while moving toward a sustainable and resilient energy transition?
