Trinidadian cargoes sold 15%-55% higher than HH prices: energy ministry. January exports dropped 9% on month: SGPCI
Angeles Rodriguez, Platts S&P Global
PORT SPAIN
EnergiesNet.com 02 11 2-25
Trinidad and Tobago has boosted its returns from LNG production by securing prices for its LNG that have averaged 15%-55% higher than Henry Hub prices, Trinidadian energy minister Stuart Young said Feb. 10.
The increase in revenue was “a direct result of work we began in 2018 securing prices for our gas,” Young said at a conference in Port of Spain, without providing specific figures on the revenue increase.
The government has successfully negotiated and secured a “basket of indices,” which now includes pricing from Asia, Europe, and liquefied natural gas, as the new and accepted formula for Trinidadian LNG, Young added.
The second-largest LNG exporter in the Americas after the US, Trinidad and Tobago has faced challenges in natural gas production due to a lack of upstream investment and issues with existing projects in recent years.
Authorities have lately been pushing producers to boost their investment and deliver their output to increase the country’s gas supply, under a strategy of maximizing the exploitation of Trinidadian resources, Young said, citing under-development projects such as Shell’s Manatee and BP’s Cypre gas offshore project as examples.
Most recently, the government launched its largest-ever auction for deepwater oil and gas exploration and production areas in January, which involves 26 blocks.
Trinidad’s January LNG exports
Young’s remarks come at a time when January LNG exports from Trinidad and Tobago experienced a slight decline of 9% on month, S&P Global Commodity Insights data showed Feb. 10.
LNG exports from the Caribbean nation, produced at the country’s sole LNG facility, Atlantic LNG, totaled 37.18 Bcf in January, down from 40.89 Bcf the previous month.
Despite the drop, January volumes are the second-highest level for Trinidadian exports since May 2023, only surpassed by the volumes exported in December 2024. January exports were 4% higher than the volumes exported in the same month last year.
Colombia was the primary destination for these exports, totaling 10.74 Bcf, up from 10.60 Bcf in December, marking the highest monthly level of Trinidadian exports to Colombia since Platts, part of Commodity Insights, began recording the data in 2016. Colombia has been a constant destination for Trinidad exports every month since October of last year.
The volumes exported to Colombia were shipped on three cargoes, the same number as in December. All three cargoes have already been delivered.
The second-largest volume of Trinidadian LNG exports went to the UK, with 3.66 Bcf, down from 7.06 Bcf in December. This marks the fourth consecutive month that Trinidad and Tobago has exported LNG to the UK.
At 3.54 Bcf, South Korea was the third-largest destination for Trinidadian exports, up from 3.53 Bcf in December. The December volumes were the first Trinidadian exports to South Korea since September 2022.
Puerto Rico, Chile, and Malta tied as the fourth destination by volume, with 3.53 Bcf. While Trinidadian LNG volumes have been exported to Puerto Rico for 17 months straight, a milestone unmatched by any of the other January destinations, Malta last received Trinidadian exports in September 2024.
Other destinations for Trinidadian exports in January included Croatia with 3.52 Bcf, and Canada with 1.57 Bcf.
Another 3.52 Bcf exported in January had yet to be nominated to unspecified destinations, the data showed.
The January exports were shipped on 11 cargoes, down from 15 the previous month.
spglobal.com 02 10 2025
