Trinidad and Tobago Faces Economic Shift as oil Production Declines
Port of Spain,Trinidad and Tobago – Trinidad and Tobago is confronting a pivotal moment as its decades-long reliance on oil and gas revenue faces a stark reality: dwindling reserves. The nation, historically a Caribbean economic powerhouse fueled by energy exports, is now actively seeking diversification strategies to avoid economic disruption, with experts warning that proactive measures are crucial for a enduring future.
for generations, oil and gas have underpinned Trinidad and Tobago’s economy, funding social programs and infrastructure advancement. Though, declining production rates are forcing a re-evaluation of the country’s economic model. This shift impacts not only the national budget but also the livelihoods of a notable portion of the workforce and the future prosperity of the twin-island nation. The urgency stems from the slow but steady decline in energy production, prompting calls for immediate government action to stimulate choice sectors and ensure a just transition for workers.
Economist and activist, anya Sagewan, believes Trinidad and Tobago possesses the potential to become a global food exporter. Meanwhile, Michael J Cooper, a former energy ministry analyst specializing in energy finance, anticipates growth in banking and insurance sectors with a focused development strategy over the next decade. Both experts point to a range of viable alternatives, including manufacturing, tourism, film, entertainment, shipping, shipbuilding, ship repair, and expanded food production.
The need for diversification is underscored by past environmental consequences of the oil industry. A 2013 oil pipeline leak in La Brea serves as a stark reminder of the risks associated with continued dependence on fossil fuels.
“We have a very educated workforce, with many highly skilled people relative to other developing countries,” Cooper stated, emphasizing the nation’s existing strengths. “While energy production decline is slow, the government should act early to stimulate other sectors.”
advocates like Billy are pushing for a new economic model centered on renewable energy,regenerative agriculture,digital services,community tourism,and the creative economy. Central to this vision is a commitment to supporting workers through re-skilling initiatives, robust support systems, and clear pathways into emerging industries.
“we need policies empowering workers to transition with dignity… placing them at the heart of the redesign,” Billy explained, highlighting the importance of community involvement in shaping the nation’s economic future.
