In the 1990s, the hydrocarbon sector moved from producing mainly oil to producing mostly natural gas.
A major expansion of the Piarco International Airport in Trinidad, the country's main airport, was completed in 2001.
Digicel and Laqtel were granted cellular licenses in 2005, breaking the monopoly of the sole provider of mobile telephony services TSTT.
Economic growth reached 12.6% in 2006 and 5.5% in 2007 as prices for oil, petrochemicals, and LNG remained high, and as foreign direct investment continued to grow to support expanded capacity in the energy sector. Trinidad and Tobago's infrastructure is adequate by regional standards.
Economic growth reached 12.6% in 2006 and 5.5% in 2007 as prices for oil, petrochemicals, and LNG remained high, and as foreign direct investment continued to grow to support expanded capacity in the energy sector. Trinidad and Tobago's infrastructure is adequate by regional standards.
In 2011, the total contribution of World Travel & Tourism to global GDP was USD6,346.1bn (9.1% of GDP). In 2011, the Caribbean region received 20.9 million tourists, a growth of 4.4% over the same period in 2010.
Finance minister Winston Dookeran unveiled the largest budget (TT$54b) in the history of the nation in October 2011, reiterating the government's resolve to transform the economy, which will boost investor confidence in the nation.
In 2011, the total contribution of World Travel & Tourism to global GDP was USD6,346.1bn (9.1% of GDP). In 2011, the Caribbean region received 20.9 million tourists, a growth of 4.4% over the same period in 2010.
Trinidad and Tobago received an estimated 402,058 visitors in 2011, representing 2% of all Caribbean visitor arrivals. Due to the multifaceted nature of tourism, its economic impact is not confined to any single industry.
According to the EIA, in 2013, proven crude oil reserves were estimated at 728 million barrels, while 3P natural gas reserves were 25.24 trillion cubic feet (Tcf) (Ryder Scott Audit 2012). Trinidad and Tobago houses one of the largest natural gas processing facilities in the Western Hemisphere.
Overall production and export for ammonia, methanol, urea, and UAN decreased to 428,240 metric monnes (MT) in 2013 from 564,892 MT in 2012. The Ministry of Energy and Energy Affairs (MEEA) has encouraged investment in projects for "downstream" processing of petrochemicals, such as the manufacture of calcium chloride and dimethyl ether (DME).
The European Union Council on Tourism and Trade (EUCTT) has also awarded the nation as being "The Best Tourist Destination for 2012".
The number of international tourists worldwide grew by 5% (22 million) between January and June 2012, with Asia and the Pacific (+8%) leading the growth among the regions.
Given this growth rate a total of one billion international tourists are expected by the end of 2012.
According to the EIA, in 2013, proven crude oil reserves were estimated at 728 million barrels, while 3P natural gas reserves were 25.24 trillion cubic feet (Tcf) (Ryder Scott Audit 2012). Trinidad and Tobago houses one of the largest natural gas processing facilities in the Western Hemisphere.
Trinidad Generation Unlimited power plant, the second combined cycle plant in the country, with a generating capacity of 720MW, was opened on 31 October 2013. With 11 ammonia plants and seven methanol plants, Trinidad and Tobago was the world's largest exporter of ammonia and the second largest exporter of methanol in 2013, according to IHS Global Insight.
Overall production and export for ammonia, methanol, urea, and UAN decreased to 428,240 metric monnes (MT) in 2013 from 564,892 MT in 2012. The Ministry of Energy and Energy Affairs (MEEA) has encouraged investment in projects for "downstream" processing of petrochemicals, such as the manufacture of calcium chloride and dimethyl ether (DME).
The Central Bank predicted real GDP growth in Trinidad and Tobago of 2.6% in 2014, up from 1.6% in 2013, as the country's energy sector recovered from maintenance delays that reduced activity in the third quarter of 2013. MEEA predicted that production of liquefied natural gas (LNG) would rise by 2.0% to 40.0bcm in 2014, following an estimated 1.5% drop in production in 2013.
Production of petrochemicals was also expected to rebound, following an 8.0% drop in output in the third quarter of 2013, as several companies aligned their production schedules with the natural gas shortfall. ==Job market== In addition the thriving energy sector, the nation controls 0.25% of the world's natural gas with a GDP of twenty billion US dollars (US$20.5b).
The Central Bank predicted real GDP growth in Trinidad and Tobago of 2.6% in 2014, up from 1.6% in 2013, as the country's energy sector recovered from maintenance delays that reduced activity in the third quarter of 2013. MEEA predicted that production of liquefied natural gas (LNG) would rise by 2.0% to 40.0bcm in 2014, following an estimated 1.5% drop in production in 2013.
However, as of 2015 TSTT and Digicel remain the only mobile providers. Internet connectivity has seen the participation of much more players than mobile telephone with the presence of five (5) broadband service providers/ISPs. ==Energy sector== Trinidad and Tobago has been involved in the petroleum sector for over one hundred years.
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