Contents:

1 2 1.1 List of Tables 9 1.2 List of Figures 11 2 Trinidad and Tobago Energy Sector 12 2.1 Trinidad and Tobago Energy Sector, Market Overview 12 2.2 Trinidad and Tobago Energy Sector, Crude Oil 13 2.2.1 Trinidad and Tobago Crude Oil, Overview 13 2.2.2 Trinidad and Tobago Crude Oil, Supply and Demand Balance 13 2.2.3 Trinidad and Tobago Crude Oil, Regulatory Structure 19 2.2.4 Trinidad and Tobago Crude Oil, Infrastructure 19 3 Trinidad and Tobago Fiscal Regime 21 3.1 Trinidad and Tobago Petroleum Fiscal Environment 21 3.2 License Terms 22 3.3 Key Fiscal Terms 23 3.4 Sample Cashfolws Calculations 30 4 Trinidad and Tobago Oil Upstream Investment Environment Benchmarking 31 4.1 Introduction 31 4.2 The Overall Ranking 31 4.3 Upstream Fiscal Attractiveness 32 4.3.1 Maximum Government Take Index 33 4.3.2 Maximum State Participation Index 33 4.3.3 Domestic Market Obligation Index 33 4.4 Oil Sector Performance 34 4.4.1 Exploration Activity 36 4.4.2 Oil Production 37 4.4.3 Oil Reserves 37 4.4.4 Oil Consumption 38 4.4.5 Refining Industry 38 4.5 Economic Performance 38 4.5.1 GDP Growth Index 40 4.5.2 FDI Confidence Index 40 4.5.3 Balance of Trade Index 41 4.6 Socio-Political Performance 41 4.6.1 Democracy Index 43 4.6.2 Governance Index 43 5 Trinidad and Tobago Exploration and Production Sector 44 5.1 Trinidad and Tobago Exploration and Production Sector, Country Snapshot 44 5.1.1 Trinidad and Tobago Exploration and Production Sector, Key Data 44 5.1.2 Trinidad and Tobago Exploration and Production Sector, Crude Oil Assets Map 44 5.2 Trinidad and Tobago Exploration and Production Sector, Gross Crude Oil Production 45 5.2.1 Trinidad and Tobago Exploration and Production Sector, Gross Crude Oil-Historical Production 45 5.2.2 Trinidad and Tobago Exploration and Production Sector, Gross Crude Oil Production by Assets 46 5.2.3 Trinidad and Tobago Exploration and Production Sector, Gross Equity Weighted Crude Oil Production by Company 47 5.2.4 Trinidad and Tobago Exploration and Production Sector, Market Share (%) based on Gross Equity Weighted Crude Oil Production 48 5.3 Trinidad and Tobago Exploration and Production Sector, Gross Crude Oil Forecasts 50 5.3.1 Trinidad and Tobago Exploration and Production Sector, Gross Crude Oil Forecasted Production 50 5.3.2 Trinidad and Tobago Exploration and Production Sector, Gross Revenue Forecast 50 5.3.3 Trinidad and Tobago Exploration and Production Sector, Government Take Forecast 51 5.3.4 Trinidad and Tobago Exploration and Production Sector, Contractor Take Forecast 51 6 Trinidad and Tobago Pipeline Sector 52 6.1 Trinidad and Tobago Pipeline Sector, Key Data 52 6.2 Trinidad and Tobago Pipeline Sector, An Overview 52 6.3 Trinidad and Tobago Pipeline Sector, Comparision of Key Crude Oil Pipeline Companies 52 6.4 Trinidad and Tobago Pipeline Sector, Comparision of Key Petroleum Product Pipeline Companies 53 6.5 Trinidad and Tobago Pipeline Sector, Crude Oil Pipelines 54 6.6 Trinidad and Tobago Pipeline Sector, Petroleum Products Pipelines 54 7 Trinidad and Tobago Refining Sector 55 7.1 Trinidad and Tobago Refining Sector, Key Data 55 7.2 Trinidad and Tobago Refining Sector, An Overview 55 7.2.1 Trinidad and Tobago Refining Sector, Total Refining Capacity 55 7.3 Trinidad and Tobago Refining Sector, Capacity- Wise Market Share by Company 56 7.4 Trinidad and Tobago Refining Sector, Crude Distillation Unit Capacity 57 7.5 Refining Industry In Trinidad And Tobago, Fluid Catalytic Cracking Capacity 57 7.6 Refining Industry In Trinidad And Tobago, Hydrocracking Capacity 57 8 Trinidad and Tobago Oil and Chemicals Storage Sector 58 8.1 Trinidad and Tobago Oil and Chemicals Storage Sector, Key Data 58 8.2 Trinidad and Tobago Oil and Chemicals Storage Sector, An Overview 58 8.2.1 Trinidad and Tobago Oil and Chemicals Storage Sector, Total Storage Capacity 58 8.3 Trinidad and Tobago Oil and Chemicals Storage Sector, Capacity-Wise Market Share By Company 60 8.4 Trinidad and Tobago Oil and Chemicals Storage Sector, Storage Capacity 61 9 Profile of BHP Billiton 62 9.1 BHP Billiton, Key Information 62 9.2 BHP Billiton, Company Overview 62 9.3 BHP Billiton, Business Description 62 9.3.1 BHP Billiton, Business Description, Business Overview 62 9.3.2 BHP Billiton, Business Description, Aluminium 63 9.3.3 BHP Billiton, Business Description, Base Metals 64 9.3.4 BHP Billiton, Business Description, Diamonds and Specialty Products 65 9.3.5 BHP Billiton, Business Description, Energy Coal 66 9.3.6 BHP Billiton, Business Description, Iron Ore 67 9.3.7 BHP Billiton, Business Description, Manganese 68 9.3.8 BHP Billiton, Business Description, Metallurgical Coal 69 9.3.9 BHP Billiton, Business Description, Petroleum 70 9.3.10 BHP Billiton, Business Description, Stainless Steel Materials 71 9.3.11 BHP Billiton, Business Description, Major Products and Services 72 9.4 BHP Billiton, Value Chain Analysis 74 9.4.1 BHP Billiton, Value Chain Analysis, Upstream 74 9.4.2 BHP Billiton, Value Chain Analysis, Midstream 75 9.4.3 BHP Billiton, Value Chain Analysis, Retail 76 9.5 BHP Billiton, SWOT Analysis 77 9.5.1 BHP Billiton, SWOT Analysis, Overview 77 9.5.2 BHP Billiton, SWOT Analysis, Strengths 77 9.5.3 BHP Billiton, SWOT Analysis, Weaknesses 79 9.5.4 BHP Billiton, SWOT Analysis, Opportunities 79 9.5.5 BHP Billiton, SWOT Analysis, Threats 80 9.6 BHP Billiton, Revenue Analysis 82 9.6.1 BHP Billiton, Revenue by Segment 82 9.6.2 BHP Billiton, Revenue by Geography 83 9.7 BHP Billiton, Financial and Operational Review 85 9.7.1 Financial Statements 85 9.7.2 Financial Ratios 86 10 Profile of BG Group plc 87 10.1 BG Group plc, Key Information 87 10.2 BG Group plc, Company Overview 87 10.3 BG Group plc, Business Description 87 10.3.1 BG Group plc, Business Description, Business Overview 87 10.3.2 BG Group plc, Business Description, Exploration and Production 88 10.3.3 BG Group plc, Business Description, Liquefied Natural Gas 90 10.3.4 BG Group plc, Business Description, Power and Other activities 92 10.3.5 BG Group plc, Business Description, Transmission and Distribution 93 10.3.6 BG Group plc, Business Description, Major Products and Services 94 10.4 BG Group plc, Value Chain Analysis 95 10.4.1 BG Group plc, Value Chain Analysis, Upstream 96 10.4.2 BG Group plc, Value Chain Analysis, Midstream 96 10.4.3 BG Group plc, Value Chain Analysis, Downstream 97 10.5 BG Group plc, SWOT Analysis 98 10.5.1 BG Group plc, SWOT Analysis, Overview 98 10.5.2 BG Group plc, SWOT Analysis, Strengths 98 10.5.3 BG Group plc, SWOT Analysis, Weaknesses 99 10.5.4 BG Group plc, SWOT Analysis, Opportunities 100 10.5.5 BG Group plc, SWOT Analysis, Threats 101 10.6 BG Group plc, Revenue Analysis 102 10.6.1 BG Group plc, Revenue Analysis, Revenue by Segment 102 10.6.2 BG Group plc, Revenue Analysis, Revenue by Geography 103 10.7 BG Group plc, Financial and Operational Review 104 10.7.1 Financial Statements 104 10.7.2 Financial Ratios 105 11 EOG Resources, Inc. 106 11.1 EOG Resources, Inc., Key Information 106 11.2 EOG Resources, Inc., Company Overview 106 11.3 EOG Resources, Inc., Business Description 106 11.3.1 EOG Resources, Inc., Business Description, Business Overview 106 11.3.2 EOG Resources, Inc., Business Description, Exploration and Production 107 11.3.3 EOG Resources, Inc., Business Description, Major Products and Services 108 11.4 EOG Resources, Inc., Value Chain Analysis 109 11.4.1 EOG Resources, Inc., Value Chain Analysis, Upstream 109 11.5 EOG Resources, Inc., SWOT Analysis 110 11.5.1 EOG Resources, Inc., SWOT Analysis, Overview 110 11.5.2 EOG Resources, Inc., SWOT Analysis, Strengths 111 11.5.3 EOG Resources, Inc., SWOT Analysis, Weaknesses 111 11.5.4 EOG Resources, Inc., SWOT Analysis, Opportunities 112 11.5.5 EOG Resources, Inc., SWOT Analysis, Threats 113 11.6 EOG Resources, Inc, Revenue Analysis 114 11.6.1 EOG Resources, Inc, Revenue by Segment 114 11.6.2 EOG Resources, Inc, Revenue by Geography 115 11.7 EOG Resources, Inc, Financial and Operational Review 116 11.7.1 Financial Statements 116 11.7.2 Financial Ratios 117 12 Financial Deals Landscape 118 12.1 Detailed Deal Summary 118 12.1.1 Acquisition 118 12.1.2 Equity Offerings 119 12.1.3 Partnerships 120 12.1.4 Asset Transactions 122 13 Recent Developments 128 13.1 License Rounds 128 13.1.1 Dec 11, 2008: Trinidad And Tobago To Open Bidding For New Exploration Licenses In 2009 128 13.2 License Awards 128 13.2.1 Dec 30, 2008: Trinidad And Tobago To Sign PSC For Marine Block 128 13.3 Strategy and Business Expansion 129 13.3.1 Apr 07, 2009: LN Mittal To Quit From Trinidad JV With ONGC 129 13.4 Recent Discoveries 130 13.4.1 Aug 13, 2008: Canadian Superior Announces Natural Gas Discovery Offshore Trinidad 130 13.5 Drilling and Production Updates 131 13.5.1 May 15, 2009: Leni Gas & Oil Provides Production Update 131 13.5.2 Apr 14, 2009: Leni Gas & Oil Provides Production Update 132 13.5.3 Mar 05, 2009: Leni Gas & Oil Provides Production Update 134 13.5.4 Mar 03, 2009: Challenger Energy Announces Initial Flow Test Results From Endeavour Well, Offshore Trinidad 135 13.5.5 Feb 12, 2009: BPTT To Place Savonette Platform Into Production 136 13.5.6 Feb 09, 2009: Fluor Announces First Gas At Poinsettia Platform Offshore Trinidad 136 13.5.7 Feb 03, 2009: Leni Provides Production Update 137 13.5.8 Jan 23, 2009: Canadian Superior To Commence Flow Test On Endeavour Well, Offshore Trinidad 138 13.5.9 Jan 09, 2009: Leni Provides Production Update 139 13.5.10 Dec 29, 2008: Canadian Superior Updates On Endeavour Well Offshore Trinidad & Tobago 140 13.5.11 Dec 11, 2008: Leni Provides November 2008 Production Update 141 13.5.12 Dec 08, 2008: Canadian Superior Temporally Suspends Drilling On Endeavour Well In Intrepid Block, Trinidad & Tobago 142 13.5.13 Nov 12, 2008: Maxim Reaches Total Depth At ER-100 Well In South Erin Field, Trinidad 143 13.5.14 Oct 29, 2008: Challenger Updates On Drilling Activities At Endeavour Well In Offshore Trinidad 143 13.5.15 Oct 23, 2008: Maxim Drills South Erin Well In Trinidad 144 13.5.16 Oct 14, 2008: Canadian Superior Runs 13-5/8" Casing On Endeavour Well In Intrepid Block 5(c) Offshore Trinidad 144 13.5.17 Oct 09, 2008: Maxim To Drill Four Wells At South Erin Oil Field In Trinidad 145 13.6 Financial Announcements 146 13.6.1 Aug 25, 2008: Primera Energy Declares 2Q 2008 Results 146 13.7 Other Significant Developments 147 13.7.1 May 15, 2009: Petro Andina Completes Airborne Geophysical Survey In Trinidad & Tobago 147 13.7.2 May 01, 2009: Petro Andina Provides Q1 2009 Operational Update 148 13.7.3 Feb 17, 2009: Repsol To Increase Investments In Trinidad And Tobago 150 13.7.4 Dec 30, 2008: OMEL Energy To Invest $500 Million In Trinidad And Tobago 151 13.7.5 Sep 08, 2008: Trinidad And Tobago To Help Uganda In Oil Managment 152 13.8 New Contracts Announcements 152 13.8.1 Nov 03, 2008: KBR Receives $1.2 Million From BG T&T For Two Pre-FEED Studies 152 14 Appendix 154 14.1 Methodology 154 14.1.1 Coverage 155 14.1.2 Secondary Research 156 14.1.3 Primary Research 156 14.1.4 E&P Forecasts 156 14.1.5 Midstream Forecasts 158 14.1.6 Expert Panel Validation 158 14.2 Contact Us 158 14.3 About Us 158 14.4 Disclaimer 159 Executive Summary 1.1 List of Tables Table 1: Trinidad and Tobago , Historical and Forecasted Production and Consumption of Crude Oil, 1996-2020 14 Table 2: Trinidad and Tobago, Historical and Forecasted Exports of Crude Oil, 1996-2020 16 Table 3: Trinidad and Tobago , Historical Reserves of Crude Oil, 1996-2008 18 Table 4: Trinidad and Tobago, Production Bonus For Standard Area, 2007 23 Table 5: Trinidad and Tobago, Production Bonus For Deepwater Area, 2007 24 Table 6: Trinidad and Tobago, Rentals Rates For Standard Area, 2007 24 Table 7: Trinidad and Tobago, Rentals Rates For Deepwater Area, 2007 25 Table 8: Trinidad and Tobago, Cost Recovery For Standard Areas, 2007 26 Table 9: Trinidad and Tobago, Cost Recovery For Deepwater Areas, 2007 26 Table 10: Trinidad and Tobago, Profit Oil/Gas For Standard Areas, 2007 27 Table 11: Trinidad and Tobago, Profit Oil/Gas For Deepwater Areas, 2007 27 Table 12: South and Central America, Investment Benchmarking, Overall Country Rankings, 2008 31 Table 13: South and Central America, Investment Benchmarking, Upstream Fiscal Attractiveness, 2008 32 Table 14: South and Central America, Investment Benchmarking, Oil Sector Performance, 2008 34 Table 15: South and Central America, Investment Benchmarking, Economic Performance, 2008 39 Table 16: South and Central America, Country Standings, Economic Performance, 2008 39 Table 17: South and Central America, Investment Benchmarking, Socio-Political Performance, 2008 41 Table 18: South and Central America, Country Standings, Socio-Political Performance, 2008 42 Table 19: Trinidad and Tobago, Crude Oil Key Statistics, 2008 44 Table 20: Trinidad and Tobago, Total Gross Crude Oil Production (MMBBLs), 2001-2008 45 Table 21: Trinidad and Tobago, Gross Crude Oil Production (MMBBLs), by Assets, 2001-2008 46 Table 22: Trinidad and Tobago, Gross Equity Weighted Crude Oil Production (MMBBLs), by Company, 2001-2008 47 Table 23: Trinidad and Tobago, Market Share (%) based on Gross Equity Weighted Crude Oil Production, 2001-2008 48 Table 24: Trinidad and Tobago, Gross Crude Oil Production (MMBBLs), Forecast by Assets, 2009-2014 50 Table 25: Trinidad and Tobago, Forecasted Assets-wise Gross Revenue(000$), 2009-2014 50 Table 26: Trinidad and Tobago, Projected Assets-wise Total Government Take (000$), 2009-2014 51 Table 27: Trinidad and Tobago, Projected Assets-wise Total Contractor Take (000$), 2009-2014 51 Table 28: Trinidad and Tobago, Pipeline Key Statistics, 2008 52 Table 29: Trinidad and Tobago, Crude Oil Pipeline Length by Company (Km), 2008 52 Table 30: Trinidad and Tobago, Petroleum Product Pipeline Length by Company (Km), 2008 53 Table 31: Trinidad and Tobago, Crude Oil Pipelines, 2008 54 Table 32: Trinidad and Tobago, Petroleum Product Pipelines, 2008 54 Table 33: Trinidad and Tobago, Refinery Key Statistics, 2008 55 Table 34: Trinidad and Tobago, Total Refining Capacity (MMTPA), 2000- 2013 55 Table 35: Trinidad and Tobago, Refining Capacity Company-wise (MMTPA), 2000-2013 56 Table 36: Trinidad and Tobago, Crude Distillation Unit Capacity (MMTPA), 2000-2013 57 Table 37: Trinidad and Tobago, Fluid Catalytic Cracking Unit Capacity (MMTPA), 2000-2013 57 Table 38: Trinidad And Tobago, Hydrocracking Unit Capacity MMTPA), 2000-2013 57 Table 39: Trinidad and Tobago, Oil Storage Key Statistics, 2008 58 Table 40: Trinidad and Tobago, Total Oil and Chemicals Storage Capacity (Thousand M3), 2000- 2013 58 Table 41: Trinidad and Tobago, Oil and Chemicals Storage Capacity Company-wise (Thousand M3), 2000-2013 60 Table 42: Trinidad and Tobago, Storage Capacity (Thousand M3), 2000-2013 61 Table 43: BHP Billiton, Key Facts 62 Table 44: BHP Billiton, SWOT Analysis 77 Table 45: BHP Billiton, Revenue by Segment, USD Million, 2003-2007 83 Table 46: BHP Billiton, Revenue by Geography, USD Million, 2003-2007 84 Table 47: BHP Billiton, Financial Statements, USD Million, 2003-2007 85 Table 48: BHP Billiton, Financial Ratios, USD Million, 2003-2007 86 Table 49: BG Group plc, Key Facts 87 Table 50: BG Group plc, SWOT Analysis 98 Table 51: BG Group plc, Revenue by Segment, GBP Million, 2003-2007 102 Table 52: BG Group plc, Revenue by Geography, GBP Million, 2003-2007 103 Table 53: BG Group plc, Financial Statements, GBP Million, 2003-2007 104 Table 54: BG Group plc, Financial Ratios, GBP Million, 2003-2007 105 Table 55: EOG Resources, Inc., Key Facts 106 Table 56: EOG Resources, Inc., SWOT Analysis 110 Table 57: EOG Resources, Inc., Revenue by Segment, USD Thousand, 2003-2007 114 Table 58: EOG Resources, Inc., Revenue by Geography, USD Thousand, 2003-2007 115 Table 59: EOG Resources, Inc., Financial Statements, USD Thousand, 2003-2007 116 Table 60: EOG Resources, Inc., Financial Ratios, USD Thousand, 2003-2007 117 Table 61: Pioneer Exploration To Acquire Macallan Oil & Gas 118 Table 62: Primera Energy Completes Private Placement Of $1.48 Million 119 Table 63: Bayfield Energy To Form Joint Venture With Petroleum Company of Trinidad and Tobago 120 Table 64: Benchmark Energy Enters Into Joint Venture Agreement With Fram Exploration 121 Table 65: Canadian Superior Energy To Sell 25% Interest In Its Intrepid Block 5(c) Offshore And Related Discoveries 122 Table 66: Talisman Energy To Sell Its Trinidad Assets To Sinopec And CNOOC 123 Table 67: Talisman Energy To Sell Its Assets In Netherlands, Denmark And Trinidad 125 Table 68: Kroes Energy Sells Its 25% Interest In The Icacos Block To Leni Gas & Oil 126 Table 69: EOG Acquires U(b) Block From Primera Oil & Gas 127

Companies Mentioned

BHP Billiton BG Group plc EOG Resources, Inc.