Contents:

1 2 1.1 List of Tables 8 1.2 List of Figures 10 2 Trinidad and Tobago Energy Sector 11 2.1 Trinidad and Tobago Energy Sector, Market Overview 11 2.2 Trinidad and Tobago Energy Sector, Natural Gas 12 2.2.1 Trinidad and Tobago Natural Gas, Overview 12 2.2.2 Trinidad and Tobago Natural Gas, Supply and Demand Balance 12 2.2.3 Trinidad and Tobago Natural Gas, Regulatory Structure 18 2.2.4 Trinidad and Tobago Natural Gas, Infrastructure 19 3 Trinidad and Tobago Fiscal Regime 20 3.1 Trinidad and Tobago Petroleum Fiscal Environment 20 3.2 License Terms 21 3.3 Key Fiscal Terms 22 3.4 Sample Cashfolws Calculations 29 4 Trinidad and Tobago Gas Upstream Investment Environment Benchmarking 30 4.1 Introduction 30 4.2 The Overall Ranking 30 4.3 Upstream Fiscal Attractiveness 31 4.3.1 Maximum Government Take Index 32 4.3.2 Maximum State Participation Index 32 4.3.3 Domestic Market Obligation Index 32 4.4 Gas Sector Performance 33 4.4.1 Exploration Activity 35 4.4.2 Gas Production 36 4.4.3 Gas Reserves 36 4.4.4 Gas Consumption 37 4.5 Economic Performance 37 4.5.1 GDP Growth Index 39 4.5.2 FDI Confidence Index 39 4.5.3 Balance of Trade Index 39 4.6 Socio-Political Performance 39 4.6.1 Democracy Index 41 4.6.2 Governance Index 41 5 Trinidad and Tobago Exploration and Production Sector 42 5.1 Trinidad and Tobago Exploration and Production Sector, Country Snapshot 42 5.1.1 Trinidad and Tobago Exploration and Production Sector, Key Data 42 5.1.2 Trinidad and Tobago Exploration and Production Sector, Natural Gas Assets Map 42 5.2 Trinidad and Tobago Exploration and Production Sector, Marketed Natural Gas Production 43 5.2.1 Trinidad and Tobago Exploration and Production Sector, Marketed Natural Gas-Historical Production 43 5.2.2 Trinidad and Tobago Exploration and Production Sector, Marketed Natural Gas Production by Assets 44 5.2.3 Trinidad and Tobago Exploration and Production Sector, Marketed Equity Weighted Natural Gas Production by Company 45 5.2.4 Trinidad and Tobago Exploration and Production Sector, Market Share (%) based on Marketed Natural Gas Production 47 5.3 Trinidad and Tobago Exploration and Production Sector, Marketed Natural Gas Forecasts 48 5.3.1 Trinidad and Tobago Exploration and Production Sector, Marketed Natural Gas Forecasted Production 48 5.3.2 Trinidad and Tobago Exploration and Production Sector, Gross Revenue Forecast 48 5.3.3 Trinidad and Tobago Exploration and Production Sector, Government Take Forecast 49 5.3.4 Trinidad and Tobago Exploration and Production Sector, Contractor Take Forecast 49 5.4 Trinidad and Tobago Exploration And Production Sector, Natural Gas Asset Details 50 5.4.1 Trinidad and Tobago Exploration And Production Sector, Active Natural Gas Asset Details 50 5.4.2 Trinidad and Tobago Exploration And Production Sector, Planned Natural Gas Asset Details 50 6 Trinidad and Tobago Pipeline Sector 51 6.1 Trinidad and Tobago Pipeline Sector, Key Data 51 6.2 Trinidad and Tobago Pipeline Sector, An Overview 51 6.3 Trinidad and Tobago Pipeline Sector, Comparison of Key Natural Gas Pipeline Companies 51 6.4 Trinidad and Tobago Pipeline Sector, Natural Gas Pipelines 53 7 Trinidad and Tobago LNG Sector 55 7.1 Trinidad and Tobago LNG Sector, Key Data 55 7.2 Trinidad and Tobago LNG Sector, Liquefaction 55 7.2.1 Trinidad and Tobago LNG Sector, Liquefaction, Total Liquefaction Capacity 55 7.2.2 Trinidad and Tobago LNG Gas Sector, Liquefaction, Market Share By Company 56 7.2.3 Trinidad and Tobago LNG Sector, Asset- Wise Liquefaction Capacity 57 8 Profile of BHP Billiton 59 8.1 BHP Billiton, Key Information 59 8.2 BHP Billiton, Company Overview 59 8.3 BHP Billiton, Business Description 59 8.3.1 BHP Billiton, Business Description, Business Overview 59 8.3.2 BHP Billiton, Business Description, Aluminium 60 8.3.3 BHP Billiton, Business Description, Base Metals 61 8.3.4 BHP Billiton, Business Description, Diamonds and Specialty Products 62 8.3.5 BHP Billiton, Business Description, Energy Coal 63 8.3.6 BHP Billiton, Business Description, Iron Ore 64 8.3.7 BHP Billiton, Business Description, Manganese 65 8.3.8 BHP Billiton, Business Description, Metallurgical Coal 66 8.3.9 BHP Billiton, Business Description, Petroleum 67 8.3.10 BHP Billiton, Business Description, Stainless Steel Materials 68 8.3.11 BHP Billiton, Business Description, Major Products and Services 69 8.4 BHP Billiton, Value Chain Analysis 71 8.4.1 BHP Billiton, Value Chain Analysis, Upstream 71 8.4.2 BHP Billiton, Value Chain Analysis, Midstream 72 8.4.3 BHP Billiton, Value Chain Analysis, Retail 73 8.5 BHP Billiton, SWOT Analysis 74 8.5.1 BHP Billiton, SWOT Analysis, Overview 74 8.5.2 BHP Billiton, SWOT Analysis, Strengths 74 8.5.3 BHP Billiton, SWOT Analysis, Weaknesses 76 8.5.4 BHP Billiton, SWOT Analysis, Opportunities 76 8.5.5 BHP Billiton, SWOT Analysis, Threats 77 8.6 BHP Billiton, Revenue Analysis 79 8.6.1 BHP Billiton, Revenue by Segment 79 8.6.2 BHP Billiton, Revenue by Geography 80 8.7 BHP Billiton, Financial and Operational Review 82 8.7.1 Financial Statements 82 8.7.2 Financial Ratios 83 9 Profile of BG Group plc 84 9.1 BG Group plc, Key Information 84 9.2 BG Group plc, Company Overview 84 9.3 BG Group plc, Business Description 84 9.3.1 BG Group plc, Business Description, Business Overview 84 9.3.2 BG Group plc, Business Description, Exploration and Production 84 9.3.3 BG Group plc, Business Description, Liquefied Natural Gas 87 9.3.4 BG Group plc, Business Description, Power and Other activities 88 9.3.5 BG Group plc, Business Description, Transmission and Distribution 90 9.3.6 BG Group plc, Business Description, Major Products and Services 91 9.4 BG Group plc, Value Chain Analysis 92 9.4.1 BG Group plc, Value Chain Analysis, Upstream 92 9.4.2 BG Group plc, Value Chain Analysis, Midstream 93 9.4.3 BG Group plc, Value Chain Analysis, Downstream 94 9.5 BG Group plc, SWOT Analysis 94 9.5.1 BG Group plc, SWOT Analysis, Overview 94 9.5.2 BG Group plc, SWOT Analysis, Strengths 95 9.5.3 BG Group plc, SWOT Analysis, Weaknesses 96 9.5.4 BG Group plc, SWOT Analysis, Opportunities 97 9.5.5 BG Group plc, SWOT Analysis, Threats 98 9.6 BG Group plc, Revenue Analysis 99 9.6.1 BG Group plc, Revenue Analysis, Revenue by Segment 99 9.6.2 BG Group plc, Revenue Analysis, Revenue by Geography 100 9.7 BG Group plc, Financial and Operational Review 101 9.7.1 Financial Statements 101 9.7.2 Financial Ratios 102 10 EOG Resources, Inc. 103 10.1 EOG Resources, Inc., Key Information 103 10.2 EOG Resources, Inc., Company Overview 103 10.3 EOG Resources, Inc., Business Description 103 10.3.1 EOG Resources, Inc., Business Description, Business Overview 103 10.3.2 EOG Resources, Inc., Business Description, Exploration and Production 104 10.3.3 EOG Resources, Inc., Business Description, Major Products and Services 105 10.4 EOG Resources, Inc., Value Chain Analysis 106 10.4.1 EOG Resources, Inc., Value Chain Analysis, Upstream 106 10.5 EOG Resources, Inc., SWOT Analysis 107 10.5.1 EOG Resources, Inc., SWOT Analysis, Overview 107 10.5.2 EOG Resources, Inc., SWOT Analysis, Strengths 108 10.5.3 EOG Resources, Inc., SWOT Analysis, Weaknesses 108 10.5.4 EOG Resources, Inc., SWOT Analysis, Opportunities 109 10.5.5 EOG Resources, Inc., SWOT Analysis, Threats 110 10.6 EOG Resources, Inc, Revenue Analysis 111 10.6.1 EOG Resources, Inc, Revenue by Segment 111 10.6.2 EOG Resources, Inc, Revenue by Geography 112 10.7 EOG Resources, Inc, Financial and Operational Review 113 10.7.1 Financial Statements 113 10.7.2 Financial Ratios 114 11 Financial Deals Landscape 115 11.1 Detailed Deal Summary 115 11.1.1 Acquisition 115 11.1.2 Equity Offerings 116 11.1.3 Partnerships 117 11.1.4 Asset Transactions 119 12 Recent Developments 125 12.1 License Rounds 125 12.1.1 Dec 11, 2008: Trinidad And Tobago To Open Bidding For New Exploration Licenses In 2009 125 12.2 License Awards 125 12.2.1 Dec 30, 2008: Trinidad And Tobago To Sign PSC For Marine Block 125 12.3 Strategy and Business Expansion 126 12.3.1 Apr 07, 2009: LN Mittal To Quit From Trinidad JV With ONGC 126 12.4 Recent Discoveries 126 12.4.1 Aug 13, 2008: Canadian Superior Announces Natural Gas Discovery Offshore Trinidad 126 12.5 Drilling and Production Updates 127 12.5.1 May 15, 2009: Leni Gas & Oil Provides Production Update 127 12.5.2 Apr 14, 2009: Leni Gas & Oil Provides Production Update 129 12.5.3 Mar 05, 2009: Leni Gas & Oil Provides Production Update 131 12.5.4 Mar 03, 2009: Challenger Energy Announces Initial Flow Test Results From Endeavour Well, Offshore Trinidad 132 12.5.5 Feb 12, 2009: BPTT To Place Savonette Platform Into Production 132 12.5.6 Feb 09, 2009: Fluor Announces First Gas At Poinsettia Platform Offshore Trinidad 133 12.5.7 Feb 03, 2009: Leni Provides Production Update 134 12.5.8 Jan 23, 2009: Canadian Superior To Commence Flow Test On Endeavour Well, Offshore Trinidad 135 12.5.9 Jan 09, 2009: Leni Provides Production Update 136 12.5.10 Dec 29, 2008: Canadian Superior Updates On Endeavour Well Offshore Trinidad & Tobago 137 12.5.11 Dec 11, 2008: Leni Provides November 2008 Production Update 138 12.5.12 Dec 08, 2008: Canadian Superior Temporally Suspends Drilling On Endeavour Well In Intrepid Block, Trinidad & Tobago 139 12.5.13 Nov 12, 2008: Maxim Reaches Total Depth At ER-100 Well In South Erin Field, Trinidad 140 12.5.14 Oct 29, 2008: Challenger Updates On Drilling Activities At Endeavour Well In Offshore Trinidad 140 12.5.15 Oct 23, 2008: Maxim Drills South Erin Well In Trinidad 141 12.5.16 Oct 14, 2008: Canadian Superior Runs 13-5/8" Casing On Endeavour Well In Intrepid Block 5(c) Offshore Trinidad 141 12.5.17 Oct 09, 2008: Maxim To Drill Four Wells At South Erin Oil Field In Trinidad 142 12.6 Financial Announcements 142 12.6.1 Aug 25, 2008: Primera Energy Declares 2Q 2008 Results 142 12.7 Other Significant Developments 144 12.7.1 May 15, 2009: Petro Andina Completes Airborne Geophysical Survey In Trinidad & Tobago 144 12.7.2 May 01, 2009: Petro Andina Provides Q1 2009 Operational Update 144 12.7.3 Feb 17, 2009: Repsol To Increase Investments In Trinidad And Tobago 147 12.7.4 Dec 30, 2008: OMEL Energy To Invest $500 Million In Trinidad And Tobago 148 12.7.5 Sep 08, 2008: Trinidad And Tobago To Help Uganda In Oil Managment 149 12.8 New Contracts Announcements 149 12.8.1 Nov 03, 2008: KBR Receives $1.2 Million From BG T&T For Two Pre-FEED Studies 149 13 Appendix 151 13.1 Methodology 151 13.1.1 Coverage 152 13.1.2 Secondary Research 153 13.1.3 Primary Research 153 13.1.4 E&P Forecasts 153 13.1.5 Midstream Forecasts 155 13.1.6 Expert Panel Validation 155 13.2 Contact Us 155 13.3 About Us 155 13.4 Disclaimer 156 Executive Summary 1.1 List of Tables Table 1: Trinidad and Tobago , Historical and Forecasted Production and Consumption of Natural Gas, 1996-2020 13 Table 2: Trinidad and Tobago , Historical and Forecasted Exports of Natural Gas, 1996-2020 15 Table 3: Trinidad and Tobago , Historical Reserves of Natural Gas, 1996-2008 17 Table 4: Trinidad and Tobago, Production Bonus For Standard Area, 2007 22 Table 5: Trinidad and Tobago, Production Bonus For Deepwater Area, 2007 23 Table 6: Trinidad and Tobago, Rentals Rates For Standard Area, 2007 23 Table 7: Trinidad and Tobago, Rentals Rates For Deepwater Area, 2007 24 Table 8: Trinidad and Tobago, Cost Recovery For Standard Areas, 2007 25 Table 9: Trinidad and Tobago, Cost Recovery For Deepwater Areas, 2007 25 Table 10: Trinidad and Tobago, Profit Oil/Gas For Standard Areas, 2007 26 Table 11: Trinidad and Tobago, Profit Oil/Gas For Deepwater Areas, 2007 26 Table 12: South and Central America, Investment Benchmarking, Overall Country Rankings, 2008 30 Table 13: South and Central America, Investment Benchmarking, Upstream Fiscal Attractiveness, 2008 31 Table 14: South and Central America, Investment Benchmarking, Gas Sector Performance, 2008 33 Table 15: South and Central America, Investment Benchmarking, Economic Performance, 2008 37 Table 16: South and Central America, Country Standings, Economic Performance, 2008 38 Table 17: South and Central America, Investment Benchmarking, Socio-Political Performance, 2008 40 Table 18: South and Central America, Country Standings, Socio-Political Performance, 2008 40 Table 19: Trinidad and Tobago, Natural Gas Key Statistics, 2008 42 Table 20: Trinidad and Tobago, Total Marketed Natural Gas Production (MMcf), 2001-2008 43 Table 21: Trinidad and Tobago, Marketed Natural Gas Production (MMcf), by Assets, 2001-2008 44 Table 22: Trinidad and Tobago, Marketed Equity Weighted Natural Gas Production (MMcf), by Company, 2001-2008 45 Table 23: Trinidad and Tobago, Market Share (%) based on Marketed Natural Gas Production, 2001-2008 47 Table 24: Trinidad and Tobago, Marketed Natural Gas Production(MMcf), Forecast by Assets, 2009-2014 48 Table 25: Trinidad and Tobago, Forecasted Assets-wise Gross Revenue(000$), 2009-2014 48 Table 26: Trinidad and Tobago, Projected Assets-wise Total Government Take(000$), 2009-2014 49 Table 27: Trinidad and Tobago, Projected Assets-wise Total Contractor Take(000$), 2009-2014 49 Table 28: Trinidad and Tobago, Active Gas Field Assets Details 50 Table 29: Trinidad and Tobago, Planned Gas Field Assets Details 50 Table 30: Trinidad and Tobago, Pipeline Key Statistics, 2008 51 Table 31: Trinidad and Tobago, Natural Gas Pipelines Length By Company (Km), 2008 51 Table 32: Trinidad and Tobago, Natural Gas Pipelines, 2008 53 Table 33: Trinidad and Tobago, Natural Gas Pipelines, 2008 (contd.) 54 Table 34: Trinidad and Tobago, LNG Key Statistics, 2008 55 Table 35: Trinidad and Tobago Liquefaction Capacity (Million Tonnes), 2000-2015 55 Table 36: Trinidad and Tobago, Liquefaction Capacity, Company- Wise (Million Tonnes), 2000-2015 56 Table 37: Trinidad & Tobago, Liquefaction Capacity (Million Tonnes), 2000-2015 57 Table 38: BHP Billiton, Key Facts 59 Table 39: BHP Billiton, SWOT Analysis 74 Table 40: BHP Billiton, Revenue by Segment, USD Million, 2003-2007 80 Table 41: BHP Billiton, Revenue by Geography, USD Million, 2003-2007 81 Table 42: BHP Billiton, Financial Statements, USD Million, 2003-2007 82 Table 43: BHP Billiton, Financial Ratios, USD Million, 2003-2007 83 Table 44: BG Group plc, Key Facts 84 Table 45: BG Group plc, SWOT Analysis 95 Table 46: BG Group plc, Revenue by Segment, GBP Million, 2003-2007 99 Table 47: BG Group plc, Revenue by Geography, GBP Million, 2003-2007 100 Table 48: BG Group plc, Financial Statements, GBP Million, 2003-2007 101 Table 49: BG Group plc, Financial Ratios, GBP Million, 2003-2007 102 Table 50: EOG Resources, Inc., Key Facts 103 Table 51: EOG Resources, Inc., SWOT Analysis 107 Table 52: EOG Resources, Inc., Revenue by Segment, USD Thousand, 2003-2007 111 Table 53: EOG Resources, Inc., Revenue by Geography, USD Thousand, 2003-2007 112 Table 54: EOG Resources, Inc., Financial Statements, USD Thousand, 2003-2007 113 Table 55: EOG Resources, Inc., Financial Ratios, USD Thousand, 2003-2007 114 Table 56: Pioneer Exploration To Acquire Macallan Oil & Gas 115 Table 57: Primera Energy Completes Private Placement Of $1.48 Million 116 Table 58: Bayfield Energy To Form Joint Venture With Petroleum Company of Trinidad and Tobago 117 Table 59: Benchmark Energy Enters Into Joint Venture Agreement With Fram Exploration 118 Table 60: Canadian Superior Energy To Sell 25% Interest In Its Intrepid Block 5(c) Offshore And Related Discoveries 119 Table 61: Talisman Energy To Sell Its Trinidad Assets To Sinopec And CNOOC 120 Table 62: Talisman Energy To Sell Its Assets In Netherlands, Denmark And Trinidad 122 Table 63: Kroes Energy Sells Its 25% Interest In The Icacos Block To Leni Gas & Oil 123 Table 64: EOG Acquires U(b) Block From Primera Oil & Gas 124

Companies Mentioned

BHP Billiton BG Group plc EOG Resources, Inc.