Trinidad and Tobago secures US$1 Billion in oil investments




newsamericasnow.com reports that Trinidad and Tobago’s energy sector is set to receive a major boost, with an estimated US$1.08 billion in capital expenditure from contracts awarded in the country’s most recent upstream licensing rounds.

T&T Energy Minister Stuart Young, speaking at a local industry event, emphasized that this significant investment is expected to drive a surge in domestic upstream activity over the next five years.
Shallow Water and Onshore Investments to Strengthen Energy Sector

The bulk of the funding—more than US$1 billion—will come from the shallow water licensing round, with first gas production expected between 2029 and 2036, according to Minister Young.

Production sharing contracts (PSCs) for these offshore blocks were awarded to:
✅ EOG Resources Trinidad – Blocks NCMA 4(a) and Lower Reverse L
✅ BP Exploration Operating – Block NCMA2
✅ BG International – Block U(c)

Meanwhile, an additional US$84.3 million will be invested in onshore developments, with contracts awarded for the Aripero, Buenos Ayres, Charuma, Cipero, and St. Mary’s blocks.
Expanding Opportunities: Deepwater Licensing and Venezuela Collaboration

To further expand energy production, the Trinidad and Tobago government has launched a new bidding round for 26 deepwater blocks as part of its ongoing efforts to attract foreign investment.

Additionally, Minister Young highlighted progress on cross-border projects with the Nicolas Maduro government in Venezuela, particularly the Dragon and Manakin-Cocuina fields.

“Work is currently in progress to achieve a final investment decision for the Dragon gas project, with first gas targeted for 2027. Meanwhile, seismic data review for Manakin-Cocuina is expected to be completed by the third quarter of this year,” Young stated.

Prime Minister Dr. Keith Rowley reaffirmed the government’s commitment to advancing these projects in partnership with Venezuela and key energy stakeholders, emphasizing their importance for regional energy security.

With over $1 billion in new energy investments, deep water exploration opportunities, and cross-border collaborations with controversial Venezuela, Trinidad and Tobago is positioning itself for a new era of energy sector growth. These developments will not only boost domestic production but also reinforce the country’s role as a key energy supplier in the Caribbean and beyond.

Photograph of Trinidad and Tobago courtesy of tripelle.com

Article by Americanewsnow.com

Comments

Post a Comment

Popular posts from this blog

Kintyre makes US$300,000 investment in Sevens Ice

Image
  Tyrone Wilson Chairman, President and CEO Kintyre Holdings (JA) Limited (KHL) and Seven Kingston Limited, owners of the Seven Ultra Lounge and Restaurant, on January 14 announced a joint venture to launch Sevens Ice. Kintyre Holdings has made an investment in excess of US$300,000 in acquiring an associate stake in Seven and also establishing the start-up for the ice venture. "This initiative addresses Jamaica’s growing demand for high-quality ice, with operations set to begin in Q1 2025," Wilson stated. Additionally, the venture has acquired a cold storage facility to manage its start-up capacity and is exploring the importation of ice to bridge the gap between demand and supply, ensuring a consistent and reliable market presence. Distribution Expansion Wilson said that Sevens Ice has secured a distribution point in Kingston and is in the process of setting up another in St. Catherine to serve the western and central parts of the island. This expansion will ensure broade...
Read more

BCMG increases risk management oversight: Launches surveys-as-a -service

Image
Insurance brokers in Jamaica often send underwriters themselves to survey risks; however, they frequently do not have the technical knowledge required to produce the best results. BCMG Insurance Brokers Limited (BCMG) in response, introduced - in support of the wider brokerage industry - an updated surveys-as-a service product which has been embraced by the wider community as groundbreaking. Senior Risk Manager on the New Business Team of BCMG David Lazarus explains, “We saw where the technical details and in-depth knowledge of the intricacies of business operations were not always being taken into consideration. This was seen as an opportunity to expand into this space.” In 2020, Billy Craig Insurance Brokers and Maritime General Insurance Brokers, MGI, signed an agreement to merge their operations to form BCMG Insurance Brokers Limited. Following the union, the new company has been exploring options to expand the service capability of the brokerage and increase value for clients...
Read more

Headhunting: The art of finding talent in a shrinking labour market

Image
KPMG, PricewaterhouseCoopers (PwC) and BDO -chartered accounting firms and business consultancies - are the main companies to which Jamaican corporates turn for headhunting services. However, there are also sole practitioners who are finding their feet in a climate in which human resource management and talent hunting is in big demand. Also known as an executive search, headhunting differs from traditional recruitment. It is used to hire high level employees such as CEOs. The work of headhunters is getting harder in Jamaica. Wilfred Baghaloo - Partner, Advisory Services - PwC Jamaica comments, “We simply do not have enough qualified persons to provide necessary services to our clients locally and internationally in the financial advisory space. I believe we have reached the point (maybe four years ago) where we need to rethink our working permit immigration plan /approach. “Allowing more immigration and work permits will help us in the financial advisory space and also the country...
Read more