Reuters has reported that Venezuela recently signed five agreements with Shell to advance oil and gas projects, including the Loran offshore gas field. Loran is a 7-trillion-cubic-foot offshore gas field on the Venezuelan side of the maritime border with Trinidad and Tobago. Shell is currently developing the T&T side of the field with the Manatee project.

The Energy Chamber of Trinidad and Tobago has expressed support for the recently released Financial Bill 2026, which introduces important measures to incentivize the upstream gas sector. Notably, the Bill proposes a reduced royalty rate of 8% on natural gas extracted from certified marginal marine gas fields. This is a decrease from the general royalty rate of 12.5% which is currently applied under the existing Petroleum Regulations.

Barbados has officially opened a new offshore licensing drive, inviting international energy companies to bid on 19 ultra-deepwater blocks. The launch of the 2026 Offshore Petroleum Direct Negotiations creates a three-month window for proposals to explore for oil and natural gas in the island’s waters. Acting Prime Minister and Minister of Energy, Business Development and Commerce, Kerrie Symmonds announced that the pre-qualification period will run until September 1.

UK-headquartered energy major BP and its U.S.-based partner ExxonMobil have reached a final investment decision (FID) to enhance production at the Thunder Horse offshore platform in the U.S. Gulf through a new subsea pump development.

Occidental Petroleum is acquiring a 10% stake in ExxonMobil’s UD(1) deepwater exploration block offshore Trinidad and Tobago, according to exclusive reporting from Reuters. 

Venezuela’s oil exports rose to 1.25 million barrels per day in May, marking the country’s third straight monthly increase, according to shipping data and PDVSA records reviewed by Reuters.

The United States was the largest destination for Venezuela crude in May, receiving around 558,000 barrels per day. India received 427,000 barrels per day, while Europe received 169,000 barrels per day.

The National Gas Company of Trinidad and Tobago (NGC) signed a new gas sales contract with Methanol Holdings (Trinidad) Limited (MHTL), securing natural gas supply for the largest methanol producer on the Point Lisas Industrial Estate.

Atlantic has announced the appointment of Donnie Brown as its new Chief Executive Officer, succeeding Jean Andre Celestain. Brown assumes the role bringing over three decades of experience spanning both upstream and downstream oil and gas operations.

Trinidad and Tobago’s government says it will negotiate the terms of cross-border natural gas arrangements with Venezuela in the best interest of the country, as attention turns to how external gas supplies could support the local energy sector. 

ExxonMobil says Trinidad and Tobago’s offshore geology has similarities with deepwater reservoirs in Guyana and Angola, adding to signs of renewed exploration interest in the country’s deepwater acreage. According to OilNOW, ExxonMobil Vice President of Exploration John Ardill said the company is looking for similar deepwater oil reservoirs offshore Trinidad and Tobago. He made the comments during the Offshore Technology Conference in Houston, where he noted that early interpretation from Exxon’s work offshore Trinidad and Tobago points to comparable deepwater systems.  

The Minister of Energy and Energy Industries, Dr. the Honourable Roodal Moonilal, alongside Minister in the Ministry, the Honourable Ernesto Kesar, and other senior Ministry officials, recently met with representatives from Chevron Corporation. Executives from Heritage Petroleum Company Limited, Paria Fuel Trading Limited, and Guaracara Refining Company Limited were also in attendance.

The International Energy Agency’s Global Energy Review 2026 offers a broad snapshot of how the world’s energy system evolved in 2025, and its central message is that demand continued to rise across all major fuels and technologies, though at very different rates. Overall global energy demand increased by 1.3% in 2025, slower than the 2% growth recorded in 2024, as slightly weaker economic expansion, lower cooling demand and faster improvements in energy intensity helped moderate the pace of growth.  

ExxonMobil is using artificial intelligence and high-performance computing to accelerate the analysis of seismic data from Guyana’s offshore oil fields, a development that could further strengthen the country’s position as one of the world’s fastest-growing oil producers. 

The production of Angostura bitters, one of the world’s most recognised cocktail ingredients, is now powered by solar energy. According to Angostura, the solar photovoltaic system with 432 panels, installed on the roof of the bitters bottling plant, supplies clean, renewable energy to support daily production operations. The system is complemented by a 344-kilowatt Battery Energy Storage System, ensuring efficient energy storage and utilisation across the facility.

ExxonMobil is moving ahead with plans for Guyana’s ninth offshore oil and gas development, with the Haimara discovery expected to anchor the next major project in the Stabroek Block. The company is preparing to submit an environmental application to the Government of Guyana later this month, as it continues to accelerate development across one of the world’s most active offshore petroleum basins.

The TA’ZIZ Methanol Company, a joint venture between TA’ZIZ and Proman, announced today that it has achieved financial close on $2 billion in financing for the UAE’s first world‑scale methanol plant in Al Ruwais Industrial City. The transaction was significantly oversubscribed, underscoring strong global confidence in TA’ZIZ’s strategy and the long-term fundamentals of Abu Dhabi’s industrial growth platform.