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The National Gas Company of Trinidad and Tobago Limited (NGC)has announced the completion and execution of a new Gas Sales Contract (GSC) with Point Lisas Nitrogen Limited (PLNL) that guarantees the continued supply of natural gas to PLNL. The agreement represents a significant milestone for both organisations following a period of constructive engagement aimed at arriving at terms that advanced the interest of both entities.
The Cabinet of Trinidad and Tobago has approved the award of production-sharing contracts for offshore Blocks 24 and 25 to the China National Offshore Oil Corporation (CNOOC).
Shell has entered into several oil and gas agreements with the Venezuelan government, according to reports from Reuters. The agreements cover opportunities in both offshore gas and onshore oil and gas sectors.
Global carbon capture, utilisation, and storage (CCUS) deployment is projected to expand significantly over the next decade, with the steepest growth expected before 2030. Based on project-level data from the International Energy Agency (IEA) CCUS Projects Database 2025, cumulative operational carbon capture capacity could rise from just over 100 MtCO₂ per year in 2025 to more than 1,200 MtCO₂ per year by 2030, and approximately 1,370 MtCO₂ per year by 2035, assuming currently announced projects come online as scheduled.
Dr the Honourable Roodal Moonilal Minister of Energy and Energy Industries and Permanent Secretary (Ag.), Ministry of Energy and Energy Industries along with executives of the National Gas Company of Trinidad and Tobago Limited (NGC) met with executives from Nutrien Limited (Nutrien) on Monday 2nd March 2026 at the Ministry of Energy and Energy Industries International Waterfront Complex, Head Office, Port-of-Spain
As local oil, gas and petrochemical facilities reach and exceed their design life, there may be a strong business case for their continued operation. However, to justify this facility owners must undertake a Life Extension (LE) assessment to demonstrate that, despite degradation that may have occurred over time, these facilities can continue to function within existing HSE regulations at acceptable levels of risk and reliability. The assessment typically takes the form of a risk evaluation, and this article outlines three key factors, Organizational Readiness, Material Degradation and Obsolescence¹, that should be considered for aged offshore oil and gas facilities. These factors can also be applied to onshore and other petrochemical facilities with comparable high-risk profiles. Additionally, the UK’s Safety Case regulatory framework² is referenced, given its use in the local upstream and downstream sectors and the integration of LE as part of the framework.
Methanol production remains a critical component of Trinidad and Tobago’s downstream energy sector, contributing significantly to manufacturing output, foreign exchange earnings, and employment. Leveraging its natural gas resources, the country has established itself as one of the world's leading exporters of methanol, with production largely oriented toward international markets. As a value-added, gas-based industry, methanol plays an important role in supporting industrial activity beyond the extractive industry.
Perenco Trinidad & Tobago has completed a significant electrification upgrade across the Teak, Samaan and Poui (TSP) offshore fields, advancing efforts to extend the productive life of one of the country’s longest-producing offshore assets.
Exolum, Methanex Corporation and Ørsted, have announced the launch of the United Kingdom’s (U.K.) first commercially ready biomethanol storage and supply service for shipping at the Port of Immingham. The Port of Immingham is the U.K.’s largest port by cargo volume and a critical gateway for energy and bulk materials, making it an important hub for maritime operations and low‑carbon fuel supply.
In the 2026 budget, Guyana has designated GY$118.9 million, or approximately US$570,000, for the technical review of ExxonMobil’s proposed Longtail development. Natural Resources Minister Vickram Bharrat announced the funding during the consideration of budget estimates, explaining that the allocation prepares the government for the likely submission of a field development plan for this eighth project in the Stabroek Block.
Transocean has announced plans to acquire Valaris in an all-stock transaction valued at approximately US$5.8 billion. The deal will create one of the world’s largest and most diversified offshore drilling contractors and reflects accelerating consolidation in the offshore drilling sector as companies position themselves for increased deepwater and ultra-deepwater activity.
The Energy Chamber of Trinidad & Tobago warmly welcomes the rolling back of US sanctions on the activities of oil and gas companies operating in Venezuela, including both the major operator companies and service companies and contractors.
The U.S. Treasury Department has issued a general license authorizing the provision of U.S. goods, technology, software, or services for the exploration, development, or production of oil and gas in Venezuela.
Since the closure of the Pointe-a-Pierre refinery in 2018, Trinidad and Tobago has transitioned to exporting all of its domestic crude oil production to the international market. This shift resulted in an immediate and significant spike in export volumes.
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Recent weeks have produced developments in international oil politics that would once have been expected to rattle markets: a U.S. operation to apprehend Venezuela’s president, explicit statements by President Trump that the United States intends to “run” Venezuela during a transition, and a renewed emphasis on control of strategically important oil assets in the Western Hemisphere. Yet despite the scale of these events, oil prices have remained broadly stable. Brent has not surged, volatility has been contained, and markets appear to be treating the developments as significant politically but manageable economically.
According to the EIA, the benchmark natural gas spot price at the Henry Hub is projected to decrease by approximately 2% to just under $3.50 per million British thermal units (MMBtu) in 2026, before rising sharply in 2027 to nearly $4.60/ MMBtu. The annual average price is expected to dip slightly in 2026 as annual supply growth keeps pace with demand. However, for 2027, the EIA forecasts that demand growth will outpace supply, driven primarily by increased feed gas demand from U.S. liquefied natural gas (LNG) export facilities. This shift is expected to reduce natural gas in storage and put upward pressure on prices.
A 3D seismic survey is gearing up to deliver new insights into the TTUD 1 Block, operated by ExxonMobil Trinidad and Tobago Deepwater Limited. The survey is designed to safely acquire subsurface data to rapidly assess the block’s hydrocarbon potential and guide future exploration decisions. This effort has been strengthened by close collaboration among Trinidad and Tobago’s government agencies, industry partners, and technical teams.
Around the world, the energy sector is undergoing a profound transformation. Nations are seeking solutions that maintain reliability while reducing emissions and controlling costs– an equation especially challenging for small, fuel‑importing island states. As discussions shift from long‑term ambitions to practical, deployable options, methanol is emerging with renewed relevance. For Proman, one of the world’s largest methanol producers and a cornerstone of Trinidad and Tobago’s energy economy, methanol represents far more than a globally traded commodity. It offers an opportunity to strengthen Caribbean energy resilience, create new economic pathways, and position the region at the forefront of scalable, cleaner power generation.
EnergyNow Issue 53 now available online
