PETRONAS, through its wholly-owned subsidiary PETRONAS Suriname E&P B.V. (PSEPBV), has recorded two new discoveries and achieved a successful appraisal in Suriname's offshore Block 52, bringing its cumulative achievements in the country to a total of eight successful wells and collectively unlocking recoverable resources of more than one billion barrels of oil equivalent.

Methanex Corporation has announced that it has been unable to agree to a new natural gas contract for its Titan methanol plant in Trinidad and Tobago (860,000 tonnes per year capacity) and, as a result, will begin the process of indefinitely idling the facility.

A new offshore seismic campaign is underway in Brazil’s Pelotas Basin, with TGS and SLB starting a large-scale 3D survey aimed at improving understanding of one of the country’s least explored offshore regions. 

Oil prices fell sharply on June 24 as concerns over potential supply disruptions in the Middle East eased, sending both Brent crude and U.S. West Texas Intermediate (WTI) to their lowest settlement levels since before the Iran war. 

Two international oil companies have announced plans to begin new drilling campaigns offshore Suriname next year, adding to the country’s growing exploration activity as interest in the Guyana-Suriname Basin continues to build. 

Brazil’s Petrobras and Mexico’s Pemex have signed a cooperation agreement aimed at exploring opportunities across the oil and gas value chain, including deepwater exploration in the Gulf of Mexico. 

Baker Hughes has signed an agreement with geothermal developer Mantle Reach Power to deliver up to 500 megawatts of geothermal power capacity in North America. 

Malaysia’s Petronas has made another discovery offshore Suriname in Block 52, according to an announcement by Suriname President Her Excellency, Jennifer Geerlings-Simons during the opening ceremony of the Suriname Energy, Oil and Gas Summit (SEOGS) in Paramaribo. Speaking in her keynote address, President Simons said Petronas had informed her earlier that morning of the new discovery in the block. Few details were shared about the find, including whether it is oil or gas. 

The Energy Chamber of Trinidad and Tobago and the Suriname Energy Chamber have signed a Memorandum of Understanding (MOU) on the sidelines of the Suriname Energy, Oil and Gas Summit (SEOGS) 2026. This signing represents a significant step forward in private-sector collaboration between the two nations.

Guyana is developing a dedicated emergency response contingency plan for its gas-to-energy project as the country prepares to bring one of its largest energy infrastructure investments into operation. 

National Enterprises Limited (NEL) reported net profit of TT$237 million for the six months ended March 31, 2026, as gains across its investment portfolio contributed to improved financial performance during the period. 

The IMF’s 2026 Article IV report presents Trinidad and Tobago’s energy sector as one of the main factors shaping the country’s economic outlook. While the wider economy continues to recover, the report makes clear that weak production from mature oil and gas fields is still weighing on growth. 

Spanish energy company Repsol and Venezuela’s state-owned oil company PDVSA have signed a new agreement aimed at increasing crude oil and natural gas production in northwestern Venezuela, as the country continues efforts to rebuild output and attract investment into its energy sector.

Phoenix Park Gas Processors Limited (PPGPL) and GuyGas Inc. have been identified as the preferred bidders for the operation and maintenance of the Natural Gas Liquids (NGL) plant being developed at Wales as part of Guyana’s Gas-to-Energy project, according to a statement from the Office of the Prime Minister of Guyana

Egypt and the European Union have announced a €690 million clean-energy grid investment aimed at strengthening Egypt’s electricity transmission system and supporting the integration of more renewable energy into the national grid.

ExxonMobil has applied for environmental authorisation for a new 35-well exploration programme in Guyana’s Stabroek Block, signalling that exploration in the country’s main offshore oil province could continue well into the next decade.

Shell reported encountering hydrocarbons at its Merlin-1X exploration well offshore Namibia in the Orange Basin.

The company completed drilling operations at the Merlin-1X well as part of its broader exploration campaign in the basin. The Orange Basin has attracted increasing industry interest in recent years following a series of offshore discoveries.

Colombia is moving ahead with a new renewable energy auction aimed at securing long-term electricity supply while strengthening the resilience of its power system. The auction, expected to be held later this year, will seek bids from solar, wind and energy storage projects, marking the first time battery storage systems will be included alongside renewable generation technologies. 

Petrobras has acquired a 50% stake in the Itaimbezinho exploration block from Equinor, expanding its position in Brazil’s offshore sector and adding another prospect to its exploration portfolio.

The Government’s 2026 Mid-Year Budget Review, presented by the Minister of Finance, the Hon. Davendranath Tancoo, highlights both the benefits and challenges arising from the current global energy market. While higher oil prices have provided a welcome boost to government revenues, the review underscores Trinidad and Tobago’s continued exposure to costly fuel imports, substantial subsidy expenditures, and the urgent need to increase domestic energy production.