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Supply chain bottlenecks easing for the upstream but projected to persist for LNG

Supply chain bottlenecks easing for the upstream but projected to persist for LNG

The global supply chain for oil and gas project procurement is entering a period of contrast, with significant easing expected in some areas—like drilling and vessels—while other critical segments, notably subsea equipment and gas-related infrastructure, remain severely constrained. Analysts anticipate a general improvement in the procurement of critical infrastructure and equipment starting in 2026, a shift largely driven by a temporary slowdown in overall project activity.

Start of drilling activities on the Korikori-1 exploration well in Block 5

Start of drilling activities on the Korikori-1 exploration well in Block 5

Staatsolie has announced that Chevron Suriname Exploration Limited will begin drilling this month on the exploration well, named Korikori-1. This well is located approximately 78 kilometers offshore, in the northern part of Block 5, at a water depth of approximately 40 meters. Block 5 is operated by Chevron (40%) in partnership with Paradise Oil Company (40%) and Qatar Energy (20%). 

T&T Receives US OFAC License

T&T Receives US OFAC License

The Attorney General of Trinidad and Tobago, John Jeremie, has announced that the Department of the Treasury of the U.S. has granted the OFAC license to pursue the exploration of the Dragon gas field in Venezuela. 

IMO seeks to approve Net-Zero Shipping Framework this month

IMO seeks to approve Net-Zero Shipping Framework this month

The International Maritime Organization (IMO) has set forth a Net-Zero Shipping Framework (NZF) with the intention of reducing emissions in the maritime sector. It was approved in April 2025 and is set for adoption in October 2025, pending a vote which will take place during the Marine Environmental Protection Committee meeting from October 14th – 17th.

Proman rebrands DeNovo Energy as Proman Energy

Proman rebrands DeNovo Energy as Proman Energy

Proman has announced that its upstream company DeNovo Energy Limited, is now Proman Energy Limited. The rebrand reflects the integral role of the upstream business within Proman’s operations and ensures greater alignment and visibility across our integrated value chain.

ExxonMobil makes FID on Hammerhead development

ExxonMobil makes FID on Hammerhead development

ExxonMobil has made a final investment decision for the Hammerhead development offshore Guyana, after receiving the required regulatory approvals. Hammerhead, the seventh project on the Stabroek block, is anticipated to come online in 2029.

Energy Chamber welcomes announcement of support for new OFAC licenses

Energy Chamber welcomes announcement of support for new OFAC licenses

The Energy Chamber of Trinidad & Tobago warmly welcomes the announcement from the Honourable Kamla Persad Bissessar, Prime Minster of Trinidad & Tobago, that the Government of the United States intends to issue new OFAC licenses to allow discussions to continue with Venezuela, for the development of cross-border hydrocarbon resources. 

BLISS opens new store at Atlantic Plaza

BLISS opens new store at Atlantic Plaza

BLISS has opened its 6th Safety Store and 2nd The Boot Store at Atlantic Plaza, Point Lisas. The company said that this one-stop source for PPE and safety footwear will serve Trinidad and Tobago’s industrial estate, supporting downstream operators, contractors, on-site teams, and DIY enthusiasts in the area.

Ramps Logistics shortlisted for Breakbulk Award

Ramps Logistics shortlisted for Breakbulk Award

Ramps Logistics has been shortlisted for the 2025 Breakbulk Awards, marking the first time a technology created in the Caribbean has been recognized at this world stage.

CNOOC bids for three deepwater blocks offshore T&T

CNOOC bids for three deepwater blocks offshore T&T

The 2025 Deepwater Bid Round closed today, revealing that the Ministry of Energy and Energy Industries received bids for four blocks. Three of the four bids came from the Chinese energy company, CNOOC International (China National Offshore Oil Corporation). CNOOC has placed bids for blocks TTDAA 30, TTDAA 25, and TTDAA 24. The other bid was received from STIT Energy and Ground Ports Consortium for block TTDAA 5.

Potential oversupply threatens future LNG prices

Potential oversupply threatens future LNG prices

The global liquefied natural gas (LNG) market is on a trajectory toward oversupply, posing the primary threat to the industry's stability in the coming years, according to TotalEnergies' chief executive, Patrick Pouyanné.

Predator Oil and Gas completes acquisition of Challenger Trinidad

Predator Oil and Gas completes acquisition of Challenger Trinidad

Predator Oil & Gas (Predator) has completed the acquisition of Challenger Energy (CEG) Group's operations in Trinidad and Tobago. CEG’s operations in Trinidad include three onshore producing fields: Goudron, Inniss-Trinity, and Icacos. Across these fields, there are a total of 250 wells, of which approximately 60 are in production at any given time. Within the fields, regular well workover operations are undertaken on the existing production well stock, including well stimulation operations, reperforations, reactivations, and repairs to shut-in wells, as and when appropriate.

United Oil and Gas receives Beach Licence in Jamaica

United Oil and Gas receives Beach Licence in Jamaica

United Oil & Gas (United) has announced that it has been granted the Beach licence in Jamaica. This licence enables United to undertake seabed sampling operations within the Walton Morant Basin, offshore Jamaica.

Exxon projects natural gas use to rise more than 20% by 2050

Exxon projects natural gas use to rise more than 20% by 2050

Recently ExxonMobil released its annual Energy Outlook 2025 which projects a significant increase in global demand for natural gas over the next quarter-century. According to the outlook, natural gas use is expected to rise more than 20% by 2050 compared to last year's levels. The LNG market projected to double by 2050 as global gas demand grows.

Ministry of Energy and Energy Industries Press Release: Minister Moonilal advances T&T as energy hub with Grenada

Ministry of Energy and Energy Industries Press Release: Minister Moonilal advances T&T as energy hub with Grenada

Dr the Honourable Roodal Moonilal, Minister of Energy and Energy Industries, met with the Honourable Dickon Mitchell, Prime Minister of Grenada; Senator the Honourable Claudette Joseph, Attorney General of Grenada and Minister for Legal Affairs, Labour and Consumer Affairs; Mr Rodney George, Advisor, Ministry of Infrastructure, Public Utilities, Civil Aviation and Transportation, and Advisor in the Ministry of Climate Resilience, the Environment and Renewable Energy; and Mr V. Nazim Burke, Chairman of Grenada’s Hydrocarbons Technical Working Group, Ministry of Infrastructure, Public Utilities, Civil Aviation and Transportation.

NGC Group makes $1.6b profit in 2024

NGC Group makes $1.6b profit in 2024

The NGC Group has recorded a profit after tax of TT$1.6 billion for the financial year ended 31 December 2024.

This is a recovery for the NGC Group from a loss-making position at the end of 2023. Last year the company reported a loss of TT$1.3 billion, which was principally as a result of impairment charges of TT$1.8 billion. The 2024 profit represents an improvement of TT$2.9 billion from last year.

ExxonMobil Guyana begins production at Yellowtail

ExxonMobil Guyana begins production at Yellowtail

ExxonMobil Guyana started production today at Yellowtail, the fourth oil development in Guyana’s offshore Stabroek block. Yellowtail’s ONE GUYANA floating production storage and offloading (FPSO) vessel joins the Destiny, Unity, and Prosperity FPSOs, bringing total installed capacity in Guyana to above 900,000 barrels of oil per day.