The United States government, through its Office of Foreign Assets Control (OFAC), has updated its Frequently Asked Questions (FAQs) regarding Venezuela Sanctions. In response to question 1247, “Do non-U.S. persons face sanctions risk for engaging in transactions authorized by General Licenses (GL) 46B, 51A, and 52?” the office indicated that they do not.

The Carapal Ridge 3 well was successfully tied into Touchstone Exploration’s Central block natural gas facility and brought onstream. According to the company, the well is currently flowing natural gas and condensate as it continues to recover drilling and completion fluids.

SBM Offshore has announced that it has been awarded contracts by ExxonMobil Guyana Limited, an affiliate of Exxon Mobil Corporation, to perform Front End Engineering and Design (FEED) studies for a Floating Production, Storage and Offloading vessel (FPSO) for the Longtail development project in Guyana.

Energy giant bp has awarded a significant drilling contract to Noble Corporation for work in Trinidad and Tobago. The agreement, confirmed in Noble’s 2025 full-year results, will see the semi-submersible rig Noble Developer deployed for a three-well campaign scheduled to commence in the first quarter of 2027.

Oil prices have surged in recent days as escalating conflict between the United States and Iran disrupts energy supply routes in the Middle East and raises concerns about one of the world’s most critical oil chokepoints. Brent crude, the global oil benchmark, climbed to around $91.98 per barrel, while U.S. West Texas Intermediate (WTI) rose to roughly $87 per barrel, reaching their highest levels since 2022 as traders priced in the risk of supply disruptions linked to the conflict. The price spike follows a series of attacks on vessels and energy infrastructure across the Gulf region as tensions intensified after U.S. and Israeli strikes on Iran in late February. The resulting instability has slowed tanker traffic and forced some shipping companies to suspend operations through the Strait of Hormuz, a key global oil transit corridor.

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).

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.

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 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.

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.

Dr. Jenifer Neidhart de Ortiz, Chargé d’Affaires at the United States Embassy, Port of Spain, met with a select group of members of the Energy Chamber of Trinidad & Tobago in the downstream gas and heavy industrial sectors, at the Chamber's offices in Point Lisas.  The group discussed business opportunities and the sustainability of the gas-based industrial sector in Point Lisas, .  

The Ministry of Energy and Energy Industries (MEEI) has announced the resumption of development drilling in the Central Block with the commencement of the Carapal Ridge-3 Development Well. This marks the first development well drilled in this block since 2006.

Eurotecnica, part of the Proman family of companies, has strengthened its position as the global leader in high-pressure melamine production technology with two major milestones in China: the signing of a new world-scale melamine contract with China Coal Ordos Energy & Chemical Co. Ltd., and the formal acceptance of a 60,000 tonnes-per-year G5 Euromel® plant delivered to Shaanxi Longhua Group Coal Technology Development Co., Ltd.

Eight major downstream petrochemical producers in Trinidad and Tobago have confirmed their participation in the Energy Chamber’s Annual Downstream Forum. The event will be held virtually on December 3, 2025.

Seismic data acquisition has commenced in the shallow offshore waters off the coasts of Saramacca and Coronie, according to Staatsolie, Suriname’s state oil company. This survey is a joint project between Staatsolie Maatschappij Suriname N.V., the Chinese Bureau of Geophysical Prospecting (BGP Offshore), and the Norwegian/American company Tomlinson Geophysical Services Inc. (TGS).

The Government recently engaged in a series of high-level meetings with key international and local stakeholders in the petrochemical sector. Over the last couple of days, the Prime Minister and Ministers of Energy and Energy Industries met with Nutrien, Pt Lisas Nitrogen Limited (PLNL) and Caribbean Gas Chemical Limited (CGCL).

The Joint Chambers of Trinidad and Tobago (comprising the Trinidad and Tobago Chamber of Industry and Commerce, the Energy Chamber, the American Chamber of Commerce of Trinidad & Tobago, and the Trinidad and Tobago Manufacturers’ Association) have announced a donation of Jamaican $2.5 million (approximately TT$100,000) to the Jamaica Chamber of Commerce (JCC) to assist with recovery and relief efforts being coordinated through the Jamaican Private Sector Task Force.

Proman, the sole producer of Urea Ammonium Nitrate (UAN) in Trinidad and the world’s second-largest exporter of UAN to the United States, welcomes the US Government’s decision to remove the 15% tariffs previously imposed on imports of fertilizers into the country.