In a previous article, the Energy Chamber examined employment data trends within the energy sector. This highlighted that, despite its critical role in driving economic activity, the sector employs only about 2% of the workforce.
The Energy Chamber of Trinidad and Tobago is saddened by the passing of the Honourable Lenny Saith. We extend our heartfelt condolences to his family, friends, colleagues, and all who knew and respected him.
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.
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.
Earlier this year, the Energy Chamber released a map that showed the upstream activity taking place in the country. This was first released at the T&T Energy Conference in February 2025.
Over the last 6 months there have been some significant changes to this activity map, as projects have moved through the development cycle. Some projects have achieved a final investment decision and have moved into the full development stage, while some exploration projects have found commercial resources and are now in the stage of working towards a final investment decision. Last week the map was also significantly changed by the return of a major player, ExxonMobil, with an exploration block in the deepwater.
Renaissance Energy Limited announces the successful completion of its maiden drilling campaign in the Wilson Sands formation.
CSA Ocean Sciences Inc. (CSA), a global marine environmental consulting firm, and its Suriname subsidiary, CSA Suriname N.V., have been awarded several additional projects in Suriname, including multi-year contracts for major oil and gas operators in the region. CSA will mobilize vessels of opportunity to perform field operations in a range of water depths up to 3,000 msw and manage multiple Environmental and Social Impact Assessment (ESIA) programs offshore Suriname.
The North American onshore market is the most dynamic drilling rig market in the world, with rig rates (especially in the USA) quickly responding to changing market conditions. Despite President Trump’s mantra of “drill baby drill” the rig rate has actually fallen in 2025, driven by market fundamentals rather than rhetoric.
The Energy Chamber welcomes the signing of the production sharing contract (PSC) for the new TTUD-1 Block between ExxonMobil and the Government of Trinidad and Tobago.
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.
On World Steelpan Day, the Proman Foundation placed a spotlight on its flagship cultural partnership with the Proman Starlift Steel Orchestra, through the successful delivery of the 2025 Starlift Vacation Camp—a three-week programme designed to build music literacy, life skills, and national pride in young people.
bp plc announced a "fundamental reset" earlier this year, pivoting its strategy away from renewables and back toward fossil fuels after years of underperforming in the capital markets compared to its major peers such as Shell and Exxon. Early indications are that this new direction seems to be paying off in the capital markets, with Q2 results surpassing earnings expectations and share prices rising with the news and on the back of an extremely promising exploration successes in Brazil and Namibia.
The energy sector is the major contributor to national income, contributing on average 30-40% of gross domestic product (GDP). However, it only employs on average 2% of the national workforce or around 12,700 people.
Trinidad and Tobago's government has agreed to award U.S. oil major ExxonMobil acreage in an ultra-deep area that includes seven blocks to explore for oil and gas, two senior government officials told Reuters.
bp has announced an oil and gas discovery at the Bumerangue prospect in the deepwater offshore Brazil.
bp drilled exploration well 1-BP-13-SPS at the Bumerangue block, located in the Santos Basin, 404 kilometres (218 nautical miles) from Rio de Janeiro, in a water depth of 2,372 metres. The well was drilled to a total depth of 5,855 metres.
Blue Water Shipping has announced that it has secured the Rig Agency and the Logistics & Shorebase support contract for Noble Corporation's operations in Block 52.
EnerMech has won a contract extension for work carried out on platforms offshore Trinidad and Tobago operated by bpTT.
In the energy sector there’s a constant ebb and flow when it comes to mergers and acquisitions. There has been quite a lot of consolidation in the industry in the past few weeks. Recently, SLB acquired ChampionX, Chevron acquired Hess Corporation and here in Trinidad, Perenco acquired the assets of Woodside Energy. In the local energy services sector, we also saw TOSL Engineering purchasing Ansa Technologies.
Last week, a pair of global energy services companies agreed on a merger creating a leader in energy services, according to the companies – Subsea7 and Saipem. Both major companies are active in the region with projects in Guyana, Suriname and Trinidad & Tobago.
Gasoline prices vary from country to country because each country adopts their own policies for setting the price at the pump, including price regulation, subsidies and taxes. In many countries prices also fluctuate over time, in response to changing international commodity prices.
In the Caribbean region, the price of gasoline varies significantly from country to country, with the most expensive being more than double the cheapest. The country with the cheapest gasoline in the region in July 2025 is Guyana, while the most expensive is Barbados. Trinidad and Tobago sits in the third position, when arranged from cheapest to most expensive.
Speaking at a validation workshop for the European Union-funded "National Wind Energy Action Plan", the T&T Minister of Energy and Energy Industries, Hon. Dr. Roodal Moonilal, indicated that the ongoing wind resource assessment is being expanded. Two additional wind measurement devices will shortly be deployed to cover the Los Iros/Santa Flora and Toco/Manzanilla areas, which had previously been identified as potential good sites for wind turbines to be located.