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.
Diesel prices across CARICOM vary significantly, reflecting differences in national fuel pricing frameworks, tax structures, subsidy policies, import costs and domestic market conditions.
EXMAR has announced the historic delivery of MGC ANTWERPEN, the first oceangoing vessel powered by a dual-fuel ammonia engine.
The International Renewable Energy Agency (IRENA) has endorsed a proposal being advanced ahead of COP31 to increase the role of electricity in the global energy system.
OPEC has lowered its forecast for global oil demand growth in 2026, citing the impact of the Iran conflict and its effect on fuel prices, supply flows and economic activity.
Reuters has reported that Venezuela recently signed five agreements with Shell to advance oil and gas projects, including the Loran offshore gas field. Loran is a 7-trillion-cubic-foot offshore gas field on the Venezuelan side of the maritime border with Trinidad and Tobago. Shell is currently developing the T&T side of the field with the Manatee project.
The Energy Chamber of Trinidad and Tobago has expressed support for the recently released Financial Bill 2026, which introduces important measures to incentivize the upstream gas sector. Notably, the Bill proposes a reduced royalty rate of 8% on natural gas extracted from certified marginal marine gas fields. This is a decrease from the general royalty rate of 12.5% which is currently applied under the existing Petroleum Regulations.
Barbados has officially opened a new offshore licensing drive, inviting international energy companies to bid on 19 ultra-deepwater blocks. The launch of the 2026 Offshore Petroleum Direct Negotiations creates a three-month window for proposals to explore for oil and natural gas in the island’s waters. Acting Prime Minister and Minister of Energy, Business Development and Commerce, Kerrie Symmonds announced that the pre-qualification period will run until September 1.
UK-headquartered energy major BP and its U.S.-based partner ExxonMobil have reached a final investment decision (FID) to enhance production at the Thunder Horse offshore platform in the U.S. Gulf through a new subsea pump development.
Occidental Petroleum is acquiring a 10% stake in ExxonMobil’s UD(1) deepwater exploration block offshore Trinidad and Tobago, according to exclusive reporting from Reuters.
Venezuela’s oil exports rose to 1.25 million barrels per day in May, marking the country’s third straight monthly increase, according to shipping data and PDVSA records reviewed by Reuters.
The United States was the largest destination for Venezuela crude in May, receiving around 558,000 barrels per day. India received 427,000 barrels per day, while Europe received 169,000 barrels per day.
Gasoline prices increased across most CARICOM markets between July 2025 and May 2026, although the average rise across the region was smaller than the increase in the global average price. Data from GlobalPetrolPrices.com was compiled to show that seven of the eleven CARICOM markets reviewed recorded higher gasoline prices in May 2026 than in July 2025. Four markets recorded lower prices, although in the case of The Bahamas the decline was marginal.
The National Gas Company of Trinidad and Tobago (NGC) signed a new gas sales contract with Methanol Holdings (Trinidad) Limited (MHTL), securing natural gas supply for the largest methanol producer on the Point Lisas Industrial Estate.
Atlantic has announced the appointment of Donnie Brown as its new Chief Executive Officer, succeeding Jean Andre Celestain. Brown assumes the role bringing over three decades of experience spanning both upstream and downstream oil and gas operations.
Trinidad and Tobago’s government says it will negotiate the terms of cross-border natural gas arrangements with Venezuela in the best interest of the country, as attention turns to how external gas supplies could support the local energy sector.
ExxonMobil says Trinidad and Tobago’s offshore geology has similarities with deepwater reservoirs in Guyana and Angola, adding to signs of renewed exploration interest in the country’s deepwater acreage. According to OilNOW, ExxonMobil Vice President of Exploration John Ardill said the company is looking for similar deepwater oil reservoirs offshore Trinidad and Tobago. He made the comments during the Offshore Technology Conference in Houston, where he noted that early interpretation from Exxon’s work offshore Trinidad and Tobago points to comparable deepwater systems.