Antigua and Barbuda – IMF Executive Board Concludes 2025 Article IV Consultation

Washington, DC:  March 17, 2025

https://www.imf.org/en/News/Articles/2025/03/17/pr25067-antigua-and-barbuda-imf-executive-board-concludes-2025-article-iv-consultation?cid=em-COM-789-49868

 On March 13, 2025, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation[1] with Antigua and Barbuda and endorsed the staff appraisal without a meeting on a lapse-of-time basis. The authorities need more time to consider the publication of the Staff Report prepared for this consultation.

Post-pandemic economic expansion is continuing. Real output is estimated to have surpassed pre-pandemic levels in 2024, with growth estimated at 4.3 percent, driven by strong tourism and one-off events (including the 4th International Conference on Small Island Developing States and the T20 Cricket World Cup). Inflation rose in 2024, reflecting contributions from specific items, notably communication and rises in indirect taxes.

Recovery in nominal GDP, along with improved fiscal balances, reduced the public debt from around 100 percent of GDP in 2020 to 67 percent in 2024. However, gross financing needs are projected to remain around 10 percent of GDP in the medium term. Substantial domestic and external arrears, albeit with domestic arrears uncertain in size, have limited financing options. The fiscal primary balance improved to 4.6 percent in 2024, aided by indirect tax increases, a broader economic recovery, and one-off factors (e.g., nearly 2 percent of GDP from an asset forfeiture and unusually low capital spending). The 2025 Budget envisages stronger tax revenues and higher capital spending.

According to Eastern Caribbean Central Bank (ECCB) preliminary estimates, the current account deficit narrowed to 7 percent of GDP in 2024, reflecting both a higher service trade balance—mainly tourism receipts—and a smaller goods deficit due to a contraction in imports. FDI inflows were resilient to tightening global financial conditions and continued to support ongoing hotel construction. Credit growth is recovering, with nonperforming loans contained.

Executive Board Assessment

In concluding the 2025 Article IV consultation with Antigua and Barbuda, Executive Directors endorsed the staff’s appraisal, as follows:

Antigua and Barbuda’s post-pandemic economic expansion continues. Economic activity, boosted by tourism, is estimated to have surpassed pre-pandemic levels. As the recovery matures, staff projects economic growth to moderate from 3 percent in 2025 to 2½ percent over the medium term. After an increase in inflation in 2024, in part reflecting one-off factors, underlying price pressures are expected to dissipate. The external position in 2024 is assessed to be moderately weaker than the level implied by medium term fundamentals and desirable policies. Efforts to raise revenue and address debt and fiscal challenges bore fruit in 2024, though further steps will be needed to restore debt sustainability, address the stock of outstanding arrears and reduce gross financing needs in the medium term.

Risks are currently tilted to the downside, although upside risks are also present. Downside risks emanate from elevated uncertainty about the global outlook; a deepening of geoeconomic fragmentation; commodity price volatility; climate-related vulnerabilities and capacity constraints in the construction sector. Upside risks stem from stronger demand for tourism; improved air connectivity; new cruise port facilities; hosting of special events and the intensification of productivity-enhancing structural reforms, which could support higher medium- and long-term growth.

Addressing external and domestic arrears is key to broadening financing options. While the fall in nominal debt in 2024 is welcome, outstanding arrears to domestic suppliers and to the Paris Club remain obstacles to debt sustainability and constrain potential access to external and domestic financing. Given the additional vulnerabilities stemming from climate change and the resulting substantial adaptation and resilience-building investment needs, efforts to address the current debt challenges, bolster government revenues and improve public financial management are all the more critical.

Recent improvements in tax revenue are welcome, with further domestic revenue mobilization needed in the medium term to ensure fiscal sustainability. Tax revenues remain below the authorities’ fiscal resilience guideline targets and are low by peer country standards. 2024 Budget measures have started to close the gap but more will be needed in the medium term. To mobilize revenue without recourse to a personal income tax or higher ABST rates, near-term priorities could include tighter control of tax exemptions, transitioning to HS2022 classification in customs and modernizing the framework for property taxation. Intensifying efforts to introduce a single window system at customs and to operationalize systems to allow e-filing, e-payment and e-registration of taxes is warranted. Introducing a large taxpayer unit as well as modernized IT systems would strengthen tax administration.

Better targeted social assistance would enhance inclusion while curbing inefficiencies. The current framework of social protection is fragmented across sectors and ministries. Scope exists to streamline social programs to reduce overlap and tailor assistance to the most vulnerable households. In this vein, staff encourages the development of a centralized information system or unified database to maintain accurate records of all beneficiaries, track support received and identify gaps or duplications in coverage.

Room remains to strengthen fiscal institutions and oversight, building on recent progress. Operationalization of the Fiscal Responsibility Oversight Committee is welcome. To promote transparency and help build public understanding, staff encourages publication of FROC reports once further experience has been gained. These goals would also be served by parliamentary endorsement of the Fiscal Resilience Guidelines and the medium-term fiscal framework. Statutory exemptions should be consistent with the Investment Authority Act and the Investment Authority should monitor approved projects. The envisaged reestablishment of the SOE unit in the Ministry of Finance would enhance SOE oversight and contain potential fiscal risks.

To reinforce financial stability and build on efforts to promote financial inclusion, regional coordination remains key. Staff assesses the financial sector to be broadly stable, with credit growth recovering and non-performing loans approaching prudential levels. The launch of the regional credit bureau can promote faster access to credit while maintaining lending standards. ECCB-led climate risk initiatives and the regional partial credit guarantee scheme should also boost credit quality and financial intermediation. A more risk-based supervisory framework for credit unions, with enhanced monitoring of asset quality and credit forbearance measures in the context of the planned regional common regulatory standards, would help put credit unions and banks on a more level playing field. Inclusion of the ECCB in the National Oversight Committee on Financial Action improves coordination among supervisory authorities. Increase in investment thresholds for the Citizenship by Investment Program and the improved due diligence process can help safeguard the program’s integrity.

Intensifying reforms to improve the business environment would support potential growth by improving the allocation of resources between firms and addressing obstacles to firms’ operations. Staff analysis finds potential for large aggregate productivity gains from the reallocation of resources between firms and scope to continue addressing obstacles that firms report in areas of workforce education, access to finance, and customs and trade regulations. Targeted efforts to increase educational opportunities, employer‑employee matching at the One Stop Employment Centre and completion of the Skills Demand Survey, are warranted. Offering courses at local institutions could increase financial literacy among MSMEs and implementing the single electronic window at customs would increase the efficiency of importing and exporting of goods.

 

 

 

 

 

New Tobago terminal

2025, 03/20

While citizens welcomed the new US$129.83 million terminal at ANR Robinson International Airport, Crown Point, Tobago about a week ago, developmental economist Dr Marlene Attzs says the facility should not be seen as just another infrastructure project – rather it must be a tool for economic transformation, a catalyst for growth, job creation and sustainable development for the island.

Many neighbouring countries gain significant economic benefits from investment in improved, modernised, expanded airport facilities. These destinations, all heavily dependent on tourism, set benchmarks and opportunities for learning based on how they have used the airport expenditures to realise tangible gains in tourism revenues, demonstrating good practices.

Expansion of Sangster International Airport in Montego Bay, Jamaica resulted in higher passenger capacity, increased flight frequencies and a surge in direct international flights. That investment contributed to Jamaica’s record-breaking 4.1 million visitors in 2023, bringing in US$4.2 billion in tourism revenue.

A public-private partnership (PPP) model for the Jamaica airport expansion allowed private investors to fund airport improvements while the government focused on maximising tourism-related tax revenue.

Expansion of Punta Cana International Airport in the Dominican Republic turned it into the busiest regional airport. Improved facilities encouraged more airlines to offer direct flights, increasing visitor numbers and boosting hotel occupancy rates.

The government invested in surrounding infrastructure, creating new highways, resorts and business districts.

Expansion of Grantley Adams International Airport in Barbados was driven by the need to accommodate larger aircraft and increased long-haul flights from Europe. New facilities improved passenger experience, contributing to higher visitor satisfaction and repeat arrivals

With a similar approach for Tobago, expanding air capacity to attract more direct international flights could increase visitor arrivals, raise foreign exchange earnings and stimulate local business growth.

A successful airport expansion can boost tourism’s contribution to GDP if aligned with national development goals. Airport development can drive tourism growth, attract foreign investment and create jobs if managed strategically and sustainably.

Cost-benefit analysis for the new airport should assess economic, social and environmental factors to provide a well-rounded evaluation of its feasibility and long-term impact. Economic considerations should include both costs and benefits to the government, businesses and travellers. Key costs should include:

1. 1. 1. * Capital expenses such as land acquisition, construction and infrastructure development; and
      2. * Operational costs including maintenance, security, staffing and utility expenses.

On the revenue side, factors to consider include:

1. 1. 1. * Direct airport revenue from airline fees, landing fees and rental income from retail spaces.
      2. * Tourism-driven revenue from increased hotel occupancy (and related government taxes) and growth in local businesses like taxis, retail stores and food and beverage outlets.

Social, environmental considerations should also be included in the cost-benefit analysis of Tobago’s terminal expansion so that a balance is struck between growth and sustainability.   Regional airport expansion projects faced environmental and social challenges, which Tobago should carefully manage.

Some key considerations should be that a modernised airport can result in higher carbon emissions, noise pollution and ecosystem disruption which have been tackled through green airport initiatives:
(1) Hewanorra International Airport expansion: St Lucia, dependent on eco-tourism, ensured that airport expansion met sustainability standards, incorporating solar energy, rainwater harvesting and carbon offset programmes to mitigate environmental impact;

(2) B,arbados strategy recognising the risk of coastal erosion and habitat destruction, included climate resilience measures in its airport, imposing strict environmental regulations, requiring airlines and airport operators to reduce emissions and manage waste responsibly.

For Tobago, it is crucial that airport expansion aligns with its eco-tourism brand. Sustainable features such as solar-powered terminals, water conservation systems and low-emission ground transport can ensure that tourism growth does not come at the cost of environmental degradation.

Expansion should factor in the impact on the community to ensure benefits accrue to the local community. A major concern is ensuring that local communities benefit from increased tourism activity. Tools for community development include:

(1) Jamaican inclusive tourism model – Expansion of Montego Bay airport was paired with training programmes, ensuring that tourism jobs were accessible to citizens. Small business participation encouraged local vendors to open shops in airport terminals.
(2) Dominican Republic Local integration – Expansion of Santo Domingo Las Américas Airport promoted collaboration with local taxis, tour operators and restaurants. Small and medium enterprises benefit from tourism flows, creating a multiplier effect in the economy.

Tobago airport expansion should include a local business participation plan, ensuring that hotels, restaurants and tour operators benefit from increased visitor arrivals; employment opportunities are prioritised for the local population, reducing economic inequality and improving local infrastructure.

A modernised, larger airport terminal would increase flight traffic, supporting Government’s tourism expansion goals but can result in negative environmental impacts, particularly in terms of:

1. 1. 1. · Noise pollution, affecting residents and businesses in close proximity to the airport.
      2. · Air quality concerns from aircraft emissions.

A relevant case study is the London Heathrow Airport expansion , where noise pollution became a major issue, particularly during the development of Terminal 5 (T5) and discussions around a third runway. Communities, such as Hounslow, were significantly affected by aircraft noise, leading to significant public outcry.

A thorough CBA should weigh these economic opportunities against the environmental and social trade-offs, ensuring that a new Tobago airport delivers sustainable benefits while addressing potential negative externalities for local communities.

With security paramouint amid record homicides, VAW and travel advisories to visitors, the police presence must be more visible.

At the official opening of the new facility, then Finance Minister Colm Imbert shared that on a cost per-square-metre basis, the new Tobago terminal was delivered at approximately US$6,000 per m², significantly below the regional average of roughly US$11,200 per m² and the global average of approximately US$13,800 per m².

“In other words, we have built more for less. The story is similar when we look at the cost per passenger: our project’s cost works out to roughly US$53 per annual passenger capacity, whereas comparable airport projects average about US$177 per passenger.”

The terminal was designed to be eco-friendly and energy efficient. It incorporates features, such as:

1. 1. 1. solar panels,
      2. energy-saving LED lighting and
      3. high efficiency climate control systems, to reduce energy use.

Water conservation measures, including rainwater collection and low-flow plumbing, have been implemented to reduce water wastage. Sustainable building materials and strict waste management were applied to minimise environmental impacts.

National Infrastructure Development Company (Nidco) chairman Herbert George told the opening ceremony the project, managed by Nidco, began on July 18, 2020 and was expected to be completed in July 2022, at an original contract sum of US$128, 663, 741.

The final contract sum will be determined following the outcome of the evaluation of claims submitted by the contractor, China Railway Construction Caribbean Company Ltd.

 

 

PM seeks international observers for TT election

2025, 03/21

Opposition leader Kamla Persad-Bissessar wrote to Prime Minister Stuart Young, urgently requesting that Government invite independent international election observers.

At his first post-Cabinet meeting as the new head of Government at Whitehall, Young revealed that Government had invited three bodies, Caricom, the Commonwealth Secretariat and the Carter Center, to assist in the observation of the General Election on April 28.

After former prime minister Rowley only invited Caricom election observers, the UNC Leader in her letter to Young, said international election observers had monitored general elections since 2000, ensuring transparency and fairness but foreign observers were absent in 2020, for the first time in 20 years.

However, Young said before he received her letter, he had already sent an official letter requesting the Commonwealth Secretariat—which consists of observers—to provide international observers for the election. Young said a letter was sent to Caricom informing them of the April 28 election date, following a January 13 letter from the Caricom Secretary General agreeing to send election observers whenever the election is called.

Young said he instructed Foreign Minister Dr Amery Browne to send correspondence to the Carter Center asking for their assistance as well, to ensure there are no distractions in the election, as has been the case in the past.

“We, as a government and certainly as a party, intend to have free and fair elections as we’ve always had, and as the Elections and Boundaries Commission (EBC) always carried out . What we learn from our mistakes, we learn from history, meaning that we see every time a particular party loses an election , they look for every excuse as to why they’ve lost and run to the courts, et cetera.

We have absolutely nothing to hide in Trinidad and Tobago. I am proud as a citizen that we’ve always had free and fair elections. So, to take away that, we have invited those three bodies. We will invite the Carter Center to come and observe our free and fair elections.”

Young defended his decision to maintain Caricom observers following Persad-Bissessar’s claims of a conflict of interest, since the Caricom Assistant Secretary General, Elizabeth Solomon, is the wife of former attorney general Reginald Armour, who resigned from the TT Cabinet and accepted the post of Justice of Appeal at the Eastern Caribbean Court of Appeal.

Rubbishing these claims, Young said while he was not surprised by her remarks, Armour’s wife is a professional.   “I have seen that the Leader of the Opposition has put very spurious challenges to Caricom. I want to state very firmly here from this platform, on behalf of Trinidad and Tobago, a member of Caricom.

We are not only a proud member of Caricom, but we will continue to be at the forefront of the defence of Caricom. Caricom has a very important role to play … We will not disrespect Caricom in any manner. The Leader of the Opposition and all citizens are entitled to their opinions. They’re entitled to free speech.”

UNC PRO Dr Kirk Meighoo posted, “Stuart Young accedes to the demand of the Hon. Kamla Persad-Bissessar.

 

 

 

CDB caveat against tourism over-reliance

2025, 03/20

At the annual news conference in Barbados. Ian Durant, director of economics in the Caribbean Development Bank (CDB) urged the region to place more emphasis on climate change resilience and diversification away from tourism dependent economies, among the development imperatives.

The region recorded growth of 1.7 per cent in 2024, excluding Guyana, whose economy expanded by 43.5 per cent. Regional growth is expected to remain moderate in 2025. CDB projects regional growth of 2.5 per cent, with performance varying across borrowing member countries, excluding Guyana, where growth is expected to slow to 11.9 per cent, following the rapid rise in oil production in 2024.

If all 19 borrowing member countries are included, the growth rate is expected to be 4.6 per cent.

“Among other commodity exporters, growth is expected to gain momentum, as they continue to recover,” said Durant, referring to Suriname and T&T.

While 15 countries in the region surpassed pre-pandemic output levels, several global issues could derail economies.

While the region is on track for continued growth in 2025, several risks could alter this trajectory.  Internationally, geopolitical tensions along with the resurgence of protectionist policies could elevate uncertainty in global markets, disrupt supply chains and exert upward pressure on commodity prices.

Additionally, policy shifts in the United States including evolving policy priorities add to the uncertainty of the outlook, as tourism remained the key driver of growth in some of the Bank’s member countries.

“We must build resilience to climate change and natural hazards. Hurricane Beryl was a stark reminder of our region’s fragility. We must redouble efforts to climate-proof infrastructure, improve disaster preparedness and integrate climate considerations into every facet of development planning. We must address overdependence on tourism for foreign exchange earnings. Achieving the necessary diversification requires us to build dynamic internationally competitive economies.”

Many member countries reported primary surpluses, largely due to increased tax revenue.
Daniel Best, president of the CDB, also stressed the importance of becoming climate change resilient. The Bank would support plans for energy transition and food security in the region.

“Supporting the energy transition is critical for us. We will focus on delivering reliable sustainable energy to the region while prioritising energy access for underserved communities.

We must also devote our attention to food security. We saw first-hand during the COVID-19 pandemic the risk to food security as global supply chains were disrupted, but this is an issue that the region can address. We have to increase the scale, speed and effectiveness of climate and disaster risk reduction financing for our borrowing member countries. We can no longer be surprised when we are impacted by a natural hazard event. Our region is seven times more likely to be impacted by a natural hazard event than another country.”

 

 

 

US travel restrictions

2025, 03/15

Saint Lucia, Antigua and Barbuda, Dominica, St. Kitts and Nevis and Cuba are included in a proposed list of countries facing potential travel restrictions under the Trump administration.

The proposal developed by diplomatic and security officials categorises countries into three levels of restrictions:

1. 1. 1. a “red” list of 11 nations whose citizens would be flatly barred from entering the USA, including Cuba and Venezuela;
      2. an “orange” list of 10 countries for which travel would be restricted but not cut off;
      3. a “yellow” list of 22 nations, including the four Eastern Caribbean states, which would be given 60 days to clear up perceived deficiencies, with the threat of being moved to one of the other lists if they did not comply.

Reasons for the categorisation of the countries were not given, but concerns may include inadequate security practices for issuing passports, insufficient information-sharing on travellers, or sale of citizenship to people from banned countries.

All the West Indian islands on the yellow list have Citizenship by Investment programmes which offer foreign investors the opportunity to obtain citizenship.  Cuba and Venezuela are long-standing adversaries of US foreign policy.

The proposed restrictions, if implemented, would significantly expand the travel bans imposed during President Donald Trump’s first term. The final decision rests with the White House, and the list may be subject to change.

In his first presidency, Trump’s travel bans faced legal challenges but the US Supreme Court upheld a revised version banning citizens from eight nations, six of them predominantly Muslim. His successor, Joe Biden, revoked the bans in 2021.

With Trump back in office, his administration argues that reinstating the bans is necessary to protect US citizens “from aliens who intend to commit terrorist attacks, threaten our national security, espouse hateful ideology or otherwise exploit the immigration laws for malevolent purposes.”

 

 

 

 

CERAWeek by S&P Global conference

Guyana, Suriname gas-powered industrial hub

March 13, 2025

During an interview with Bloomberg on the sidelines of CERAWeek, President Dr. Irfaan Ali revealed that Guyana is exploring a potential partnership with Suriname to boost the regional economy with a prospective industrial hub on the north coast of South America, powered by natural gas from their offshore fields.

As he works to fortify the economy, which was rapidly transformed by oil fortunes in the past decade, he aims “to build regional prosperity” by producing power, fertilizer and aluminum in Berbice in Guyana where the government is building “resilience” by investing heavily in non-oil sectors of agriculture, infrastructure, education and healthcare.

“We’re hoping to discuss with Suriname the integration of their gas into that facility which would be able to serve both Guyana and Suriname and create the economic spin off and opportunities for both countries. This month we’ll have a fuller understanding because additional studies will be completed and we’ll have a fuller presentation on what is there. We’ll be narrowing the mix of opportunities so we can get this going.”

Exxon Mobil Corp.’s oil discovery in 2015 transformed Guyana’s economic fortunes, filling government’s coffers with billions of dollars from oil exports. The outlook is extremely intertwined with the whims of the crude market at a time when an expectant population is looking for a rapid uplift in living standards.

Bloomberg featured Longtail, Exxon’s eighth offshore Guyana project, providing a unique opportunity because, unlike the other seven, it holds more natural gas and hydrocarbon liquids other than oil. Positioned in the south-east of the Stabroek block, Longtail is not far from where TotalEnergies SE is building the GranMorgu oil project in Suriname.

Exxon will present to the Guyana government several options for gas developments in the coming weeks. One idea is to bring some gas to shore through a pipeline for domestic use. Another is for floating liquefied natural gas for export.

Ali, who is up for re-election this year, met US Energy Secretary Chris Wright in Houston to discuss “ strengthening of the partnership and integration of our energy plans to ensure energy security, energy stability”.

Our relationship with the US administration is very positive, very constructive, very forward looking. That is why you will have seen such strong statements against Venezuela’s incursion”.

After Trump announced withdrawing Chevron Corp.’s licence to operate in Venezuela to the east, Venezuela sent a patrol ship into Guyanese waters near Exxon oil ships, widely condemned by the US and the international community.

In October 2024, a staggering US$10.5 billion was invested in Suriname Block 58 oil and gas project. Total recoverable resources of the Sapakara and Krabdagu fields of “Gran Morgu,” are expected to exceed 700 million barrels. TotalEnergies and APA intend to develop these fields. Suriname is pushing forward with its massive offshore project and Guyana is hopeful that the two countries can cooperate more in a variety of areas, including oil and gas development.

Guyana’s Vice President, Dr. Bharrat Jagdeo, had then engaged Suriname’s Foreign Minister Albert Randin.

“We are looking forward to working with them in the future and also to what kinds of shared infrastructure we can have because we are the only two contiguous countries in CARICOM.

The Final Investment Decision (FID) for Suriname’s offshore oil and gas development project is set to provide new economic opportunities through job creation, local capacity-building and enhanced energy collaboration across borders. It is expected to generate significant benefits for the local economy, with an increase in job opportunities and investments that will strengthen the private sectors of both Suriname and Guyana.

“Surinamese and Guyanese businesses will benefit from partnerships in logistics, well services and the operations of the FPSO and subsea systems. For Guyana, this development complements our own burgeoning oil sector, fostering opportunities for cross-border investment, shared infrastructure development, and expertise.”

Collaboration between Guyana and Suriname in energy and trade is set to unlock significant benefits for both nations, enhancing regional connectivity and positioning both countries as leaders in the global energy market.

Already they have established partnerships pursuing joint development in manufacturing sectors. Plans are also underway to construct a bridge across the Corentyne River to further push trade and partnerships between the two states.

 

 

 

TotalEnergies lets Suriname drilling contract

Jan. 30, 2025

TotalEnergies EP Suriname BV has let a managed pressure drilling contract to Stena Drilling for the Stena DrillMAX in Suriname. The contract has an extension option for up to an additional 3 wells. The drilling program is expected to start in second-quarter 2025.

 

 

 

 

Noble wins Suriname rig gig

Amanda Battersby
Asia Bureau ChiefSingapore

Published 6 March 2025, 05:48

US supermajor Chevron among industry heavy-hitters with drilling plans this year in South American exploration hotspot.

US drilling contractor Noble Corporation has secured a new charter for its jack-up Noble Regina Allen with a mystery operator in the offshore exploration hotspot of Suriname. The one-well contract, to span approximately 65 days, is expected to start in the fourth quarter. Noble said that the contract has a total value estimated at $17.7 million, including mobilisation and demobilisation fees.

Several industry heavyweights this year have plans for exploration drilling offshore Suriname, including US supermajor Chevron that is expected to drill the high-impact Korikori-1 wildcat in the fourth quarter.

 

 

 

Chevron debut exploration well to target Suriname oil riches

Fabio Palmigiani
South America CorrespondentRio de Janeiro

Published 10 February 2025, 12:31

Campaign in shallow-water play is due to take place in the fourth quarter of 2025

US supermajor Chevron is planning to drill its first exploration well offshore Suriname later this year in hopes of replicating the success seen by other companies in the South American nation. Drilling activity is picking up pace in Suriname, with operators including TotalEnergies, Shell and Petronas also set to conduct exploration in 2025.

Industry sources said that Chevron is proceeding with its own plans to exploit oil and natural gas deposits in Suriname.

 

 

 

 

Dominica geothermal plant on track for Christmas completion

2025, 03/10

The Dominica government says the construction of the 10-megawatt geothermal power plant, expected to be the first to be constructed in the Caribbean Community (CARICOM), is on target to be completed by Christmas this year.

Dr. Vince Henderson, Minister for Foreign Affairs, International Business, Trade and Energy said: “A lot of work is taking place. We are really on our way to constructing our 10-megawatt geothermal power plant.

Currently, most of the equipment (have) been brought on-site. We had a vessel in port over a week ago.

We are moving on pretty well, and I’m very, very happy and feel confident that we’ll be able to get this done in time. “

The Dominica Geothermal Development Company (DGDC), the public-private partnership driving the power project, said that by harnessing the Nature Isle’s volcanic potential, the facility, located at Laudat, a small village in the interior, promises to significantly reduce fossil fuel dependency while providing stable, clean energy to an estimated 23,000 homes.

The commissioning of the Laudat plant is expected to be an early milestone in the OECS Decade of Action for Sustainable Energy Development, launched in February. The goal is to ensure that at least 30 per cent of the region’s electricity comes from renewable sources by 2035, though several member states have pledged to ramp up to full green power by then.

Dominica is one of five member states in the OECS GEOBUILD Programme which is advancing geothermal energy. Supported by the Caribbean Development Bank (CDB), the St. Lucia-based OECS Commission is also working to build capacity in Grenada, St Kitts and Nevis, St. Lucia, and St Vincent and the Grenadines to explore and develop the region’s vast geothermal potential.

The programme works to bring economic and environmental benefits beyond electric power generation, contributing to the sustainable development of the region. It is supported by the CDB, the European Union Caribbean Investment Facility and the Inter-American Development Bank (IDB). Henderson said that the Laudat project reached critical milestones, including e installation of key infrastructure components.

“We’ve seen the installation now of the cooling system, a huge radiator-type system with cooling towers at the top. The construction of the metal frame took place a few weeks ago,and we’ve seen the installation of the heaviest part of the entire power plant.”

Amir Junger, project manager from Ormat Technologies Inc., which is building and will eventually operate the power plant, said all the structure has been assembled with the air coolers.

“We are assembling the fan rings with the fan motors and the fans part of the cooling system of the air-cooled condenser. Beneath you can see that we are pouring the foundation.”

Geothermal power plants tap into underground heat reservoirs. They extract steam or hot water, which drives turbines to generate electricity. The used steam is condensed and hot water is cooled to be reinjected underground to maintain the reservoir’s pressure and sustainability. This process provides a renewable, constant energy source with minimal environmental impact.

Despite recent rainy conditions, the project remains on schedule.
“We are not stopping. The plan is to have the COD (Commercial Operation Date) on the 25th of December 2025. That’s the plan. We are doing all the efforts, keeping the schedule on a weekly basis, monitoring things, planning ahead,” Junger said.

Additional collaborative efforts include working with the utility, Dominica Electricity Services Limited (Domlec), to ensure power readiness and coordination with Indian company, Kalpataru Projects International Development Company, building the transmission network.

The company will be constructing 10 kilometres of transmission lines with substations starting from Laudat into Fond Cole on the outskirts of the capital, where the power will be integrated into the national grid.

Guadeloupe’s Bouillante plant has been operating since 1983. It now supplies 15MW with planned expansion to 45MW.

The Laudat power plant represents a significant investment in Dominica’s sustainable energy future, supported by international partners including the World Bank and the CDB, and involving strategic collaboration with the OECS Commission, among other regional and international entities.

Ormat Technologies Inc. based in Nevada, USA, supplied RE in Africa, Asia, Turkey, New Zealand, USA, and Honduras.

 

 

 

 

IDB Invest renews regional focus, general manager in T&T

2025, 03/13

IDB Invest is a private sector arm of the Inter-American Development Bank (IDB), which operates as a group in 26 countries in Latin America and the Occidental region.. Nine years ago, IDB Invest was “recreated” with the intent to place more focus on the West Indies.

Typically geared toward developmental projects, Washington DC-based IDB primarily works with governments to achieve its goals.

Last year the IDB increased its investment in the region. CEO of IDB Invest, James Scriven, told media that the IDB Invest’s impact in the region had grown over that nine-year period with investments increasing from US$50 to US$60 million a year to over US$1 billion last year. There are indicators that investments may increase even further this year.

“We do US$10 billion a year (in investments) across the 26 countries and last year, we did 13 per cent of our investments over the entire continent in the Caribbean countries. And that’s about US$1.2 billion to US$1.3 billion.

Our shareholders have requested that we do at least 10 per cent of our business in the nine Caribbean countries who are shareholders of IDB invest.

This year, for the first time in our history, we went beyond our 10 per cent mandate and we did 13 per cent. In Trinidad, we have a long-standing relationship with private sector companies across many financial institutions and conglomerates.”

Scriven was appointed CEO of IDB Invest nine years ago, having previously worked in the West Indies as part of the International Finance Corporation, where he served for 15 years.

The IDB has 48 shareholders/member countries who inject capital which the institution leverages through issuances in local and international capital markets. T&T, Scriven said, is an important shareholder of the IDB. Last month, IDB Invest agreed to a US$150 million deal with Massy Holdings. Scriven confirmed that it was the single, largest deal IDB Invest had done in the West Indies to date.

“The largest deal that we have actually done is the Massy transaction. As I said, it’s a US$150 million deal with Massy Holdings and Massy Integrated Retail. This covers Trinidad, Barbados and Jamaica.

It’s a package that does US$90 million of long-term funding to upgrade capital expenditure, boosting a strategic expansion plan and US$60 million of trade finance programmes to enhance intra-regional trade and supply chain platforms. And it covers a number of countries.

Its main activity is in Trinidad, but it also covers Barbados, Jamaica and expanding into places like Colombia.”

Another significant deal related to the provision of housing as IDB Invest facilitated a TT$300 million bond issued by Home Mortgage Bank for housing in Trinidad and Tobago.

Scriven said IDB Invest is of the view that there is significant potential in the West Indies but emphasised the need to upgrade physical infrastructure to make it more resilient to natural disasters. The institution is also placing focus on renewable energy, agribusiness, and tourism development.

IDB Invest invested about US$500 million annually in digital infrastructure to provide internet access in Latin America and the Caribbean region. Scriven made a significant investment in Guyana to expand digitalisation and the organisation has been working to increase its presence in the region..

“Eight, nine years ago, the governors decided to put at the top of our priority list the nine small island countries. We call them SNIs internally. It was a decision taken that we would significantly increase our physical presence and our involvement in the West Indies. We went from having one person working in the area, to now when we have more than 10 people.”

There are plans to have 25 people in the region in the next three to four years. Part of this adjustment included bringing the IDB Invest general manager to Trinidad.

“I’d like to reinforce the idea of how important the Caribbean is for IDB invest and the IDB group, and that’s why, in particular, we decided to have our most senior professional, and that person will be announced in the next few weeks.

He or she will be based in Port-of-Spain and cover the entire Caribbean for us. We do have a presence of IDB, a general manager in Jamaica. We have decided to have (that person) in Port-of-Spain, the presence of the general manager of IDB and best private sector for the Caribbean.

So the senior head of the Caribbean will be based in Trinidad and we are in the process of recruiting that person.”

In particular, Scriven said he had particular interest in the development of Tobago as an international tourism destination.

“A big focus that I personally have is to help develop Tobago as an international tourism destination, and we’re in deep discussions to see if that could happen in the near term.”

Scriven acknowledged that tourism continued to play a major role in regional development and IDB Invest was aiming to bolster the sector.

“We understand the important role that tourism plays, directly and indirectly in job creation and supply chains within each of the countries. And that’s another big sector for us.”

IDB Invest would largely focus on industries such as infrastructure and energy, the corporate sector and the financial sector.

“We are very involved in investing in ports, airports, roads, any form of transport and logistics. There are large investments that we’re doing. And secondly, and related to that, in the energy sector, we do a lot of renewable energy to supply reliable and cheap sources, or cheaper sources of funding for energy, mainly in the renewable energy space. So that’s infrastructure and energy in the corporate sector.

“We do have a large focus on agribusiness and tourism. In agribusiness, we are preparing countries to substitute imports. As you know, a large percentage of food is imported and our idea is working locally to be able to produce locally. And that’s our agribusiness sector and the tourism sector,” said Scriven.

 

 

 

 

US-Caricom trade

2025, 03/06

US President Donald Trump’s renewed ‘America First’ trade policy is a must-watch development for the region given the US role as the region’s primary trading partner as an export market and an import source.

In 2023, Caricom exported US$9.76 billion in goods to the US market, importing US$18.9 billion, resulting in a longstanding trade deficit with the US. Under the Caribbean Basin Initiative (CBI) and its constituent legislation such as the Caribbean Basin Economic Recovery Act (CBERA) and the Caribbean Basin Trade Partnership Act (CBTPA), most Caribbean Community (Caricom) member states enjoyed preferential access to the US market for their goods since the 1980s.

Unlike negotiated trade agreements, these trade preferences are unilaterally extended by the US government and are non-reciprocal, meaning that beneficiaries are not required to grant similar trade concessions to US goods.

Eligible Caricom member states also benefited under the US Generalised System of Preferences (US GSP) programme, a wider programme for developing countries but this expired on December 31, 2020 and is awaiting congressional renewal.

This SRC Trading Thoughts examines the potential implications of President Trump’s economic nationalist trade policy and agenda for Caricom and concludes by offering some possible strategies they could adopt to navigate these evolving trade dynamics.

The First Iteration of “America First” Trade Policy

During President Trump’s first term, he withdrew from the Trans-Pacific Partnership (TPP), imposed tariffs on major trading partners—notably China and, to a lesser extent, the European Union (EU)—and pushed for the repatriation of manufacturing jobs to the US. He halted US-EU talks for a Trans-Atlantic Trade and Investment Partnership (TTIP) agreement and renegotiated the North American Free Trade Agreement (NAFTA), now the United States-Mexico-Canada Agreement (USMCA). This stance also led to an obstructionist approach at the World Trade Organization (WTO), including attempting to block the appointment of Dr. Ngozi Okonjo-Iweala as the Director-General and successfully blocking the appointment or reappointment of Appellate Body members (judges), which resulted in the WTO’s Appellate Body being unable to hear appeals since December 2019.

Of particular concern for the region was a proposal entitled “Procedures to Strengthen the Negotiating Function of the WTO” repeatedly submitted by the Trump administration at the WTO’s General Council meetings in his first term. If accepted by members, this would have barred WTO developing country members from being eligible for special and differential treatment (S&DT) under the WTO’s agreements if they met any of four criteria, including if they were classified as ‘high income economies’ by the World Bank.

Under this criterion, at least four CARICOM countries (Antigua & Barbuda, Barbados, St. Kitts & Nevis and Trinidad & Tobago) would have become ineligible for special and differential treatment in current or future WTO negotiations or under any of the Agreements coming out of such negotiations. The Trump proposal failed to gain significant traction and the Biden Administration withdrew it.

Despite these developments, President Trump’s first-term trade policies had minimal direct impact on Caricom . Given the US’s substantial trade surplus with the region and the bipartisan support historically enjoyed by the CBI, Caricom countries were largely insulated from the more aggressive components of the ‘America First’ Trade Policy 1.0. The CBERA is ‘permanent’ (albeit subject to periodic WTO waivers), and the CBTPA, which was due to expire in 2020, was renewed by Congress until 2030.

However, as these trade preferences remain unilaterally granted, they are inherently vulnerable to future revocation.

‘America First’ trade policy 2.0: What lies ahead?

The broad contours of President Trump’s second-term trade policies can be discerned from a memorandum outlining his ‘America First’ Trade Policy 2.0, one of several executive orders he signed on his first day in office. This memorandum outlined a strategy to prioritize the US economy, workers and national security.

The memorandum directs key officials, as a matter of priority, to :

1. 1. 1. investigate trade deficits,
      2. establish an external revenue service,
      3. identify unfair trade practices,
      4. review and assess the impact of the USMCA in preparation for the July 2026 review and
      5. evaluate the currency policies

of major US trading partners.

While the Caribbean Basin has not featured in Trump’s trade plans to date, some potential secondary risks and challenges can already be anticipated.

First, the expansion of tariff-based trade measures could impact the CB region given President Trump’s penchant for using tariffs to tackle both trade and non-trade disputes.

Moreover, on February 13, a Presidential Memorandum directed the creation of a comprehensive strategy to promote ‘fairness’ in US trade relations and address non-reciprocal trade agreements. This ‘fair and reciprocal’ plan would match US tariffs with those charged by other countries on US imports.

If implemented, this plan potentially violates the spirit of the WTO’s Most Favoured Nation (MFN) treatment principle. Put simply, this core principle requires WTO members to not discriminate in their treatment amongst each other, except in instances where there is a free trade agreement or customs union or in cases of special and differential treatment.

This plan could create uncertainty for businesses in the US and those which export to or import from the US using these preferential arrangements. Specifically, this raises the question of what this new policy means for the US’s unilateral preferences programmes like CBI and the Africa Growth Opportunity Act (AGOA).

Second, although the US-CB trade relationship may remain largely stable, the region could experience indirect fallout from Trump’s trade and wider economic policies. Increased tariffs on imports, particularly from China, could drive up costs for American manufacturers.

These costs may, in turn, be passed on to consumers in the US, including CB diaspora, as well as to CB consumers who rely on imported US goods. As noted, the US is a major source of imported goods into the region, including food stuffs.

Third, Trump’s emphasis on cutting funding for various agencies and deregulation may result in relaxed sanitary and phytosanitary (SPS) standards. CB authorities should monitor these developments closely, as they could potentially affect the quality and safety of food and other products imported from the U.S.

Fourth, a continued obstructionist stance towards the WTO, the potential for US renewed interest in introducing eligibility criteria for S&DT, and the possibility of escalating trade wars could further weaken the rules-based multilateral trading system, which while imperfect, provides some modicum of a safety net for small States.

Its weakening could expose CB economies to greater vulnerabilities, including from escalating trade wars.

Strategic Responses for the CB

First, it is essential to recognize that this situation is evolving, and several of these proposals remain under consideration rather than constituting definitive actions.

However, it is important to be proactive. To safeguard regional trade interests, CB governments and trade representatives should continue to actively engage with US lawmakers, the US-based CB diaspora and other stakeholders to ensure continued support for preferential trade programs like the CBI. This engagement should be evidence-based and could involve studying what could be the potential economic fall-out for the region of the removal of CBI preferences for exports to the US.

The upcoming routine US International Trade Commission (USITC) hearings on the CBERA’s impact on US industries and consumers and on beneficiary countries are a good opportunity for the CB to have its voice heard. A unified Caricom voice can help the region navigate this shifting global landscape and advocate for its interests effectively. Like under the previous administration, individual US states could also be allies.

Second, continuing to expand trade relationships beyond the US by strengthening economic ties with other partners, including the European Union, Latin America and emerging markets in Africa and Asia could reduce dependency on the U.S., creating new opportunities for CB exporters.

Third, supporting regional industries, increasing intra-CB trade, and promoting food security can help reduce reliance on external markets and mitigate potential economic shocks stemming from these uncertainties. It is likely that these matters will occupy CARICOM Heads of Government as they meet in Barbados on February 19-20 for their 48th Regular meeting.

As President Trump’s second term unfolds, Caribbean countries must remain vigilant, united and proactive in responding to shifts in U.S. trade policy. By strengthening diplomatic engagements, diversifying economic partnerships, and fostering regional economic resilience, the CB can better position itself to navigate the trade and economic uncertainties of ‘America First’ 2.0.

Alicia Nicholls is the SRC Junior Research Fellow. : www.shridathramphalcentre.com.

 

 

 

 

Fluctuations of global energy

6 Mar 2025

The first quarter of 2025 is not yet complete and it has already been a tumultuous year in terms of energy and energy transition. Geopolitical tensions, business resets and reversals in government policy have altered the landscape of the global energy sector drastically.

On the first day of Donald Trump’s presidency, he declared a national energy emergency, challenging oil and gas companies to “drill baby, drill.” Months later, in its 2025 capital markets update, energy giant bp announced plans to cut its annual energy transition spending by over US$5 billion and boost oil and gas investment to around US$10 billion a year.

TT, with over a century of experience in the energy sector, where companies such as bp and Shell explored and produced oil and gas for decades, can be affected by shifting tides.

bp in particular had big plans for TT as it cited several wells in its province for gas production. However, the same geopolitical and business motions that could affect the oil and gas industry could also have a significant impact on TT.

Energy companies fuel oil and gas sectors

In bp’s capital markets update in February, chief financial officer Kate Thompson disclosed its strategy for the short term, through 2027, part of an overall “reset” of the company to boost earnings and improve investor confidence. The plan comes on the heels of news of a 35 per cent decline in profits on February 11.

The company experienced a drop in profits to US$8.9 billion, with the fourth quarter profits plummeting to under US$2 billion, the lowest since the fourth quarter of 2020.

Thompson said bp plans to set its capital expenditure (capex) between US$13 and US$15 billion a year, with an average of around US$10 billion for oil and gas investments. Oil and gas capex will have a 70-30 per cent split, with oil exploration and production taking the lion’s share of the investment which would reduce to around US$8.5 billion per year from 2025 to 2027. The oil and gas investment is a 20 per cent increase.

Energy transition capex will be in the range of $1.5 to $2 billion per year from 2026 to 2027.

CEO Murray Auchincloss said the company plans to pursue fewer and higher returning opportunities in energy transition, cutting investment by over US$5 billion a year.

BP has no plans for further acquisition in the energy transition.

In its plans for growing upstream, bp admitted that it had not invested enough in its oil and gas business and its exploration success hasn’t been the best. It made 40 discoveries, with TT, Egypt and the Gulf of Mexico among the sites for its discoveries over the past four decades.

Bp in its reset strategy said although its gas fields in TT such as Calypso, Kanikonna and Manakin/Cocuina are among its more mature provinces, it is progressing with gas growth options for these fields. It has invested in several gas projects in TT, including the Cypre, Coconut and Mento platforms, which are in construction, as well as the Ginger platform which is in the design phase.

Although it is a turnaround for the company, which in 2020 pledged to reduce oil and gas output by 40 per cent, it bodes well for TT which has been seeking to make itself more marketable in the oil and gas sector.

The Ministry of Energy in February officially launched its latest deepwater bid round, during the TT Energy Chamber’s two-day energy conference, from February 10-12. The ministry opened 26 blocks in deepwater regions off the northern and eastern coast. Senior geologist and team lead for the bid round Kimberly London said in February that the deepwater acreage sits at a depth of 1,000 to 2,500 metres. The acreage has huge potential to provide a significant amount of resources if investment is made in exploration.

Chairman of the TT Extractive Industries Transparency Initiative’s steering committee Gregory McGuire said bp’s plans to boost investment in oil and gas could only be good news for TT.-

“It’s good news. If bp is going to invest in more oil and gas that means it is going to press for more oil and gas from TT. They are already here. They have facilities on the ground and they have a huge investment in Atlantic LNG. It points to a belief that there would be more investment here.”

While companies are consistently looking for better investments elsewhere TT continues to stack up against other provinces as a competitive region.

“This particular move by bp to reset means that they are still in the oil and gas game, they have assets on the ground and they will continue to search for resources in TT.”

Shell in its 2024 energy transition strategy said in 2023, out of its total capex allocation of US$24.4 billion it invested US$5.6 billion in low-carbon solutions. It reduced its scope one (direct) and scope two (indirect) operations emissions by six-eight per cent in 2023, as compared to 2016. Shell is also over 50 per cent complete with its target to reduce emissions by 2030. It reduced total methane emissions by 70 per cent.

Wael Sawan, Shell CEO, said while it continues with its transition policies, he believes the demand for oil and gas will continue to be high but it will have to be produced with lower emissions and alongside cleaner energy such as advanced biofuels, renewable power and hydrogen. Another opportunity comes in the form of LNG as Shell expects it will play a critical role in the transition process.

“It continues to provide a secure supply of energy in many European countries. It also offers flexibility to electricity grids as wind and solar power grow and opportunities to lower carbon emissions from industries such as cement and steel by replacing coal.”

He said powering LNG plants with renewable electricity and adding carbon capture and storage methods will assist in lowering carbon intensity of its LNG plants.

Foreign policies bring gas pains

However, it is not all good news for TT. Recent geopolitical conflicts between Venezuela and the US have reared its head once again with Trump on his second stint as US President. US Secretary of State Marco Rubio said the US intends to reverse all of President Joe Biden’s concessions and licences with Venezuela, one of which involves the popular Dragon gas deal which could give TT access to up to four trillion cubic feet (TCF) of natural gas.

The licence, issued in 2023, allowed the companies to proceed with planning the project with the aim of reaching first gas by 2027. Reversal of the licence will make it more difficult to complete the deal.

“The US has passed its edict and they will proceed, which will make it harder for TT. The government and Shell may continue to pursue the plans but it would be very difficult. It is not only a government investment, it is also a Shell investment, because Shell was seeking FDI approval.”

Although several major oil and gas companies revised plans for energy transition and how it should be justly done, TT should not pull back from its own transition exercises in projects such as the utility-scale solar project in Brechin Castle, in which both bp and Shell invested. TT’s renewable energy strategy will allow it to meet its obligations in the Paris Agreement and to utilise its own fossil fuels in a better manner.

“I see no reason why we cannot continue to meet our commitments to the Paris Agreement. It is also in our best interest. Moving more of our power generation into renewables, will free gas for other applications. That is the real driver. We are looking for gas. With this project, we could use our gas where it would have a higher value than using it in electricity.”

 

 

 

 

 

A 7.6 magnitude earthquake shakes the Caribbean Sea

8 Feb 2025

A magnitude 7.6 earthquake shook the Caribbean Sea south of the Cayman Islands according to the U.S. Geological Survey.

Several islands and countries urged people near the coast to move inland but authorities later lifted the tsunami alerts. The quake struck at 6:23 p.m. local time in the middle of the sea at a depth of 10 kilometers. Its epicenter was located 130 miles (209 kilometers) south-southwest of George Town in the Cayman Islands.

The U.S. National Tsunami Warning Center said there was no tsunami alert for the U.S. mainland but issued a tsunami advisory for Puerto Rico and the U.S. Virgin Islands, which was later cancelled.

 

 

Women achieve 50% of bpTT leadership

Giselle Thompson:
Mar 4, 2025

Vice President of bpTT’s Corporate Operations Giselle Thompson started her career in the pharmaceutical industry. She said the switch was for the best after she decided to start her family and needed stability .

“I spent the first eight years of my career in the pharmaceutical industry. It was a fun and exciting time that involved a lot of travel and exposed me to great opportunities to work in different markets and cultures.

“When I decided it was time to start a family, I knew it would be best to make a change in my career and to find a role that would allow me to be at home most of the time.”

Making the switch from pharma to energy was “very interesting The industries are very different, and learning the ins and outs of the energy sector at first felt daunting, but it has been a very fulfilling journey and allowed me to continue to leverage my skills and to learn new skills and competencies.”

In addition to the stability her current career provides, Thompson said the corporate affairs field seemed attractive given her keenness for marketing, brand, reputation management and her first degree in business.

“The jobs I have held throughout my career have allowed me to leverage my natural love for creativity with the discipline of business management, strategy, and leadership.”

As for her move to bpTT, Thompson said she knew she wanted to work in a sector that was a key driver of the economy.

“I knew that the energy sector is and would remain the engine of our economy for many years to come. I was attracted to bpTT as the largest energy producer in the country and it was also at the time when bp was finding its stride after the bp/Amoco merger.

It had a national leader at the helm and was positioning itself for further growth, taking a more visible and active role in the national community as a corporate partner. I saw lots of opportunity and potential for my own growth and development.”

Asked about her work and accomplishments at bpTT, she said she’s proud to work for the company and feels privileged to work with many exceptional leaders and the opportunities to learn best practices from across global operations.

Rewarding experience

Giving an insight into the company operations and her learnings, she said, “The company sets and demands high standards, provides the training and opportunities for growth, and cares for its people and communities where we operate. For me, that means continuing to raise the bar on my performance and that of my team. It also means being able to embrace and adapt to change as a normal part of the job.”

While she has achieved many important goals, the biggest accomplishment has been all through collaboration and working with teams across the business. Doing this ensures that bpTT is delivering on its promise to the country and to bp.

“Being part of the company’s successes and important milestones has been very rewarding, whether that has been the acquisition of new acreage in the shallow and deepwater, progressing cross-border licences and exploration activity, progressing Trinidad’s first solar project, to name a few.

The most important accomplishment for me, however, has been people development: building, coaching and mentoring a great team and younger persons throughout the business and seeing some of these people move on to even more exciting roles and opportunities with bp in Trinidad and abroad.”

Without challenges, there would be no accomplishments, and her challenges always come with change, having to work with new leaders, smaller teams, or fewer resources.

“But it is in those times of challenge that you get to ignite your creativity and find solutions and ways of doing better with sometimes less. That’s the challenge of our industry—to find ways to grow energy production while all the time becoming more and more efficient at what we do so we can continue to attract investment to T&T.”

There have been huge changes in the industry, largely driven by the rapid adoption of technology and the drive for more efficiency.

“As a sector, we are collaborating more, whether through formal joint venture partnerships or sharing of assets and services, and that’s because there is strong alignment that for growth, we need to drive efficiency through collaboration and partnership. We have also seen how the challenge of the energy transition has provided both opportunities and threats. In Trinidad, no one would have thought a decade ago we could make solar energy economic.

“I have also seen the rise of nationals in the industry, both in bp and other operators. In bpTT, over 95% of our employees are nationals, and you have seen the growth in local skills and capabilities and high-quality talent.”

There are more females entering the industry and progressing into senior technical and leadership roles.

“In bpTT today, 50% of the leadership team is now female. When I first joined the leadership team, I was one of only two females.”

Every industry has its challenges for females.

“I would say for energy, there are some unique challenges and the experiences for females are different depending on whether you work on sites or plants or if your role is office-based. I think for our site-based females, the challenges are greater since the offshore and onshore plant environment is still largely male-dominated, but changing and because our energy infrastructure, which has been around for decades, was built with males in mind. This meant over time retrofitting the facilities to better accommodate the needs of females, whether that’s living quarters, restrooms and even basic things like personal protective equipment (PPE) that were not originally designed with females in mind.

“For office-based females, the challenges may be different and may involve more issues around being seen as equals and being able to compete for promotions when you are outnumbered by male colleagues and when the hiring decisions are likely being made by men. The good news is that we are making steady progress in addressing these issues and we are seeing many talented, bright females rising through the organisation, not just in Trinidad but also competing for global roles. Our very own leadership team at bpTT is a testament to that.”

Thompson  offered advice for young people coming into the industry and urged them to focus on learning skills and competencies needed long into the future.

“That will be needed long into the future and that includes not just academic skills but also life skills. Employers today want technically sound employees but they also want people who can collaborate well with others, who can communicate effectively, who can think critically and adapt quickly to change and these skills are just as important as your academic qualifications.

“Most of the time, it’s these skills that make the difference between you getting the job or not. Then, when you land that job, you need to embrace it, stay curious, have a hunger to learn, find ways to bring solutions to known issues, be patient about that desire to climb the corporate ladder quickly and get involved in your community, through volunteer opportunities within your organisation or outside of work. Bring others along—when you have been given an opportunity, reach behind you and help someone else along their journey.”

For young women, Thompson stressed that they must be strong allies of their fellow female colleagues.

“Lift each other up and celebrate each other’s successes,” .