Woodside divests nearshore assets to Perenco Holdings

Amanda Battersby, Singapore – 14 July 2025

UK independent now operates the Greater Angostura fields.

Perenco completed the US$206 million acquisition of Woodside Energy’s shallow-water assets, high-grading its upstream portfolio in Trinidad & Tobago where it has been producing since 2016.

As of 11 July, Perenco has assumed operatorship of the 2(C) and 3(A) production sharing contracts — hosting the Greater Angostura offshore fields, seven fixed platforms and subsea facilities — plus an onshore terminal. The Angostura and Ruby oil and gas fields currently produce around 300 million cubic feet per day of gas or 50,000 barrels of oil equivalent per day, for the domestic market — accounting for approximately 12% of national gas output.

Perenco’s existing assets in the country include operated Teak, Samaan and Poui (TSP) fields acquired nine years ago

In December 2024, the company secured the producing Cashima, Amherstia, Flamboyant and Immortelle fields and associated production facilities from bptt.

The four mature offshore gas fields and underdeveloped Parang field combined with operation of the TSP fields, elevates Perenco as a major gas producer in Trinidad and Tobago. As part of the deal, bpTT will purchase the gas produced from these fields to continue to meet its existing contractual obligations in a transition period. at the end of which ownership and operatorship of the assets will be transferred to Perenco T&T.

Following the Woodside acquisition, Perenco’s operations will have a gross gas production base of over 500 MMcfd of gas and gross oil production of over 10,000 barrels per day.

On completion of this deal, Armel Simondin, Perenco chief executive, said: “This acquisition… shows our continued commitment and ambition towards developing energy resources and contributing towards the country’s economic growth.

We are confident that our specific skill in mature field assets and marginal resources will secure long-lasting production from the Angostura asset, while prioritising the safety of our people and environmental sustainability.”

After securing the TSP fields, Perenco launched a complete modernisation plan to fully electrify that asset and increase its gas production, shifting towards more efficient and sustainable hydrocarbon production. Perenco commits to conducting safe and sustainable operations, while working with the local energy sector and communities to provide a positive social impact and promote development of a self-sustaining society.

Woodside earlier clarified that its transaction with Perenco, announced in March, excludes the deepwater Calypso field.

Perenco Holdings, a subsidiary of Anglo-French Perenco SA, an independent international energy company, develops, produces, explores, transports and stores crude oil and natural gas. It produces through its development, drilling and operations across Asia, Europe, Africa, the Mediterranean Basin and Latin America.

It operates onshore and offshore fields in the UK, France, Gabon, Cameroon, Democratic Republic of the Congo, Congo, Tunisia, Turkey, Peru, Colombia, Guatemala, Mexico, Trinidad and Tobago and Vietnam. Headquartered in London, UK, Perenco has a balanced portfolio with a production base, development projects and other exploration prospects in Australia and Belize.

 

 

Perenco acquires shallow-water assets from Woodside Energy

July 11, 2025

Perenco completed its acquisition of the Greater Angostura producing oil and gas assets and associated production facilities from Woodside Energy.

Finalization of the deal, combined with Perenco’s existing operation of the Teak, Samaan and Poui (TSP) and Cashima, Amherstia, Flamboyant and Immortelle (CAFI) fields, aligns Perenco as a major oil and gas producer in country.

The Greater Angostura offshore fields, developed by seven fixed platforms and additional subsea facilities targeting the Angostura and Ruby oil and gas fields, produce approximately 300 MMscfd, or 50,000 boed, for the Trinidad & Tobago market, approximately 12% of gas production.

CEO of Perenco, Armel Simondin, commented,

“This acquisition is an exciting, promising addition to Perenco’s acreage in Trinidad and Tobago. It shows our continued commitment and ambition towards developing energy resources and contributing towards the country’s economic growth. This milestone will increase our gross production levels in excess of 100,000 boed and allows us to further strengthen our partnership with the Government of Trinidad & Tobago.”

“We are confident that our specific skill in mature field assets and marginal resources will secure long-lasting production from the Angostura asset, while prioritizing safety of our people and environmental sustainability. We are pleased to welcome our new colleagues to the Perenco family and recognize all the players who contributed towards the success of this acquisition. I would like to thank the Ministry of Energy and Energy Industries and all the people at Perenco and Woodside who worked diligently to make the short transition period a success.”

Following this acquisition, Perenco’s operations in Trinidad and Tobago will have a gross gas production base of over 500 MMscfd and a gross oil production of over 10,000 bopd, that can both benefit from significant operational synergies, boost value and enable further investment. Perenco is pleased to be enlarging its footprint in the country, extending producing life of these fields to support maximum recovery of resources and increase its contribution to local energy supply,

 

 

Perenco secures more offshore assets

2025, 07/12

Perenco becomes a premier oil and gas producer after completing acquisition of Woodside Energy’s Greater Angostura producing oil and gas assets and associated production facilities The deal combines these assets with Perenco’s existing operation of the Teak, Samaan and Poui (TSP) fields and Cashima, Amherstia, Flamboyant and Immortelle (CAFI) fields. The Greater Angostura field produces approximately 12 percent of T&T’s gas supply.

On March 28, 2025, Woodside Energy said it had entered an agreement with Perenco to divest Greater Angostura assets for US$206 million. The divestment includes Woodside’s interest in shallow water Angostura and Ruby offshore oil and gas fields, associated production facilities and the onshore terminal. Woodside Energy said the transaction does not include the deepwater Calypso field and the Australian company will continue to work with the Government and its joint venture partner to progress the Calypso project.

Woodside said the transaction was expected to close in the third quarter of 2025 with an effective date of January 1, 2025.

Armel Simondin, Perenco’s CEO, said the acquisition was an exciting, promising addition to the company’s acreage.  It showed continued commitment and ambition towards developing energy resources and contributing towards economic growth. This milestone would increase gross production levels in excess of 100,000 boepd and further strengthen partnership with the Government.

“We are confident that our specific skill in mature field assets and marginal resources will secure long-lasting production from the Angostura asset, while prioritising the safety of our people and environmental sustainability.”

Welcoming news of Perenco’s acquisition of some of Woodside Energy’s assets . Dr Roodal Moonilal, Minister of Energy congratulated Perenco and said he looked forward to working with them to increase production from the acreage and assets under their control.

In 2025, Perenco T&T Ltd announced the successful drilling of the Onyx well and sidetrack in the eastern part of the Onyx field, demonstrating that Perenco’s cost management philosophy allows the company to extend the life of mature oil and gas reservoirs, prolonging production in what would otherwise be uneconomic or stranded wells.

In September 2024, bpTT announced it had entered into an agreement with Perenco T&T to sell its CAFI gas fields and associated production facilities. That agreement included undeveloped resources from the Parang field.

 

 

 

Perenco, paramount producer

11 July

Applauding completion of Perenco’s acquisition of the Greater Angostura producing oil and gas assets and associated production facilities from Woodside Energy, the Ministry of Energy rejoiced that this ambitious investment makes Perenco a major player in natural gas production and places the company among the country’s top three producers. The transaction complements Perenco’s existing asset portfolio, which includes its recent purchase of bp’s Cashima, Amherstia, Flamboyant and Immortelle (CAFI) gas producing assets and the Onyx discovery in the Teak, Samaan and Poui Block (TSP), where the conventional oilfield will reach its economic limit in 2027.

In 2025, Perenco TT Ltd announced the successful drilling of the Onyx well and sidetrack in the eastern part of the Onyx field, demonstrating that its cost management philosophy allows the company to extend the life of mature oil and gas reservoirs, lifting production in potentially uneconomic or stranded wells.

Energy Minister Dr Roodal Moonilal said, “I wish to congratulate Perenco on this acquisition and look forward to working with them to increase the production from all the acreage and assets under their control. Perenco’s continued growth and its acquisition of Woodside’s oil and gas producing assets demonstrate strong investor confidence and optimism for the future of the oil and gas industry off the East Coast of Trinidad.”

After a century of petroleum production, TT remains an attractive location for operators such as Perenco, with its existing energy infrastructure, established and experienced players, support services and export route for LNG.

 

 

Perenco joins major energy producers

July 11, 2025

The Energy Ministry stated that Perenco is now one of the top three natural gas producers in the country, cementing its role as a major player in the upstream energy industry, following completion of its acquisition of the Greater Angostura producing oil and gas assets and associated production facilities from Woodside Energy.

Perenco yesterday confirmed the completion of the acquisition of Greater Angostura from Woodside Energy in Trinidad and Tobago. In March, Perenco announced that it had entered into an agreement with Woodside Energy to acquire its Greater Angostura producing oil and gas assets in the northeast, shallow water offshore Trinidad, its onshore oil terminal and associated production and transportation facilities.

“The finalisation of the deal, combined with Perenco’s existing operation of the Teak, Samaan and Poui (TSP) and Cashima, Amherstia, Flamboyant and Immortelle (CAFI) fields, aligns Perenco as a major oil and gas producer in country. From 11 July, 2025, Perenco will complete the acquisition of two Woodside Energy entities, their working interest and operatorship of the 2(C) and 3(A) Production Sharing Contracts and its onshore terminal. The Greater Angostura offshore fields, developed by seven fixed platforms and additional subsea facilities targeting the Angostura and Ruby oil and gas fields, produce today approximately 300 mmscfd, or 50,000 boepd, for the Trinidad and Tobago market (approximately 12% of the national gas production).”

Armel Simondin, Perenco CEO, said: “This acquisition is an exciting, promising addition to Perenco’s acreage in Trinidad and Tobago. It shows our continued commitment and ambition towards developing energy resources and contributing towards the country’s economic growth.

“This milestone will increase our gross production levels in excess of 100,000 boepd and allows us to further strengthen our partnership with the Government of Trinidad and Tobago. We are confident that our specific skill in mature field assets and marginal resources will secure long-lasting production from the Angostura asset, while prioritising the safety of our people and environmental sustainability.

We are pleased to welcome our new colleagues to the Perenco family and would like to recognise all the players who contributed towards the success of this acquisition. I would like to thank the Ministry of Energy and Energy Industries and all the people at Perenco and Woodside who worked diligently to make the short transition period a success.”

Perenco said its operations in Trinidad and Tobago will have a gross gas production base exceeding 500 mmscfd as well as a gross oil production of over 10,000 bopd that can both benefit from significant operational synergies, boost value and enable further investment. Perenco is pleased to be enlarging its footprint in the country and increasing its contribution towards the local energy supply.

Energy Minister Dr Roodal Moonilal stated, “I wish to congratulate Perenco on this acquisition and look forward to working with them to increase the production from acreage and assets under their control.”

 

 

 

Perenco platform protests

15 July 2025

Production operators, who run the day-to-day operations of the oil and gas platforms on the Teak, Samaan and Poui fields operated by Perenco TT Ltd took sickout action for the past week, highlighting poor working conditions and pay.

Energy Minister Dr Roodal Moonilal said, “We are monitoring the situation closely. Although the matter appears to stem from a dispute between workers of a private contractor and their employer, anything that impacts on petroleum operations is of concern to the Ministry of Energy. The ministry takes seriously any matters that relate to the safety of workers and petroleum operations. In light of these reports we have asked the operator Perenco, for an update on the situation.”

On July 14, the minister and permanent secretaries Penelope Bradshaw-Niles and Karinsa Tulsie met executives of Perenco, chairman Francois Perrodo, group CEO Armel Simondin, outgoing general manager Gregoire de Courcelles and incoming general manager Stephane Barc at the energy ministry.

The minister congratulated Perenco on its value creation from mature and marginal oil and gas projects. He urged the company to maintain its strategy and invited Perenco to collaborate with the state sector to provide support in unlocking further value from hydrocarbon assets.

On July 14, workers employed by sub- contractor Sookhai Engineering and Rentals Services Lt. SERSL posted grievances on social media, including inferior PPE, delays in payments of salaries, severance, victimisation and denial of medical or life insurance for work in a high-risk environment. On July 7 about 25 key employees working on the nine platforms in the TSP fields took sickout action to raise awareness of their plight.

Workers on Samaan field began their protest on July 7, workers on the Poui platform took action on July 8 and workers on the Teak platform followed on July 9.

On July 14, a week after the protest began , SERSL sent an email to workers regarding negotiations of payments.

“As many of you are aware, we have been finalising a new contract that aims to reflect both the growth of our organisation and the valuable contributions each of you make every day. While we are making steady progress there have been a few challenges and delays in finalising the terms.”

The letter said it has finalised and approved rate increases for senior operators, operators and HVAC technicians but did not state a date for implementation.

SERSL operations manager Edwin Nancoo declined to comment on the allegations on July 14 but denied claims that production was affected by the protest, saying that the company has manpower coverage.

Workers rejected the statement on July 15.

“For last Monday, Tuesday, Wednesday and Thursday, there was a dip in production because of the initial shock. Perenco has to fill in the gaps. They have to pay their employees overtime for them to stay back and get the coverage.”

Oilfield Workers’ Trade Union officer Ozzi Warwick said it is willing to assist the employees in their plea for better working conditions and reasonable salaries but it could only represent them outside the negotiation room for now.

“Under the Industrial Relations Act, we cannot negotiate unless we have recognised majority union status but we are willing to support the workers and help organise them and therefore represent them on rights and issues and work towards obtaining recognised majority union status.”

One employee said while some workers that started protests returned to work, the majority continue to stand their ground.

“Some of the guys said they have too many financial commitments. They said they would like to join, but they need the money so they have to work.”

However, the worker noted that other employees under SERSL in maintenance such as electricians, mechanical engineers and instrumentation technicians are interested in the movement since their issue was highlighted.

“They have a new sense of hope that their stories might be heard. Again, they are adamant that they do not have issues with Perenco, our problem is with Sookhai.”

A search for SERSL on the company’s registry on the Attorney General and Legal Affairs website on July 15 revealed only one company with a similar name, Sookhai’s Engineering and Rental Services but without “Ltd” in its name. The company address was Henderson Street, Chaguanas and it was registered as a partnership/firm business on November 18, 1979. However the company’s status was listed as “removed.”

 

 

 

EOG Resources

14 July 2025

Energy Minister Dr Roodal Moonilal discussed hydrocarbon resources with EOG Resources Ltd executives on 7 July. Minister in the Energy Ministry Ernesto Kesar and permanent secretary Penelope Bradshaw-Niles attended.

With operations spanning over three decades in TT, EOG Resources highlighted the company’s history and milestones. George Vieira, managing director of EOG Resources, reviewed current operations and reaffirmed its commitment to continued investment and safe, efficient offshore development. He was accompanied by Lisa Gosine-Alleyne, managing counsel and Denesh Ramnarace, external affairs manager.

EOG Resources shared details on exploration plans and ongoing contributions to economic growth for eight areas including blocks NCMA 4(a) and Lower Reverse L, two production sharing contracts (PSC’s) awarded in January 2025.

Dr. Moonilal reaffirmed the government’s commitment to strengthening collaboration with key energy production stakeholders such as EOG Resources, which he commended for its consistent performance and contribution to the local gas value chain. He encouraged the company to continue identifying opportunities to optimise production while maintaining its high standards of safety and operational excellence.

The Ministry of Energy and EOG Resources reaffirmed their mutual interest in working closely to ensure continued progress in the energy sector. Both parties expressed a shared commitment to ongoing collaboration to unlock further value from TT’s hydrocarbon resources.

 

 

 

Touchstone raised production in Central Block

14 July 2025

In an operational update, Touchstone Exploration (Trinidad) announced increased gross production volumes from the Central Block. The Energy Chamber reported that production volumes from the conventional onshore gas field averaged 2,969 barrels of oil equivalent per day (boe/d) (1,930 boe/d net) during the first quarter of 2025. Production for the quarter comprised 16.74 million cubic feet per day (mmcf/d) of natural gas and 179 bbls/d of natural gas liquids.

Based on preliminary field estimates, the company said the second quarter of 2025 had an average gross production of 3,023 boe/d (1,965 boe/d net), comprising approximately 17.05 MMcf/d of natural gas and 181 bbls/d of NGLs.

Touchstone, through its wholly owned TT subsidiary, recently completed a 100 per cent acquisition of the share capital of Shell Trinidad Central Block Ltd.

The acquired producing field, renamed Touchstone Trinidad Central Block Ltd, holds a 65 per cent operating interest in the Central Block exploration and production licence. Heritage Petroleum Company Ltd holds the remaining 35 per cent participating interest. The Central Block asset includes four producing natural gas wells and a gas processing facility.

Touchstone completed 11 LNG liftings (artificial methods to bring oil and gas to the surface), resulting in the production of 2,207,696 mmbtu. An additional 11,065 mmbtu was sold into the domestic market. The volumes generated a gross revenue of $13 million. After transportation and processing costs, revenue totalled $8.9 million.

Central Block generated $1 million in gross revenues from condensate sales at the facility, yielding gross revenue of $9.9 million for the quarter.

All sales volumes are subject to a 12.5 per cent state royalty and applicable plant operating costs. Paul Baay, president and CEO of Touchstone Exploration said, “We are pleased to provide our first operational update on the Central Block following the successful completion of the acquisition. Since the completion, we have delivered quarter-over-quarter production growth through continued plant optimisation.”

The block’s strong performance supports the company’s acquisition rationale and enhances its market flexibility – diversifying revenue streams across LNG, petrochemical and fixed-price gas sales.

 

 

 

Touchstone banks first LNG payment

2025, 07/15

Touchstone Exploration recorded increased production and revenue of over US$13 million from its recent acquisition of the Central Block.

In the operational update issued by the company on Monday, Paul Baay, president and CEO said, “We are pleased to provide our first operational update on the Central Block following the successful completion of the acquisition. Since the completion, we have delivered quarter-over-quarter production growth through continued plant optimisation—an excellent achievement by our Central Block team.”

Touchstone stated in the operational update that gross production volumes from Central Block averaged 2,969 boe/d (1,930 boe/d net) during the first quarter of 2025, comprising approximately 16.74 MMcf/d of natural gas and 179 bbls/d of NGLs.

The company went on to say that based on preliminary field estimates, second quarter 2025 gross production averaged 3,023 boe/d (1,965 boe/d net), comprising approximately 17.05 MMcf/d of natural gas and 181 bbls/d of NGLs.

Baay continued, “This update also highlights the strategic advantage of integrating LNG-based pricing into our marketing portfolio. With commercial documentation complete and the first LNG payment expected by the end of July, we are positioned to benefit from predictable cash flows under the export contract. The Central Block’s strong performance supports our acquisition rationale and enhances our marketing flexibility, diversifying revenue streams across LNG, petrochemical, and fixed-price gas sales.”

Touchstone completed the 100 per cent acquisition of the share capital of Shell Trinidad Central Block Limited in December 2024, renamed Touchstone Trinidad Central Block Ltd..   The company has a 65 per cent operating interest in the onshore Central Block exploration and production licence with Heritage Petroleum Company holding the remaining 35 per cent participating interest.

The Central Block asset includes four producing natural gas wells and a gas processing facility.

Natural gas from the Central Block is sold under two separate contracts, one linked to LNG export pricing and the other to domestic market pricing, primarily supplying Trinidad’s petrochemical sector. LNG sales are subject to vessel availability, referred to as liftings.

According to the notice from Touchstone, from January through April 2025, 11 LNG liftings (including associated liquids) were completed, totalling 2,207,696 MMBtu.

An additional 11,065 MMBtu was sold into the domestic market. These volumes generated gross revenue of $13.6 million ($8.9 million net). After transportation and processing costs, gross revenue totalled US$8.9 million (US$5.8 million net). The Central Block generated US$1 million in gross revenues (US$0.65 million net) from condensate sales at the facility, yielding total gross revenue of US$9.9 million (US$6.4 million net) for the period.

All sales volumes are subject to a 12.5 per cent state royalty and applicable plant operating costs.

 

 

 

TOUCHSTONE ANNOUNCES CASCADURA-5 WELL DRILLING RESULTS

CALGARY, ALBERTA (July 7, 2025)

Touchstone Exploration Inc. (“Touchstone” or the “Company”) (TSX, LSE: TXP) provides an operational update on the Cascadura-5 development well (“Cas-5”), located on the Ortoire block onshore in Trinidad and Tobago. Touchstone has an 80 percent operating working interest in the well, with SOC Heritage Petroleum Company Limited holding the remaining 20 percent.

The Cas-5 well was spud on June 4, 2025, using Star Valley Drilling Rig #205 and was drilled to a total depth of 7,020 feet over 22 days. Following open-hole logging operations, the well was cased for future production.

The primary target of the Cas-5 well was the petroliferous Herrera Gr7bc sands, which are prevalent in the Cascadura structure. Cas-5 is the second well drilled into the B block of the Cascadura structure and encountered approximately 620 feet of gross sand. The targeted reservoir intervals were observed approximately 300 feet updip of the Cascadura-2 well, drilled in the first quarter of 2024.

The original planned total depth of the well was 6,654 feet. Based on encouraging drill cuttings and mud logging data indicating continued hydrocarbon presence, drilling was extended to 7,020 feet. Wireline logging, mud logging, and drill cuttings data collectively suggest that hydrocarbon-bearing sands are present throughout the primary Gr7bc interval.

When funding is available, the drilling rig is expected to be mobilized to complete operations at the nearby Cascadura-4 well (“Cas-4”), is currently cased to a depth of 3,200 feet. Cas-4 is also targeting the Herrera sands, with a planned total depth of approximately 6,500 feet.

Upon drilling Cas-4, the Company intends to complete and tie-in Cas-4 and Cas-5 into the Cascadura natural gas facility. All required tie-in equipment is currently on location.

Paul R. Baay, President and Chief Executive Officer, commented:

“Cas-5 was drilled on schedule and on budget, with field-estimated costs of approximately US$5 million, despite extending the target depth. The performance of our new drilling team, along with the use of synthetic oil-based mud and managed pressure drilling, was instrumental in delivering a successful operation. We encountered no material issues during drilling, which we attribute to improvements implemented following previous challenges. The hydrocarbon intervals observed align with or exceed our pre-drill expectations and continue to enhance our understanding of the Cascadura structure as we integrate ongoing seismic interpretation.”

Placing update

The Company continues to evaluate its options regarding the unfunded placing commitments and will issue a further announcement as soon as practicable.

 

 

TOUCHSTONE EXPLORATION ANNOUNCES 2024 YEAR-END RESERVES

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (596/2014/EU) (“MAR”) AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 AS AMENDED (“UK MAR”). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, SUCH INFORMATION WILL NO LONGER CONSTITUTE INSIDE INFORMATION.

PRIVATE PLACEMENT UPDATE

CALGARY, ALBERTA (June 30, 2025)

Touchstone Exploration Inc. (“Touchstone” or the “Company”) (TSX, LSE: TXP) provides an update regarding its previously announced private placement arranged by Portillion Capital Asset Management Limited (“Portillion”) and Oak Securities (the “Placement”).

As disclosed in the Company’s announcement on June 23, 2025, and notwithstanding repeated assurances from Portillion and Oak Securities, £10,324,500 of the £15,375,000 gross proceeds from the Placement have not been received. This includes £10,000,000 relating to Portillion’s subscription commitment.

As previously announced on May 16, 2025, the Company issued 75,000,000 new common shares to the settlement agent acting on behalf of OAK Securities for distribution to placees under the Placement. The extended deadline to complete the Placement under the conditional approval granted by the Toronto Stock Exchange (the “TSX”) expired on June 27, 2025. Consequently, Touchstone closed on the £5,050,500 of gross proceeds received as of that date, completing the issuance of 24,636,586 common shares, subject to receipt by the TSX of customary post-closing materials which the Company expects to deliver today.

The remaining 50,363,414 new common shares, which remain with the settlement agent pending receipt of the outstanding funds, will be cancelled.

Following the cancellation, the Company’s issued share capital and total voting rights will consist of 261,097,247 common shares. The Company does not hold any common shares in treasury. This figure may be used by shareholders to determine if they are required to notify their interest in, or any change to their interest in, the Company.

The Company is reviewing its options in respect of Portillion’s failure to fulfill its subscription commitment under the Placement. Touchstone remains focused on securing the funding necessary to continue its 2025 capital program, including meeting its obligations under the fourth amended and restated loan agreement with Republic Bank Limited (the “Loan Agreement”).

While there can be no guarantee that the outstanding Placement proceeds will be received, the Company intends to submit a new application to the TSX for conditional approval of a further issuance of new common shares, enabling completion of Portillion’s subscription should the funds be forthcoming.

Under the terms of the Loan Agreement, Touchstone is required to raise not less than approximately US$18 million in equity proceeds on or before December 31, 2025, or such later date as may be agreed with the lender. Following the completion of drilling the Cascadura-5 well, the Company will defer further activity under its 2025 capital program. Considering whether the outstanding Placement funds are ultimately received, Touchstone will evaluate financing options in the near term to satisfy the requirements of the Loan Agreement in relation to the raising of equity capital, and to be able to resume its 2025 capital program.

TOUCHSTONE EXPLORATION PROVIDES PRIVATE PLACEMENT UPDATE

CALGARY, ALBERTA (June 23, 2025) –

Touchstone Exploration Inc. (“Touchstone” or the “Company”) (TSX, LSE: TXP) provides an update regarding its previously announced private placement. Further to the Company’s June 16, 2025 news release, £10.325 million of the £15.375 million in gross proceeds from the private placement remains outstanding. Touchstone has been advised by OAK Securities and Portillion Capital that the settlement of proceeds from certain investors has taken longer than anticipated. The Company has received assurances that the outstanding funds are expected to be received by close of business on June 27, 2025. The Toronto Stock Exchange extended its conditional approval of the private placement, allowing the Company to complete the offering on or before June 27, 2025. As previously disclosed, on May 16, 2025, the Company issued 75,000,000 new common shares to the settlement agent acting on behalf of OAK Securities. To date, 24,636,586 common shares have been distributed to investors. The remaining 50,363,414 shares are currently held by the settlement agent and will be issued upon the expected receipt of the outstanding funds. Operationally, Touchstone has completed running intermediate casing to approximately 5,800 feet at the Cascadura-5 development well. The Company will now proceed to drill the primary target zone.

Touchstone Exploration Inc. is a Calgary, Alberta based company engaged in the business of acquiring interests in petroleum and natural gas rights and the exploration, development, production and sale of petroleum and natural gas. Touchstone is currently active in onshore properties located in the Republic of Trinidad and Tobago. The Company’s common shares are traded on the Toronto Stock Exchange and the AIM market of the London Stock Exchange under the symbol “TXP”.

For further information about Touchstone, please visit our website at www.touchstoneexploration.com or contact: Paul Baay, President and Chief Executive Officer Scott Budau, Chief Financial Officer

Advisory Regarding Forward-Looking Statements Tel: +1 (403) 750-4405 The information provided in this news release contains certain forward-looking statements and information (collectively, “forward-looking statements”) within the meaning of applicable securities laws. Such forward looking statements include, without limitation, forecasts, estimates, expectations and objectives for future operations that are subject to assumptions, risks and uncertainties, many of which are beyond the control of the Company. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expect”, “believe”, “estimate”, “potential”, “anticipate”, “forecast”, “pursue”, “aim”, “intends”, and similar expressions, or are events or conditions that “will”, “would”, “may”, “could” or “should” occur or be achieved. The forward-looking statements contained in this news release speak only as of the date hereof and are expressly qualified by this cautionary statement. Specifically, this news release includes, but is not limited to, forward-looking statements relating to the Company’s business plans, strategies, priorities and development plans; the expected completion of the private placement and the timing thereof; and Touchstone’s current and future financial position, including the sufficiency of resources to fund future capital expenditures and maintain financial liquidity. The Company’s actual decisions, activities, results, performance, or achievement could differ materially from those expressed in, or implied by, such forward-looking statements and accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur or, if any of them do, what benefits that Touchstone will derive from them.

 

 

 

Ministry & Atlantic LNG, partner on energy security

July 15

Executives of Atlantic LNG and Energy Minister Dr Roodal Moonilal agreed to partner in strengthening energy securityat the ministry’s head office. CEO Jean Andre Celestain and chairman Vincent Pereira shared insights into Atlantic operations and outlined the unitised commercial structure implemented in 2023.

Contractual agreements from restructuring increased National Gas Company equity share in Atlantic LNG and facilitated a pricing mechanism providing fair value from the sale of LNG.

Moonilal highlighted government commitment to enhancing the role of Atlantic LNG within the local energy sector. He encouraged Atlantic LNG to pursue long-term investments in its facility, as the government actively implements measures to secure industry sustainability. All parties agreed to uphold open communication channels to promote effective collaboration.

 

 

 

ENERGY MINISTER MEETS WITH SHELL’S COUNTRY SENIOR LEADERSHIP TEAM

30th June 2025

Dr. Roodal Moonilal, Minister of Energy met Shell’s Country Senior Leadership Team during their mid-year review to sharpen focus on future growth and sustainable energy transition.

The strategic session, titled “Keeping Focused on Priorities,” brought together the company’s senior leadership to address critical initiatives aimed at securing Shell’s future up to 2030 and beyond. Key discussions centered on maintaining disciplined delivery, partnering for performance and securing a sustainable future.

The leadership team also reinforced its commitment to “Excellence in Safety and Ethical Leadership” as foundational to its operations.

The Minister highlighted the key role Shell has played in the development of the energy sector in Trinidad and Tobago. He thanked the team for their ongoing commitment, dedication and contributions and emphasized the importance of gas as a fundamental pillar for economic prosperity.

 

 

 

 

Natural gas output falls 5.9%

30 June 2025

Trinidad and Tobago recorded short-term increases in the production of crude oil but declines in the production of natural gas and gas-related industries like LNG, methanol, and ammonia production during the first quarter of this year.

 

The Energy Chamber, analysing data released by the Ministry of Energy, said it highlighted some core issues within the energy sector.

“Looking at monthly and quarterly data and even single year data can often be a bit misleading as it ignores critical historical information. In the energy sector, production is not constant; it fluctuates due to several factors, including scheduled outages (such as maintenance programmes) and unscheduled outages, storage levels and other factors.

“It is important to note that this data is also collected across multiple producers with multiple facilities; therefore, month to month, there are increases and decreases in production.”

First quarter data for 2025 showed a year-on-year reduction in the production of natural gas (-5.9%) . Crude oil production improved (6.1%t).

Performance of the petrochemical industry was mixed. Expansions in ammonia (4.7%) and urea (12.5%) were countered by marked decline in methanol output (-15.3%).

A longer horizon reveals a substantial decline in oil and gas production, which results in lower petrochemical production and ultimately lower energy exports. Oil production has been falling for the last 20 years. Peak oil production in Trinidad and Tobago was about 144,000 barrels of oil per day in 2005.

Since then, there has been a precipitous decline in production. In May 2005, output was 155,000 barrels per day. Production in March 2025 is 67% less than May 2005—a substantial decrease. In December 2009, natural gas production was 4.5 bcf per day. In March 2025, it was 2.3 bcf/day, almost 50% of what was produced back then.

The longer horizon highlights the urgent need for reform in the sector.

“More needs to be done to encourage investment in the oil and gas sector in Trinidad and Tobago. Increased investment leads to more projects, which leads to increased opportunities for contractors to work on greenfield projects, and ultimately, more monetisation of oil and gas resources and increased exports of LNG, methanol, and ammonia, which can generate substantial foreign exchange.”

 

 

 

Proman

2025, 06/25

Prime Minister Kamla Persad-Bissessar, Minister of Energy Roodal Moonilal and Ernesto Kesar, Minister in the Ministry of Energy met senior representatives from Proman on 23rd June 2025, at the Office of the Parliament, Port-of-Spain.

The Prime Minister, Energy Minister and Minister Kesar met David Cassidy, Chief Executive Officer, Proman AG, Anand Ragbir, Managing Director, Proman Trinidad and Giselle Thompson, Deputy Managing Director, Proman Trinidad.

The meeting was very fruitful with discussions on Proman’s commitment to pursuing further investment in upstream and downstream sectors as it leverages ‘its entrepreneurial spirit,’ to advance opportunities in Trinidad and Tobago notwithstanding challenges of gas curtailments, geopolitical risks and volatile global markets. The company highlighted its aim of partnering with the Government to advance opportunities that will support its vision of Trinidad and Tobago’s re-emergence as the energy hub of the region.”

 

 

 

 

Minister Kesar, Methanex officials discuss downstream gas future

2025, 06/02

The potential for future collaboration in the downstream gas industry was part of discussions between the Ministry of Energy and Methanex Trinidad Limited at the Ministry .

Minister Ernesto Kesar and officials met Dean Richardson, Senior Vice President, Methanex Corporation and Colin Bain, Managing Director and President of Methanex Trinidad Limited on May 29, 2025.

Minister Kesar acknowledged the importance of Methanex to Trinidad and Tobago as a major player for 25 years in the downstream sector and as a primary producer of methanol locally and globally.

The Minister received a high-level overview of the operations of the company and areas in which further collaboration could be pursued were discussed. The Methanex officials underscored the importance of the company’s T&T operations to its global portfolio. They highlighted their approach to pursuing the transition to a low-carbon economy and welcomed continued collaboration with the Ministry in this area.

Minister Kesar commended Methanex for its Corporate Social Responsibility (CSR) and education and training initiatives. He reiterated the Government’s commitment to working with stakeholders such as Methanex to ensure a sustainable downstream gas industry, for the benefit of Trinidad and Tobago.

 

 

 

 

SPETT Energy Symposium

Urgent action to boost oil output

3 July

Minister of Energy Dr Roodal Moonilal says local oil and gas production has been in decline for the past ten years, but output is projected to increase over the next three.

In his feature address, he told the Society of Petroleum Engineers (SPETT)’s 2025 Mature Basin Energy Symposium that drilling programmes needed to be accelerated. Onshore exploration is being undertaken in six blocks with licences at this time acquiring and processing seismic data. Initial feedback has been positive but onshore output of 22,616 barrels of oil per day in 2015 , fell to 18,005 bpd in 2020 and slipped to 17,000 bpd this year. He attributed much of this drop to Heritage Petroleum Company Ltd.

“This decline will continue unless urgent action is taken. Heritage, which has the largest onshore acreage, accounts for the majority of the decline in onshore oil production over the last five years.

“Notably, in 2015 the onshore production from then-Petrotrin stood at 21,387 barrels per day. In 2020, under Heritage, onshore production decreased to 10,264 barrels per day and experienced a further decline to 9,667 barrels per day in 2025. Whereas its lease operators, enhanced production service contractors and farmout operators achieved a marginal increase in oil production over the same period.”

Heritage needs to make better use of its acreage and a policy being considered was a reassessment of how it partners with lease operators and farmout companies. Targeting of deeper horizons in its land acreage has been proposed by the company to improve its oil production.

This was not previously possible as Heritage did not have rights for its Cruse Horizon Block, Guapo Oropouche Brighton Horizon Block, Herrera Horizon Block and Mayaro/Guayaguayare Horizon Block.

Through ministry negotiations the licences of Heritage for these blocks are being amended to include the company’s rights to deeper horizons.

In return, Heritage has committed to the drilling of one exploration well in each of the blocks ranging in depth from 5,500 feet true vertical depth to 13,500 feet true vertical depth over the next three years.

“The targeting by Heritage of the deeper horizons will resuscitate oil exploration on land and with success would open a new chapter in onshore oil exploration. This will encourage onshore operators in newly licensed acreage, as well as already licensed areas, to drill deeper targets to optimize the basin’s potential” .

In 2015, the former Petrotrin’s offshore production was 21,468 barrels of oil per day. However, Heritage’s offshore oil production followed the same trend as its onshore production, declining to 17,690 barrels a day in 2020 and then to 17,226 barrels a day this year.  The new Board of Directors will be mandated to develop a strategy for increasing oil production.

Like oil, natural gas production has also declined since 2015 from 3.8 billion cubic feet of gas to 2.54 billion cubic feet per day currently. This was unacceptable.

Projects include bpTT’s Cypre Phase 1 development which came onstream with a peak production of 350 million standard cubic feet per day and the delivery of first gas in May from the Mento field, a joint-venture between bpTT and EOG Resources. While these are welcome, they will likely be combating natural decline from maturing reservoirs. The outlook for oil in the short to medium term is positive.

“Gas fields rich in condensate are coming onstream in the near term. The Mento development, the joint venture between EOG and BPTT, which delivered first gas on May 29, 2025, is projected to reach liquid peak production at a rate of 8,200 barrels per day. Crude oil produced by Perenco from redrill workovers in the Poui field is expected to add 2,900 barrels of oil per day to the base production in early 2026.”

Keskula resigns as Heritage Petroleum CEO

Jul 10, 2025

Erik Keskula has resigned as chief executive officer of state-owned oil company Heritage Petroleum Co Ltd, a little over two years after taking up the role.

Keskula’s resignation, effective September 30, follows the appointment of former Urban Development Corporation of T&T (UDeCOTT) CEO Kurt Ramlal as chairman of Heritage. He was present when Energy Minister Dr Roodal Moonilal issued letters of appointment to the new boards of directors of Trinidad Petroleum Holdings Ltd (TPHL) subsidiaries- Heritage, Paria Fuel Trading Company Ltd and Guaracara Refining Company Ltd. The new Heritage board includes directors Khalid Hassanali, Lincoln Dookeran, Ronnie Sookoo, Richard Hansraj, and Kamini Ramraj.

The appointments follow Moonilal’s address at the Society of Petroleum Engineers (SPETT) 2025 Mature Basin Energy Symposium, where he urged an aggressive drilling strategy to reverse declining domestic oil production. Onshore production of 22,616 barrels of oil per day in 2015, fell to 18,005 barrels in 2020 and sank to 17,000 barrels in 2025. He attributed much of the decline to Heritage Petroleum.

“This decline will continue unless urgent action is taken. Heritage, which has the largest onshore acreage, accounts for the majority of the decline in onshore oil production over the last five years.

Notably, in 2015 the onshore production from then-Petrotrin stood at 21,387 barrels per day. In 2020, under Heritage, onshore production decreased to 10,264 barrels per day and experienced a further decline to 9,667 barrels per day in 2025; whereas its lease operators, enhanced production service contractors and farmout operators achieved a marginal increase in oil production over the same period.”

The new Heritage board has been tasked with developing and executing a revitalisation strategy to stabilise and grow onshore production. Keskula was appointed CEO on June 13, 2022, following the retirement of former CEO Arlene Chow.

At the time of his appointment, Heritage described Keskula as “an extremely well-regarded leader in the international oil and gas industry,” with more than 25 years of experience in exploration and production.

He previously held senior roles at ConocoPhillips across the globe, including president of ConocoPhillips Malaysia, vice president of North Slope Operations, and vice president of Subsurface.

“Erik is well qualified holding a Master of Science in Engineering and Technology Management from Oklahoma State University and a Bachelor of Science in Geophysical Engineering/Minor Mathematics from the well-known, Colorado School of Mines. He brings the right mix of operational, technical, commercial and stakeholder management skills to be the new CEO of Heritage Petroleum Company Ltd.”

 

 

 

NGC chairman, Gerald Ramdeen

2025, 07/15

Weeks after Cabinet revoked the appointment of renewable energy expert, Dr Randy Ramadhar Singh, who served as lead director for less than a month, there was a realignment of tasks and Attorney Gerald Ramdeen has been appointed chairman of the state-owned National Gas Company. Ramdeen received his official letter of appointment from Energy Minister Dr Roodal Moonilal, as did the rest of the board.

The deputy chairman is Ramnarine Bedassie. Other directors are Nazim Sarjad, Dr Rampersad Motilal, Dr Ahamad Khan, Steve Seetahal, Rohini Ramai Peters, Prof David Alexander and Joseph Toney, most of whom have experience in the energy sector.

The minister confirmed the appointments and said he was confident that Ramdeen possessed the experience and capability to handle the assignment, as an outstanding attorney who has practised in several areas of law, including corporate law.

“At this time NGC is challenged as everyone knows in terms of several legal matters and negotiations over gas supply contracts and many other challenges, including matters of energy policy and diplomacy and we are convinced that Ramdeen will make a very good and strong showing of himself and work with the ministry to serve not only the Ministry of Energy but at a critical time the people of T&T as we rebuild the energy sector.”

NGC is critical to the economy. Economist Dr Justin Ram said that NGC plays a pivotal role in generating significant revenue for Government’s daily operations and is a major contributor to national economic development.

He noted that the new NGC chairman must now focus on creating the right environment to support the discovery and production of new gas sources. Gas supplies have declined in recent years, there was a pressing need to increase gas production. He suggested that NGC should explore opportunities beyond Trinidad and Tobago.

“ T&T should think about it and the new chairman has a great opportunity to consider the NGC as a multinational corporation owned by T&T now seeking to bring gas supplies to production and into supply within other countries.”

The NGC Group comprises over 30 subsidiaries and affiliates in the energy sector, including National Energy, Phoenix Park Gas Processors Ltd, NGC Green Company, T&T NGL and La Brea Industrial Development Company Ltd.

 

 

 

Directors appointed to boards for Heritage, Paria, Guaracara

8 July 2025

The new chairman of Heritage Petroleum Company Ltd is Kurt Ramlal with directors Khalid Hassanali, Ronnie Sookoo, Richard Hansraj, Lincoln Dookhran and Kamini Ramraj.

Erik Keskula is the CEO. …[at the date of this photograph.- NB the story below]

Chairman of Guaracara Refining Company Limited is Gowtam Maharaj, with directors Marisa Ramsoondar, Raymond Surujbally and Clyne La Borde.

Chairman of Paria Fuel Trading Company Ltd is Nyree Alfonso, with directors Geeta Ragoonath, Christopher Jackman, Kent Ramlal and acting general manager Joanne Sinanansingh.

At the ceremony on July 7 in the ministry, Energy Minister Dr Roodal Moonilal emphasised the critical role these companies play in the energy landscape and reminded the members of the mandate issued by the prime minister for the country to re-emerge as the regional energy hub.

He urged boards to bring their expertise and visionary leadership to bear in strengthening governance, strategising, improving operational efficiency, and ensuring accountability and transparency across all subsidiaries.

The board appointments bring together a blend of technical proficiency, strategic insight and corporate governance experience aimed at advancing the performance and competitiveness of TPHL subsidiaries.

The ministry will continue to provide oversight and policy direction to ensure that these companies contribute meaningfully to development while upholding the principles of good corporate governance.

 

Keskula resigns as Heritage Petroleum CEO

2025, 07/11

State oil producer Heritage Petroleum Company confirmed the resignation of chief executive officer Erik Keskula to accept a position at an international company.

A graduate of the Colorado School of Mines, Keskula is a geophysicist who spent 25 years at American energy multinational ConocoPhillips, in varying capacities around the globe before he left in 2022. He was selected as CEO in June 2023 to run Heritage.

In his resignation letter of June 30 submitted to Energy Minister Dr Roodal Moonilal, Keskula stated, “After considerable thought and reflection, I am formally resigning from my position as CEO at Heritage Petroleum Company Ltd effective September 30, providing three months’ notice, aligned to my contract.”

He said leading the company has been one of the greatest professional honours of his career.

“After more than two years, I have had the privilege to lead and work alongside a dedicated team committed to driving growth, innovation and sustainability in the energy sector, all for the good of the people of T&T. Together, we have risen above many challenges, achieved new milestones and built a strong foundation for growth and transformation. This decision did not come lightly. It stems from my desire to pursue new professional challenges in the energy sector. Please be assured that I will do everything I can to ensure a smooth handover within the months ahead.”

The letter further stated that he remained optimistic about Heritage’s future and would continue to support the company in any way possible. Keskula told media,

“I enjoyed my time at Heritage and the opportunity to help grow the business to the benefit of the people of the country. In the past few months, I was offered another position in the energy sector and it was an opportunity that was too good to turn down. I remain committed to supporting the company and the Government in a smooth transition to another CEO.”

In a memo to staff, Keskula said “I would like to express my heartfelt gratitude to the leadership team, the extended leadership team and the staff of Heritage for your unwavering commitment and excellence. Your dedication has been instrumental in our achievements. To all staff members, thank you for your cooperation and support. The memories we have created together will be cherished for years to come.”

Energy Minister Dr Roodal Moonilal presented instruments of appointment to a new Heritage board.

The chairman is Kurt Ramlal, a former chief executive officer of Urban Development Corporation of T&T (UDecott). Directors are Khalid Hassanali, Lincoln Dookhran, Ronnie Sookoo, Richard Hansraj and Kamini Ramraj.

The Minister emphasised the critical role Heritage Petroleum and Paria Fuel Trading play in the national energy landscape and reminded the members of the mandate issued by Prime Minister Kamla Persad-Bissessar, for the country to re-emerge as the energy hub of the region.

 

 

Former UDeCOTT CEO appointed Heritage chairman

8 July

As the Government seeks to reverse declining onshore oil production, former chief executive officer of the Urban Development Corporation of T&T (UDecott), Kurt Ramlal, has been appointed chairman of the board of State-owned Heritage Petroleum Co Ltd. The new directors include Khalid Hassanali, Lincoln Dookhran, Ronnie Sookoo, Richard Hansraj and Kamini Ramraj.

Energy Minister Dr Roodal Moonilal confirmed the board appointments yesterday, noting that the Ministry will issue a formal statement.

At the Society of Petroleum Engineers (SPETT)’s 2025 Mature Basin Energy Symposium, Moonilal urged an aggressive drilling strategy to raise domestic oil output.

Moonilal attributed much of the decline in onshore production from 22,616 barrels of oil per day in 2015, to 18,005 barrels in 2020 and sinking to 17,000 barrels per day this year to the Heritage Petroleum Company Ltd, which holds the largest onshore acreage showed the steepest output drops.

“This decline will continue unless urgent action is taken. Heritage, which has the largest onshore acreage, accounts for the majority of the decline in onshore oil production over the last five years.

“Notably, in 2015 the onshore production from then-Petrotrin stood at 21,387 barrels per day. In 2020, under Heritage, onshore production decreased to 10,264 barrels per day and experienced a further decline to 9,667 barrels per day in 2025; whereas its lease operators, enhanced production service contractors and farmout operators achieved a marginal increase in oil production over the same period.”

 

 

 

Gerald Ramdeen is new NGC chair

2025, 06/22

As questions mount over the leadership of the National Gas Company of Trinidad and Tobago (NGC), attorney Gerald Ramdeen is due to receive his formal instrument of appointment to the company’s Board of Directors.

The board includes Ramnarine Bedasie, Nazim Sarjad, Dr Rampersad Motilal, Samantha Surujbally, Darren Mitchell, and Dr Ahmad Khan.

Ramdeen declined further comment but pointed out that the appointment of the board was a Cabinet matter.  Ramdeen replaces Dr Randy Ramadhar Singh, who replaced Dr Joseph Ishamel Khan, as NGC chairman.

Following Ramadhar Singh’s appointment, a circular to staff welcomed him as the new NGC chairman. Ramadhar Singh also met acting NGC president Edmund Subryan and other presidents of NGC subsidiaries .

Folllowing a dispute with a special adviser to Government, Ramadhar Singh was replaced by Ramdeen.

The NGC and its subsidiaries are an integrated group of over 30 energy companies, including National Energy Corporation of Trinidad and Tobago (National Energy), Phoenix Park Gas Processors Limited (PPGPL), NGC Green Company Limited (NGC Green), Trinidad and Tobago NGL Limited (TTNGL), and La Brea Industrial Development Company Limited (LABIDCO).

The state company is seen as a vital cog of the Trinidad and Tobago economy.

 

 

NGC names new board

2025, 06/19

The new board of directors has been confirmed at the National Gas Company.
Directors are attorney Gerald Ramdeen, Ramnarine Bedasie, Nazim Sarjad, Dr Rampersad Motilal, Samantha Surujbally, Darren Mitchell, and Dr Ahmad Khan.

The National Gas Company and the wider NGC Group recorded an after-tax profit of $540 million for the nine months ended September 30 2024.

The company stated that this represented a significant improvement of $1.8 billion from the reported loss of $1.3 billion for the year ended December 31, 2023, which was impacted by $1.8 billion in impairment charges.

In 2024, NGC acquired a 20 per cent participating interest in the cross-border Cocuina gas field, as well as carried a 20 per cent participating interest as a state entity in each of the Charuma, Cipero, and Rio Claro onshore blocks.

 

 

 

Ramdeen must quickly learn ropes at NGC

2025, 07/16

Two former ministers of energy believe that while it’s not detrimental to have a non-expert leading the National Gas Company, Gerald Ramdeen must quickly learn the industry and understand the weight of the task ahead, as NGC is the country’s primary energy earner.

The attorney received his official letter of appointment from Minister of Energy Dr Roodal Moonilal, in a period of rapid changes in the leadership, as Ramdeen replaced renewable energy expert Dr Randy Ramadhar Singh.

However, former minister and NGC chair Conrad Enill said Ramdeen has the requisite competence to guide him and the company.

“The NGC group has a number of very experienced employees at all levels… the board comprises other technocrats as well, guided by both the Ministry of Energy and advisors who are technical experts. So, again, the totality of everything will cause the decision-making to be in a particular way.”

Enill, who served as energy minister from 2007 to 2010, said Ramdeen’s appointment signals the direction the Government intends to take the NGC.

“If they have a legal chairman, the focus will be legal. If they have an energy chairman, then the focus will be energy.”

In justifying his appointment, Energy Minister Dr Roodal Moonilal said Ramdeen was chosen due to his strong legal background, which he believes is valuable, as the NGC is currently facing several challenges, including legal issues, gas supply negotiations and matters of energy policy and diplomacy.

However, Enill said the former temporary UNC senator must learn about the business quickly and recognise the magnitude of the assignment given to him at NGC.

“Whoever the chairman is, he has to represent the biggest earning asset of the Government globally. And really and truly, you are going to be dealing with a number of very significant players, significant countries, significant prime ministers, and the Government has to decide how they wish to represent Trinidad and Tobago in those circumstances.”

Another former energy minister believes that while Ramdeen doesn’t need to be an energy expert, it would have been preferable.

Carolyn Seepersad-Bachan, who held the post between May 2010 to June 2011 said, “I would have preferred someone with an NGC background, although we did not quite achieve that under my time because I was not in charge of board appointments. There was a board appointments committee. But in all cases, I would prefer that person had some experience in the industry itself. From time to time, the chairman will have to critically review the decisions of management, hence the reason why it is always preferable or ideal for that person to at least not necessarily be a technical expert but have had some experience in that industry.”

However, she said it was also important that the board has the right balance of expertise.

“In terms of the competencies, whether it is in finance, law, human resource management, industrial relations, you would have a number of subject matter experts on the board itself. In that way, you relieve the chairman of having that requirement.”

The deputy chairman of NGC is Ramnarine Bedassie. The other directors are Nazim Sarjad, Dr Rampersad Motilal, Dr Ahamad Khan, Steve Seetahal, Rohini Ramai Peters, Prof David Alexander, and Joseph Toney.

Sarjad has prior experience within NGC, having served as a manager in Construction Services.

Seetahal, a senior instructor at the University of Trinidad and Tobago (UTT), has done research in energy economics.

Ramai Peters served as Commercial Lead for Business Development and Exploration activities in Trinidad and Nigeria, working on various Upstream Licensing Bid Rounds, Joint Venture Farm-in deals, and other commercial agreements.

Prof Alexander is an Associate Professor of Petroleum Engineering at the UTT.

 

 

 

Energy Ministry to host symposium to improve ease of business

2 July

The Ministry of Energy will host a symposium with energy stakeholders focused on improving the ease of doing business. Minister Dr Roodal Moonilal told a Society of Petroleum Engineers TT symposium the government wants TT to re-emerge as the energy hub of the region. However, one of the major obstacles to increasing oil and gas production is the lack of operational efficiency linked to government approvals that companies must navigate.

“In the energy sector, time is money. A study by the Energy Chamber revealed that the process for new upstream projects requires 33 major approvals from eight ministries or agencies. Government approvals are required for almost every activity and at every stage, from seismic acquisition to exploration drilling to the operationalisation of the field development plan.”

Stakeholders will be invited to air concerns and make recommendations to de-bottleneck the approval process along the energy value chain and accelerate development of projects in the energy sector. Energy Chamber president Dr Thackwray (Dax) Driver welcomed the minister’s revelation.

“We are extremely supportive of that idea and we would like to work closely with the Ministry of Energy and all the other agencies because not the Ministry of Energy alone, there are alot of other agencies involved in the process and we need to get them all aligned and working with the objective of just being efficient and doing things faster. The faster you can get the investment dollars coming in, the greater value you create for the country.“

The chamber said its 2020 study showed that a one-year improvement in the time from a bid round to first gas would result in an increase in the net present value of a typical shallow water offshore gas field in TT by approximately US$120 million.

“In addition to the approvals process, there are other ease-of-doing-business improvements that can improve the competitiveness of the energy sector. These changes are also important to meet the objective of being a regional energy services hub. Increasing production of both oil and gas is critical for stabilisation of the economy and generation of foreign exchange. It is also critical for the growth of opportunities for local contractors and employment in the sector.”

In May 2022, the chamber launched a six-point plan to secure new natural gas supplies and maximise exports from TT. In addition to speeding up the approvals process, the chamber urged reform to the upstream tax system to incentivise investment, divert gas from domestic electricity generation through energy efficiency and renewable energy, invest in reducing carbon intensity of operations and products, encourage innovative approaches to small field development and secure cross-border supplies of natural gas.

The former prime minister lamented the prolonged approval process hampering developmental projects.

“We need to re-examine the speed at which we provide service to investors, because those investors, at this time in our history, are required, in large numbers or small volumes – when they all add up, that’s the new non-oil economy.”

 

 

 

 

bp reports production boost, strong Q2 results from oil trading

Mitchell Ferman, Bloomberg July 11, 2025

bp Plc expects to report rising production and a strong result from its oil trading business for the second quarter, offering a boost for the energy major struggling to reverse years of underperformance. The London-based company said production for the three months through June is now expected to be higher compared with the first quarter,That’s up from earlier guidance for it to be broadly flat. Output had slipped in the first three months of the year. It will report earnings for the period on Aug. 5.

bp shares rose as much as 3.1% in London as of 9:19 a.m, outperforming the sector. Its statement struck a more upbeat tone than updates this week from its closest rival Shell Plc. and U.S. peer Exxon Mobil Corp.

As it hunts for a new chair, an operational pickup is essential for bp as it tries to get back toward a core business of hydrocarbons. However, it came during a period when oil prices were buffeted by U.S. President Donald Trump’s trade war, shifting OPEC+ policy and Israel’s attacks on Iran. Brent crude slid about 9% over the quarter and was hovering just below $70 a barrel on Friday — the level BP uses to model financial targets in its strategic reset.

Jefferies Financial Group said that Friday’s trading update should drive up consensus earnings expectations for the company. UBS Group highlighted the “better indicators” of strong oil trading and higher quarterly production, as well as asset writedowns.

The British major remains under growing pressure to demonstrate progress on a turnaround plan announced in February. The shares continue to trail peers and with analysts predicting an even weaker oil market later this year, bp faces a steep climb to convince investors it can ramp up returns. The UK energy giant also sees higher profit margins from refining thanks in part to “a significantly higher level of turnaround activity.” Oil trading generated a strong result in the second quarter, while the performance from gas trading was average.

Both bp and Shell have large but opaque trading businesses that are often key profit drivers. However, Shell warned on Monday that its second-quarter trading results in both gas and oil will be significantly lower than the previous three months. While commodity traders tend to thrive in volatility, the kinds of rapid-fire, headline-driven moves that have followed developments on tariffs and conflict in the Middle East can be harder to trade.

U.S. peer Exxon Mobil Corp. sees lower oil and gas prices to reduce the company’s quarterly earnings by about $1.5 billion. Exxon expects some respite from refining margins. Net debt, which rose by about $4 billion in the first quarter to almost $27 billion, is expected to decline “slightly” in the second quarter. Those positive signs from trading, refining and upstream could be undermined by asset writedowns of between $500 million to $1.5 billion across unspecified sectors.

bp, whose earnings missed estimates the previous two quarters, is under particular strain as activist investor Elliott Investment Management calls for transformative changes. Chief Executive Officer Murray Auchincloss vowed to drive up oil and gas production and cut investments in low-carbon energy. He unveiled a plan to sell about $20 billion of assets by the end of 2027.

Yet with the new strategy getting a lukewarm reception from many shareholders, and bp’s market value sliding by a quarter since April last year, the storied British company has increasingly been the subject of takeover chatter. Shell said last month it had no intention of making an offer for its crosstown competitor.

The company is also seeking a new chairman after Helge Lund said in April he planned to step down. The search for a replacement has already seen several qualified candidates demur and investors will be looking for progress when the company reports earnings Aug. 5.

 

 

 

bpTT

June 3

In January, global giant BP announced it would be cutting five per cent of its workforce or some 4,700 staff to reduce costs.

President of bpTT, David Campbell said the announcement of cost-saving measures is a bid by the company to make operations more efficient. At the Caribbean Sustainable Energy Conference 2025 hosted by the Energy Chamber of TT on June 2, he dismissed the term “cost-cutting,” which did not fully represent what the company was doing.

“I don’t really think about ‘cost-cutting.’ That’s got a sort of negative connotation but elimination of waste wherever we see it, trying to be a more efficient producer?

We should be trying to do that all the time and that’s what we’ve been focused on and our teams have been bringing forward ideas. I want people to feel empowered to point that out and use new technologies, use new techniques, learn from others.

You see us for instance partnering- we just mentioned Mento and our partner EOG, you see what we’re doing in deepwater with Shell and with others, the co-operation with Perenco. So I think there’s lots of opportunities to make our system of working much more efficient.”

Mento is a 50/50 joint venture between bpTT and EOG, the latter of which is the operator. It safely delivered first gas through connection of the initial discovery well last week. bpTT’s Cypre project safely delivered first gas just over a month prior. These were part of ten projects that the company is hoping could cumulatively produce a peak production of 250,000 barrels of oil equivalent per day.

With these recent favourable developments, Campbell is satisfied with progress being made for the year.

“Production has been stronger, the underlying performance of the business has been good. I think cooperation across the industry has been very positive. I have to give credit to the government that we worked with before and the early conversations that we’ve had with the new government as well. I think that augers well for TT.”

Campbell did not respond to questions about if bpTT employees would be among those getting axed.

According to a BBC report, BP chief executive Murray Auchincloss, who announced last year his intentions to simplify the business, is understood to have set a cost reduction target of US$2 billion (£1.6 billion) by the end of 2026, of which US$500 million is to be saved this year.

Campbell was a panel member for a discussion on the implications of the recent scaling back of resources to cleaner energy by larger countries on the region. Changes within the last year did not alter the company’s commitments.

“We’ve changed our strategy partly in response to the world but we still have committed to net zero by 2050 or sooner and we’re committed to sustainability in the wider sense.”

Campbell said that the world’s energy requirement continues to grow for both sustainable and fossil fuels. This is why he believes sustainable energy sources need to be looked as an additional source to fossil fuels instead of “one or the other.”

“We’re not losing one. We’re gaining one.”

In her opening remarks at the conference, the chamber’s chairperson, Mala Baliraj, pointed out that while larger countries like the US were taking a step back from the net zero goal, overall global investments into low carbon energy have continued to grow, with the International Energy Agency (IEA) estimating that total clean energy investment worldwide exceeded US$2 trillion in 2024.

“This includes renewables, electric vehicles, nuclear power, grids, storage, low-emissions fuels, efficiency improvements and heat pumps. This is double the estimated one
trillion US dollars going to coal, gas and oil developments.”

 

 

 

DW Deadline extended to September 17

Submissions for T&T’s 2025 deep-water competitive bidding round...

Jun 21, 2025

map of  blocks in the 2025 deep-water competitive bidding round.

Deadline for submis­sions in the Trinidad and Tobago 2025 deep-water competitive bidding round has been extended by almost three months. Bids are now due on September 17, instead of the ori­ginal July 2 deadline. The Ministry of Energy did not state a reason for the extension.

.The legal order that would give effect to the new deadline, the Petroleum Regulations (Deep Water Compe­titive Bidding) (Amendment) Order, 2025, has not yet been gazetted.

he ministry website stated, “The Ministry of Energy and Energy Industries of the Government of the Republic of Trinidad and Tobago is pleased to announce the extension of the date of submission of bids for its 2025 Deep-Water Compe­ti­tive Bidding Round to 12 noon on September 17th, 2025. The Petroleum Regulations (Deep-Water Competi­tive Bidding) (Amendment) Order, 2025 to effect this change will be made available soon.”

The 2025 deep-water competitive bidding round includes 26 blocks available for bidding. Thirteen of the 17 blocks offered in the previous round have returned to the list.

On January 27, former ener­­gy minister Stuart Young launched the Deep-Water Competitive Bidding Round, with the deadline for bid submissions at noon on July 2. Successful bids were sche­duled to be announced by October, three months after the close of bidding.

Young told the Energy Chamber’s annual energy conference in February that “our deep-­water province holds the greatest promise for major oil and gas discoveries”.

International financial data and analytics provider S&P Global said that Trinidad and Tobago was setting the stage for a “new chapter” in its offshore exploration with the launch of its 2025 deep-water bid round.

“With 26 offshore blocks that collectively cover approximately 29,177 sq km, the 2025 deep-water competitive bid round is poised to be the largest auction of oil and gas exploration areas in Trinidad and Tobago’s history.”

S&P said that the Government is aiming to unlock untapped hydrocarbon potential in some of the least explored frontier areas.

“This move signals a strategic effort to attract international investment and revitalise upstream activity in a region that still holds signi­ficant promise.”

It said that unlike many mature basins worldwide, Trinidad and Tobago’s deep­-water acreage remains largely underexplored.

“While global exploration trends have slowed, the country is positioning itself as a competitive and geolo­gically attractive option for energy companies seeking new offshore opportunities. If successful, the bid round could bolster new hy­dro­carbon resources, drive innovation, and support long-­term energy security for the nation.”

S&P said that the award­ed blocks will feature a ten-year exploration pe­riod, divided into three phases. Additionally, there is a potential 25-year extension, contingent upon a commercial discovery. S&P said that notably, half of the blocks in this round did not attract any bids when they were previously offered in 2021/2022.

“Most blocks are situated in the Northeast Caribbean Deformed Belt, a recognised frontier basin with gas discoveries and ongoing development plans, specifically on Woodside Energy’s Bongos 2, Bele 1, Boom 1, Hi Hat 1, and Tuk 1 fields as part of the company’s Calypso project. Additional blocks are located in the emerging Toba­go Basin and the more developed Columbus sub-basin region of the Trinidad Basin.”

S&P said that among the most significant blocks in this round are the TTDAA 5 block and several adjacent blocks, where Woodside discovered the Le Clerc gas field in 2017, with a reported potential resource of up to five Tcf of gas. Several blocks adjacent to the Calypso project in Block 23 (a) and TTDAA 14, projected to reach a final investment decision by late 2025 or 2026 with a potential resource of 3.5 Tcf, are also included.

“The deep-water region of Trinidad and Tobago has been the focus of several extensive seismic programmes to improve the understanding of its hydrocarbon potential. Woodside conducted a substantial 20,977 sq km 3D seismic project that spanned several blocks between 2014 and 2015, marking it the most extensive 3D marine seismic survey in the western hemisphere.”

“To support the 2025 bid round, the government commissioned a multiclient 6,500 sq km 3D seismic acquisition project in the Tobago Basin trough with Searcher Seismic in August 2022. However, the project has been delayed and is expected to occur by mid-2025.”

New energy minister

Following the United National Congress’ (UNC) general election victory on April 28, a new Government led by Prime Minister Kamla Persad-Bissessar has taken office. As a result, on May 3, Dr Roodal Moonilal was appointed Trinidad and Tobago’s Minister of Energy, with Ernesto Kesar named Min­ister in the Ministry of En­ergy and Energy Industries.

Since then, the ministers have been meeting with executives from energy sector companies, including bpTT, Touchstone Exploration, Proman, Caribbean Gas Chemi­cal Ltd, Shell, Methanex, Wood­side Energy, and Perenco.

After the most recent meeting with DeNovo, Minister Moonilal thanked DeNovo for its ongoing commitment and provided assurance that the Government stands ready to evaluate and support measures to feasibly increase production.

“Minister Moonilal recognised that whilst Trinidad and Tobago has a rich history of exploration and production that extends to over a century, it is widely acknowledged that the region is a mature hydrocarbon province.

“Notwithstanding, this maturity does not eliminate the possibility of future basin-­wide exploration; instead, it should be viewed as a strength which can shape the strategies utilised in the exploration process. In this regard, this Government is committed to aggressively pursuing opportunities for expansion and investment.

Minister Kesar encou­raged DeNovo to continue its assessment of marine acreage with the recognition that exploration can be pursued with a level of local partnership that can enhance these endeavours.”

Moonilal said that the Government’s goal is to ensure that Trinidad and Tobago re-emerges as the energy hub of the region.

26 available blocks in the 2025 deep-water compe­titive bidding round are:

• BLOCK 24, • BLOCK 26, • TTDAA 1, • TTDAA 2, • TTDAA 3 • TTDAA 4 • TTDAA 5 • TTDAA 6 • TTDAA 7 • TTDAA 8 • TTDAA 9 • TTDAA 10 • TTDAA 11 • TTDAA 12 • TTDAA 13 • TTDAA 15 • TTDAA 16 • TTDAA 24 • TTDAA 25 • TTDAA 26 • TTDAA 27 • TTDAA 28 • TTDAA 29 • TTDAA 30 • TTDAA 31 • TTDAA 32.

This country’s last deep-­­water bid round was launched on December 3, 2021 and officially closed on June 2, 2022. That bid round contained 17 offshore deep-water blocks: Blocks 23 (b), 24, 25 (a), 25 (b), 26, 27, TTDAA 1, TTDAA2, TTDAA 4, TTDAA 8, TTDAA 9, TTDAA 11, TTDAA 15, TTDAA 25, TTDAA 26, TTDAA 28 and TTDAA 29, located off the northern and eastern coasts of Trinidad and Tobago.

Four bids were received for the deep-water blocks from a consortium comprising two companies, BP Exploration Operating Company Ltd and BG International Ltd. The bids received were:

1. 1. 1. • Block 23(b)—BP Exploration Operating Company Ltd/BG International Ltd
      2. • Block 25(a)—BP Exploration Operating Company Ltd/BG International Ltd
      3. • Block 25(b)—BP Exploration Operating Company Ltd/BG International Ltd
      4. • Block 27—BG International Ltd/BP Exploration Operating Company Ltd.

After several months of negotiations, representatives from the Ministry of Energy and the consortium agreed to mutually acceptable fiscal and technical improvements to bids for three blocks 25(a), 25(b) and 27.

Production sharing contracts were executed at the signing ceremony for the award of blocks 25(a), 25(b) and 27, on September 26, 2023.

 

 

T&T to reclaim regional energy hub status

June 17

Energy Minister Dr Roodal Moonilal says Trinidad and Tobago must prepare for a new global energy era by leveraging its infrastructure, technical expertise and regional partnerships to reclaim its position as the regional energy hub.

“Energy diplomacy will be critical to navigating the new and emerging geopolitical realities and positioning Trinidad and Tobago to re-emerge as the energy hub of the Caribbean,” he told media, outlining his vision for a multi-dimensional energy strategy that balances energy security, investment and the energy transition.

On the vision for the energy sector over the next five years, given T&T’s maturing gas fields, Moonilal said this vision must extend well beyond that timeframe.

“Companies in the energy sector deal in long-term planning. Having said that, we were well aware, before April 28, of the challenges the energy sector faces. Our focus will be on increasing natural gas and oil production and providing the environment for investment to flow. We are also planning for the changing global energy landscape as it relates to decarbonisation and will prepare the sector to meet these challenges.”

Asked how he plans to balance energy security, economic returns and the energy transition, such as renewables and net-zero goals, Moonilal said the government’s energy policy must be multi-dimensional and address all these concerns.

“For example, we are aware of the changing regulations in places like the EU (European Union) where the CBAM (Carbon Border Adjustment Mechanism) will be implemented in 2026. This will have consequences for our petrochemical industry. We have to meet these challenges through a shift in policy.”

The energy transition must be balanced and sustainable and should not compromise the standard of living of the population.

“We will support the deployment of renewable technologies and support them with mechanisms like a feed-in tariff that allows homeowners and businesses to install solar and wind technologies and integrate them into the national grid.”

As for the role of State-owned enterprises such as The National Gas Company of T&T Ltd (NGC) and Heritage Petroleum Company Ltd, Moonilal stressed that both are “crucial”.

“These two companies are crucial. NGC must continue its role as aggregator of natural gas and continue to operate its distribution network of pipelines while ensuring the competitiveness of its downstream customers. Heritage Petroleum is key to increasing our oil production and key to partnering with the private sector to achieve this goal.”

Regarding the fast-tracking of cross-border gas fields like Loran-Manatee, Moonilal confirmed that development of the Manatee field is underway, with first gas expected to be delivered in 2027.

As for Loran and Dragon gas, he said, “The gas in Loran and Dragon belongs to Venezuela and we are assessing the political risk there, which continues to be very high.”

As for the status of gas exploration or supply agreements with Grenada, he recalled that under the PP Government (2010 to 2015), a memorandum of understanding was signed with Grenada for collaboration in exploration and development of reserves of natural gas.

“There has been some exploration drilling in Grenada in 2017 which has yielded positive results, and the NGC has an arrangement with a company involved in exploration in Grenada. We are engaged in dialogue with Grenada on collaboration as it relates to future development and commercialisation of natural gas. Discussions are ongoing between the governments of Grenada and Trinidad and Tobago.”

When asked whether a framework for a regional gas grid or trading hub among Caricom states could be developed, he said the 2013 Caricom Energy Policy calls for collaboration on these matters, with the vision of positioning Trinidad and Tobago at the centre of oil and gas production alongside Guyana, Suriname, and Grenada.

“Moreover, we have billions of US dollars of infrastructure, plant and equipment and a highly experienced workforce. It is conceivable that Trinidad and Tobago could become a hub for raw materials from these Caricom sister countries. We see that as a win-win arrangement for all involved.”

Touching on incentives introduced to attract new upstream investments, Moonilal noted that the framework for deepwater exploration must be continually reviewed, as the risk profile and external factors like prices are constantly changing.

“As we move forward, we will review the entire fiscal regime that supports oil and natural gas exploration and development, including land-based oil production, shallow and average depth water exploration and, of course, deepwater exploration.”

Asked if the Government is considering new fiscal terms or reforms to the Production Sharing Contract (PSC) model, Moonilal said such adjustments are always under consideration given the need to attract capital and to remain competitive.

As for infrastructure upgrades to Atlantic LNG and the Point Lisas Industrial Estate, he said while the companies involved are privately owned and ultimately the decision is theirs, the ministry has a duty to ensure safe operations.

“The companies involved here are privately owned and ultimately this is their decision to make. However, as the regulator, the Ministry of Energy has a duty to ensure safe operations of these plants. As such, companies are encouraged to invest in asset integrity and plant upgrades.”

Responding to growing calls for environmental accountability in offshore exploration and flaring practices, Moonilal said the environmental management of the energy industry falls under the Environmental Management Act and its regulations, as well as the Petroleum Act and its regulations. He assured that both the EMA and the Ministry of Energy enforce these laws.

“As regards flaring, we don’t generally flare natural gas in Trinidad and Tobago unless it is to address operational upsets. Natural gas is commercialised or is used for ‘gas lift’ and re-injection to improve oil production,” he said.

Asked about initiatives that are underway to support communities affected by energy projects, Moonilal said the government is always sensitive to the needs of fenceline communities.

“The Government is always sensitive to the needs of fenceline communities in the energy sector, and companies are encouraged to utilise labour and contractors from fenceline towns and villages and to minimise their environmental footprint in accordance with the governing laws.”

Dr Roodal Moonilal is a seasoned politician, academic, and attorney. He has been the Member of Parliament for Oropouche East since 2002; he is also the Deputy Political Leader of the United National Congress (UNC).

Moonilal held several key Cabinet positions during the People’s Partnership administration, including minister of housing and the environment, minister of housing, land and marine affairs, and leader of government business in the Parliament.

He holds a PhD in development studies from the International Institute of Social Studies in The Hague—where he was awarded a rare cum laude distinction—as well as an MA in labour and development (magna cum laude), an LLB from the University of London, and a BSc in government from The UWI, St Augustine.Before entering politics, Moonilal worked as an industrial relations specialist and academic, lecturing at The UWI and serving as an advisor to trade unions and public sector institutions. He was called to the Bar in 2010.