Albert Manifold appointed BP p.l.c. chairman

21 July 2025

BP p.l.c. (“bp”) has appointed Albert Manifold to succeed Helge Lund as chair of the company. He will join the company’s board on 1 September as non-executive director and chair-elect, and will take over as chair on 1 October when Helge Lund will step down as chair and as a director of the bp board. Albert Manifold said:

“It is an honour to be appointed chair of one of the world’s great energy companies, and to have the opportunity to help the company reach its full potential. bp has a vital role to play in addressing the world’s growing energy needs. I look forward to working with the bp board, Murray and the leadership team to accelerate delivery of bp’s strategy and drive compelling and sustainable shareholder value creation.”

Under his leadership as Chief Executive Officer from January 2014 until December 2024, CRH plc strategically reshaped its portfolio and delivered superior growth and performance. He has a strong track record of strategic leadership and operational delivery with a focus on cost efficiency, disciplined capital allocation and cash flow generation.

A Certified Public Accountant and Chartered Accountant, he holds a Master of Business Administration and a Master in Business Studies, from Dublin City University. He remains a special adviser to the board of CRH and is an adviser at Clayton Dubilier & Rice. He is a non-executive director at LyondellBasell, a global chemicals producer, listed on the New York Stock Exchange, and a non-executive director at Mercury Engineering, a leading privately-owned engineering consultancy.

Dame Amanda Blanc, bp’s senior independent director, who led the succession process on behalf of the board, said: “I am delighted that following a rigorous and comprehensive global search we have been able to appoint Albert as our new chair. His impressive track record of shareholder value creation at CRH demonstrates he is the ideal candidate to oversee bp’s next chapter. Albert has a relentless focus on performance which is well suited to bp’s needs now and into the future. He transformed and refocused CRH into a global leader by building on its rich heritage to deliver superior growth, cash generation and returns.

On behalf of the company, I would also like to thank Helge for his leadership and dedicated service to bp throughout the past seven years. His contribution through a period of immense change has been invaluable.”

 

 

 

BP anoints successor to energy veteran Helge Lund

Davide Ghilotti 21 July 2025

Megamajor appoints former chief executive of building materials company CRH to succeed Lund

BP has appointed Albert Manifold to succeed outgoing chair Helge Lund, who has been in the role at the UK supermajor for six years and announced in early April his intention to step down. Senior independent director, Dame Amanda Blanc DBE, group chief executive of Aviva, led a search for a successor .

BP said Manifold “strategically reshaped” CRH and has a “strong track record of strategic leadership and operational delivery with a focus on cost efficiency, disciplined capital allocation and cash flow generation”.

Blanc said “His impressive track record of shareholder value creation at CRH demonstrates he is the ideal candidate to oversee bp’s next chapter. Albert has a relentless focus on performance which is well suited to BP’s needs now and into the future.”

He remains a special adviser to the CRH board and is also an adviser at Clayton Dubilier & Rice. His appointment comes at a crucial time for BP following the company’s “strategy reset” it announced in February — an ambitious plan to increase upstream production, reduce debt and costs and improve profitability.

He will join the BP board on 1 September as a non-executive director and as chair-elect, before his new role becomes effective on 1 October.

Manifold held the role of chief executive of CRH, a large building materials business, for 11 years until last December. Manifold is also a non-executive director at LyondellBasell, a New York listed global chemicals producer and a non-executive director at private engineering consultancy Mercury Engineering. A Certified Public Accountant and a Chartered Accountant, Manifold holds a Master of Business Administration and a Master in Business Studies from Dublin City University.

BP has underperformed its peers in recent years. In an ill-fated strategy pivot towards energy transition, announced in 2020 by former chief executive Bernard Looney and fully supported by outgoing chair Lund, the company invested heavily into renewables at the expense of hydrocarbons-led growth.

BP is now trying to turn that around. The company plans to slash its spending on energy transition businesses by $5 billion and boost oil and gas expenditures to $10 billion, while increasing production to between 2.3 million and 2.5 million barrels of oil equivalent per day by 2030.

A total of 10 new major projects will start up by the end of 2027, followed by between 8 and 10 more developments by 2030, helping achieve a reserves replacement ratio of 100% by 2027. Annual capital expenditure will be cut to between $13 billion and $15 billion to 2027 and $20 billion worth of divestments will be completed by 2027.

Energy veteran Lund increasingly became a lightning rod for investor ire, both among those who supported the company’s low-carbon energy push and those who wanted it to stick to its hydrocarbon roots.

At BP’s annual general meeting in April, nearly a quarter of shareholders voting opposed Lund’s re-election — a significant protest vote signalling the urgency of identifying a new chair to take BP through its current upstream-focused strategy overhaul. Lund will step down from the board on 1 October when Manifold’s role officially starts.

Manifold said : “It is an honour to be appointed chair of one of the world’s great energy companies and to have the opportunity to help the company reach its full potential. BP has a vital role to play in addressing the world’s growing energy needs. I look forward to working with the bp board, Murray and the leadership team to accelerate delivery of bp’s strategy and drive compelling and sustainable shareholder value creation.”

Recently, BP appointed other non-executive directors to the board, including former Shell chief financial officer Simon Henry and former chief executive of shale producer Devon Energy, Dave Hager.

The BP stock was trading 0.56% higher at market open in London on Monday.

 

 

 

BP board under new chairman ‘will remain under pressure’ to deliver

An ‘unknown entity’ in energy, Albert Manifold will have to prove he is best person to deliver strategy overhaul and reinvigorate investment case in UK supermajor

Davide Ghilotti 21 July 2025,

Albert Manifold will take over as BP chair on 1 October but investors “aren’t blown away” by BP’s appointment of a successor to embattled Helge Lund as new chairman. Analysts say the board and executive team of the UK supermajor “will remain under pressure” to deliver on targets to turn the company around.

BP announced a successor to replace outgoing chairman Lund: former buildings materials company CRH’s chief executive, Albert Manifold.

From 1 October, Manifold is to succeed Lund’s six-year stint in the job, at a crucial time for the behemoth as it works through a long to-do list of jump-starting upstream production, slashing energy transition spending, reducing capex and picking off its large debt pile, to break from its net zero strategy and pivot back to fossil fuels.

Bernard Looney was appointed by Lund in 2020 to transform the business into an integrated energy company. However, the green strategy was undermined by a rise in global oil and gas prices and his departure in 2023. Chief executive of BP, Murray Auchincloss, launched a “fundamental reset” this year after activist hedge fund Elliott Management amassed a multibillion-pound stake in the company amid growing investor dissatisfaction over its sluggish share price.

Lund said in April that “having fundamentally reset our strategy”, it was “the right team to start the process to find my successor”. The Norwegian, who earned £882,000 last year, was at the centre of a high-profile storm over a £25m package to lure him to BG Group in 2015.

BP is rapidly scaling back its green portfolio. Last week, it agreed to sell its onshore wind business in the US, as part of a plan to offload $20bn in assets to “simplify and focus the business”.

Netherlands-based green shareholder activist group Follow This said it was a “good signal” that Manifold was not a fossil fuel veteran but doubt “he has the transition experience BP urgently needs.

The new chair needs to be climate and transition competent and resistant to short-term activists. BP’s recent strategic U-turn appears to be driven by panic after a short-term activist reportedly bought shares in the company. We’re hearing significant frustration from long-term investors about this.”

BP shares have fallen by more than 10% in the past 12 months, prompting speculation it could become a takeover target. Last month, rival Shell was forced to deny it had any intention of making an offer for BP, which ruled out a formal approach for the next six months.

 

Chevron scores in marathon for Guyana’s golden goose

but the next race is about to begin

22 July 2025

US supermajor must figure out how to maximise the prize on its balance sheet

The oil industry is no stranger to playing the long game but Chevron won a marathon when the International Chamber of Commerce (ICC) handed it a victory in its arbitration case with ExxonMobil and CNOOC International over Hess’ stake in the Stabroek block offshore Guyana. The prize for the winner is oil’s latest golden goose: Guyana.

Chevron takes over Hess’ 30% stake in the ExxonMobil-operated Stabroek block, where nearly 50 discoveries have been made to date, resulting in over 11 billion barrels of oil equivalent in recoverable resources in the hot spot.

 

 

 

Chevron’s US$53bn acquisition of Hess accelerates new wave of oil megamergers

Chevron ready to ‘move on past the soap opera’ after Guyana win over ExxonMobil

Robert Stewart
North America Energy Correspondent 18 July 2025

Arbitration had been weighing on Chevron shares since early 2024.

The cloud over Chevron’s year-long arbitration with ExxonMobil and CNOOC International over Hess’ stake in Guyana’s prolific Stabroek block evaporated, raining blessings on the US megamajor, providing more clarity for its future amid nearly two years of highs and lows, analysts said after Chevron and Hess won their showdown with fellow oil titans.

In a long-anticipated decision, the International Chamber of Commerce sided with Chevron and Hess in their claim that Hess’ 30% stake in Stabroek was not subject to a right of first refusal that ExxonMobil and CNOOC International claimed they could exercise. The arbitration, first filed in early 2024 mere months after the Chevron-Hess deal was first announced, was “an overhang on Chevron shares” and even Chevron chief financial officer Eimear Bonner had acknowledged that reality, RBC Capital Markets said.

 

 

 

 

Chevron completes Hess takeover after Guyana arbitration win

Rebecca Conan
European energy correspondent 18 July

Chevron has completed its planned takeover of Hess following the arbitration ruling

Chevron has completed its planned acquisition of US producer Hess after winning its arbitration against ExxonMobil over a stake in Guyana’s prolific Stabroek block. Chevron announced its intention to take over Hess in October 2023, but its plans had been on hold pending resolution of the arbitration that was decided in Chevron’s favour.

Chevron chief executive Mike Wirth said, “This merger of two great American companies brings together the best in the industry. The combination enhances and extends our growth profile well into the next decade, which we believe will drive greater long-term value to shareholders.”

Chevron’s planned $53 billion takeover of Hess was designed to include the smaller US producer’s 30% stake in the offshore block, but ExxonMobil, which operates the acreage with a 45% stake, launched arbitration proceedings last year, arguing it had the right of first refusal to value — and then potentially buy — Hess’ stake in the field.

Hess is a partner in the ExxonMobil-operated Stabroek block, where nearly 50 discoveries to date resulted in more than 11 billion barrels of oil equivalent in recoverable resources. CNOOC International of PRC which holds a 25% stake in petroliferous Stabroek, was also party to the arbitration heard by the International Chamber of Commerce (ICC) in Paris.

ExxonMobil said, “We disagree with the ICC panel’s interpretation but respect the arbitration and dispute resolution process. As we’ve said before, ExxonMobil and CNOOC are aligned that we had a duty to ensure contract terms are always adhered to and not set a bad precedent for ourselves and industry.”

After losing the arbitration ruling, ExxonMobil was magnanimous in defeat.

“We welcome Chevron to the venture and look forward to continued industry-leading performance and value creation in Guyana for all parties involved.”

The Chevron-Hess combination creates a giant megacompany with a 30% position in the Stabroek block as well as significant assets in the US Bakken and Permian basin shale plays, where Chevron is already a market leader. The transaction includes assets in the US Gulf with 31,000 barrels of oil equivalent per day and natural gas assets in Southeast Asia with 57,000 thousand boepd, Chevron said .

Capital expenditure for the combined business this year is forecast at between $19 billion and $22 billion, while cost synergies are estimated at $1 billion by the end of the year. Chevron chief financial officer Eimear Bonner said,

“This accretive transaction is expected to drive significant free cash flow and production growth into the 2030s. We are quickly integrating our two companies and expect to achieve $1 billion in annual run-rate cost synergies by the end of 2025. All of this should enable even higher returns to shareholders over the long-term.”

The ruling is expected to buoy Chevron’s share price in the coming weeks following a period of uncertainty “as investors have more clarity on the investment case and can focus more on the free cash flow inflection into 2026-2027,” RBC Capital Markets said in a client note . (Copyright)

 

 

Chevron Cuts Layers

Irina Slav – July 10, 2025

In a bid to cut $3 billion in costs, Chevron is consolidating its offshore operations into one global division.

Amid oil price volatility and pressure from investors focused on dividends and buybacks, Chevron—like many oil majors—is prioritizing shareholder returns. Despite layoffs and cost-cutting, Chevron continues to pursue upstream expansion, including new exploration projects in Namibia, Nigeria, Angola, and Brazil.

Cost-cutting among energy companies is all the rage today. Oil prices are stable, but memories of recent devastation are still fresh, so Big Oil is cutting costs to stay in shape. One way to do it: centralize operations, which is what Chevron is doing right now.

The idea is straightforward: simplicity is cheaper than complicatedness. So Chevron is going simpler by having just one global offshore business division manage all of its offshore operations, from the Gulf to Nigeria, and just one division handling human resources, information technology and finance—out of the Philippines and Argentina. Chevron vice chairman Mark Nelson said,

“We’re working so hard to simplify our structure, take some layers out so that we can execute faster. Best practices are decided upon and applied across the system regardless of what continent they happen to sit on.”

The simplification drive follows from a cost-cutting plan announced in February to shed a fifth of its global workforce and save $3 billion in costs. The plan was prompted by the supermajor’s offer to acquire Hess Corp. for $53 billion.

These days oil companies need to work to win investors. Oil price volatility and “an uncertain outlook for fossil fuels” had made investors more demanding in terms of dividends and share repurchases. This in turn, forced company executives to prioritize shareholder returns over other business objectives.

That oil prices are volatile is certainly true, and that volatility is of a new, software-driven sort as a lot of oil trades follow algorithms rather than human decisions. As for the uncertainty in the outlook for hydrocarbons, there are plenty of signs that demand is still going to be around decades in the future—and the size of that demand will not be very different from what it is today, despite all the forecasts predicting peak demand growth before 2030.

Those forecasts are based on computer models and an abundance of wishful thinking, which has incidentally contributed to the heightened volatility of oil prices as spikes tend to occur when physical, real-world data shows demand to be stronger than assumed.

This is why Chevron may be streamlining its operations and laying off staff, but it is also pursuing production growth. Chevron announced plans to drill in Namibia, where some other Big Oil majors made significant discoveries in recent years.

The supermajor is also investing in exploration in Nigeria and Angola, and last month won the rights to explore nine offshore blocks in Brazil’s Foz do Amazonas basin.

The Hess Corp. deal is perhaps the best evidence that Chevron is realistic about the future of oil demand. It is easy to focus on just some of the more obvious reasons for cost-cutting such as investor perceptions about the future prospects of the industry, reinforced copiously by media that embraces the ideology of net zero. The deeper reason, however, may well be a desire to boost resilience in case of future shocks

T&T LNG exports: Falling volumes and market shifts

2025, 07/03

T&T LNG exports by region

Liquefied Natural Gas (LNG) is one of T&T’s top exports. Atlantic, the country’s LNG producer, exports to about 17 countries in five regional markets:

1. 1. 1. North America,
      2. South and Central America,
      3. Europe,
      4. Middle East and Africa and
      5. Asia Pacific into which T&T supplies LNG .

T&T exported 10.3 bcm of LNG around the world in 2024, a slight decline from 2023 when it exported 10.5 bcm and a significant decline from a 10-year high of 17.1 bcm, in 2015.

T&T has one of the most geographically diversified LNG export portfolios, with cargoes going to all major importing regions.

In 2024, the South and Central American market imported the most LNG from T&T. Chile was the largest market within that group.

In 2022 and 2023, Europe occupied the top spot for T&T’s export of LNG, mainly driven by Europe’s increased need for LNG from other sources due to sanctions placed on Russian gas, as a result of the Ukraine/Russia war.

When Atlantic was first constructed, the USA accounted for almost all of T&T’s LNG exports. However, since the shale boom, the USA has become less reliant on foreign natural gas. Despite being the largest exporter of LNG, one location New England, still sometimes imports LNG from T&T.

The Energy Institute annual Statistical Review of World Energy gives a snapshot of energy statistics around the world.

Global energy supply increased two per cent in 2024, driven by rises in demand across all forms of energy, with non-OECD countries dominating both the share and annual growth rates.

Fossil fuels continue to underpin the energy system, accounting for 86% of the energy mix. Natural gas still accounts for significant proportions of the energy system.

Global gas demand returned to growth in 2024, rising by 2.5 per cent (101 bcm).
Total LNG trade remained steady, reaching 115 bcm. US LNG exports to Europe also fell since 2023, with most redirected to the Asia Pacific region. At present, the Asia Pacific region is T&T’s 3rd largest export market.

 

 

 

 

Trinidad and Tobago dialogue with diplomats from Canada, India

2025, 06/25

Minister of Trade, Investment and Tourism Satyakama Maharaj and Parliamentary Secretary in the Ministry, Dr Colin Neil Gosine met High Commissioner for Canada to T&T Michael Callan and director general Central America and the Caribbean, Global Affairs Canada, Sylvie Bédard in Port-of-Spain. Diversification of the national economy, with emphasis on trade and investment was among the discussions with representatives of the High Commissions for Canada and India.

The meeting with Canadian High Commissioner Michael Callan underscored the shared commitment of both countries to deepening bilateral cooperation and unlocking new avenues for economic and cultural exchange.   Canada remained dedicated to strengthening international partnerships that drive investment, support economic diversification, and align with T&T development agenda.   Both parties agreed to continue dialogue as they work toward mutually beneficial outcomes. Callan was accompanied by Sylvie Bédard, director general for Central America and the Caribbean, Global Affairs Canada, Stuart Shaw, counsellor, Political and Public Affairs and Michaeline Narcisse, trade commissioner.

Talks with representatives of the High Commission for India echoed similar sentiments, emphasising the growth of the manufacturing sector and tourism. The engagement served as a reaffirmation of the strong partnership between the two countries and as an opportunity to explore avenues for cooperation in support of sustainable economic growth and diversification.

The meeting follows confirmation that Prime Minister of India, Narendra Modi, is scheduled to make a diplomatic visit to Trinidad and Tobago in the first week of July to discuss strengthening bilateral relations between the two countries.

Prime Ministers Kamla Persad-Bissessar and Narendra Modi will sign Memorandums of Understanding. Talks on cultivating closer ties will discuss technology, digital transformation, trade, biofuel, healthcare and cultural exchange. After leaving Port-of-Spain, the Indian Prime Minister will visit Argentina and Brazil, host of the BRICS summit in Rio de Janeiro from 5–8 July.

 

 

 

Ministers magnify Modi visit to Trinidad & Tobago

July 6, 2025

Energy Minister Dr Roodal Moonilal hailed the visit by India’s Prime Minister Narendra Modi as a historic moment in Trinidad and Tobago’s diplomatic history. Modi concluded an official visit on Friday, marked by a series of bilateral agreements and symbolic ceremonies.

Moonilal described the packed itinerary as a “whirlwind, hectic but extremely productive visit.. we have agreed on several matters across several departments.”

He highlighted India’s contribution of laptops for schools, describing it as a welcome gesture. Both nations signed a Memorandum of Understanding (MoU) encompassing six key agreements, followed by a symbolic tree-planting ceremony at the Red House in Port of Spain. The agreements span various sectors, including agro-processing, renewable energy, forensic science, and information technology.

“We welcome the contribution in terms of agro-processing, machinery and technology, which we have already received. We welcome the priority commitment that India announced for Trinidad and Tobago in several areas, including the Forensic Science Centre.”

Renewable energy was also high on the agenda, with India recognised as a global leader in solar power. Discussions are ongoing regarding energy policy and sustainability.

“We are discussing alternative energy… energy security as well. But Friday has been a historic day. We look forward to enhancing our relationship, not only culturally but also in trade and investment, job creation and the creation of additional value that will come with cooperation from a large and powerful economy and industrial country.”

Minister of Works and Infrastructure Jearlean John echoed similar sentiments on the significance of the MoU. India’s advancements in strategic sectors could guide Trinidad and Tobago’s economic diversification efforts. Reflecting on India’s global stature and strength in multiple sectors.

She described it as a “pharmaceutical superpower, IT superpower, agriculture superpower, Many names now in Silicon Valley come from India.

“ India has been a healthcare superpower in some very strategic areas that will do us well. Because as we move to diversify our economy, it won’t shower us a blessing. You have to earn; you have to work to diversify your economy. Whether it is finance, AI, areas in which we have deep interests, sports, they have been raised ahead as a country that has the resources…and have been become very wealthy,”

Prime Minister Modi highlighted the environmental co-operation between the two nations through the symbolic “Ek Ped Maa Ke Naam” (A Tree for Mother) movement.

“Gratitude to Prime Minister Kamla Persad-Bissessar for taking part in the ‘Ek Ped Maa Ke Naam’ movement. India and Trinidad & Tobago understand the adverse effects of climate change and will do everything possible to make our planet greener and better.”

 

 

 

T&T Chamber lauds bilateral cooperation

July 9, 2025

The Trinidad and Tobago Chamber of Industry and Commerce welcomes the signing of multiple Memoranda of Understanding (MoUs) between the Government of Trinidad and Tobago and the Government of India during the official visit of Honourable Prime Minister Narendra Modi. These agreements signal a deepening of diplomatic and economic cooperation and have the potential to catalyse meaningful transformation across key sectors including health, agriculture, renewable energy, justice, education, trade, and public administration.

A strategic window for national development

The timely execution and implementation of these MoUs present Trinidad and Tobago with a rare opportunity to address long-standing structural challenges. The agreements—ranging from pharmacopeial cooperation to cultural exchange, skills development, and support for public infrastructure—are well aligned with priorities for digital transformation, human capital development, economic diversification and social inclusion.

In particular, the MoU on Pharmacopeial Cooperation opens the door to more affordable, high-quality generic drugs, potentially reducing national healthcare costs and improving access for underserved communities.

Provisions for rural development and agriculture can facilitate transfer of India’s innovations in irrigation, agri-tech and value chain integrations that revolutionised its rural economy.

These lessons can be adapted to Trinidad and Tobago’s context to enhance food security and reduce the high food import bill.

Commitment to capacity building through the Indian Technical and Economic Cooperation (ITEC) Programme, with integration of renewable energy solutions and digitisation of the education sector, further strengthen the foundation for sustainable socio-economic growth.

TT Chamber’s role in accelerating execution

As the leading business organisation, the TT Chamber stands ready to partner with key ministries and institutions to support implementation of these agreements.

The Chamber is prepared to contribute to development of actionable roadmaps and monitoring frameworks to ensure these MoUs yield tangible outcomes. Crucially, we advocate for the inclusion of the private sector in the design and execution of capacity-building initiatives—particularly those targeting healthcare innovation, agricultural modernisation and digital transformation.

We also reaffirm our commitment to advancing both inward and outward trade missions, particularly in pharmaceuticals, renewable energy, professional services, and manufacturing. India’s US$3.7 trillion economy, combined with its global leadership in ICT, fintech and low-cost manufacturing, offers tremendous partnership opportunities for Trinidad and Tobago’s private sector.

A call to deepen bilateral trade

The Chamber recommends that both governments explore a bold and structured pathway to significantly increase bilateral trade—currently valued at approximately US$370 million (2023), according to the United Nations COMTRADE database on international trade —over the next five years.

Presently dominated by exports of liquefied natural gas, ammonia, and iron from Trinidad and Tobago and imports of pharmaceuticals, steel products, and machinery from India, this trade relationship holds considerable potential for expansion and diversification.

Sectors identified within the MoUs align closely with India’s demonstrated global expertise and Trinidad and Tobago’s economic diversification priorities, creating fertile ground for commercially viable and sustainable partnerships. To this end, the Chamber advocates for establishment of high-level trade missions, structured public-private policy dialogue and the design of targeted incentives to foster market access and joint ventures. These measures, if pursued collaboratively, can translate diplomatic milestones into long-term socio-economic gains.

A personal connection to India’s development pathway

CEO of the TT Chamber, Vashti Guyadeen, shared her personal connection to India’s development journey, having been a recipient of a Government of India-funded scholarship in 2000. The postgraduate programme she completed provided early insight into India’s strategic reforms in financial market development and its decisive push towards digitising the banking sector.

Remarkably, India was already advancing digital financial infrastructure that enabled small and medium-sized enterprises (SMEs) to adopt technology and modernise their operations—an agenda that has accelerated over the past 25 years. She emphasised that these are the kinds of transformative learning experiences the TT Chamber hopes to see extended to members through immersive exchange programmes, particularly for the Chamber’s NOVA Committee—an innovation-focused working group comprising future-forward entrepreneurs and young professionals.

Such engagement can help build a generation of business leaders equipped to respond to the twin imperatives of technology adoption and global competitiveness.

Shared vision

This evolving Trinidad and Tobago–India partnership is emblematic of the value of cooperation in a rapidly shifting global order. With shared democratic traditions, rich cultural ties, and a mutual commitment to inclusive development, this partnership can serve as a model for collaboration that delivers real, lasting impact. The TT Chamber commends both governments on this landmark diplomatic achievement and reaffirms its readiness to act as a catalyst in translating these MoUs into meaningful outcomes. We believe that with structured follow-through, strategic partnerships and private sector integration, this renewed partnership with India will help position Trinidad and Tobago on a path toward sustainable prosperity.

Vashti Guyadeen, CEO, The Trinidad and Tobago Chamber of Industry and Commerce

 

 

Hummingbird must leverage Peacock

Raphael John-Lall 2025, 07/10

Traditionally, bullet trains, technology and advanced economies symbolised Japan and Germany but now, India has surpassed Japan to become the world’s fourth largest economy with its Gross Domestic Product (GDP) reaching US$4.1 trillion.

In June, the Economic Times reported that nearly 270 million people moved out of extreme poverty in India between 2012 and 2023, when those in extreme poverty shrank to 5.3 per cent of the population from 27.1 per cent, according to the World Bank.

In May, Indian media reported that India’s manufacturer of heavy equipment, the state-run BEML will begin constructing its first bullet train prototype at its Bengaluru facility by September 2025 as part of its high-speed rail modernisation drive.

Rising India , “pharmacy of the world” supplies about 20 per cent of all generic drugs.

Given its strides, modern India has also influenced Trinidad & Tobago, about to become the first in the West Indies to enable transactions through India’s BHIM app using the Unified Payments Interface (UPI) .

Indian auto brand, Mahindra vehicles are well known on local roads and citizens have long visited India for tourism, study, healthcare, culture and conferences.

On the backdrop of modern India’s rise as an international economic power, India’s Prime Minister Narendra Modi paid a state visit to T&T from July 3 to 5 to sign numerous Memoranda of Understanding (MoUs).

The TT Chamber of Industry and Commerce praised agreements signalling a deepening of diplomatic and economic cooperation with the potential to catalyze meaningful transformation across key sectors including health, agriculture, renewable energy, justice, education, trade, and public administration.

India aid benefits T&T

Economist Dr Anthony Gonzales said India can assist with technology and there is scope to expand trade with India.

“Yes, there are many areas in which T&T can benefit from economic cooperation with India, advancing in technology, which T&T can access from India through training, investment and use of experts from India. Artificial Intelligence (AI), robotics, pharmaceuticals and digital technology are areas for potential co-operation. As a fast-growing economy, India will be importing more, so new opportunities should present themselves.

As a cost-competitive producer, it should be possible to buy more cheaper goods and services from India. Foreign Direct Investment (FDI) from India can play a role in our strategy of export diversification. In the Memoranda of Understanding, some of these areas were identified, and given the history and foundation of institutional cooperation , one would expect that economically T&T would benefit in the short to medium term.”

Economist Dr Indera Sagewan revealed immense benefits from developing a relationship with the world’s fourth largest economy., of which a prime minister does not enter into MOUs if he has no intention of following through.

“So yes, I do believe that the Indian Government is committed to helping T&T. India has a very long and positive relationship with T&T. MOUs are only as good as the paper they are written on unless the parties, and especially the dependent party, are prepared to work the MOUs, convert what’s on paper into the intended benefits through deliberate actions.”

Several MOUs were signed covering areas such as renewables, agriculture, health, and education.

“There is renewable energy. Even as we accelerate oil and gas exploration, renewable energy transformation is an imperative for T&T. India leads in solar and biomass technology under its International Solar Alliance. We can explore joint projects to install utility-scale solar farms and pilot biomass-to-energy initiatives.

The government has already signalled prioritisation of agriculture and food processing. India’s agro-technology, irrigation, and food processing industries are far advanced and cost-effective. It produced high-yield seed varieties through its Green Revolution legacy and practices, including micro-irrigation systems such as drip and sprinkler irrigation. Here lies the necessary support T&T needs to modernise its agriculture, introduce value-added processing and enhance food security to reduce the food import bill.”

Pharmaceuticals and healthcare is another area that can benefit T&T.

“India is among the largest global producers of generic medicines and vaccines. T&T suffers from serious shortages of key pharmaceuticals in the public healthcare system and rising cost of medicines. Partnering on this is therefore a no-brainer. Moreover, given T&T’s strategic location vis-à-vis Latin America, we should explore collaborations for the local manufacturing of essential drugs, thereby reducing healthcare costs and building pharmaceutical sector capacity.”

India attracts over half a million foreign patients annually for treatments ranging from cardiac surgery and orthopaedics to fertility and Ayurveda-based wellness therapies, offering world-class care at a fraction of Western costs. T&T can benefit by partnering with Indian hospitals and medical institutes to train local healthcare professionals, establish telemedicine collaborations and develop niche medical tourism offerings in the region.

India is a global leader in ICT and Digital Transformation, boasting advanced e-governance platforms.

“T&T would be well advised to seek technical support to digitise public services, establish coding academies and develop the domestic ICT industry to create high-value jobs. We are in the process of adopting its UPI online payment system, which has truly transformed micro commerce in India.”

T&T and India signed 15 new agreements spanning health, education, agriculture, digital services, trade, and culture.

“One of the standout agreements is the Memorandum of Understanding on Quick Impact Projects (QIPs). Through this MOU, the government of India will provide grant funding for the implementation of short-gestation QIPs which will not exceed US$50,000 for each project. A maximum of five projects will be offered in each financial year.”

Highlights of India’s bonanza include:

1. • Fifteen bilateral agreements signed across health, education, trade, ICT, culture, and justice;
2. • 2,000 laptops donated to support Form One pupils;
3. • 20 dialysis machines, 2 sea ambulances and a prosthetic limb camp for 800 people;
4. • US$1 million in agro-machinery delivered to Namdevco;
5. • QIP agreement: up to five projects annually at US$50,000 each;
6. • T&T to adopt India’s UPI, explore DigiLocker, e-Sign, GeM;
7. • Indian pledge for forensic science centre and legal training;
8. • Steelpan tours to India under new cultural exchange programme;
9. • T&T joins Global Biofuel Alliance and Disaster Resilient Infrastructure Coalition;
10. • India to provide solar PV system for Ministry of Foreign and Caricom Affairs;
11. • OCI cards extended to sixth-generation T&T citizens of Indian diaspora; and
12. • Mutual support for UN Security Council candidacies

 

 

 

Build bridges with standard-bearer of soft power

2025, 07/10

Dr Bhoendradatt Tewarie

The warm welcome at the airport; Namaste Modi in Couva; honouring of the visiting prime minister at President’s House; his speech to a joint gathering of parliamentarians; the mutual embrace of our own Prime Minister and the prime minister of the land of her ancestral roots; the food, music, song, dance, culture and genuine warmth and mutual good will—all of these things have value. Signed memoranda are important for government-to-government relations, economic relations, collaboration, and for strengthening T&T’s ties with an increasingly important economic and technologically advanced country.

Despite tensions from time to time, India maintains good relations with the US; which, despite the Cold War, the collapse of the Soviet Union and a range of excesses in the international arena, has maintained good relations with Russia.

India shares a militarised border with China, with whom it trades, invests and competes . India shares borders with Pakistan and Bangladesh, each part of India at one time, having uneasy relations with India which, on occasion, tested India’s vulnerability. Walking a tightrope, India has made progress and tasted success.

PM Modi’s sojourn in T&T follows a recent visit to Guyana and meeting with Caricom. India is clearly interested in building and strengthening relations with the diaspora and Caricom. PM Modi wants to build relations with Latin America on our doorstep and with Africa, where close to half of our population has ancestral ties and cultural affinity. Prime Minister Modi brought South Africa into the G20 group when he hosted the G20 annual meeting in India in 2023.

Though Russia and China were absent at the BRICS summit and Brazil blocked full membership for Venezuela at the last BRICS meeting in Russia, Trump still imposed an additional 10 per cent tariff on all BRICS countries.

The world is becoming more complicated, partly because of twists and turns of US policy. Countries find it necessary to respond to new threats . New alliances form as necessity demands and as opportunities present themselves. Evidence of this can be discerned in the strengthening of partnership bonds between France and the UK and the EU and the UK.

The Trump presidency is prompting the world to rethink, to recalibrate and to re-envision.
At the Caricom summit, Barbados PM Mia Mottley spoke ominously about risks and the possibility of reconquest or recolonisation. Jamaica PM Andrew Holness noted the region’s potential for being marginalised in a world where power is the dominant currency.

French President Emmanuel Macron advised both houses of the British Parliament about “reducing dependency” on PRC and the US. In a time of uncertainty and the breakdown of a rules-based world of relative order, Macron noted the need to strengthen the economic value chain, emphasised the importance of sovereignty, flagged lack of innovation as a risk factor and warned that Europe’s future will be decided by those who design algorithms. If Europe is worried about these things, our region should start preparing to navigate the artificial intelligence-driven world we will soon be immersed in, as complex geopolitics plays out.

How much wider is the chasm that we must jump over to avoid being left behind? India can be a bridge and dependable partner for the Caribbean if we manage this right.

T&T had all the means and resources to will peace and progress into existence. Instead, a new government confronts massive impairment, unprecedented bloodletting and the chaos of vapid, counter-productive , gesture politics to gain publicity, in the aftermath of a venal, barbaric, morally perverse regime.

Recolonisation of the former British West Indies may offer relief if the USA incorporates Guyana and other English-speaking territories which CARICOM failed to unite.

Repatriation of decolonisers and atavistic agitators to Africa from Haiti and other militant territories demanding reparation for colonial woes will allow the EU and USA to restore civilisation to the archipelago of the Occidental Sea .

 

 

 

Trinidad & Tobago neglects trade with Europe

2025, 07/11

French ambassador to T&T, Didier Chabert, hopes for a solution to the foreign exchange crisis in the interest of the country’s economy.

Chabert said foreign exchange is the main difficulty when it comes to improving the business and investment environment, especially for small and medium-sized enterprises (SMEs). One of the elements in resolving the forex crisis is the ability to export more to countries with hard currency, namely the United States, Canada and the European Union. This concerns in particular industrial products related to the transformation of gas, for example, ammonia and LNG.

It is obvious that investments by Perenco to develop national gas production and the Hydrogène de France project are both crucial to ease the forex constraint by allowing the country to receive more US dollars in return for its exports.

“We are proud to note that the economic commitment of France in T&T focuses on sectors of strategic importance for the long-term development of the country and its ecological transition. It is a mutually beneficial partnership.”

On improving the business and investment environment in T&T, Chabert said the economy suffers from rigidity of the labour market, particularly in terms of residence permits for foreigners coming to work in T&T.

“Foreign investments create qualified jobs for Trinidadians, but foreign companies also need, at least initially, expatriate executives. We have the case of a French high-tech company, present for years in T&T, which had to leave the country because the renewal of its director-general’s residence card was refused.”

The ambassador indicated that commitments made in 2008 under the Economic Partnership Agreement (EPA) between Caricom and the European Union made it possible to open the European market to T&T products without any restriction.

The only economic zone without customs duties for T&T is the European Union . No other continent allows such ease and such an open spirit for Caribbean countries.

In the other direction, the planned opening of the T&T market to European products, envisaged by the EPA, did not take place.

“For example, French agricultural products are obliged to transit through Miami to obtain US health licences, which is paradoxical since these are less demanding than the European certifications in terms of health protection. Also, it is not normal for a cheese from France to be taxed at 15 per cent in Trinidad and Tobago, while the same type of cheese from New Zealand is taxed at only five per cent and a Trinidad product is not taxed upon its arrival in France.”

The first loser in this situation is the Trinidad consumer since the effect is to increase costs (transport, certification) and reduce competition, which explains high costs of imported food products on the local market.

Chabert said crime is a worrying problem that affects all citizens and an obstacle to economic development and foreign investment.

“We must not turn a blind eye, as many companies are hesitant to invest in countries where the safety of their employees does not seem guaranteed and where they may fear being subjected to violence.”

He stressed that the country may have great potential in developing public-private partnerships, which requires the adoption and implementation of appropriate legislation.
Caribbean Airlines has recently re-opened the air route between T&T and the French West Indies and he said re-establishment of air routes with Martinique and Guadeloupe is of crucial importance to reconnect islands with a common history and culture.

“It was necessary to restore this connectivity between peoples who have as much in common and as much to share. I would like to thank again Caribbean Airlines for taking this initiative, a decision that offers extraordinary economic opportunities for each of the parties. ..during my last trip to Guadeloupe, I was happy to taste on the terrace of the local cafes the Carib beer from Trinidad.”

“I would be very glad if I could help to organise a trade mission to visit the French West Indies to establish contacts with local companies. For comparison, the overall GDP of the five French territories in the Americas is at the level of the GDP of Trinidad and Tobago. These are markets governed by European rules, therefore open to Trinidadian products without national taxes.”

As his mission comes to an end in T&T in the next few months, the ambassador said the resounding success of energy company Perenco is the single achievement that is closest to his heart, of all the French investment projects undertaken since his arrival in 2022.

The envoy lauded the significant investments Perenco made to develop its natural gas production. On Friday, Perenco announced that it was acquiring Woodside Energy’s Greater Angostura oil and gas producing assets, which the ambassador mentioned. Perenco will formalise the takeover of Woodside’s assets and thus become the third gas and oil operator in the country.

Secondly, the ‘Hydrogène de France’ project is a major project for the economic development of Trinidad and Tobago, supported by the French government and the European Union.

“First of all, by the amount of the planned investment since, with nearly US$300 million, it is the main foreign investment in the country over the last five years. The technical and financial part of this project has been completed with all the authorities concerned, and the project now requires final political agreement from the Trinidad government. It is an investment that will permit the supply of green energy to the industrial facilities of Point Lisas, and in particular for the production of ammonia. It could highlight the effort of the Trinidad authorities to combat climate change. The production of green hydrogen will also facilitate the export of ammonia to the European Union, the second largest client of the Trinidad economy after the United States.”

“My most beautiful discovery was the quality and diversity of human relationships. There is a Trinidadian culture, varied according to the different communities but a common way of life that is unique. The pleasure of being with friends while listening to music or chatting, simple but delicious gastronomy, whether it is doubles, rotis or the bake and shark. By leaving I would miss the wild beauty of nature, the captivating and enchanting music, but above all that I would regret most when leaving, the Trinidadians and Tobagonians themselves.”

 

 

 

TT Chamber agreement with Panama

July 23

In a significant step toward deepening regional economic co-operation, the TT Chamber of Industry and Commerce (TT Chamber) and the Chamber of Commerce, Industry and Agriculture of Panama (CCIAP) signed a landmark trade and business development alliance agreement.

TT Chamber said the strategic agreement aims to boost bilateral trade, business innovation and cross-cultural collaboration. The agreement was signed by TT Chamber president Sonji Pierre-Chase and CCIAP president Juan A Arias at an official ceremony on July 23 in Panama.

“This strategic partnership reflects a shared vision between TT and Panama to strengthen economic ties across Latin America and the Caribbean,” the release said.

The agreement sets the foundation for structured collaboration on a range of initiatives that include:

1. 1. 1. • Joint projects that enhance economic and social opportunities for members and communities in both countries.
      2. • Sharing and conducting research in high-potential sectors such as logistics, energy, food and beverage, digital services and tourism.
      3. • Facilitating inward and outward trade missions and delegations.
      4. • Promoting cultural relations and mutual understanding
      5. • Supporting the UN sustainable development goals (SDGs).
      6. • Providing technical assistance and knowledge transfer to advance business standards, culture and innovation.
      7. • Addressing market access challenges and trade barriers for mutual benefit

Pierre-Chase said the agreement symbolises more than just economic co-operation.

“It is a reflection of our nations’ deep historical ties and shared future. Together, we are forging pathways to greater collaboration, innovation and prosperity.”

Panama is a critical hub in the Latin American trade ecosystem, and this alliance enables TT’s private sector to engage more meaningfully in mutually beneficial partnerships.

Arias also welcomed this alliance, saying it builds on Panama’s role as a strategic gateway to Latin American markets and TT’s position as a leading services and manufacturing hub in the Caribbean.

“Today marks a milestone in the history of regional commerce. This alliance with the TT Chamber fills us with excitement, as it opens a world of opportunities for our businesses, entrepreneurs and communities. Panama and TT not only share a strategic vision – we share an entrepreneurial spirit that drives us to go further, to innovate together and grow as a region.”

The alliance is expected to facilitate technical co-operation, policy dialogue and practical trade facilitation efforts with a focus on measurable outcomes and impactful collaboration.

T&T carbon market potential- CASH for CO2

2 July

 

Combating climate change while maintaining a stable economy appears contradictory, as most of the world’s most economically viable industries produce high emissions.

Environmentally- friendly farming produced 20 percent of world emissions in 2020.

The International Energy Agency reported a record-high 37.4 billion tonnes of carbon dioxide (CO2) emissions in 2023 from energy for power tools used daily

In 2020, total TT emissions comprised 42 per cent energy, 5 per cent agriculture, 5 per cent waste and 48 per cent Industrial Processes and Product Use, surpassing the 6 per cent global IPPU average. With 22 industrial parks TT factories are a key source of greenhouse gas emissions.

UTT don, Donnie Boodlal told the Caricom Climate Change Centre seminar on carbon capture and storage (CCS) frameworks, the nature and volume of industrial emissions put TT in a unique position to capitalise on CCS. The CCS process separates CO2 from other gases at emission sources. CO2 is then transported mainly by pipeline and injected and stored underground in geological formations, depleted oil and gas reservoirs or saline aquifers.

Presenting the launch of UTT’s geological sequestration saline aquifers component project, Boodlal said the high levels of production of ammonia , of which TT is the world’s leading supplier, is ideal for the process.

“This enables geological CSS in TT, this is a good pattern. A large amount of these emissions comes from a stationary source. Typically, the emissions are relatively pure because of the production process in ammonia.”

This allows for more efficient capturing of CO2, even more efficient than capturing energy industry emissions because only ten to 15 per cent of it is CO2.

“To capture that, you need to separate the CO2 from all the other gases and that costs money. But that’s largely done in the ammonia synthesis process, large amounts (of emissions) are already at that level where minimal treatment is required.”

While the CCS market is relatively new and not yet standardised globally, TT has already invested in it. In May 2024, the then-government established a first-of-its-kind blue carbon credit scheme for TT in collaboration with the Inter-American Development Bank.

This made US$550,000 available to establish the first blue carbon credit scheme for the country over the span of a three-year project. Full development of this creates a special market to purchase and trade carbon credits as compensation for greenhouse gas emissions.

In enhancing geological CCS, UTT is working with the University of Texas to build local capacity, frameworks and data centres, with the objectives of conducting geological assessment of the storage capacity of saline aquifers.

“But the economic barriers still remain. A business model has to be formulated to take this forward on the ground and I’ve been hearing that for many years. So let’s stop saying that and let’s start doing something about it. Let’s come up with this economic model to drive geological CCS deployment in TT.”

Because of contrasting carbon market activity, resource availability and capacity, carbon market solutions vary from country to country.

The World Bank notes several other challenges facing the development of a robust market infrastructure like ambiguity of roles and governance structures, lack of synchronisation between data systems and integrated marketplace architecture. The World Bank also noted the recognition of the need for insurance systems to protect stakeholders against losses due to trade band, contract breaches and carbon credit reversals and non-delivery.

Such coverage is offered by the Multilateral Investment Guarantee Agency and carbon insurance agencies Kita and Oka. According to the World Bank’s State and Trends of Carbon Market Pricing 2025, progress is being made. Despite small declines over the years, revenue from carbon pricing continues to deliver over US$100 billion to government budgets used to target environmental development outcomes, such as investments in clean energy projects.

At present, over 80 carbon taxes and emissions trading systems exist worldwide, as all large and middle-income economies have either finalised or are considering the implementation of direct carbon pricing.

One leading country in the market is Colombia.

A voluntary report on the carbon market in Colombia, published by Global Finance Integrity in February, said that despite data and framework challenges, Colombia has emerged as a leader in the voluntary carbon market, having issued 142 million tonnes of nature-based solutions since its market inception in September 2024.

Taking advantage of its rich supply of in-demand credits sourced from its large carbon forest reserves, a natural climate solution which uses the expansion and maintenance of forests to neutralise carbon, Colombia has integrated the carbon credit market into its legal and public policy framework, creating an investor-friendly environment. The government established a system for recording and measuring greenhouse gas emission reductions and removals called RENARE as part of a larger regulatory framework to work in conjunction with climate change and climate action laws.

According to the Paris Agreement, TT is obligated to regularly report emissions and progress on mitigation measures, but reporting by large emitters is not mandatory. In 2022, the government proposed legislation to change that by making it mandatory, but it has not been made law.

At the seminar, Aditi Bisramsingh, climate change specialist at the Ministry of Planning, Economic Affairs and Development, said there are plans to change that.

“We did draft the legislation. It was submitted to our then minister at that time. We had to recall it to make some amendments and changes to the legislation, and we do plan to resubmit again to the new minister, who should be able to take it forward to cabinet and have the necessary approvals in place.”

Boodlal said he looks forward to working with the ministry in developing the business model that would serve all stakeholders.

 

 

 

IMF Technical Assistance Report No. 2025/071 : Colombia: Technical Assistance Report-Open-Ended Fund Liquidity

Summary: At the request of the Financial Superintendency of Colombia (SFC), the Financial Regulation Unit of the Ministry of Finance and Public Credit (URF), and Banco de la República (BanRep), a Monetary and Capital Markets (MCM) Department mission visited Bogotá, Colombia from March 10 to March 14, 2025.(Link)

The mission met with senior representatives of the authorities and a range of market participants from the private sector. The purpose of the mission was to assist the authorities in identifying potential improvements to the framework for liquidity risk management of open-ended investment funds (OEFs).

In carrying out this analysis and developing the corresponding recommendations, the mission took into account the latest developments in international standards and best practices, notably the work of the Financial Stability Board (FSB) and the International Organization of Securities Commissions (IOSCO), as well as the specificities of Colombian capital markets in general and its OEF sector in particular.

 

 

Colombia :

Ecopetrol declares largest commercial discovery in a decade at Lorito

BOGOTA, June 25, 2025

Ecopetrol announced a declaration of commerciality at its Lorito discovery, with estimated recoverable crude volumes of 250 million barrels.

The decision was formalised on June 18, 2025, before Colombia’s National Hydrocarbons Agency and marks a key step in developing the asset and incorporating reserves and production. Of the total estimated recoverable volumes, 109 million boe are certified contingent resources net to Ecopetrol as of December 31, 2024.

The discovery in March 2018 confirmed the presence of extra-heavy crude between 8 and 9 API degrees. Four wells were drilled – Lorito-1, Lorito A1, Tejón-1 and Guamal Profundo-1 – with delineation concluded in October 2024. The asset enters production with two active wells yielding over 1,450 bopd.

The Lorito find is located within the CPO-9 exploration and production contract area, a significant onshore asset located in the department of Meta, within the Llanos Orientales Basin, one of the country’s most prolific petroliferous regions. In December 2024, Ecopetrol became the sole owner of the CPO-9 block after acquiring the remaining 45% stake from Repsol, consolidating full control over the asset. This acquisition was part of a broader move by Ecopetrol to reinforce its position in the Piedemonte Llanero region.

The declaration supports Ecopetrol’s strategy of enhancing value following its acquisition of the remaining 45% stake from former partner Repsol, making it the sole owner of the block. Proximity to existing production and transport infrastructure facilitates commercial development and synergies with nearby fields.

“This decision consolidates a strategic asset for the company in the Meta region,” Ecopetrol vice-president of exploration and production Pedro Manrique said.

For more on Ecopetrol’s exploration strategy, read our latest interview with Ricardo Roa Barragán, president and CEO of Ecopetrol Group

 

 

Colombia

Arrow Exploration announces Tapir Block operational update – AB HZ4 and AB HZ5 now on production

15 July2025

Arrow Exploration, the high-growth operator with a portfolio of assets across key Colombian hydrocarbon basins, provided an update on recent operational activity on the Tapir Block in the Llanos Basin of Colombia where Arrow holds a 50 percent beneficial interest.

Highlights

1. 1. 1. Current production between 4,600 and 4,800 boe/d net to Arrow.
      2. 2 horizontal wells and 2 vertical wells drilled in Q2 and Q3 to date.
      3. AB HZ5 brought on production on July 2, 2025, and currently producing 1,790 BOPD gross (895 BOPD net).
      4. AB HZ4 brought on production on June 11, 2025, and currently producing 880 BOPD gross (440 BOPD net).
      5. RCE9 vertical well brought on production on June 23, 2025, and currently producing 201 BOPD gross (100.5 BOPD net).
      6. CN11 vertical well brought on production on April 17, 2025, and currently producing 143 BOPD gross (72.5 BOPD net).
      7. Strong balance sheet, no debt or drilling commitments. Arrow has flexibility in its work program and is actively exploring potential acquisition opportunities.
         Production
      8. Total corporate production is currently between 4,600 and 4,800 boe/d net. Arrow’s base production has flattened out and is experiencing shallower declines, as expected.
      9. Additional production is expected to be added during the second half of the year as Arrow focuses on an accelerated drilling program.

In light of the recent movements in oil prices and current market volatility, Arrow has the ability to balance drilling infill and development wells with low-risk exploration activity which has the potential to increase Arrow’s reserve base and build up drilling inventory.

Cash Balance

On July 1, 2025, the Company had a cash balance of US$13.5 million and held no debt. Further, the Company has no long-term rig contracts or obligations to drill wells. The Company has been able to carry out an accelerated drilling program while maintaining a healthy balance sheet. The combination of cash on the balance sheet and robust operating cashflow continues to be a key corporate strength in this volatile market.

Drilling Operations – Tapir Block

Carrizales Norte field

On the Carrizales Norte field, the Company recently drilled one vertical production well from the CN pad.

The Carrizales Norte 11 (CN 11) well was spud on April 2, 2025, and reached target depth on April 8, 2025. CN 11 targeted the C7 zone at Carrizales Norte field. The well was drilled to a total measured depth of 8371 MD feet (7798 feet true vertical depth) and encountered multiple hydrocarbon-bearing intervals.

On April 17, 2025, Arrow put the CN 11 well on production in the C7 formation which has approximately 11 feet (true vertical depth) of oil charged sandstone. The well encountered an initial high water cut of 73%. CN 11 is producing at a stabilized rate of 143 BOPD gross (72.5 BOPD net) with a water cut of 88%.

Alberta Llanos field

At the Alberta Llanos field, the Company has recently drilled two horizontal production wells from the Alberta, Llanos pad, both on time and within budget. Arrow’s experience drilling horizontal wells in the area is resulting in improved efficiency in the field.

The Alberta Llanos HZ4 (AB HZ4) horizontal well was spud on May 11, 2025, and reached target depth on June 5, 2025. AB HZ4 targeted the Ubaque zone at the Alberta, Llanos field. The well was drilled to a total measured depth of 13687 MD feet (8558 feet true vertical depth) and encountered multiple hydrocarbon-bearing intervals. The well was completed with Inflow Control Devices (ICDs).

On June 11, 2025, Arrow put the AB HZ4 well on production in the Ubaque formation which has approximately 2837 feet (measured depth) of oil charged sandstone. AB HZ4 is producing at a stabilized rate of 880 BOPD gross (440 BOPD net) with a water cut of 19%.

The Alberta Llanos HZ5 (AB HZ5) horizontal well was spud on June 12, 2025, and reached target depth on June 23, 2025. AB HZ5 targeted the Ubaque zone at the Alberta, Llanos field. The well was drilled to a total measured depth of 12188 MD feet (8556 feet true vertical depth) and encountered multiple hydrocarbon-bearing intervals. The well was completed with ICDs.

On July 2, 2025, Arrow put the AB HZ5 well on production in the Ubaque formation which has approximately 1813 feet (measured depth) of oil charged sandstone. AB HZ5 is producing at a stabilized rate of 1790 BOPD gross (895 BOPD net) with a water cut of 3%.

RCE Field

On the Rio Cravo Este (RCE) field, the Company recently drilled one vertical production well from the RCE pad.

The Rio Cravo Este 9 (RCE 9) well was spud on June 6, 2025, and reached target depth on June 14, 2025. RCE 9 targeted the C7 zone at Carrizales Norte field. The well was drilled to a total measured depth of 8940 MD feet (8305 feet true vertical depth) and encountered multiple hydrocarbon-bearing intervals.

On June 23, 2025, Arrow put the RCE 9 well on production in the C7 formation which has approximately 20 feet (true vertical depth) of oil charged sandstone. The well encountered an initial high water cut of 95%. RCE 9 is producing at a stabilized rate of 201 BOPD gross (100.5 BOPD net) with a water cut of 88%.

Drilling Schedule

Currently Arrow has two drilling rigs working in the field.

The rig at Alberta Llanos is being disassembled and moved to the Carrizales Norte pad where the Company plans to drill two horizontal wells into the Ubaque formation.

The rig at Rio Cravo Este is currently drilling a short horizontal well into the Ubaque formation. This will be the first horizontal well targeting the Ubaque at RCE.

Arrow is continuously reviewing the original Board-approved $50MM budget and drilling schedule. Arrow does not have any contractual commitments to employ additional rigs or to drill additional wells.

Arrow’s strong balance sheet allows the Company to remain flexible in a volatile oil price environment and the Company will make further announcements should modifications to its capital program be determined.

The Company is still considering the timing of any share buyback, with a decision to follow further progress in the 2025 drilling campaign.

East Tapir 3-D Seismic Program

The initial processing and interpretation of the East Tapir 3-D program has been accomplished. The East Tapir 3-D survey covers a further 100 sq. km where existing leads on the 2-D dataset have been defined as prospects. The Icaco and Macoya prospects are further supported by the new 3-D program and Arrow is focused on testing the Icaco prospect in late 2025 or early 2026.

Marshall Abbott, CEO of Arrow commented:

‘The AB HZ5 and AB HZ4 horizontal wells have been successfully developed at the Alberta Llanos field, with rates and pressures higher than originally forecast. Both wells are highly accretive with payback expected in the first six months at current oil prices. The success of these two horizontal wells proves the Ubaque concept at Alberta Llanos and has resulted in further development wells being planned.’

‘The East Tapir 3-D seismic program has resulted in a number of new prospects including Icaco and Macoya. These two prospects appear to be stacked reservoirs similar to those found at the RCE and Carriazales Norte fields. Management is encouraged by technical work done to refine these prospects and has started the surface land acquisition process to test these prospects in the near future.’

‘Arrow continues to review and develop its drilling schedule for the 2025 and 2026 programs. Market conditions are continuously reviewed to show development options that will allow the company to grow production and remain financially strong. We appreciate the support of our longstanding shareholder base as well as the dedication of our talented staff.’

Source: Arrow Exploration

NG Energy, Maurel & Prom acquire stake in Colombia gas block

BOGOTA, July 3, 2025 –

NG Energy and Maurel & Prom agreed to acquire a collective 28% working interest in a gas block in Colombia from existing minority partners, NG Energy said.

Following the transaction and completion of a previously announced deal transferring a 40% interest to Maurel & Prom, NG Energy will hold a 39% stake in the block while Maurel & Prom will hold 61% and operatorship. The companies are preparing to launch a six-well exploration and appraisal campaign starting as early as October 2025.NG Energy will pay USD 26.25 million for its 7% share in the acquisition, including an initial deposit of USD 2.625 million and a final payment of USD 23.625 million upon closing.

Closing of all transactions is expected in Q3 2025, pending regulatory approval from Colombia’s National Hydrocarbons Agency and other customary conditions.

“This consolidation of the Minority Interests in Sinu-9 represents a pivotal step in strengthening our partnership with Maurel & Prom and advancing our shared vision for the block,” NG Energy executive chairman Brian Paes-Braga said.

“We are pleased to advance our expansion strategy in Colombia and further increase our position in the promising Sinu-9 block,” Maurel & Prom CEO Olivier de Langavant said.
“This acquisition consolidates M&P’s long-term exposure to a high-quality gas asset with substantial development and exploration potential. As an operator, we are well positioned to unlock the full value of this strategic resource.”

NG Energy International is a Canadian-headquartered exploration and production company focused on the development of natural gas assets in Colombia. Key operations include its flagship Maria Conchita and Sinu-9 blocks, where it targets delivering clean energy to underserved markets in Latin America.

 

 

 

TotalEnergies partnership with AES

PARIS, July 2, 2025

TotalEnergies acquired a 50% stake in solar, wind and battery storage assets of AES Dominicana, lifting its regional renewable energy portfolio to 1.5 GW. The agreement builds on a 2024 transaction in which TotalEnergies purchased 30% of AES’s Puerto Rican renewables portfolio currently under construction.

The combined portfolio will generate 2.5 TWh of electricity per year. It consists of over 1 GW of contracted capacity and over 500 MW in development in the Dominican Republic and 485 MW of solar and BESS projects in Puerto Rico. TotalEnergies president of gas, renewables and power Stéphane Michel said,

“This partnership with AES… will contribute to our targets of 35 GW of gross renewable capacity by 2025 and over 100 TWh of electricity production by 2030,”

France’s TotalEnergies is active across the Caribbean energy sector with LNG supply, solar development, natural gas distribution,and a network of over 380 service stations between the Dominican Republic, Puerto Rico and St Thomas.

 

 

 

 

Puerto Rico Board Suspends $20B New Fortress Gas Deal

Bloomberg|Jim Wyss & Ruth Liao | , July 11, 2025

Puerto Rico’s finance watchdog is refusing to OK a $20 billion natural gas supply deal that it said would give New Fortress Energy Inc. a near monopoly over the island’s energy future.

The Financial Oversight and Management Board has “profound concerns” about a proposed 15-year contract between Genera PR – a New Fortress subsidiary that operates the territory’s power plants – and the company unit that delivers liquefied gas, according to a letter to Puerto Rico’s energy czar, Josue Colon.

Approving the contract would “lock the island into a long-term commitment with a single supplier, potentially undermining market competition and limiting flexibility,” the board wrote, saying the deal would create a “monopolistic arrangement that would ultimately jeopardize energy security.”

The watchdog’s objections are just the latest blow to New Fortress, which lost more than 80 percent of its market value in the last year as it struggles to shore up its finances and reassure investors and bondholders. The shares fell 19 percent on Thursday.

“Given the magnitude of the proposed contract and the critical nature of the services at stake, it would be irresponsible for the Oversight Board to review the proposed contract thoroughly in this short time,” the board wrote.

Even so, the board said it is willing to meet all those involved to ensure the deal is “fiscally responsible.”

New Fortress already is a key supplier of LNG to Puerto Rico’s power sector. Other sources include EcoElectrica and Crowley, which ship the fuel to plants operated by other companies. New Fortress’ initial LNG supply contract was due to expire in June but has been extended on a temporary basis.

In April, government agencies called for bids to provide LNG to multiple power plants that Genera operates, including plants that haven’t yet been converted to run on gas.

“From the information that the Oversight Board has been able to review so far, the proposed contract was inherently the result of direct negotiations with NFEnergia “rather than a true competitive procurement,” the board wrote.

The oversight board established by the US Congress in 2016 to help the territory emerge from bankruptcy has the authority to approve or scuttle government contracts.

 

 

 

 

Prime Minister of India participates in the 17th BRICS Summit in Brazil.

July 06, 2025

Prime Minister Shri Narendra Modi participated in the 17th BRICS Summit in Rio de Janeiro, on 6-7 July 2025. The leaders held productive discussions on the BRICS agenda, including reform of global governance, enhancing voice of the global south, peace and security, strengthening multilateralism, development issues and Artificial Intelligence. The Prime Minister thanked the President of Brazil for his warm hospitality and for the successful organisation of the Summit.

Modi addressed the inaugural session on “Reform of Global Governance and Peace and Security”. Later he addressed a session on “Strengthening Multilateral, Economic-Financial Affairs and Artificial Intelligence which included participation by BRICS Partners and invited countries.

Addressing the session on Global Governance and Peace and Security, Modi reaffirmed India’s commitment to enhancing the voice of developing countries requiring greater support for sustainable development, in terms of access to climate finance and technology.

He highlighted the need for reforming global organizations of the 20th century lacking the capacity to deal with challenges of the 21st century. Urging a multipolar and inclusive world order, Modi stated that global governance institutions such as the UN Security Council, IMF, World Bank, and WTO must undergo urgent reform to reflect contemporary realities. He thanked the leaders for prioritising UNSC reform with resolute recommendations in the Summit Declaration.

On Peace and Security, Prime Minister Modi declared that terrorism was a grave threat to humanity. The Pahalgam terror attack in April 2025 was not just aggression in India but an onslaught on humanity. Urging strong global action against terrorism, he noted that those funding, promoting or providing safe havens to terrorists must be punished in the harshest terms.

There should be no double standards in dealing with terrorism. He thanked BRICS leaders for condemning the Pahalgam terrorism in the strongest terms and spurred BRICS countries to strengthen the global fight against terrorism, emphasizing zero tolerance in dealing with the menace. India has always promoted dialogue and diplomacy to resolve conflicts which were a matter of deep concern and was ready to contribute towards such efforts.

Addressing the session on “Strengthening Multilateralism, Economic-Financial Affairs and Artificial Intelligence”, Prime Minister stressed that diversity and multipolarity were valued strengths of the BRICS. When the world order was under pressure and the global community encounters uncertainty and challenges, the relevance of BRICS was evident.

BRICS could play an important role in shaping a multipolar world. He offered four suggestions:

• • one, the BRICS New Development Bank must follow demand driven principle and long-term sustainability for granting projects;
  • two, the group consider setting up a Science and Research repository which could benefit countries;
  • three, focus must be given to make the supply chain of critical minerals secured and resilient; and,
  • four, the group should work for responsible AI – while monitoring concerns of AI governance, it should promote innovation in the field.

At the conclusion of the Leaders’ Session, the member countries adopted the ‘Rio de Janeiro Declaration’ . Full statements of Prime Minister Modi on global governance , peace and security , strengthening multilateralism, economic-financial affairs and artificial intelligence are accessible.

Rio de Janeiro July 06, 2025

 

 

 

 

IMF

Kingdom of the Netherlands – Curaçao: Staff Concluding Statement of the 2025 Article IV Mission

July 2, 2025

A Concluding Statement describes the preliminary findings of IMF staff at the end of an official staff visit (or ‘mission’), in most cases to a member country. Missions are undertaken as part of regular (usually annual) consultations under Article IV of the IMF’s Articles of Agreement, in the context of a request to use IMF resources (borrow from the IMF), as part of discussions of staff monitored programs, or as part of other staff monitoring of economic developments.

The authorities have consented to the publication of this statement. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF Executive Board for discussion and decision.

Washington, DC.

Curaçao’s economic activity expanded by 5 percent in 2024, as strong tourism performance trickled into the wider economy. Stayover arrivals, growing at double digits, continued to outperform Caribbean peers and carried over to other sectors, including whole trade, real estate, and construction. Mostly related to holiday homes and hotels, construction was further fueled by strong mortgage growth and complemented by a resumption of public investments under the Road Maintenance Plan.

Average headline inflation declined to 2.6 percent in 2024 from 3.5 percent in 2023, in line with global oil prices and lower US inflation. Real wages increased for the first time in five years but job creation continued to be dominated by informal construction and tourism-related sectors while formal employment declined. The primary surplus continued its upward trajectory on the back of increased tax collection on goods and services. The current account deficit widened due to higher merchandise imports, mainly related to construction activity.

The government is pursuing an ambitious agenda to steer a now tourism-led economy, amidst heightened global uncertainty. Mindful of tourism saturation and a decoupling of local living standards, the authorities strive to improve social conditions while generating sustainable and green growth amid safeguarding solid public finances. The near doubling of the tourism footprint within five years brought profound structural shifts to Curaçao’s economy, including the decline in manufacturing and rise in services, lower overall wages, higher informality, and greater reliance on – more regressive – indirect taxation. Policy responses need to shift accordingly.

Priorities are rightly focused on upgrading tourist experiences and diversification, improving skills and labor market conditions, and reforming the tax system in an equitable way while addressing social spending pressures. The administration has delivered on a first round of targeted, one-off pension increases this year, continued reforms to contain health costs, expanded investment in education infrastructure, and came closer to its renewables target with the opening of the latest wind park in 2024. The landspakket, a structural reform package agreed with the Netherlands in 2020, continues to guide structural reforms.

Outlook and Risks

Growth is projected to moderate to 4 percent in 2025, balancing domestic impulses and heightened global uncertainty, before gradually converging to 2 percent over the medium term. Further expansion of stayover tourism and construction activity will continue to support growth in 2025, along with fiscal expansion driven by higher public investments.

Potential negative effects of slowing global demand and heightened uncertainty would dampen tourism flows towards the end of 2025 and 2026. Growth is expected to moderate to 2 percent over the medium term, given saturation in tourism and slower global demand, while public capital spending would be carried forward, including in road infrastructure and the energy value chain.

Headline inflation is projected to stabilize at 2.5 percent in 2025, subject to oil price-related uncertainty. Fiscal accounts would remain in surplus, fully compliant with the fiscal rule, allowing the government to partially settle a large bullet loan in 2025 with own liquid reserves, thereby accelerating the impressive downward trajectory of debt. The current account deficit would decline in the medium term but remain elevated.

Risks to the outlook are tilted to the downside. External risks include trade policy and investment shocks, which could induce higher inflation and lower external demand, adversely impacting tourism arrivals. Domestic upside risks include faster-than-expected advances in the green hydrogen value chain project and development of other energy sources. On the downside, lower-than-expected disbursements in public investments and delays in infrastructure improvements could set back the expected increase in potential growth from the expansion of hotel capacities. Continued high growth in mortgage credit fueling rising house prices could lead to financial sector as well as household balance sheet vulnerabilities. Buffers include access to favorable refinancing conditions on the Dutch capital market, subject to compliance with the fiscal rule, which grants the island substantial fiscal space, notably for capital and emergency spending.

Tailoring Fiscal and Structural Policies to a Tourism-led Economy

Safeguarding Medium-term Fiscal Sustainability

Reaching the medium-term debt target and further sustaining growth will require weighing the need to boost investments and address social spending pressures while reforming the tax system in an equitable manner.

Advancing healthcare reforms is an urgent priority to restore the sector’s financial sustainability and limit medium-term fiscal risks. Annual deficits of the SVB healthcare fund amounted to around 5 percent of GDP over the past years, excluding central government transfers, with an additional 1 percent of GDP annual deficit by the Curaçao Medical Center. Transfers to the latter were recently increased to better cover operating costs and invest in new medical equipment, but the health system’s overall finances remain unsustainable. Curaçao’s health expenses, around 13 percent of GDP, stand out relative to regional peers and surpass the OECD average.

Possible efficiency gains on the spending side would include additional volume and price measures for pharmaceuticals, re-evaluation of laboratory service tariffs, further expansion of primary care to contain hospital visits, and improvements in preventive care, with the latter likely to materialize over the longer horizon. Revenue reform options would include a broadening of the contributor base, e.g., via the inclusion of migrant workers, increasing co-payments for higher-income households, allowing for price differentiation for the privately insured, exploring options to charge for add-on services, with a possible secondary, private insurance market for these services, and expanding the potential in medical tourism.

The authorities’ plans to adjust pension benefits for lower-income households in a fiscally responsible manner are welcome and should be accompanied by widening the contribution base. Staff welcomes the intention to reassess benefit levels, given the pausing of indexation and a decline in real per capita benefits by 23 percent between 2016 and 2024. Applying inflation indexation to residents’ pensions only would allow for a broadly balanced budget of the old-age pension scheme (before central government transfers). Considerations to providing a supplement for low-income pensioners, which could cost around ½ percent of GDP per year, should be partially financed by broadening the contributor base.

Legalizing predominantly young migrant workers and providing incentives for them and their employers to formalize (see below) would increase revenues by about 0.3 percent of GDP. Ensuring longer-term sustainability of social insurances would likely imply tapping general budget resources, which could be expanded with selected measures while avoiding earmarking (see below). Meanwhile, the current draft law to make second-pillar occupational pension plans mandatory would reduce reliance on old-age pensions and increase private savings, which would also help alleviate the sizable current account deficit.

The authorities envisage the introduction of a VAT while continuing the modernization of the tax authority and improving revenue collection. Given Curaçao’s already significant tax burden and the recent expansion of direct taxation from a pre-pandemic average of 11 percent of GDP to 14 percent of GDP in 2024, plans to design the envisaged VAT reform in a revenue-neutral and equity-enhancing way are welcome. Expanding property taxation on second homes should be prioritized, as well as the purchase and implementation of digital infrastructure to modernize Curaçao’s tax system. Further considerations to introduce a tourism fee (by 2026), end tax holidays on import duties, and adjust permitting fees would lift revenues and contribute to compensating for potential pension increases.

Further efforts are needed to boost investments and improve government service delivery. While capacity constraints were successfully addressed in the ramp-up of investments in 2024, including by hiring external project managers, capacity in planning and execution must be strengthened further to administer the needed investment increase of 2-3 percent of GDP in the coming years, including via a centralized investment planning unit. Implementing multi-year project budgeting and establishing a transparent procurement system will be critical to improve execution, ensure the efficient allocation of financing resources, and grant space to a gradual inclusion of adaptation investments against damage from sea level rise. Efforts to render health and pension spending as well as goods and services taxation more equitable hinge on improving means-testing and maintaining a state-of-the-art registry for lower-income households.

Labor Market Policies to Address Informality and Improve Education

Informality could be addressed by strengthening incentives for formal work, improving enforcement and monitoring, and tightening eligibility criteria for receiving benefits. Decomposing changes in the formal workforce over the past decade, the strong decline in formal employment was mostly driven by a drop in registered jobs among men, especially in prime working age. Half of this decline cannot be explained by demographics, migration, or unemployment, and is likely attributed to the transition to informality. Tourism and construction sectors offer relatively more opportunities for informal work, making it harder to design the right incentives for formalization. Incentivizing formality, however, is crucial to maintaining government revenues and ensuring social protection for workers, and could be fostered by: facilitating access to education, increasing formal sector productivity, introducing more in-work benefits for workers with incomes between minimum and median wage, and stricter eligibility criteria for monthly assistance, along with strengthening enforcement and monitoring.

Skill deterioration compounded by population aging is a key drag on long-term potential growth. The 2023 census showed that education levels of new entrants to the labor force are below the level of the pre-retirement cohort, and young employees tend to work in more precarious positions. Ongoing investments in education, in line with landspakket recommendations, including in schools’ physical as well as digital infrastructure, are very welcome. Recent initiatives to attract graduates back to the island, including with tax incentives, and an expedited labor permitting process for high-skill workers are important steps in the right direction. These could be complemented by vocational training to lift the overall skill level and reduce skill mismatches, in line with government’s proposed stimulation package with incentives for employer-led vocational education. Integrating migrants into the workforce would grant them perspectives to grow and invest in their skills.

Fostering Competitiveness and Diversification

Bracing for slower growth and mindful of market saturation and the global context, the authorities’ focus is rightly on tourism value added and diversification of source markets. Roads and transportation are among the key bottlenecks of the island, and more public investments are needed to improve the connectivity within the island for tourists to venture out. Public and private investments should also be directed to maritime infrastructure to attract more yacht tourists and move up the tourism value chain. Increasing the number of taxi licenses is welcome and will improve tourist experiences through better mobility. Efforts to tap markets in South America have proven successful, and new flight routes opened from Brazil, Argentina, and Colombia, countries with a large consumer base and rising purchasing power.

Fostering non-tourism sectors in areas of competitive advantage would help build resilience against global shocks and attract additional investments. Building on recent successful reforms to expedite business permits and promote digitalization, more progress is needed to achieve the authorities’ goals as outlined in the National Export Strategy. Curaçao’s connection to a new submarine cable throughout the Caribbean and Miami from 2027 onwards could help expand the island’s data center industry – conditional on sufficient absorption capacity of the electricity grid and a moderation in electricity prices, which remain among the highest in the region. Planned investments in the grid by Aqualectra would be supported by funding from the Netherlands and provide the basis for lifting renewables electricity production to 70 percent by 2027 from around 50 percent currently. The envisaged floating offshore wind park of 3-10 GW would help cover Curaçao’s entire electricity demand and create new export opportunities, in addition to exploratory investments in other energy sources.

In the presence of global uncertainty, diversification of trade as well as regional integration are key for mitigating Curaçao’s exposure to external shocks. Curaçao’s imports remain concentrated on advanced markets, providing ample room to expand goods imports from neighboring countries, such as Brazil and Colombia. As a new associate CARICOM member and acknowledging limitation of independent trade policy given Kingdom laws, Curaçao should continue strengthening regional cooperation and trade integration with neighboring states.

The authorities’ commitment to lower corruption vulnerabilities are welcome. The online gaming law has been approved by parliament in end-2024, an important step towards meeting the landspakket’s rule of law target. Curaçao’s recent accession to the UN Convention Against Corruption and delisting from the EU grey list of non-cooperative jurisdictions, following key legal updates in 2024, is another step in the right direction and opens doors for further international cooperation and bilateral tax treaties, as pursued by the authorities. The mutual evaluations of the AML/CFT frameworks for both Curaçao and Sint Maarten are underway, with results expected to be published in mid-July 2025.

The Monetary Union of Curaçao and Sint Maarten

The external balance of the Union is expected to improve, following a mild deterioration in 2024. The Union’s current account deficit widened to around 17 percent of GDP in 2024 driven by higher imports, mainly related to construction on Curaçao, and despite strong growth in tourism receipts. Going forward, stronger travel receipts, moderation in construction-related imports, and an increase in renewables would support a contraction of the Union’s current account deficit towards 10 percent of GDP in the medium term. The deficit will continue to be financed by private investment inflows and decumulation of assets abroad. The stock of international reserves would remain broadly stable and adequate over the medium term. Given still sizable deficits and a sustained real effective exchange rate appreciation, staff’s preliminary assessment suggests that the external position in 2024 was weaker than the level implied by fundamentals and desirable policies in Curaçao and broadly in line in Sint Maarten, albeit subject to high uncertainty given persistent measurement biases. The assessment for the Union is the same as for Curaçao due to its larger size and current account deficits.

The monetary policy stance is appropriate and continues to support the peg. Following developments in the US, the CBCS cut its benchmark pledging rate by a cumulative 100 basis points in September and November 2024 to 4.75 percent, and has kept it unchanged since then, in line with the pegged exchange rate regime. Transmission to banking sector interest rates continues to be weak, as deposit rates stayed broadly constant throughout the recent tightening and easing cycles, with a mild uptick in late 2023 driven by time deposits, and Union lending rates declined between 2018 and end 2024. Excess liquidity is the key impediment to the transmission, further exacerbated by the absence of interbank and government securities markets.

With lending rates declining, credit growth has accelerated, entirely driven by mortgages in Curaçao. Mortgage credit in the union, the second highest in the Caribbean, has been growing by double digits in real terms post pandemic, while real overall credit growth has been negative. Driven by Curaçao, mortgages are expected to remain on an upward trajectory, including financing for the construction of second homes and vacation rental apartments. In Sint Maarten, on the contrary, mortgage credit growth turned negative in 2024, possibly reflecting delays in construction projects and cross-border financing on the French side. With the islands’ financial sectors predominantly financing tourism-related activities, credit to non-tourism sectors is declining in real terms.

The financial sector is broadly sound and systemic risks are contained, but mortgage growth needs to be monitored closely while a macroprudential toolkit is further developed. Banks are well capitalized, among the highest in the region, but both NPLs and provisioning remain weaker than the CBCS early warning signal – and with respect to peers. Liquidity is abundant and has further increased, but the Union’s banks are somewhat less profitable than the Caribbean median and concentration remains high. Closely monitoring mortgage growth to detect overheating in the real estate sector and possible vulnerabilities in household balance sheets should become a priority, in particular given continued data gaps. Overcoming these gaps and further developing a macroprudential toolkit towards the introduction of CCyBs, and thresholds for the loan-to-value and debt-service-to-income ratios are warranted to detect vulnerabilities and ensure timely response to potential shocks. Caps on mortgage credit growth or mortgage loan exposure could be applied should the positive mortgage credit gap widen further.

The IMF mission would like to thank the authorities for their cooperation and the candid and constructive discussions that took place during June 18-25.

IMF Communications Department
MEDIA RELATIONS PRESS OFFICER: Reah Sy Email: MEDIA@IMF.org

 

 

Netherlands issue code red travel advisory on Venezuela

July 21st 2025 –

“Whatever your situation, do not travel there,” Dutch authorities warned

The Netherlands has issued a “code red” travel advisory for Venezuela, strongly recommending that its citizens avoid traveling to that country due to high risks of arbitrary detention, political instability, widespread crime, and a lack of judicial guarantees, particularly since the 2024 presidential elections.

The Dutch Foreign Ministry stated that its embassy would be of limited assistance if citizens encounter problems.

The warning also advises against sailing in Venezuelan territorial waters or approaching its land borders, citing the presence of armed groups.

“Whatever your situation, do not travel there,” the Dutch authorities warned.

In response, Venezuelan Foreign Minister Yván Gil rejected the warning, calling it a “ridiculous” and “failed attempt by fascism to destabilize the country.” Gil attributed the advisory to a “colonial complex” and a desire for social media attention, accusing the Netherlands of historical double standards and supporting past destabilization efforts against Venezuela.

He maintained that Venezuela was “the safest and most stable country on the entire continent” and reiterated the country’s commitment to promoting tourism and business. “Thousands of Dutch people …. visit us every month, especially from our beloved Caribbean,” Gil claimed .

 

 

 

CIIS 2025

Building Bridges Across the Caribbean

2 – 5 December 2025 Curaçao Marriott Beach Resort

The Curaçao Investment & Export Promotion Agency (CINEX) just wrapped up an incredible trade mission and exhibition at the Suriname Energy, Oil & Gas Summit (SEOGS 2025) last month in Paramaribo, with the participation of major partners such as Curoil N.V., Amicorp Group and Navigator Insurance Consultants N.V.

The results speak volumes about Curaçao’s growing influence as a regional powerhouse:

Strategic partnerships with global energy leaders including TotalEnergies, Petronas, and Staatsolie

Further connect with existing MoUs signed with the Suriname Investment & Trade Agency (SITA) and the Suriname Energy Chamber

Celebrated Dutch Caribbean Securities Exchange (DCSX) ‘s major bond listing for Staatsolie ($468.7M USD + €43.5M EUR)

Advanced discussions with Afreximbank on their $5B Local Content Facility

CINEX Strengthens

Curaçao–Suriname Trade Ties at SEOGS 2025

This successful experience underscores why Curaçao stands out as an ideal business destination and reinforces the value of building meaningful connections between the island and both regional and international partners, which serves as the main purpose of the upcoming Curaçao International Investment Summit (CIIS 2025), taking place on 2-5 December 2025 in Willemstad, Curaçao.

READ FULL PRESS RELEASE
Why Curaçao?

There are many reasons for joining us at CIIS this year and we have highlighted just a few below:

Positioned in the southern Caribbean Sea, Curaçao serves as a pivotal gateway between the Americas and Europe. Its proximity to major markets, coupled with excellent air and sea connectivity, makes it an ideal hub for international trade and logistics.

Curaçao boasts a diversified economy with strengths in tourism, financial services, oil refining, and international commerce. The government’s commitment to economic stability and growth is evident through prudent fiscal policies and strategic initiatives aimed at fostering innovation and sustainability.

Investors benefit from Curaçao’s attractive tax incentives, including Competitive Corporate Tax Rates, E-Zone Regime & Investment Allowances.

The island’s workforce is renowned for its high education levels and linguistic versatility, with proficiency in Dutch, English, Spanish, and Papiamentu. This cultural diversity enhances business operations and customer interactions across global markets.

Curaçao’s state-of-the-art infrastructure includes World-Class Ports, Modern Telecommunications & Reliable Utilities

As an autonomous country within the Kingdom of the Netherlands, Curaçao benefits from a stable political environment and a high-quality Dutch legal system, ensuring transparency and security for investors.

LEARN MORE
CIIS 2025 is the premier event for fostering business connections and investment opportunities in and with Curaçao, across the Dutch Caribbean and internationally.

To find further information about the summit and discover all the opportunities for you and your company to be part of this business destination:

REQUEST BROCHURE

REQUEST SPONSORSHIP OPPORTUNITIES

CONTACT US
For Sponsorship & Exhibition Enquiries – International

Giancarlo Riveros

Commercial Director  GEP  email: griveros@gep-events.com    Cell: +44 74 8384 6699

 

For Sponsorship & Exhibition Enquiries – Dutch speaking countries

Priscilla Abhilakh Father

Sales manager  GEP  email: pabhilakhmissier@gep-events.com   Cell: +597 890 0884

 

Speaker Enquiries

Manuela Perez  

Producer & Project Manager GEP  email: mperez@gep-events.com  Cell: +57 318 653 7575

 

Marketing Enquiries

Catalina Velasquez

Marketing Coordinator  GEP  email: cvelasquez@gep-events.com  Cell: +57 304 461 9532

 

Operations & Logistic Enquiries

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Marketing & Operations Director  GEP  email: mcuartas@gep-events.com

Cell: +44 75 7793 2329

 

 

US censures OAS for inaction on Venezuela

June 28, 2025

The United States on Thursday sharply criticized the Organization of American States (OAS) for its perceived lack of action in response to the political and humanitarian crisis in Venezuela and cited the threat to Guyana’s territorial integrity.

Addressing the OAS General Assembly in Antigua and Barbuda on Thursday, US Deputy Secretary of State Christopher Landau stated that the organization had done “nothing of substance” in the face of a “brazenly stolen election” in Venezuela and subsequent “sham” elections in the South American nation.

“As recently as last month, the Venezuelan regime ran another sham legislative and regional election that lacked transparency and fairness and included a controversial vote purporting to elect Venezuelan representatives to govern Guyana’s Essequibo state. If this organization is unwilling or unable to respond to or remedy the situation where a regime openly thumbs its nose at international norms and threatens the territorial integrity of its neighbour, then we must ask what’s the point of the organization.”

 

 

 

TT Refinery investment must be viable, sustainable

2025, 07/25

On the sidelines of the Global Biodiversity Alliance Summit in Georgetown, President Dr Irfaan Ali says Guyana is concentrating on building out its own infrastructure and he will only be able to make an assessment on the Petrotrin refinery when the discussion comes up.  His comments came a day after Natural Resources Minister Vickram Bharrat, told Media discussion regarding the energy sector may follow Guyana’s general election scheduled for September 1.

Ali was adamant his plans lay with Northern Brazil.

“We have major plans here with the gas to shore project coming on stream. We are looking at the opportunity of integrating Northern Brazil with Guyana to have a storage platform and a supply platform for all aspects of refined products. Then we also have the gas.

We’ll be able to be a major supplier of almost all of the requirements for the region and Northern Brazil. So, we are busy building out an infrastructure here that will support the region and support Northern Brazil. That is what we are concentrating on. If and when such a discussion or proposal comes our way, we’ll be in a better position to make an assessment.”

Bharrat confirmed that TT Minister of Energy Dr Roodal Moonilal, reached out to him via a letter seeking discussions. However, Ali is firm that whatever investments Guyana makes in the energy sector must be viable.

“I can say we have not had that discussion right now [on partnering with T&T to reopen the refinery]. Of course, we have discussions with every member of Caricom on how we can advance development, how we can look at ways in which we improve our relationship and expand economic opportunity. But everything must be viable. Whatever you invest in or whatever partnership you build must be one that is built on sustainability, viability, public good.”

The president says they must also note how the business of refining has revolutionised.

“The business of refinery has changed tremendously across the world. You have to be very efficient in what you do. You have to have the technology to back the type of infrastructure that you have. We have seen around the world many refineries are out of operation now. So, it’s to understand the ecosystem, understand what it is all about.”

The Petrotrin refinery was closed in November 2018 by the previous administration. Prime Minister Kamla Persad-Bissessar established a committee chaired by former energy minister Kevin Ramnarine to conduct a feasibility study into whether the refinery can be reopened.

 

 

 

Global Biodiversity Alliance Summit closes in Guyana

with landmark commitments, innovative partnerships, and a unified global agenda for nature

July 25, 2025

The inaugural Global Biodiversity Alliance (GBA) Summit concluded in Guyana with the official launch of the Alliance, the endorsement of the Georgetown Declaration, and an ambitious roadmap to protect and conserve biodiversity, halt biodiversity loss and accelerate nature-positive action.

Convened by the Government of Guyana under the patronage of President Dr. Mohamed Irfaan Ali, the Summit brought together over 140 countries and organisations— spanning governments, Indigenous leaders, scientists, financial institutions, NGOs, youth and private sector actors—from all global regions.

The Summit marked a turning point in international cooperation on biodiversity. The launch of the Global Biodiversity Alliance (GBA) established a voluntary, inclusive platform to promote shared implementation, scalable financing, and knowledge exchange to protect and restore ecosystems.

The Georgetown Declaration was endorsed by Heads of State, Indigenous leaders, NGOs, academia, and private sector actors with broad-based support and participants recognising biodiversity as a global public good and commits to integrating it into national development plans, climate strategies, and financial frameworks. There was expressed commitment to have 140 countries and organisations, including NGOs, the private sector, and indigenous organisations, also adopt this Declaration.

Critically, the Summit featured the participation of H.E. Ambassador André Corrêa do Lago, President of COP30, whose address emphasised the integral role of biodiversity in climate negotiations and urged strong alignment with the upcoming COP30 in Belém, Brazil.

His presence highlighted the GBA’s relevance as a key delivery mechanism for meeting both biodiversity and climate targets, and for advancing the launch of the Tropical Forest Forever Facility (TFFF) at COP30. He commended Guyana’s leadership on biodiversity conservation and highlighted the importance of President Ali’s leadership in stewarding this agenda on the global stage.

Among the most significant outcomes of the Summit was the signing of a Memorandum of Understanding (MoU) between the Government of Guyana and the Yale Center for Biodiversity and Global Change. This agreement will guide scientific collaboration and the codevelopment of Guyana’s National Biodiversity Information System (NBIS)—a digital backbone to support the country’s new National Biodiversity Monitoring Strategy, which aims to establish the world’s first fully standardised, national-scale biodiversity tracking framework. The NBIS, grounded in science, transparency, and sovereignty, is intended as a replicable model for other nations within the Alliance.

Specifically, the Alliance unveiled a comprehensive roadmap structured around five strategic pillars:

1. 1. 1. Achieving the global 30×30 target: protecting 30% of land and sea by 2030.
      2. Mainstreaming biodiversity into national and corporate development planning.
      3. Unlocking innovative finance, including biodiversity credits, green bonds, and debt-fornature swaps.
      4. Empowering Indigenous Peoples and Local Communities through recognition, governance, and finance.
      5. Building robust systems for monitoring, accountability, and data sovereignty, including the creation of the Gross Biodiversity Power Index.

The Summit agenda was structured across three dynamic days, each focused on different layers of global to local action:

Day One centred on laying out the Global Context of Biodiversity and set the political tone for the Summit. High-level plenaries were led by President Ali, joined by leaders including President Luis Abinader of the Dominican Republic, Prime Minister Mia Mottley of Barbados, Vice President María José Pinto of Ecuador, and Ivan Duque, former President of Colombia, along with other dignitaries.

These discussions centred on aligning global ambitions, reinforcing political leadership, and affirming biodiversity’s role as a pillar of sustainable development. The day culminated in the official launch of the Alliance, the adoption of the Georgetown Declaration, and a keynote address by Vice President Dr. Bharrat Jagdeo, who emphasised Guyana’s transition from carbon leadership to biodiversity finance.

Dr. Jagdeo emphasised that: “Guyana’s progress— anchored in the LCDS, has extended into biodiversity and is a practical example of how countries can lead on climate, forests, and nature while advancing inclusive development.”

Day Two focused on Solutions and Regional Actions focused on technical tools, financial mechanisms, and community-driven solutions. Thematic sessions covered a wide range of critical topics:

Strengthening International Will and Global Collaboration explored how partnerships can accelerate conservation. Speakers included COP30 President Corrêa do Lago, the Minister of Sustainable Development of Belize, ACTO’s Secretary-General, and the CEO of Conservation International.

Financing Biodiversity addressed how to scale conservation through innovative finance tools such as biodiversity credits, green bonds, and debt-for-nature swaps.
Representatives from The World Bank, Silvania, the Caribbean Biodiversity Fund, and government officials, emphasized the need to link funding to environmental performance and integrity.

Biodiversity as a Driver of Bioeconomic Transformation highlighted nature’s role as the foundation for inclusive economic growth. Case studies from the Amazon, ecotourism, and indigenous enterprises were shared by Iwokrama, the FAO, and Concordia.

From Data to Decisions focused on cutting-edge technologies for biodiversity tracking and impact measurement. Presentations from the Indian Space Research Organisation (ISRO), Yale University, and the Chicago Field Museum demonstrated how scientific tools are being used to inform real-time conservation decisions.

Investing in Life explored nature’s economic case and the potential to unlock trillions in sustainable value. Experts from McKinsey & Company, UNDP-BIOFIN, and Oxford University emphasised how biodiversity valuation can transform national finance and investment strategies.

On the second day, President Irfaan Ali emphasised that: “The Global Biodiversity Alliance Summit 2025 has established a new model of multilateralism—grounded in equity, data, and collaboration. It sets the stage for a future in which biodiversity is no longer an afterthought, but a core pillar of climate stability, economic progress, and global wellbeing.”

Concurrent sessions added further depth and inclusion. Topics included:

1. 1. 1. Innovative Tools for Monitoring, showcasing community-based data systems and applied technologies.
      2. Gender, Youth, and Traditional Knowledge, highlighting the contributions of Indigenous leaders, young conservationists, and women in ecosystem management, including from the National Toshaos Council and the South Rupununi Conservation Society.
      3. Compliance and Verification Standards, with global experts from ART, Verra, and SGS exploring performance-based systems.
      4. Green Taxonomies and Biodiversity-Aligned Business, offering insights into how finance frameworks can align with conservation outcomes.
      5. Empowering Local Leaders, which presented community-led conservation tools and capacity-building approaches.
      6. Bridging the Finance Gap, outlining practical strategies to accelerate access to biodiversity finance and build enabling ecosystems of policy, data, and capacity.

Day Three: Field Visits gave delegates the opportunity to experience firsthand the remarkable biodiversity of Guyana’s ecosystems. Delegates visited either the Mahaica River system or the Iwokrama Forest Reserve, witnessing the living application of conservation principles, Indigenous stewardship, and biodiversity-based livelihoods.

Throughout the Summit, a recurring theme was the importance of inclusive and locally-led conservation. The Alliance embraced a strong commitment to Indigenous Peoples and Local Communities (IPLCs), with sessions dedicated to their governance roles, knowledge systems, and financing needs.

The Summit also endorsed the principle of data sovereignty, ensuring that biodiversity monitoring supports local ownership and equity. The Summit concluded with a communiqué affirming next steps, including the preparation of a unified Alliance position for COP30 in Belém and an Action Plan, the operationalisation of NBIS in Guyana, the scaling of biodiversity finance tools, and the dissemination of the GBA’s Action Plan and technical models for global application.

In closing , President Irfaan Ali, confirmed as the inaugural Chair of the Global Biodiversity Alliance, declared: “Let this Summit be remembered not just as a gathering of ideas, but as the beginning of implementation. With vision, science, and unity, we now walk the path from commitment to measurable action.”

The Global Biodiversity Alliance Summit 2025 has set a powerful precedent: a unified global coalition determined to act decisively to protect nature, uplift communities, and ensure that biodiversity remains at the heart of the planet’s sustainable future. Additional inquiries please contact:

Pradeepa Bholanath
Senior Director of Climate and REDD+, Ministry of Natural Resources Guyana
(592) 231 2510