Predator Oil & Gas announces acquisition of Challenger Trinidad and forward plans

1 September 2025

Highlights

1. 1. 1. Completion of acquisition of revenue-generating producing assets in Trinidad
         Revenue-sharing and Field Services Management Agreement executed with immediate effect
      2. No exposure to field operating costs or cost of work obligations Carried in 13 heavy workovers and infill drilling
      3. 30% of gross current production revenues less royalties and taxes after offset against 75% of tax losses
      4. 15% of gross enhanced production revenues until cost recovery of workover and drilling costs, thereafter reverts to 30%
      5. Final stages of negotiations with rig contractor for the T38 Rig reactivation and commissioning to drill Snowcap 3 in early 2026
      6. Acquisition provides the Snowcap downstream logistical support, additional gathering stations, sales tanks, service equipment, workover rigs, for development and sale of oil into a pipeline entry point.

Jersey-based Predator Oil & Gas Holdings, with near-term hydrocarbon operations and production focussed on Morocco and Trinidad, advised that previously announced transaction for the purchase of the entirety of Challenger Energy Group’s St. Lucia-domiciled subsidiary company, Columbus Energy (St. Lucia) Limited (‘CEG Trinidad’) and its business and operations in Trinidad and Tobago has been completed, with an effective date of 29 August 2025, following the receipt of all regulatory consents.

At Completion:

Caribbean Rex Limited, re-named Steeldrum Ventures Group St. Lucia Limited (“SVG”), acquirers of CEG Bonasse Limited, will also be the holding company for CEG Goudron Limited, CEG Inniss-Trinity Limited and CEG Icacos Limited to facilitate potential consolidation of tax losses in the future.

A variation of the previously announced payment terms, reflective of the longer than anticipated time taken to secure regulatory approvals, has been agreed as follows:

1. 1. 1. As at completion, Challenger Energy Group Plc (“Challenger”) has been paid US$0.5 million in cash from uncommitted funds in the Company’s working capital forecast; and
      2. Challenger will be paid a further US$0.5 million in deferred consideration on 31 August 2026, US$0.25 million on 31 December 2026; and US$0.25 million on 31 December 2027.

There are no changes to the following terms of the Sale and Purchase Agreement (‘SPA’):
Seller’s Warranties under the SPA remain applicable for a period of 12 months from 29 August 2025.

Following Completion, the West Indian Energy Group Limited (“WIEGL”) has assumed all previously represented liabilities, provisions and potential exposures of CEG Trinidad’s business, assets and operations in Trinidad and Tobago (which for the purposes of the transaction were agreed to be US$4.25 million), with the effect that the Company has no residual exposure to CEG Trinidad’s business and operations.

Forward Plans

The Company has executed a Production and Field Services Management Agreement (‘PAFSMA’) with NABI Construction (Trinidad and Tobago) Limited (“NABI”) to replicate the arrangements for the Bonasse Field to cover the Goudron, Inniss-Trinity and Icacos Fields.

In accordance with the PAFSMA, the Company will receive 30% of gross sales receipts at the sales point after deduction of royalties and taxes (‘net PAFSMA revenues’) from the existing production with no exposure to field operating costs and investment costs required to satisfy the minimum work obligations for the licences.

NABI will initially execute up to 13 heavy well workovers (‘HWO’) over the next 12 to 24 months with the objective of enhancing the current consolidated field production of 285 bopd by up to 40% (‘incremental production’). NABI will also execute a drilling programme to satisfy the minimum licence obligations over the next two years.

For the incremental production and the new drilling, on any new well, or heavy worked over well the Company will receive 15% of gross sales receipts of those respective wells at the sales point after deduction of royalties and taxes gross until recovery by NABI of HWO and drilling costs on a well-by-well basis.

Predator’s wholly owned subsidiary T-Rex Resources (Trinidad) Ltd. (‘T-Rex’) has entered into final negotiations with the rig contractor for the T38 Rig reactivation and commissioning to drill Snowcap 3 in early 2026, and any other prospects identified by T-Rex after the completion of the Snowcap-3 appraisal and development well.

T-Rex and the rig contractor expect to execute the final contract upon submission of regulatory documentation to the Ministry of Energy next month.

The Company will complete a technical review of the portfolio of assets in SVG to identify new prospects for drilling and missed opportunities for well interventions.

Business development strategy executed

The acquisition of the Challenger Trinidad’s existing business structures, contractual arrangements, facilities, and practical operations experience creates material substance and the in-country relationships necessary to support the Company’s logistical infrastructure required to strengthen its primary business objective. This is to operate its core asset in the Cory Moruga Exploration and Production Licence through appraisal and development and the transport and sale of oil into a pipeline entry point.

With 2P/2C unrisked Contingent and Prospective oil resources of 14.31M barrels of oil, unchanged since the January 2024 Independent Technical Report, and a projected peak field production rate of 3,000 to 4,000 bopd based on the adjacent Moruga West Field production profile analogue, developing the Cory Moruga asset continues to represent a high reward opportunity now supported by the enlarged portfolio of Trinidad assets and infrastructure.

Paul Griffiths, Chief Executive Officer of Predator, commented:

‘We are pleased to have successfully completed the acquisition of three new producing assets with an immediate generation of revenues for the Company from the Completion Date.

The agreement executed with NABI relieves the Company of the burden of funding minimum work obligations and field operating costs.

The arrangement also ensures that an aggressive heavy workover and infield drilling programme will be executed over the next 24 months to address over-looked opportunities with potential to enhance oil production. It provides multiple newsflow opportunities.

The revenue-sharing agreement with NABI may be regarded as a form of royalty that guarantees positive cash flow for the Company without exposure to operational risks.

The consolidation of the Trinidad business structures within the overall Company management structure ensures that our long-held principles of minimising administrative costs and not entering into interest-bearing loan arrangements but retaining exposure to potentially higher reward drilling opportunities are maintained.

The timing of Completion of the acquisition is particularly noteworthy given the recent reports from Trinidad of ExxonMobil entering the Trinidad offshore with a committed expenditure of US$ 42.5M and a reported speculative US$16.4 to 21.7B spend on development if initial seismic and other technical studies are successful. This will ensure that Trinidad will be a centre of attention in the oil and gas sector over the next few years.

We have focused on getting the Trinidad acquisition over the line whilst we have a short operational hiatus in Morocco. In September we will review the data for the perforated MOU-3 “A” Sand interval and prepare to plan for the next phase of operations.’

Source: Predator Oil & Gas

 

 

Predator completes acquisition of Challenger Energy

8/9 2025
–
Predator Oil and Gas (Predator), a global energy company with portfolios in Morocco, TT and Ireland, has completed the acquisition of Challenger Energy (CEG) operations in Trinidad. The acquisition includes a revenue-sharing agreement with NABI Construction, allowing Predator to benefit from increased production without bearing field operating costs.

CEG operations include 3 onshore producing fields: Goudron, Inniss-Trinity and Icacos. Across these fields, there are 250 wells, of which approximately 60 are in production at any given time.

Acquisition of Challenger Trinidad’s existing business structures, contractual arrangements, facilities and practical operations experience creates material substance and the in-country relationships necessary for its business objectives. It provides a logistical infrastructure to strengthen Predator’s operations of its core assets in the Cory Moruga Exploration and Production Licence through appraisal and development, and the transport and sale of oil into a pipeline entry point.

Paul Griffiths, CEO of Predator, said, “We are pleased to have successfully completed the acquisition of three new producing assets with an immediate generation of revenues for the company from the completion date.

The agreement executed with NABI relieves the company of the burden of funding minimum work obligations and field operating costs. The arrangement also ensures that an aggressive heavy workover and infield drilling programme will be executed over the next 24 months to address overlooked opportunities with potential to enhance oil production.

It provides multiple newsflow opportunities. The revenue-sharing agreement with NABI may be regarded as a form of royalty that guarantees positive cash flow for the company without exposure to operational risks.”

Consolidation of the Trinidad business structures within the overall company management structure minimises administrative costs and, by not entering into interest-bearing loan arrangements, exposure to potentially higher reward drilling opportunities is maintained.

“The timing of the completion of the acquisition is particularly noteworthy given the recent reports from Trinidad of ExxonMobil entering the Trinidad offshore with a committed expenditure of $42.5 million and a reported speculative $16.4 to $21.7 billion spend on development if initial seismic and other technical studies are successful.

This will ensure that Trinidad will be a centre of attention in the oil and gas sector over the next few years. We have focused on getting the Trinidad acquisition over the line while we have a short operational hiatus in Morocco. In September, we will review the data for the perforated MOU-3 ‘A’ Sand interval and prepare to plan for the next phase of operations.”

On completion of the transaction, Eytan Uliel, CEO of Challenger Energy, said, “I am pleased to report that we have completed the sale of our business in TT. This allows full focus on our core assets in Uruguay, where we have a compelling opportunity to create near-term value for our shareholders.”

Predator’s wholly owned subsidiary, T-Rex Resources (Trinidad) Ltd (T-Rex), entered final negotiations with the rig contractor for the T38 Rig reactivation and commissioning to drill Snowcap 3 in early 2026, and any other prospects identified by T-Rex after the completion of the Snowcap-3 appraisal and development well.

T-Rex and the rig contractor are expected to execute the final contract upon submission of regulatory documentation to the Ministry of Energy next month.

 

 

 

Challenger Energy interim results January- June 2025

3 September 2025

AIM-listed Challenger Energy, with oil production, appraisal, development and exploration assets across the region, announced Interim Results for the 6 months to 30 June 2025.

Challenger Energy is an Atlantic-margin focused energy company, with a current high-impact position in Uruguay, where the Company holds two offshore exploration licences, totalling 19,000km2 (gross) and is partnered with Chevron on the AREA-OFF 1 block. Challenger Energy is quoted on the AIM market of the London Stock Exchange and the OTCQB in the United States.

CHIEF EXECUTIVE OFFICER’S REPORT

Dear fellow Shareholders,

I am pleased to report to you on your Company’s activities during the first half of 2025.

Highlights during this period were the handover of operatorship of our AREA OFF-1 block in Uruguay to Chevron alongside preparatory work for 3D seismic acquisition on that block, substantially completing our initial technical work program for the AREA OFF-3 block ahead of commencing a farmout process, entry into an agreement for the sale of our entire business in Trinidad and Tobago, listing on the OTCQB in the USA, and continued strong financial discipline.

Further details are provided below.

Trinidad and Tobago

In February 2025, we entered into an agreement for the sale of all of our business, assets and operations . During the first half of 2025 we continued to operate the business, pending receipt of necessary regulatory approvals for completion of the sale.

Production was constant, costs were contained, and HSE&S performance continued to be exemplary. Subsequent to period end, required regulatory approvals were obtained and the sale transaction completed on 29 August 2025.

The transaction represented a complete exit from Trinidad and Tobago, under which the purchaser acquired the entirety of the Trinidad and Tobago business, inclusive of all associated income, assets, liabilities, exposures and administrative cost. Consequently, we have no further operations in, or exposure to, Trinidad and Tobago. This means that going forward focus can be directed almost entirely to our assets in Uruguay, where we see opportunity for significant near-term value creation.

Corporate

In April 2025, Challenger Energy ordinary shares were approved to trade on the OTCQB Venture Market (“OTCQB”) in the United States, under the ticker symbol “BHSPF”.

The benefit of this listing is enhanced access to trading for U.S. based investors, and potentially greater liquidity due to a broader geographic pool of potential investors. Thus far, we have seen growing interest in the Company from U.S. investors, and steadily increasing trading volumes through the OTCQB. It is also worth reiterating that trading on the OTCQB does not affect trading of the Company’s ordinary shares on AIM, which continues as before under the ticker symbol “CEG”.

Financial Review, Cash Position and Funding

The unaudited interim financial statements for the half year ended 30 June 2025 present details on the financial performance of the Company for the period. By way of added commentary:

(a) The nature of the Company’s primary business – high impact hydrocarbon exploration activities – means that a key financial indicator we focus on, and which is not always readily discernible from the financial statements, is net cash spend (or “overhead run-rate” or “burn” as it is sometimes also referred to).

In this regard, the Company’s net cash spend in the first half of 2025 was in the order of $225,000 per month. This is marginally more than our stated objective of maintaining “burn” at around $200,000 per month (i.e., under $2.5m per annum), but reflects the fact that in the period we incurred several costs of a “one-off” nature, which are not expected to recur in the future.

(b) At balance sheet date the Company’s cash position was very strong. We report approximately $6.6m of cash holdings – which does not include approximately $0.7m of cash on restricted deposit in support of work program guarantees for various licences, and approximately $1.75m of cash receipts that have been received and/or will flow from the sale of the Trinidad business.

In an aggregate sense, therefore, our “true” cash position as at 30 June 2025 is approximately $9.0m. Against this, as noted, we have substantially completed (and paid for) our AREA OFF-3 work, we will be carried through the 3D seismic campaign on AREA OFF-1 by Chevron, and our corporate overhead is low.

In totality, this means that we have sufficient funds to meet all planned activities for the remainder of 2025, 2026, and well into 2027, without the need for any additional capital.

(c) The entry into an agreement for the sale of the Company’s business in Trinidad and Tobago meant that all income, assets and liabilities associated with that business were reclassified for accounting purposes as “assets held for sale”.

As a result, the financial statements for the period show no revenue, given that all previous revenues were attributable to the now reclassified Trinidad business, and all assets and liabilities associated with that business have been reported separately. Given that the sale transaction has now completed, these will be removed entirely from the financial statements going forward.

Strategic Direction

With the exit from Trinidad and Tobago completed, we have now addressed almost entirely the “clean-up” of various legacy items relevant to our Company – a process that has been ongoing for several years. In the process, we have dramatically simplified our business, thereby enabling us to focus almost entirely on Uruguay.

At the same time, we have emerged from a period of rebuilding with a lean overhead, a great team, and a solid cash position that should carry us forward well into the foreseeable future.

Clear value-creation milestones lie on the horizon ahead of us, the most significant of which are

• • • • (i) Chevron taking the AREA OFF-1 project forward, first with 3D seismic acquisition, leading to a decision on exploration well drilling, and
      • (ii) the AREA OFF-3 farmout process, which we hope will pave the way for value adding technical work and exploration well drilling on that block too.

Thus, both as CEO and a major shareholder in the Company, I am incredibly excited about what our Company might achieve in the coming 12-24 months.

The hard work of the past few years has put solid foundations in place, and the task now is to capitalise on the opportunity we’ve created so as to realise the value potential embedded in our assets.

In our most recent Annual Report, I said I believed that the outlook for our Company over the coming period is as strong as it has ever been, and I continue to stand by this statement. I look forward to reporting back to you as to our progress in the coming year.

Source: Challenger Energy

 

 

Kerry Rampersad appointed Heritage acting CEO

Port of Spain – 22 September 2025

Heritage Petroleum Company Limited (Heritage) announced today that its Board of Directors appointed Mr. Kerry Rampersad as Acting Chief Executive Officer (CEO), effective from 22 September 2025, following resignation of former CEO Erik Keskula.

Mr. Rampersad is a highly experienced professional with over 26 years of leadership expertise in the oil and gas industry. He held senior management positions at Caribbean Gas Chemicals Limited (CGCL), Repsol and IPSL. At Heritage, he served as Midstream Business Unit Leader, HSE Leader (Ag), Business Development Leader (Ag) and most recently, as Land Business Unit Leader.

Mr. Rampersad holds a B.Sc. in Chemical and Process Engineering and an M.Sc. in Production Engineering from the University of the West Indies, an International MBA from HeriotWatt University, Edinburgh and a Diploma in Law from University of London. He is an active member of the Institution of Chemical Engineers (IChemE) and the Board of Engineering of Trinidad and Tobago (BOETT).

Chairman Kurt Ramlal offered thanks to Mr. Keskula for his service to Heritage and wished him well in his future endeavours. He welcomed Mr. Rampersad as the new Acting CEO, expressing confidence in his substantial experience, strong leadership skills and dedication to maintaining stability, direction and growth for the company.

 

 

 

Exxon maps long-term fossil fuel growth

20 September 2025

ExxonMobil Corporation plans to pursue fossil fuel growth long into the future to meet demand which it expects will “not materially change” between now and 2050. President of its upstream division, Dan Ammann told BloombergNEF’s “Barrel of Tomorrow in the Age of AI” summit in Houston,

ExxonMobil is not focused on “chasing the narrative of the week” but will instead invest in oil and gas projects it expects to be needed for decades.The company plans to double its liquefied natural gas sales by 2030 and is making significant investments in oil production in Guyana and the Permian Basin.

On August 12, ExxonMobil and T&T Deepwater Ltd. signed a Production Sharing Contract (PSC) for Block TTUD-1 in Trinidad . Energy Minister Dr Roodal Moonilal twice met ExxonMobil officials this month.

On September 3, Moonilal received an update from Dr Bram Willemsen, Trinidad and Tobago operations manager for ExxonMobil. The energy ministry stated,

“At this meeting Dr Willemsen outlined that Block TTUD-1 operations projected for the next six months remained on track. Among operations identified were applications for permits and the geological and geophysical work required in preparation for conducting a seismic survey scheduled for the start of second quarter 2026. Dr Willemsen also committed to accelerating the timeline for the execution of the minimum work commitment for the project.”

On September 9, Moonilal met president of ExxonMobil Trinidad and Tobago Deepwater Ltd Paul Riley and ExxonMobil senior business development advisor for Exploration and New Ventures Dr Gboyega Ayeni. The energy ministry stated,

“At this meeting, the ExxonMobil officials provided further updates on the plans for conducting the necessary seismic surveys, and opportunities for local content participation to support these operations. The officials also indicated that ExxonMobil aims to share expertise and collaborate with the Ministry of Energy and Energy Industries to advance mutual objectives and to support the regulatory processes and capacity for deep-water operations.”

Moonilal welcomed the updates and outlined the Government’s vision for local participation, drawing on a century of experience of Trinidad and Tobago as global activity revitalizes offshore.

“The minister also emphasised the importance of the establishment of meaningful partnerships for the advancement of the regional energy sector. Both parties remain committed to the development of the block and to maintaining open and constructive lines of communication.”

ExxonMobil estimated it could invest up to US$21.7 billion ($147 billion) in Trinidad and Tobago over the coming years if hydrocarbons are discovered offshore, following its return after over two decades. ExxonMobil will spend approximately US$42.5 million during the mandatory first phase of the project, with total development costs potentially ranging between US$16.4 billion and US$21.7 billion if exploration proves successful.

This week ExxonMobil Guyana announced that it and its contractors spent US$2.9 billion with local businesses since starting operations in 2015.

The company spent US$419 million in the first half of 2025 directly doing business with 1,800 local vendors. The figures reinforce its dedication to local content development with significant investments in local businesses, workforce training and community-development initiatives.

As of mid-2025, ExxonMobil Guyana and its contractors employed over 6,200 citizens, accounting for 70% of the workforce, with 1 in 3 employees being women. 1,800 Guyanese are currently working offshore. ExxonMobil Guyana president, Alistair Routledge, said,

“We are proud of the progress we’ve made in building local talent. Seeing more Guyanese take on key roles in the oil-and-gas industry is a clear sign that our commitment to capacity building is working.”

 

 

 

PRC bids for 3 deepwater blocks

2025, 09/18

Minister of Energy and Energy Industries, Ernesto Kesar met CNOOC International senior manager commercial Americas, Lana Ellard and senior manager engineering, Jeff Smith, at the closing ceremony of the 2025 Deepwater Competitive Bidding Round, at the Ministry of Energy yesterday.

The auction for deepwater exploration blocks yielded disappointing results, with foreign investor interest falling short of expectations. Of the 26 offshore blocks made available, bids were submitted for only four, signalling a tepid response from the global energy market. At the closing ceremony, it was confirmed that 9 companies requested data packages.

Only 2 companies continued with their bids. China National Offshore Oil Corporation or CNOOC International, submitted bids for TTDAA 24, TTDAA 25, and TTDAA 30.
Nigerian Company STIT Energy and Ground Ports consortium, bid for TTDAA 5,

Ultra Deepwater blocks, which were initially part of the bid round, were removed from the process after the recently signed production sharing agreement with ExxonMobil.

In response to the outcome, Minister Ernesto Kesar provided additional context and clarification regarding the bid round. Responding to media , he addressed the absence of major legacy players BP and Shell and the significance of the new entrants.

“This bid round started on January 27, 2025, and would have been extended from July to now. We are very pleased to see CNOOC because we are aware of CNOOC and their global footprint.

And with this STIT consortium, we are also pleased to see African companies looking at our ultra-deep and deepwater basin with great anticipation. So we are satisfied at this point in time, and hopefully when we go out next, we will be able to attract even more.”

On three bids from one company, the minister said it meant that CNOOC “knows something that we don’t know, and they are buying, so we are very encouraged.”

In 2025, 20 other countries launched bid rounds, and others indicated their intention to do so in the near future.

In the Latin American and Caribbean region, Argentina, Brazil, and Uruguay launched bid rounds and both Guyana and Suriname signalled their intention to launch bid rounds in the future.
“This means that we are not the only game in town, in an industry that is dominated by a few major oil and gas companies. We, therefore, are realistic in our expectations.”
A key goal of the recent bid round was to encourage new participants in the upstream sector and this aim has been successfully met. Despite ongoing efforts, achieving greater diversity in the upstream sector proved challenging. Prior to the entrance of ExxonMobil, there were no new major oil companies in the marine sector for decades.
The deepwater and ultra deepwater exploration and production market is witnessing robust growth, driven by increasing global demand for energy, urbanisation and industrialisation in emerging economies. The market is expected to grow at a compound annual growth rate of 6.87 per cent from 2020 to 2030, reaching a staggering US$96.27 billion by the end of 2030.
Global deepwater spending by major international oil producers is forecast to grow to an average of US$79 billion in 2026 and 2027, a 20 per cent hike from the average annual amount between 2023 and 2025.
Successful bidders are expected to be announced three months after the close of the bid round, with Production Sharing Contracts to be executed within thirty days of notification to the successful bidders.

 

 

T & T receives four bids in deepwater competitive round

Petroliferous islands attract oil and gas investments

Fabio Palmigiani South America Correspondent Rio de Janeiro 19 September 2025

Trinidad & Tobago welcomed 4 bids from two companies in its 2025 deepwater competitive round featuring acreage across the islands. The Ministry of Energy offered 26 exploration blocks located along the eastern and northern coasts of Trinidad & Tobago in the auction.

CNOOC International submitted offers for blocks TTDAA 24, TTDAA 25 and TTDAA 30. Nigerian consortium STIT Energy and private group Groundports bid for Block TTDAA 5.

Energy Minister Roodal Moonilal said, “I look forward to the announcement of the outcome of the bid evaluation process within the next three months.”

He expressed his intention to strengthen cooperation with leading international energy companies operating in Trinidad & Tobago in deepwater technology to ensure optimal development of hydrocarbon resources. Competitive bid rounds featuring production sharing contracts are part of an ongoing effort to maximise the utilisation of oil and natural gas potential in Trinidad & Tobago.

 

S&P Global analyses deep-water, bid round closed

17 September

The window for submitting bids for the 2025 Deep-Water Competitive Bidding Round officially closed at 12 noon today. The bidding round opened on January 27 covered 26 blocks off the eastern and northern shores of Trinidad and Tobago. The round was extended by almost three months from the first deadline for submissions on July 2.

In February, former energy minister Stuart Young told the Energy Chamber annual energy conference that the deep-water province holds “the greatest promise for major oil and gas discoveries”.

13 of the 17 blocks offered in the previous round returned to the list of 26 blocks available in the 2025 deep-water competitive bidding round.

International financial data and analytics provider S&P Global said that Trinidad and Tobago was setting the stage for a “new chapter” in its offshore exploration with the launch of its 2025 deep-water bid round. The Government aims to unlock untapped hydrocarbon potential in some of the least explored frontier areas.

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

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

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

S&P said that the awarded blocks will feature a ten-year exploration period, divided into three phases. Additionally, there is a potential 25-year extension, contingent upon a commercial discovery.

Unlike many mature basins worldwide, Trinidad and Tobago’s deep-water acreage remains largely underexplored. Half of the blocks in this round did not attract bids when they were previously offered in 2021/2022.

“Most blocks are situated in the Northeast Caribbean Deformed Belt, a recognised frontier basin with gas discoveries and ongoing development plans, specifically on Woodside Energy’s Bongos 2, Bele 1, Boom 1, Hi Hat 1, and Tuk 1 fields as part of the company’s Calypso project.

Additional blocks are located in the emerging Tobago Basin and the more developed Columbus sub-basin region of the Trinidad Basin.”

Among the most significant blocks in this round are the TTDAA 5 block and several adjacent blocks, where Woodside discovered the Le Clerc gas field in 2017, with a reported potential resource of up to five Tcf of gas.

Several blocks adjacent to the Calypso project in Block 23 (a) and TTDAA 14, which is projected to reach a final investment decision by late 2025 or 2026 with a potential resource of 3.5 Tcf, are also included.

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

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

New broom at Energy Ministry

Following the United National Congress’ (UNC) general election victory on April 28, a new Government led by Prime Minister Kamla Persad-Bissessar entered office.

On May 3, Dr Roodal Moonilal was appointed Minister of Energy, with Ernesto Kesar named Minister in the Ministry of Energy and Energy Industries. Since then, the ministers have been meeting executives from energy companies, including bpTT, Touchstone Exploration, Proman, Caribbean Gas Chemical Ltd, Shell, Methanex, Woodside Energy, Perenco and DeNovo.

Moonilal acknowledged that, while Trinidad and Tobago has a rich history of exploration and production spanning more than a century, the region is widely recognised as a mature hydrocarbon province.

“Notwithstanding, this maturity does not eliminate the possibility of future basin-wide exploration; instead, it should be viewed as a strength which can shape the strategies utilised in the exploration process.

In this regard, this Government is committed to aggressively pursuing opportunities for expansion and investment.”

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

Four bids were received for the deep-water blocks from a consortium of BP Exploration Operating Company Ltd and BG International Ltd.

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

After months of negotiations, the Ministry of Energy and the consortium of BP Exploration Operating Company Ltd/BG International Ltd agreed to mutually acceptable fiscal and technical improvements to the bids for three of the blocks 25(a), 25(b) and 27. Production sharing contracts were executed at the signing ceremony for the award of blocks 25(a), 25(b) and 27, on September 26, 2023.

Exxon second coming

Last month, ExxonMobil and T&T Deepwater Ltd signed a Production Sharing Contract (PSC) for the new TTUD 1 block , a consolidation of blocks TTDA 17, 18, 19, 20, 21, 22 and 23.

At the signing ceremony, Prime Minister Kamla Persad-Bissessar estimated ExxonMobil would spend about US$42.5 million during the mandatory first phase of the project, with total development costs potentially ranging between US$16.4 billion and US$21.7 billion if exploration proves successful.

Moonilal explained that the eastern deep-water area exceeds 2,000 metres in depth and spans 7,165 square kilometres, exceeding Trinidad and Tobago’s land area of 5,128 square kilometres. Vice-president of global exploration, John Ardill said ExxonMobil returned to Trinidad and Tobago over two decades after its last venture, confident it could replicate its success in Guyana.

With the loss of Dragon OFAC licence and the rising threat of PRC/Russia aggression, logical acquisition of CNOOC Stabroek stake would boost Exxon majority share of Stabroek and consolidate its regional base as the world pivots to energy security. Alternatively, Exxon and Chevron can jointly acquire CNOOC Stabroek stake to preserve Western investment at risk from Venezuelan claims on Guyana territory.

Geologists with Trinidad experience hope that names of field discoveries will honour pioneers Walter Darwent, Edward Cunningham-Craig, Arthur Beeby Thompson, Nicholas Nugent, George Wall, James Sawkins Hans Kugler and John Saunders. Names of other icons deserving to be honoured by the industry include Rudranath Capildeo (science) and John Morton (education).

 

 

 

TotalEnergies CEO: Price drop can threaten LNG stability

16 September

The chief executive of a global integrated energies company is warning of an imminent threat to the LNG industry’s stability.

Patrick Pouyanné, CEO of TotalEnergies, highlighted the market’s trajectory towards oversupply, which could lead to a drop in the price of LNG.

Pouyanné was speaking at Gastech 2025, an international conference and exhibition for the global energy sector in Milan from September 9-12.

His statement was taken up in the energy magazine for the local energy chamber, Energy Now.

Pouyanné said TotalEnergies is currently the largest exporter of US energy and plans to boost its US LNG output from its current ten million tonnes to 18 million tonnes.

He said with the US bringing on several new projects it could lead to an oversupply, which would reduce prices.

Pouyanné said while the drop in price may be good for customers, it could be a problem for producers.

“This could pose a challenge to both LNG producers and for countries like TT, where LNG exports are an important source of revenue,” the Energy Chamber said in its release on September 15.

However, recent projections have shown that demand for LNG and natural gas overall will grow. Natural gas demand is expected to increase 20 per cent by 2050, and the LNG market is expected to double by that same time.

Still, with the rise in demand comes a surge in supply.

The International Energy Agency said that the US, Qatar and Canada alone may add a combined 300 billion cubic metres (220.5 million tonnes) of additional LNG capacity through 2030.

The chamber’s report said the decline in prices raises significant considerations for TT, where short-term prices of energy commodities have a direct link to the revenue earned by the government.

The government experienced high levels of LNG prices since the Russian invasion of Ukraine, with European and East Asian LNG import prices currently over US$11.00 per MMCF compared to the US Henry Hub benchmark price of under US$3.00 and because of the renegotiated Atlantic marketing arrangements, TT’s well-head gas prices reflect these high Asian and European LNG prices.

The chamber noted that a decrease in LNG prices could put a further strain on government revenue.

“This potential for declining LNG prices highlights the importance of a national policy where there are a range of different export routes for our natural gas, rather than relying solely on LNG.

Maintaining a portfolio of different routes to monetise gas is an important strategic national policy consideration, underlining the importance of ensuring that there is a diversity of downstream gas processing facilities in the country, including petrochemicals such as methanol and ammonia.

This means that there is a broader portfolio of export commodities and potentially provides some greater stability in export earnings and government revenue.”

(Copyright)

 

 

 

Touchstone slashes drilling plans and production forecast

Vladimir Afanasiev European Correspondent 14 August 2025

Calgary-based independent Touchstone Exploration will abandon 2025 drilling plans for the onshore Ortoire block and instead focus on assets it bought from Shell in May.

Acquisition of Shell assets almost exhausted Touchstone’s $30 million loan facility, prompting it to arrange a $12.5 million private placement of convertible debentures and common share purchase warrants with a Canadian private investor that closed on 13 August.

In its second quarter results statement, Touchstone said the preliminary 2025 capital programme contemplated four development wells at the Ortoire block’s Cascadura structure, with the latest development well delivering encouraging results. The original planned total depth of the Cascadura-5 well was 6654 feet but drilling was extended to 7020 feet based on encouraging drill cuttings and mud logging data.

However, the updated 2025 drilling programme replaces two planned wells for Cascadura with one development well on the onshore Central block and two development wells at the WD-8 onshore producing field.

Touchstone closed its acquisition of Shell’s interest in the Central block in May, securing a 65% operating interest in the acreage for $28.4 million in cash.

The deal, announced late last year, gave Touchstone access to four producing gas wells and an associated gas processing facility. While the company has put on hold further development drilling at Cascadura, approximately $2.6 million in capital expenditure is expected in the second half of this year for a Cascadura facility compression project, scheduled for completion in the second quarter of 2026.

As a result of the acquisition of the Shell assets and the deferred drilling plans, Touchstone reduced its midpoint 2025 production forecast by approximately 20% and decreased its expected funds from operations by 50%.

The company now expects 2025 oil and gas output to be in the range of 5300 to 5900 barrels of oil equivalent per day, down from previous guidance of 6700 to 7300 boepd. Former Shell assets added 1900 boepd to its portfolio, with July field-estimated production averaging 5281 boepd against 5088 boepd in June.

Touchstone reduced its guidance for funds from operations to $11 million from the previous guidance of $22 million. Forecast end-of-year net debt is expected to rise by 113% to $64 million, primarily reflecting the $30 million term loan facility used to finance acquisition of Shell assets and proceeds from the August offering to support development activities.

Touchstone slid into net loss of $710,000 on revenues of $11 million in the second quarter, against a net profit of $3.3 million on revenues of $14.1 million in the same period last year.

(Copyright)

 

 

 

 

MIC-IT apprentices train at bpTT facilities

7 September

Following launch of an apprenticeship programme sponsored by bp Trinidad and Tobago (bpTT), in August 2024, 12 apprentices pursuing the level III national skills development programme journeyman diploma at the MIC Institute of Technology (MIC-IT), Macoya Technology Centre, will receive valuable hands-on experience with two years of training at bpTT facilities.

Of this initiative, 25-year-old trainee Akim Low Hoy, said “It may sound cliché, but this is a once-in-a-lifetime opportunity and I intend to make the most of it. The first year gave us the theoretical foundation and our lecturers were knowledgeable and supportive.

Now we are taking that knowledge to the field where we will do our part to help build the future of the energy sector. I intend to keep learning and continue my education and self-development journey to become a leader in this field and create opportunities for other young people.”

During the past year, the apprentices engaged in full-time training in

1. Machine Shop,
2. Mechanical Engineering Technology,
3. Electrical/Electronics Technology and
4. Industrial Maintenance.

For the next two years, they will receive hands-on industrial experience in process plant operations/production operations and plant maintenance at bpTT’s operating facilities. The trainees will work on a shift rotation and continue with classroom sessions at MIC-IT during their days off to reinforce the skills acquired and continue their diploma studies.

bpTT’s production vice-president Rodney Hosein said, “I’m very impressed by the progress the apprentices have made over the past year. Armed with this knowledge they are now ready to begin working in the field. It’s an exciting time for them as they learn the operating environment.”

He said the programme is preparing the apprentices for a future defined by new processes and technology including artificial intelligence.

Praising the partnership with bpTT, Nathan Langaigne, general manager, Training Division, MIC-IT, said, “Globally, bp has always been an innovator and their support of this programme is another example of that.

This seamless concept of moving from institute to industry is driven by a synergistic vision to train and develop talent that will take the energy sector forward. In fact, we are using this as a template to partner with other companies to create a workforce equipped for future demands of the various facets of our economy.”

bpTT’s Lerry Brereton was one of 20 Mayaro youths who won a bpTT (then AMOCO) scholarship in November 1998 to study at the then Metal Industries Company Ltd (now MIC-IT). As a member of the alumni of MIC-IT, he was instrumental in forging the partnership between MIC-IT and bpTT.

Following in his footsteps is 20-year-old Mystique Garcia.

“I am proud to be from Mayaro, which is bpTT’s home community and I can attest to the opportunities they created for young people. I look forward to working at the Galeota Terminal, applying and improving on the skills we developed at MIC-IT. I would not be here without this partnership, and all I can do is achieve my best and become a leader and set the pathway for others to follow and continue this evolution of the energy sector.”

 

 

 

 

Petrostates boost fossil fuel output despite net zero pledges

Davide Ghilotti Breaking News Editor, London 22 September

Ahead of COP30 climate summit in Brazil, report finds 2030 fossil fuel output will be more than twice higher than net zero threshold

Petrostates will produce more hydrocarbons by the end of the decade than they expected to produce only two years ago, despite pressure from climate scientists and binding net zero agreements to reduce emissions by 2050, according to the Production Gap Report 2025.

Ten years since the 2015 Paris Agreement, which first explained the need to achieve net zero emissions by mid-century, governments plan to produce more than twice the volume of fossil fuels in 2030 than what is required to limit global warming by 1.5 degrees Celsius by 2050.

Compiled by the Stockholm Environment Institute (SEI), the Climate Analytics think tank and the International Institute for Sustainable Development, the report finds that projected fossil fuel production in 2030 exceeds levels aligned with the 1.5 degrees Celsius target by over 120% and by 77% for the 2 degrees Celsius pathway.

Governments now plan even higher levels of coal production to 2035 and gas production to 2050 than they did in 2023, while oil output is expected to continue rising through mid-century.

To meet the Paris goals, coal, oil and gas production must fall sharply — by 500%, 31%, and 92% respectively by 2030 compared to current plans. Yet, 17 of the 20 major producing countries profiled in the report still plan to increase output of at least one hydrocarbon fuel by 2030, with 13 planning significant increases in natural gas production in particular.

The report also highlights the risk of long-term infrastructure lock-in. Fossil fuel infrastructure added in the 2020s will make future reductions harder and more expensive, even if countries begin cutting production immediately.

Every year that countries fail to make progress in curbing fossil fuel production and use, it becomes harder for the world to achieve its climate goals. Despite pledges to phase out inefficient fossil fuel subsidies, many governments continue to support production through direct investment, tax incentives and opening new exploration areas. The fiscal cost of such support remains near record highs.

While some countries, including Colombia, Germany, Brazil and China, are making progress on clean energy transitions, most major producers have yet to adopt policies for deliberately phasing out fossil fuels. Researchers urge governments to integrate production cuts into their next round of nationally determined contributions under the Paris Agreement and to ensure an achievable energy transition.

A group of world leaders including Brazil President Lula da Silva, UK Prime Minister Keir Starmer, European Commission President Ursula von der Leyen and South Africa President Cyril Ramaphosa are due to launch a joint call to accelerate renewables deployment in developing economies.

(Copyright)

 

 

 

 

Energy Chamber Upstream Forum

Nine major local and regional upstream oil and gas producers presented their near-medium term plans to over 230 members of the Energy Chamber at the annual Upstream Operators Forum 2025.

The members-only event discussed details of current and upcoming activity and business opportunities with the major upstream companies operating in Trinidad & Tobago.

Service company and contractor members had the opportunity to discuss specific issues with members of the operator companies’ procurement teams.

 

 

 

 

HDF Energy appoints Ravi Tewari as NewGen Chairman

Ravi Tewari has been appointed the new chairman of NewGen Energy Limited, the company behind one of Trinidad & Tobago’s hydrogen projects. Tewari’s appointment became official during a visit to HDF Energy’s high-powered hydrogen fuel cell factory in Bordeaux, France recently.

 

 

 

 

Carbon

2025, 09/03

Director of Proman Hanna Suku-Maharaj, moderator, questioned the panel, Tamara Bujhawan and Kishan Kumarsingh, at the UK-funded Carbon Border Adjustment Mechanism, at the British High Commissioner’s Residence .

Improved data collection and informed carbon pricing are the keys to reducing the potential impact of the Carbon Border Adjustment Mechanisms in the UK, EU, and possibly even the United States.

Two weeks ago, the British High Commission released a report entitled ‘UK Carbon Adjustment Mechanism: Implications for Trinidad and Tobago’.

The report noted that Trinidad and Tobago is at risk of facing increased export costs to the United Kingdom as a result of the pending implementation of the UK CBAM when it is applied in 2027.

However, the UK is not the only country set to implement such a measure, as the EU is set to implement its own CBAM in 2026. According to the EU, the CBAM is the EU’s tool to put a fair price on carbon emitted during the production of carbon-intensive goods that enter the EU, and to encourage cleaner industrial production in non-EU countries.

Both CBAMs are tied to environmental pledges made under the Paris accord.
The report stated that global CBAMs present a significant economic challenge to T&T due to its reliance on carbon-intensive exports.

Based on 2023 export figures, 33.18% of Trinidad and Tobago’s total global exports fall under the product scope of existing or planned CBAMs.   This includes iron and steel (9.44 per cent) fertilisers (4.83 per cent), and inorganic chemicals (18.91 per cent).

In currency terms, the report stated that mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes accounted for US$2,287,547,895, while organic chemicals US$1,555,068,617; inorganic chemicals; organic and inorganic compounds of precious metals accounted for US$1,430,684,969 with iron and steel commanding US$713,925,096 and fertilisers $365,226,5822.

However, the report noted the actual exposure depends on the destination of these goods, as a substantial portion of these exports is directed towards countries implementing or intending to implement CBAMs, notably the EU and the UK, which, along with the US, accounted for 57.84 per cent of Trinidad and Tobago’s total exports in 2022.

A panel discussion at the British High Commissioner’s residence in Maraval following the launch of the report gave insight as to how the CBAM’s impact could be navigated for the benefit of Trinidad and Tobago.

Hanna Sukhu-Maharaj, director of marketing and logistics at Proman, a moderator for the discussion, underlined how crucial finding a middle ground would be for the energy sector.

“Trinidad remains the largest exporter in the world for ammonia, and in doing so it comes with its own challenges, of course, because we don’t have a home market for the products that we produce, specifically methanol and ammonia and UAN, you’re also at risk of or at the mercy of the export markets to which you call.”

“Diversifying our markets is fantastic, but that too comes with its challenges. Because, of course, the Point Lisas industrial estate was designed with the European and the US markets in mind, sailing seven days away for the US market and about 14 days away to the UK market and the European market. So having said that, these are challenges we have to get around. There’s no simple way of doing it.”

Sukhu-Maharaj said it was unclear if the US under President Trump would implement such a mechanism, but it was likely that measures to address such a policy from the US would be similar to those put in place for the UK and EU CBAMs.

Tamara Bujhawan, co-founder and chief operating officer – Carbon Asset Developer Associates (CADA) Energy stated that policy would have to be centred around carbon leakage and subsequently carbon pricing.

“We’re looking at carbon leakage. We’re looking at products that are emission intensive and trade exposed. Trade exposed, meaning that they are characterised by price elasticity, so they’re sensitive to price increases, and they’re also many almost perfect substitutes for them.

So these are the goods that we are looking at. I think the main thing we have to look at is carbon pricing, implementing a domestic carbon price alongside the MRV (Measurement, Reporting and Verification) because with domestic carbon pricing, we keep the revenue here locally and that can help incentivise it.”

She argued that an incentive programme or reinvestments could be derived from this approach.

“From an incentive perspective, you can use it either for adaptation purposes, for knowledge-building capacity, for knowledge sharing, and also for mitigation investments.

When you have a common price, we can look at it in a couple of ways. We have sectors, or we have goods that are covered by CBAMs.

Yes, there’s a lot of work to do to implement the common price, but we can have one of the sort of signals that the sector could really benefit from, if we have a carbon price that starts with a phased approach, where we cover the goods that are affected by CBAMs, then we expand it to the wider emitting sectors, and then finally, looking at maybe sectors covered by our NDC (nationally determined contribution).”

Data collection was necessary to facilitate that approach.

Kishan Kumarsingh, head of the Multilateral Environmental Agreements Unit, Ministry of Planning and Development, felt T&T was not in a bad place in that regard.

“It should be well known now by all stakeholders that we already do possess a robust and operational MRV system that is housed at the Environmental Management Authority and currently enjoys, as the last report I saw, a wide range of participation by the private sector in submitting their emissions. The industrial private sector here already does that as a matter of course, because they have to satisfy their parent companies.”

There had been an adjustment to the MRV system which is now known as National Transparency System as part of T&T’s obligations under the Paris Agreement. A recent Cabinet decision should also allow T&T to have its affairs in order ahead of the implementation of the CBAMs.

“It would require the proposal and would be subject to consultations, of course, before it goes into law. What it proposes to do is to mandate under law the reporting of emissions according to prescribed international quality assurance standards and verification by a third party.

Also, it is proposed that industry would also be required to provide mitigation plans over time as part of a rolling mitigation plan in the reporting structure, and this would be tied to any carbon pricing mechanism that we develop. And we are in the process of finalising a proposal to develop the carbon pricing mechanism.”

Kumarsingh said the government was also examining renewable options such as blue hydrogen and carbon capture as other measures to reduce emissions in T&T and the various industries. This too, would help the country navigate the CBAM future set to come.

 

 

 

 

S&P signals negative outlook

Ratings agency raises alarm over fiscal position; highlights need for reform ahead of Budget

2025, 09/26

Minister of Finance Dave Tancoo with ministry officials held talks in July with a team from Standard and Poor’s (S&P).

Warning the Government to get its financial house in order, the global rating agency Standard & Poor’s (S&P) yesterday revised the country’s outlook from stable to negative, while affirming its ratings on T&T at ‘BBB-/A-3’ long- and short-term foreign and local currency sovereign credit ratings. S&P said,

“The negative outlook reflects our view that there is at least a one-in-three chance we could lower the ratings over the next six to 24 months. In its downside scenario that could take place if the Government fails to take timely corrective steps to strengthen the sustainability of public finances, ensure long-term balanced economic growth and maintain the country’s strong external profile.”

“Failure to address a prolonged weakening of public finances and diminution of foreign exchange reserves could reflect institutional shortcomings that limit the government’s capacity to build buffers that enhance the country’s ability to respond to negative shocks.

“We could also lower the rating if Trinidad and Tobago’s external position materially worsens beyond our base-case scenario, or GDP per capita fails to rise in line with our forecast, reflecting lesser economic resilience.”

Outlining its upside scenario, S&P said, “We could revise the outlook to stable over the next 24 months if we believe Government policies will improve fiscal sustainability and lead to more favorable long-term GDP growth prospects and sustain the external profile.”

On September 12, Prime Minister Kamla Persad-Bissessar said, “I don’t think we can have a balanced budget, so we may have expenditure outpacing revenues. So we will have to find creative ways to supplement those revenues. In other words, there will be a deficit.”

In the mid-year budget review on June 18, Minister of Finance Davendranath Tancoo, anticipated that the overall budget deficit for the 2025 fiscal year, which ends on Tuesday, would be $9.67 billion.

The Government expected to fund the increased deficit principally via borrowings on the local capital market as well as by drawing down on existing multilateral facilities.

S&P said in its rating review of T&T, which involved meetings in T&T during the week from July 20, “The country’s fiscal and external buffers have been gradually weakening over time and its long-term economic growth has been low. Despite many efforts, there has been only limited progress by previous administrations in diversifying the economy, leaving it vulnerable to volatile energy prices while output from the oil and gas sector has recently declined.”

BBB- is S&P’s lowest investment grade rating. If T&T were downgraded, it would be considered non-investment grade/speculative, which is considered to be ‘junk’ bond status.

The main implications of a ratings downgrade are an increased cost of borrowing over time due to the perception of higher risk and, possibly, reduced access to capital.
The Government will have elevated financing needs in 2026 as it faces an amortising US$1 billion external bond due in the summer.

“We expect the Government will finance the deficit with domestic, external, and multilateral lending, as well as possible withdrawals from the sovereign wealth fund, the Heritage and Stabilisation Fund.”

After the S&P news release, Tancoo welcomed the S&P rating review.

“The S&P report emphasizes Trinidad and Tobago’s resilience and underscores its position as a trusted place for international investors, particularly during periods of global uncertainty. At the same time, the revised outlook highlights the need for transformative reforms to advance economic diversification, strengthen fiscal discipline and ensure long-term growth.”

Tancoo elaborated on the strategy, “Accelerating economic diversification is no longer optional. It requires a comprehensive strategy and coordinated efforts, which are central to our manifesto. In the upcoming Budget, I will announce key measures to support this agenda and tackle bottlenecks to long-term growth.”

UWI economics don Vaalmikki Arjoon commented on the S&P report. “The shift in outlook is a warning that fiscal and external buffers have been eroded over the past decade, growth remains sluggish, and the economy is still overly reliant on a declining energy sector. Against this backdrop, the upcoming national budget takes on even greater significance.

With energy production depressed and a fiscal deficit in FY2026 unavoidable, the structure of that deficit must be viewed as a strategy to expand productive capacity and generate the revenues needed to close the fiscal gap in the coming years.

“By front-loading productive capital spending—such as infrastructure, technology, and logistics improvements—while tightening oversight to cut waste and leakages, the Government can use the deficit as a bridge to higher long-term growth.

“Equally important will be improving tax compliance and enforcement at the BIR, by enhancing tax administration, closing loopholes, improving compliance and broadening of bases will be necessary. This is important to at least reverse the outlook from negative back to stable.”

Former Minister of Finance and permanent secretary in the Ministry of Finance, Vishnu Dhanpaul, said, “The real ratings and outlook will take place after the 2026 budget.”

DIVESTMENT OF STATE ASSETS CAN FUND THE DEFICIT

 

 

 

PM storms UN General Assembly: Caribbean not a zone of peace

September 26, 2025

Prime Minister Kamla Persad-Bissessar has declared that the Caribbean is not a zone of peace shattering the prevailing narrative of regional harmony as she highlighted the murderous state of Trinidad and Tobago and the pressing issue of illegal migration.

The Prime Minister took to the global stage at the United Nations General Assembly (UNGA) meeting in New York a short while ago, where she expressed her gratitude on two occasions to United States President Donald Trump for the US military presence in the region to combat narco-trafficking.

Persad-Bissessar deviated sharply from her Caribbean counterparts – St Vincent and the Grenadines Prime Minister Dr Ralph Gonsalves and Barbados Prime Minister Mia Mottley – who used their UN addresses to emphasise the region’s peaceful identity and to call for de-escalation around Venezuela.

Instead, Persad-Bissessar welcomed and praised US military intervention in the region, offering a candid assessment of the threats that plague Trinidad and Tobago.

She said Trinidad and Tobago confronts conflicts that seriously threaten our stability and peace. Without mincing words, she went straight to the matter of the US military presence in the region off the coast of Venezuela, acknowledging that there has been objection to this.

The Prime Minister noted that in 2024, Trinidad and Tobago, with a population of 1.4 million, recorded 623 murders –40 per one hundred thousand – with over 40 per cent gang-related.

“The notion that the Caribbean is a Zone of Peace has become a false ideal. The reality is stark – no such Peace exists today. For too many in our region, peace is not daily life but an elusive promise glimpsed, and never grasped. In its absence, our citizens pay a terrible toll.

“So the reality is being a zone of peace is still an elusive peace that we are pursuing.”

Persad-Bissessar said that in the last 25 years Trinidad and Tobago suffered over 10,000 murders, equivalent to losing 1 per cent of the adult population. Across Latin America and the Caribbean Sea, homicides range from 20 to more than 60 per 100,000.

“President Trump’s comments on the effects on countries of relentless narco and human trafficking, about organised crime, illegal immigration are correct.”

Countries are not only defined by geographical borders but also by cultural identities, religious beliefs, ethnic compositions and legal structures. She explained that this is why, through legal immigration, persons are allowed entry – because they fulfil the criteria to integrate into the existing population and add value to their own lives as well as their adopted society at large.

“Illegal immigration neglects all checks and balances and will only create long term disorder as most illegal immigrants will not be able to assimilate into the existing societies, inevitably leading to greater poverty, crime and cultural antagonism,. This is not phobia or hyperbole; it is simply the stark-naked truth.”

Persad-Bissessar stressed the challenges that illegal immigration poses to small countries like Trinidad and Tobago.

“Because of the recent increased protections at the US southern border, illegal migration of drug cartels and criminal gangs has been rerouted into the eastern Caribbean,” she said, noting that this is where T&T is located.

She said that this is driving increasing gang violence, drug, arms, and human trafficking. Recently, she announced efforts being made to deport some 200 illegal migrants currently in Trinidad and Tobago’s prisons. She acknowledged the difficulties involved and reiterated her gratitude for US military action, noting that criminal syndicates are abusing asylum requests for refugee status.

“Efforts to repatriate illegal immigrants from Trinidad and Tobago within recent times have proven difficult. Therefore, Trinidad and Tobago is particularly grateful for the US military presence in the southern Caribbean, this has been very effective in inhibiting the innumerable activities of drug cartels within our country,” she said, to applause from the T&T delegation which included Foreign Affairs Minister Sean Sobers and Public Utilities Minister Barry Padarath.

“While there have been objections to the US military action against drug cartels from some countries, Trinidad and Tobago reminds the international community that, unless forceful and aggressive actions are taken, these evil drug cartels will continue their societal destruction because they believe affected nations will always unreservedly subscribe to morals and ethics which they themselves blatantly flout. They do not adhere to those and therefore we will fight fire with fire within the law.”

The Prime Minister said this is why Trinidad and Tobago willingly supported the international security alliance announced by US Secretary of State Marco Rubio, involving the US and several countries in South America to combat drug-trafficking in the hemisphere. Trinidad and Tobago is committed to contributing capabilities and resources, as scarce as they may be, to this alliance, in line with the theme of this year’s General Assembly, ‘Better Together’.

She referenced the United Nations Office on Drugs and Crime (UNODC) and its 2025 World Drug Report, which made the truth unmistakable “The global drug economy destabilises institutions, corrodes democracy, and undermines development. It is a war without borders, measured in murdered children, broken families and stolen futures. The cartels and the Governments that enable them are taking us for fools.”

The Prime Minister issued a stark warning “If left unchecked, gangs could replace governments, and States may stand in name but collapse in substance.”

The United States has sharply escalated its presence in the Caribbean Sea with the deployment of warships, marines, fighter jets and submarines to the region, citing a mission to dismantle naro trafficking cartels. So far the US military conducted three strikes with Trump announcing last week that the third “lethal kinetic strike” was aimed at a vessel which was trafficking drugs, and the attack killed three “male narco-terrorists” on board.

Two previous strikes killed 14 people on boats allegedly from Venezuela. On September 2, 2025 the first US strike action was taken and a vessel was blown to pieces killing 11 alleged members of the Venezuelan gang Tren de Aragua on board. Persad-Bissessar welcomed and praised the US action saying she has no sympathy for traffickers and that US forces should kill them all.

“I, along with most of the country, am happy that the US naval deployment is having success in their mission. The US government has repeatedly stated that going after the drug cartels was their objective and they have begun to deliver.

Illegally trafficked drugs and arms have caused death and destruction in our society over the last 25 years. Our country has been ravaged by bloody violence and addiction because of the greed of the cartels.

The slaughter of our people is fuelled by evil cartel traffickers. The pain and suffering the cartels have inflicted on our nation is immense. I have no sympathy for traffickers; the US military should kill them all violently.”

Link to the whole speech on the UN Web Site here.

 

 

 

 

National Energy president Dr Vernon Paltoo retires

2025, 09/26

National Energy president Dr Vernon Paltoo will be proceeding on early retirement, bringing an end to more than two decades of service to the state-owned energy facilitator.

However, sources told the Trinidad Guardian that Paltoo was in fact forced into pre-retirement leave, and when National Gas Company (NGC) chairman Gerald Ramdeen was contacted, he said, “I am not aware of this and I am in the middle of a meeting at this time.”

National Energy is a subsidiary of wholly State-owned NGC.

In an internal memo to staff yesterday, Paltoo said the decision followed “careful and deliberate reflection,” describing his years at the organisation as one of the greatest honours of his professional life.

He joined National Energy in 2004 and served as president for nearly 13 years, guiding the company through both growth and challenges in the evolving global energy landscape.

Reflecting on his tenure, Paltoo praised the resilience, purpose, and commitment to national service demonstrated by his team.

“Together, we have shaped an institution grounded in character, progress and national development. What I value most from these years is not only what we accomplished, but how we accomplished it through a spirit of genuine collaboration, mutual respect, and unwavering commitment to a higher purpose,” he said.

Paltoo acknowledged both achievements and adversity during his leadership, stressing that National Energy had remained anchored by a shared belief in the power of collective effort and its mission to support T&T’s development. He added that he was leaving the organisation with pride in its strong foundation and the enduring legacy entrusted to those who remain.

He confirmed that he will proceed on vacation leave from September 29, 2025, leading up to his official retirement in April 2026. During this transition, vice president of Corporate Services and Business Development, Marcia Maynard, will assume the role of acting president effective September 29.

Paltoo ended his farewell on a note of gratitude. “Thank you for the privilege of serving with you. It has been a truly meaningful and rewarding journey, one that I will always carry with me.”

Staff were devastated by this move. A company source said, “The company’s high performance was under Paltoo’s leadership, including its profiling both here and in the region.”