COLOMBIA

Arrow Exploration announces operational update

9 September 2025

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 where Arrow holds a 50 percent beneficial interest.

Highlights

Four wells brought on production: in H2 2025:

1. 1. 1. AB-3 vertical well recompletion brought on production on September 5, 2025, and currently producing 840 BOPD gross (420 BOPD net).
      2. CN HZ13 brought on production on August 28, 2025, and currently producing 1,002 BOPD gross (501 BOPD net).
      3. CN HZ12 brought on production on August 5, 2025, and currently producing 532 BOPD gross (266 BOPD net).
      4. RCE HZ10 brought on production on July 16, 2025, and currently producing 200 BOPD gross (100 BOPD net).

Strong balance sheet, no debt or drilling commitments. Arrow has flexibility in its work program, with multiple drill ready pads, and is actively exploring potential acquisition opportunities.

Production

Total corporate production is currently over 4,800 boe/d net reflecting contributions from wells recently brought on production from the RCE, AB and CN pads.

Additional production is expected to be added during the third and fourth quarters as Arrow focuses on a low-risk exploration activity which has the potential to increase Arrow’s reserves base and build up drilling inventory.

During Q2 the Company invested significantly in water disposal infrastructure with Tapir block water disposal capability now over 130,000 barrels of water per day, further enabling it to increase production.

Drilling Operations – Tapir Block

Carrizales Norte field

The Company recently drilled two development wells from the CN pad.

The Carrizales Norte HZ12 (CN HZ12) well was spud on July 18, 2025, and reached target depth on August 2, 2025. CN HZ12 targeted the Ubaque zone at Carrizales Norte field. The well was drilled to a total measured depth of 10,929 MD feet (8,419 feet true vertical depth).

On August 5, 2025, Arrow put the CN HZ12 well on production in the Ubaque formation with a total horizontal oil-bearing section of 423 MD feet. CN HZ12 is producing at a stabilized rate of 532 BOPD gross (266 BOPD net) with a water cut of 75%.

The Carrizales Norte HZ13 (CN HZ13) well was spud on August 6, 2025, and reached target depth on August 23, 2025. CN HZ13 targeted the Ubaque zone at Carrizales Norte field. The well was drilled to a total measured depth of 11,232 MD feet (8,500 feet true vertical depth).

On August 28, 2025, Arrow put the CN HZ13 well on production in the Ubaque formation with a total horizontal oil-bearing section of 797 MD feet. CN HZ13 is producing at a stabilized rate of 1,002 BOPD gross (501 BOPD net) with a water cut of 32%.

RCE Field

The Rio Cravo Este 10 horizontal (RCE HZ10) well was spud on June 24, 2025, and reached target depth on July 12, 2025. RCE HZ10 targeted the Ubaque zone at Carrizales Norte field. The well was drilled to a total measured depth of 10,940 MD feet (8,014 feet true vertical depth).

On July 16, 2025, Arrow put the RCE HZ10 well on production in the Ubaque formation with a total oil- bearing section of 1,040 MD feet. RCE HZ10 is producing at a stabilized rate of 200 BOPD gross (100 BOPD net) with a water cut of 72%.

Alberta Llanos field

The Company recently recompleted the AB-3 vertical well targeting the C7 formation.

On September 5, 2025, Arrow put the AB-3 well on production in the C7 formation which has approximately 20 feet (true vertical depth) of oil charged sandstone. AB-3 is producing 840 BOPD gross (420 BOPD net) with a water cut of 73% and continues to clean up load fluid.

Drilling Schedule

The rig is moving to the Mateguafa Oeste field to drill an exploration vertical well (MO-1). The well is expected to spud mid-September and is targeting the Ubaque reservoir.

On the basis of a successful exploration well at MO-1, the Company plans to drill four additional horizontal wells on the prospect. The exploration of Mateguafa Attic, Icaco, Macoya and the Capullo prospects are expected to follow the Mateguafa Oeste development.

Marshall Abbott, CEO of Arrow commented:

‘The Carrizales Norte field continues to deliver with successful wells CN HZ12 and CN HZ13. Both horizontal wells have further developed the Carrizales Norte field. The success of these two horizontal wells proves future development potential at Carrizales Norte’

‘The RCE HZ10 well drilled into the Ubaque was a successful exploration target. The well is on production, however, the reservoir is tighter than at Carrizales Norte. The Company is exploring completion techniques that could result in higher production results in the Ubaque at RCE.’

‘The AB-3 recompletion at the Company’s Alberta Llanos field is on production from the C7 and continuing to clean up. The original vertical well targeted the Ubaque and proved up the reservoir for the AB HZ4 and AB HZ5 wells. The C7 production is highly encouraging for future C7 development at both Alberta Llanos and the northern extent of the CN field.’

‘We appreciate the support of our longstanding shareholder base as well as the dedication of our talented staff.’

Source: Arrow Exploration

 

 

 

 

Exmar scores Colombian FSU gig

LNG Prime Staff September 18, 2025

Belgian shipowner Exmar secured a contract from Regasificadora Del Pacífico (RDP) to deploy a floating storage unit on the west coast of Colombia.

 

EXMAR’s FSU to help Colombia navigate natural gas crisis

September 19, 2025, by Dragana Nikše

Belgian shipping company EXMAR signed contracts with Colombia’s Regasificadora Del Pacífico (RDP), which is part of Puertos, Inversiones y Obras (PIO), to provide a floating storage unit (FSU) on the west coast of Colombia.

 Under the deals, EXMAR will lease the FSU to RDP, and stay on as its manager for five years firm, with extension options. The signing took place during a visit of Colombian representatives to the LNG import facility of EemsEnergyTerminal, home to EXMAR’s Eemshaven LNG unit.

The unit under the latest deal will be deployed to the fast-track LNG import solution in the inner bay of Buenaventura that RDP is developing as part of the Buenaventura LNG project. Its group company, PIO, signed a deal with Colombia’s state-owned Ecopetrol earlier this year to provide regasification and logistics services for 60 million cubic feet per day (mmcfd) of gas. Since Colombia is expected to experience a natural gas deficit in 2025, the country will have to import most of its gas needs, which is why regasification capacities on the Pacific Coast are seen as necessary.

EXMAR’s CEO, Carl-Antoine Saverys, said: “EXMAR is excited to embark on this journey with the experienced project development teams of the RDP group. We are confident that the combined strengths of EXMAR’s expertise and RDP’s project development experience in Colombia will offer an innovative LNG import solution.”

As reported, RDP’s solution will be based on a floating LNG storage and offloading unit. The natural gas will be loaded from LNG carriers, offloaded into isotainers, and transported to the port of Buenaventura by barge. The isotainers will then be transported by trucks to the regasification plant in Buga, where the LNG will be regasified and injected into the national transport system. This new imported gas will enable Ecopetrol to contribute to the country’s energy security.

“The signing of this contract not only marks a milestone for RDP as a maritime logistics company, but it is even more significant and decisive to have the endorsement of more than 60 community, union, educational, and institutional leaders from Buenaventura and Buga.

For RDP it is essential to partner with EXMAR to coordinate and implement the project in a responsible way,” noted RDP’s President, Oscar Isaza.

According to EXMAR, the Buenaventura LNG project and the related contracts with the Belgian company remain subject to final investment decision (FID) and other customary conditions precedent. These are expected to be lifted in Q4 2025.

 

 

 

 

 

Scatec signs 15-year PPA for 130 MW solar plant

2 September 2025

Scatec, a leading renewable energy solutions provider, signed a 15-year Power Purchase Agreement (PPA) with BTG Pactual Comercializadora de Energía, a Colombian energy trading subsidiary of Banco BTG Pactual S.A. Brazil (BTG). The PPA will cover approx. 85% of the estimated production from a 130 MW solar plant, with the remaining production to be sold in the Colombian electricity market. The PPA will be denominated in Colombian Pesos and inflation adjusted based on Colombia’s Producer Price Index.

With this award, Scatec will advance its first project in Colombia. The project will be located in Nariño, just over 100 kms west of Bogotá. Colombia has attractive market fundamentals, offering high irradiation, strong demand for renewables and a supportive regulatory environment. Colombia is expected to add more than 5 GW of solar capacity over the next five years.

‘This agreement marks an important step for Scatec as we enter the Colombian market with a commercially robust project. Colombia offers a solid framework for renewable energy investments, and we are pleased to contribute to the country’s energy transition through our integrated business model,’ says Scatec CEO Terje Pilskog.

The estimated total capital expenditure (capex) for the solar plant is USD 110 million, and Scatec will be the designated Engineering, Procurement and Construction (EPC) provider with an EPC scope of approximately 80% of capex. Scatec will further provide Operations & Maintenance (O&M) and Asset Management (AM) services for the plant.

The project will be financed by non-recourse financing and equity, with Scatec retaining majority ownership and Norfund joining as minority equity partner. Scatec is in advanced negotiations with selected financial institutions for non-recourse project financing, with a targeted leverage of 65%. Financial close and construction start is expected in 2025.

Source: Scatec

 

 

 

 

Ex-BP chief Looney’s data centre player signs wind deal

Richard KesslerUS Editor at Recharge
8 September 2025

Data centre developers see wind power playing an important role in their ambitious development plans for Texas

Former BP chief executive Bernard Looney is now chairing US data centre provider Prometheus Hyperscale.

The US data centre provider chaired by former BP chief executive Bernard Looney has agreed to locate some of its facilities near some of Engie’s wind, solar, and battery storge energy sites along the main north-south highway that bisects the US state of Texas.

The deal between Prometheus Hyperscale and Engie North America is further indication of data centre developers’ interest in contracting wind power in Texas, where the sector continues to expand despite hostility from President Donald Trump’s administration,

Upstream’s sister title Recharge reported. Texas, a booming technology hub, is attracting a slew of artificial intelligence (AI) data centre investment, in part because of the fit between renewable and natural gas power availability and hyperscaling ambitions.

CUBA

Melbana Energy spuds production well onshore Cuba

September 19, 2025

The production well lies in Block 9, which covers 2,344 sq km on the north coast of Cuba in a proven hydrocarbon system.

Melbana Energy Ltd. has spudded the Amistad-2 production well in Block 9 onshore Cuba.

The geological target is about 850 m southwest and 200 m up-dip to the well near the crestal-axis of a localized anticline. The anticline is interpreted to have significant fracturing of the carbonate reservoir.

Planned total measured depth at Amistad-2 is 1,125 m. The Unit 1A formation will be logged, but not tested en route. A 650-m MD section of the Unit 1B formation will be drilled to intersect a series of natural fracture systems interpreted from seismic.

Block 9 covers 2,344 sq km onshore on the north coast of Cuba, 140 km east of Havana, in a proven hydrocarbon system and along trend with Varadero oil field. The field has 15.7 billion bbl estimated oil in place and 676 million bbl prospective resources.

Melbana Energy is operator of the block with 30% interest. Sonangol holds the remaining 70%.

 

 

 

 

Panama burning the midnight oil for maritime decarbonization

September 12, 2025, by Naida Hakirevic Prevljak

The Panama Maritime Authority (PMA) said Panama is moving full steam ahead with the development of a national plan to decarbonize its maritime sector. The country reiterated its commitment to meeting the standards set by the International Maritime Organization (IMO).

“In the next five months, we expect to have a draft action plan ready so we can begin execution as soon as possible. But we need the collaboration of many players across the industry,” Alexander De Gracia, Acting Administrator of MPA, announced in a meeting with the European Union–appointed consultant who will provide technical support for the proposal.

The plan will be integrated into Panama’s National Maritime Strategy and aims to create “the right conditions and regulatory framework to position the country as an attractive hub for international investment in alternative fuels“—one of the core pillars of the project.

“This will give us a baseline and a clear diagnosis of the country’s current standing. We’ll be able to identify what needs to be done, where we’re heading, and which tools we need to honor international commitments,” Arthur James, External Consultant for the EU delegation in Panama, stressed the importance of this technical assistance.

As an IMO member state and home to the world’s largest ship registry, Panama is expected to deliver on global emissions-reduction targets. The central goal, adopted in 2023, is to achieve net-zero greenhouse gas emissions in international shipping by 2050.

Decarbonizing the maritime sector means cutting emissions from vessels and accelerating the shift toward cleaner fuels and innovative green technologies. These efforts are said to be critical to mitigating the impacts of carbon pollution, which manifest in climate change, ecosystem degradation, and ocean acidification driven by rising carbon dioxide levels, trends that have fueled a steady increase in global temperatures.

 

 

 

 

Panama Canal interoceanic gas pipeline project

PANAMA CITY, –September 4, 2025

Panama has initiated a project to construct a gas pipeline along the Panama Canal to create a new interoceanic energy corridor, the Panama Canal Authority announced on Wednesday.

The canal’s board of directors has authorised the beginning of a pre-qualification and selection process for concessionaires to carry out the project. Pre-qualifications are expected to begin in 2025, with final selection in Q4 2026.

Part of a broader push to diversify revenue streams and increase Panama’s competitiveness as a transit hub in global energy trade, the project is slated to be one of the largest investments in the canal’s history. The Panama Canal Authority estimates the project can bring average annual revenues of USD 160 million during the construction phase and more than USD 1.5 billion once operational.

The pipeline is expected to carry products such as ethane, butane and propane and potentially free up transit slots for LNG tankers. President of the Republic José Raúl Mulino announced the project during an official visit to Japan.

“The pipeline we are announcing today is a strategic bet by Panama to remain a key country in the global economy, generating development for Panamanians and ensuring the sustainability and competitiveness of the Panama Canal,” Mulino said.

As part of its revenue diversification strategy, the Panama Canal Authority is also aiming to expand its service offerings with the construction of container trans-shipment terminals at the ports of Corozal and Telfers, on the canal’s east bank and a new road along the west bank.

 

 

 

IMF Executive Board Concludes 2025 Article IV Consultation with Panama

Country Report No. 2025/245 : (Link)  Panama: 2025 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Panama

Summary: Following a strong rebound from the COVID-19 slump, GDP growth slowed from 7.3 percent in 2023 to 2.9 percent in 2024, mainly due to the closure of the Cobre Panamá copper mine.

However, spillovers to the rest of the economy appear to have been limited and non-mining GDP growth accelerated. The Panama Canal returned to full capacity in September 2024. Inflation declined sharply from its mid-2022 peak to -0.2 percent year-on-year at end-2024. The 2024 external position is assessed to be broadly in line with fundamentals, and the banking system remains sound, well-capitalized, and liquid.

Country Report No. 2025/246 : Panama: Selected Issues

Summary: 2025 Selected Issues (link)

 

 

 

 

Puerto Rico to import gas from FLNG offshore Mexico

September 17, 2025

New Fortress Energy signed a seven-year supply agreement with Puerto Rico.

Courtesy New Fortress Energy

New Fortress Energy has agreed to contract terms for the long-term supply of LNG to Puerto Rico.

Volumes will likely be delivered to San Juan from NFE’s 1.4-MMt/yr Fast LNG facility FLNG1, stationed offshore Altamira, Mexico, under a partnership with Mexican state-owned utility CFE.

The vessel is currently producing LNG consistently at a rate above name plate capacity, the company said on September 16.

NFE negotiated the seven-year gas supply agreement (GSA) with Puerto Rico’s Third-Party Procurement Office and the Puerto Rico Public-Private Partnerships Authority.

The contract is now undergoing review by the Financial Oversight and Management Board of Puerto Rico.

The company said the volumes contracted will enable conversion of further gas-ready plants on the island currently burning diesel. Up to 75 TBtu of natural gas per year can be supplied through the GSA. NFE already has a 25-year supply contract with Energiza and the new 550-MW power plant the latter is currently developing.

 

 

 

 

 

EU-US energy deal a political symbol, not LNG game-changer

September 22, 2025, by Dragana Nikše

International intergovernmental organization Gas Exporting Countries Forum (GECF) highlighted the potential implications of the trade deal signed between the US and the EU on the liquefied natural gas (LNG) market dynamics.  According to the expert commentary ‘Viability of LNG Trade Growth under the EU-US Trade Deal,’ the EU–US trade deal from July, which resulted from the discussions of tariffs announced by the US, is more likely to function as a political symbol of transatlantic solidarity than a catalyst for major LNG trade growth.

Under the non-binding deal, the EU committed to importing $250 billion annually of US energy, or $750 billion in total, by 2028, with LNG expected to anchor this expansion. The deal covers natural gas, oil, and nuclear fuels, paired with an additional $600 billion of investment in the US economy. However, GECF labels these targets as unrealistic and believes the deal could face the same fate as the energy targets of the 2019 US–China trade deal, which remained unmet since the deal created no legal obligation for either side, much like the deal in question.

The Forum bases its analysis on several factors, including, among others, the decline in EU gas demand, infrastructure bottlenecks, and the fact that the EU’s climate policies conflict with deeper fossil fuel dependence, as recently echoed by the European Environmental Bureau (EEB).

The US introduced hefty new tariffs in April 2025 to shield domestic industries from foreign competition and to realign international trade in favor of US economic interests. GECF sees this as happening in a context of a seismic shift in the global trade system toward protectionism.

A baseline 10% tariff on imports from 185 countries was introduced, with a 20% country-specific tariff applying to EU member states. These higher tariffs have been repeatedly suspended, which GECF interprets to signal their use as leverage rather than as a permanent trade measure.

The tariffs were paired with an Executive Order providing for the reduction of tariffs if a trading partner takes “substantial steps” to address the US trade deficit. Since the EU represents 18% of total US imports, it emerged as the focal point of the US’s discussions with partners to address trade imbalances.

In late July, the duo worked out a framework trade deal in which most EU goods would be subject to a 15% import tariff. Additionally, the EU committed to importing $750 billion of US energy by 2028 and investing an additional $600 billion in the US economy. Since the US exported around $70 billion worth of energy to the EU in 2024, the $250 billion annual commitment would represent more than a threefold increase for the EU, whose total energy import bill reached $407 billion in 2024.

Between 2021 and 2024, the share of pipeline gas in total EU consumption dropped by 20%, from 70% to 50%, while LNG’s share rose by the same amount, from 20% to 40%. This enabled the US to boost its gas exports to the EU from 6% to 19% and LNG from 28% to 45% over the same period. The trend accelerated in the first half of 2025, when LNG imports surpassed pipeline gas imports in the EU for the first time. The North American country’s LNG exports to the EU amounted to $20 billion in 2024.

Possible issues
While the EU’s imports from the US could reach record levels by the year’s end, the report states the trade deal’s targets are highly ambitious, noting that both sides seem to be overpromising what can realistically be bought and sold.

The US currently has 105 million tonnes per annum (Mtpa) of operational LNG capacity, with an additional 115 Mtpa under construction and 100 Mtpa of planned capacity targeting FID.

Some notable projects in the development stage include Woodside Energy’s Louisiana LNG project, which is said to be 22% complete, and Venture Global’s CP2 LNG, for which $15.1 billion in financing was recently secured.   Therefore, a maximum of 100 Mtpa is theoretically available for future deals. This is expected to be even lower in practice as Asian countries have expressed their interest in purchasing US LNG, for example, in the case of Alaska LNG.

Supplying the full 100 Mtpa at current spot prices would generate only $60 billion annually for the US, which is well below the levels needed to make a meaningful contribution to the EU-US trade agreement, the report states.

An additional issue is the EU’s lack of gas demand to absorb additional LNG volumes from the US. Regional gas consumption fell sharply from 400 bcm in 2021 to 313 bcm in 2024, driven by a combination of structural and cyclical factors. With the Union’s gas demand expected to remain flat or even decline slightly by the end of this decade, a major expansion of US LNG supply to the EU market could be limited.

Additionally, even though the EU is approving new LNG projects, capacity utilization rates remain around 50% because of the limited gas interconnection infrastructure. One example of this is Spain. While having the largest regasification capacity in the EU, the country lacks pipeline connections with neighbouring countries, so LNG cannot be distributed regionally.

The report further states that substituting spot and short-term LNG volumes from other suppliers is the best course of action for boosting US LNG exports because the majority of gas and LNG imports in the EU are tied to long-term contracts and are not easily redirected. However, there is limited scope for this to happen since a large share of spot and short-term LNG volumes already came from the US in 2024.

Another potential problem highlighted in the report is the fact that, whatever the authorities agree on, the final commercial decisions will rest with private companies.

GECF explained that the EU companies base their decisions on profitability, and governments can only signal support or provide incentives, not compel them to buy US gas. A final consideration is the fact that a boost in US LNG imports is at odds with the EU’s long-term climate objectives and net-zero objectives. The EU methane regulation is an additional factor complicating the situation and making the increase in US LNG imports difficult to achieve.

GECF feels that Europe could be at a disadvantage with the deal, as it could undermine climate credibility, increase the risk of stranded assets, and complicate the clean energy transition intended to support sustainable economic growth.

In conclusion, the organization believes that while the EU–US trade deal could theoretically have an impact on the global LNG market, it is more likely to function as a political signal of solidarity than as a major commercial driver of energy trade growth, particularly in the LNG segment.

“Moreover, roughly 250 Mtpa of LNG export capacity is under construction worldwide, and overall supply is expected to grow in line with rising global gas demand under stable prices. This expansion provides sufficient room for all major LNG suppliers.

“With Asia driving the bulk of future LNG import growth, any additional US LNG directed to the EU is likely to be offset by increased supplies to Asia from other producers, primarily GECF member countries, thereby maintaining overall market equilibrium,” the report concludes.

 

 

 

 

bp Energy Outlook: 2025 edition Key Insights

Trends dependent on speed of energy transition

Whether the demand for natural gas – and LNG – increases or decreases over the next 25 years depends on the pace of the energy transition. Demand for both natural gas and imports of LNG increase in emerging economies as they grow and industrialize.

But in accelerated transition pathways these increases are offset by shifts away from natural gas towards lower-carbon energy. The use of biofuels and biomethane grow over the next 25 years. But the scale of that expansion is dependent on the extent of government policies and mandates supporting their use.

Low carbon hydrogen and carbon capture, use and storage (CCUS) are used to decarbonize sectors and activities in which emissions are hard-to-abate. But their relatively high cost mean that they only reach significant scale in deeper decarbonization pathways. Even then, their growth is concentrated in the second half of the outlook.

The likelihood that either of the two scenarios used in this year’s Energy Outlook will materialize exactly as described is negligible. Even so, the scenarios can be used to help develop some key insights about how the energy system might evolve over the next 25 years or so.

Those trends and features of the energy system that are common across both scenarios may have an increased likelihood of also occurring in a broader range of pathways which lie ‘between’ the two scenarios. In contrast, those aspects of the energy system which differ materially across the two scenarios can be viewed as being more dependent on the speed of the energy transition.

Trends common across both scenarios

Growth in global energy demand is driven by emerging economies, outside of China. This increasing demand for energy is underpinned by rising prosperity and living standards in these economies and, to a lesser extent, the increasing size of their populations. Growth in energy demand depends on actions to accelerate improvements in energy efficiency. Even relatively short-lived fluctuations in energy efficiency can have an important bearing on energy demand and carbon emissions.

The structure of energy demand changes, with the role of fossil fuels diminishing, given the increasing electrification of the energy system and the growing importance of low carbon energy, led by solar and wind.

Electricity demand doubles over the Outlook in both scenarios. Oil demand declines over the outlook but continues to play a significant role in the global energy system over at least the next 10-15 years. The outlook for oil demand is shaped by two, counteracting forces: the diminishing role of oil in road transport as vehicles become more efficient and are increasingly electrified; offset by the more persistent use of oil as a feedstock in the petrochemicals sector, predominantly for the production of plastics.

The changing level and composition of oil demand puts increasing pressure on the refining system. Falls in oil demand are borne disproportionately by nonOPEC+ producers causing the share of OPEC+ oil production to rise over time2. Coal consumption falls, driven by declining use in power generation, especially in China.

Solar and wind grow rapidly, becoming the dominant source of power generation, supported by sustained competitiveness. An increasing share of the global energy system shifts from the ‘energy addition’ phase of the energy transition, in which more of both low carbon energy and fossil fuels are used, to the ‘energy substitution’ phase, in which the rapid growth of low carbon energy crowds out the consumption of unabated fossil fuels.

 

 

US economist – region remains attractive to investors

2025, 09/04

Despite threats in the Caribbean basin where multinational energy giants currently operate, they will continue to invest in the region, according to optimist Francisco Monaldi, energy economics don at Rice University in Texas and energy management don at the Jones Graduate of School of Business in Texas. ExxonMobil, Chevron and BP all operate in Venezuela, T&T and Guyana where geopolitical tensions exist and where the US recently deployed military assets.

On Friday, T&T Prime Minister Kamla Persad-Bissessar signed an energy deal with Grenada and said her focus is on that when asked for an update on the relationship with Venezuela. Last month, her Government signed a production sharing agreement with ExxonMobil to explore T&T deepwater.

It is estimated that ExxonMobil will incur expenditure of US$42.5 million in the mandatory first phase of the project and with success, the projected development costs could be between US$16.4 billion and US$21.7 billion.

Last week, Energy Minister Dr Roodal Moonilal said that while T&T has a strong relationship with the USA and continues to collaborate on security issues, it must also preserve space for dialogue with Venezuela.

On a televised programme in Venezuela, Justice Minister Diosdado Cabello accused the USA of sabotaging the Dragon gas field project which he said cost T&T billions of dollars.

Cabello claimed that US Secretary of State Marco Rubio sees T&T as one of the pawns of the region and he referred to the failed Dragon gas deal. He said T&T’s relationship with the United States is like….

“selling its soul to the devil. The US State Department sabotaged the Dragon gas project for two reasons.

If it had materialised, T&T’s income could have exceeded US$2 billion annually in the first phase. This would have strengthened the position of T&T as the energy hub of the Caribbean and helped T&T to depend less on the United States.”

Despite increasingly complex geopolitical and business environments, Monaldi said that the multinational energy companies continue to see T&T and Guyana as destinations for investment for the simple reason that they are business friendly and oil and gas projects are economically viable.

“I do not think that foreign investors will be deterred from investing in T&T because of conditions in Venezuela. I am talking about the risks in Venezuela and in T&T’s waters, I do not think that is a risk. In the case of Guyana, Chevron or ExxonMobil will not be deterred from investing there. The United States will not let Venezuela intervene in Guyana. Guyana is much more profitable for Chevron.”

Chevron has a stake in the Stabroek Block, after the US company earlier completed its acquisition of Hess Corporation, which includes a 30 per cent stake in the block offshore Guyana, known for its significant oil reserves and one of the fastest-growing oil provinces in the world.

“ExxonMobil will continue to be interested in T&T because one of the things that makes developing gas attractive is spare infrastructure.

This is a bit speculative, but I think it will be a more attractive environment for ExxonMobil if the deals with Venezuela do not continue. That is a different angle.”

Monaldi said without regime change in Venezuela, where Chevron recently won a green light to continue limited operations and Venezuela’s reinsertion into the Western bloc of countries, it will continue to be difficult to get significant investments.

“But marginally, if there are licences given the eagerness of the Venezuelan Government to attract investment, there might be some investment but it may not be significant.

The current Chevron licences seem to be less attractive than the one before. So, there will be slightly less growth in production that Venezuela had expected before.

Overall, this is an impactful set of developments for some of these projects, but we have to keep in mind that things can change despite the economics being attractive right now.”

In April, former prime minister Stuart Young announced that the United States had revoked Office of Foreign Assets Control (OFAC) licences, which facilitated the development of both the Dragon and Cocuina-Manakin gas fields.

Last month, T&T’ Prime Minister said if Venezuela invades Guyana, T&T will allow the US to use it as a military base to attack Venezuela.

However, she did say that she wants to maintain good relations with Venezuela. Despite Energy Minister Moonilal saying there will always be space for dialogue with Venezuela in energy and other matters, Monaldi opined that challenges will remain in the T&T energy sector.

“No doubt it is also harder to get the licences from the US especially with the escalation recently. In addition, the uncertainty for investors in a cross-border deal makes it harder to develop in these circumstances.

The case of BP is different as they do not have to do much investment on the Venezuelan side. BP was granted the licences for the Cocuina fields in 2024.”

Monaldi said if there is a change of government in Venezuela and the gas field projects remain economically viable, then there will be a possibility for new contracts.

“..the economics are attractive enough that if there is a political change at some point, these deals might go through.

However in the future, the economic conditions might change, the world demand for Liquefied Natural Gas (LNG), the price for LNG and at some other point the window for opportunity might disappear.

In the case of the Dragon gas field, if T&T discovers more gas and they fill all the LNG infrastructure, it may be that the economics of that field may be less attractive. A lot can change. But right now, the economics makes it that if there is political change, it might go through.”

In this turbulent time policy reform can herald a new chapter for the TT energy industry and agile leaders can adapt to change.

 

 

 

MODEC confirmed as Hammerhead FPSO supplier

September 30, 2025

MODEC says the Hammerhead FPSO will be deployed at the Hammerhead Field offshore Guyana, moored at a water depth of about 1,025m using SOFEC’s Spread Mooring System.

ExxonMobil Guyana awarded MODEC the EPCI contract for the FPSO for the Hammerhead oilfield development in the Stabroek Block offshore Guyana.

MODEC had already started design activities after receiving a Limited Notice to Proceed with work on the project in April, to support a startup in 2029.

The company has since completed the front-end engineering and design (FEED). Hammerhead will be the company’s second FPSO on the block following Errea Wittu, currently under construction for the Uaru Field project.

The FPSO for Hammerhead will have an initial annual average oil production capacity of 150,000 bbl/d, and associated gas/water handling facilities. It will be moored in about 1,025 m of water using a spread mooring system supplied by MODEC subsidiary SOFEC.

As with Uaru, MODEC will also perform operations and maintenance services for the FPSO for 10 years from first oil.

ExxonMobil made the final investment decision (FID) for the $6.8-billion Hammerhead field development project earlier this month.

Earlier this week, Saipem and TechnipFMC confirmed contract awards for the SURF structures and subsea production systems for the Hammerhead deepwater development project.

 

 

Exxon UK energy trading team competes with European rivals

September. 26, 2025 By: Arundhati Sarkar SA editor

Exxon Mobil is said to have doubled the number of traders working in the UK over the past two years, as the oil and gas major aims to profit more from its global energy infrastructure. The energy giant now has about 300 traders, analysts, and support staff operating in London and continues to recruit to build out its network globally.

An Exxon spokesman confirmed the growth in the UK hub and said the company is committed to building its trading business, Bloomberg reported.

The Financial Times  earlier this  month reported that ExxonMobil and Chevron are chasing a bigger slice of the $70 billion energy trading business, expanding their operations to capture a boom in liquefied natural gas and catch up with rivals Shell and BP.

The two US supermajors are focusing on LNG, which consultants at McKinsey believe, together with gas and power, will soon eclipse oil as the biggest driver of commodity trading profits.

 

 

 

EU vows to forge deeper ties with India

By Jorge Liboreiro 17/09/2025

The European Union presented a new strategy to broaden relations with India, despite its “problematic” ties with Russia. The European Union has taken a new step to strengthen and expand ties with India at a time when traditional alliances and time-honoured principles are under severe strain, prompting an intense search for alternative partnerships.

In a five-pillar strategy unveiled on Wednesday, the European Commission outlined a comprehensive vision for closer bilateral relations encompassing an ever-widening range of topics, including:

1. 1. 1. sustainable fuels,
      2. green hydrogen,
      3. critical raw materials,
      4. artificial intelligence,
      5. advanced microchips,
      6. cybersecurity,
      7. crisis management,
      8. defence policy and
      9. legal migration,

-paving the way for an EU-India summit in early 2026.

“Closer EU-India cooperation is more important than ever,” the document reads.

The timing of the presentation was noteworthy: just this week, a small contingent of Indian troops took part in large-scale joint military exercises with Russia and Belarus, known as Zapad 2025, near the border with Poland and Lithuania.

India’s participation followed the annual meeting of the Shanghai Cooperation Organisation (SCO) earlier this month, where Indian Prime Minister Narendra Modi was seen sharing candid moments with Russia’s Vladimir Putin and China’s Xi Jinping.

Both events reflected New Delhi’s enduring friendship with Moscow, which the West has long seen with suspicion.   Brussels has accused India of providing a back door for sanctions circumvention, most notably by refining and reselling Russian crude.

But amid geopolitical turmoil and economic uncertainty, the EU has concluded it has more to gain than to lose from deeper cooperation with India, the world’s most populous country and a major player in the highly strategic Indo-Pacific region.

“We are living in these very turbulent times, and we need to build partnerships. And, you know, the question is always whether we leave this void to be filled by somebody, so we try to fill it ourselves,” High Representative Kaja Kallas said during the presentation.

Kallas faced repeated questions about the Russia factor, which she admitted was “problematic” and a source of disagreements within the College of Commissioners.

“If you want closer ties with us, then why participate in exercises that are an existential threat to us?” she added, referring to Zapad 2025. “We are not taking this lightly.” Yet, Kallas refrained from issuing an ultimatum that would force New Delhi to pick a side. “Whether it’s possible to completely decouple India from Russia, considering their history as well, I don’t think we have illusions regarding this,” she told reporters.

The diplomatic momentum faces a crucial test in the negotiations for an EU-India free trade deal, which the two sides have committed to concluding by the end of the year.  EU-India commerce has boomed in recent years, but continues to be saddled by friction points.

For Brussels, it’s protectionism. For New Delhi, it’s climate and labour laws.  Donald Trump appears to be a powerful motivation behind the talks. Both the EU and India are grappling with the painful effects of his unilateral tariffs: the former has been saddled with a lopsided agreement, and the latter has been slapped with 50% tariffs.

The tariff fallout, however, opens a valuable window of opportunity: as US-India relations plunge to an all-time low, EU-India relations are on the rise.

“We are fully aware of the enormous potential for our mutual trade,” said Maroš Šefčovič, the European Commissioner for Trade, standing next to Kallas. “It’s about strategic choices. And clearly, India is a strategic partner, from any angle you would look at it.”

Besides the free trade deal, the bloc has set its sights on another coveted deliverable: a formal Security and Defence Partnership (SDP), which, if agreed, would be the third of its kind with an Asian nation, after Japan and South Korea.

Countries with an SDP can participate in common procurement under SAFE, the EU’s €150 billion programme to boost defence spending.   Broadening cooperation with Europe fits with India’s multi-allignment foreign policy, which has allowed the country to develop seemingly contradictory alliances based on national interests and position itself as an influential voice in the Global South.   For Brussels, those credentials can offset New Delhi’s links to Moscow and Beijing.

“Multi-alligment goes both ways. Sometimes, India acts against anti-Western sentiment, as a moderate voice that doesn’t subscribe to the anti-Western agenda. That’s a useful thing.”

 

 

 

 

Reception for Trinidad and Tobago Chevening scholars

7 September 2025

 

Clayanne Knott, Shana Thomas, Shawn Melville, and Ronald Ammon will soon depart for the United Kingdom to pursue fully funded postgraduate studies through the Chevening Scholarship programme.

Knott, a medical doctor and advocate for athlete welfare, will pursue a master’s in sports and exercise medicine at Queen Mary University of London.

Thomas, programme director for rural development in Tobago, will study city planning and real estate development at the University of Glasgow, with a focus on climate-resilient housing.

Melville, a sustainability professional with over 14 years of experience, will pursue a master’s in energy and environmental policy.

Ammon, an architect, will undertake a master of science in digital engineering management at University College London (UCL), aiming to contribute to innovation in the built environment.

This year, also marks the beginning of a new partnership between the British High Commission and the Proman Foundation, formalised through a Memorandum of Understanding signed in March.

Under this agreement, Proman committed to funding two fully-funded Chevening scholarships over the next two years, including one awarded this year to Melville.

The Proman-funded scholarships specifically support postgraduate studies in process engineering, chemical engineering, energy and sustainability, fields critical to TT’s development. This collaboration reflects a shared commitment to investing in future talent and expanding access to world-class education.

 

Interest in Chevening has grown significantly in TT, with applications increasing by 689 per cent over the past two years, from 76 in 2023 to over 600 in 2025. The presence of government ministers and key partners at the reception highlighted the strength of the UK-TT relationship and the shared commitment to investing in leadership, education, and opportunity.

Dean said: “Since Chevening began in 1983, over 170 have received this prestigious award. Many have gone on to lead, innovate, and serve in ways that have made a real impact. Chevening is one of the clearest signs of the strong and lasting friendship between our two countries, a relationship built on respect, shared values, and a belief in the power of education.”

Managing director of the Proman Foundation Giselle Thompson in her address said, “Supporting Chevening now extendsProman’s commitment to the global stage, giving TT’s brightest nationals the chance to gain international experience and return ready to shape our shared future. Chevening is a bridge between ambition and impact.”

The event was attended by  Government officials, including Minister of Foreign & Caricom Affairs Sean Sobers.

Chevening is the UK Government’s international awards programme, established in 1983 to develop global leaders. Funded by the Foreign, Commonwealth and Development Office (FCDO) and partner organisations, Chevening offers fully funded scholarships for one-year master’s degrees in the UK. Scholars are selected through a rigorous process and are expected to return to their home country for a minimum of two years to contribute to national development.

Since its inception, over 167 Chevening Scholarships have been awarded to TT students, many of whom have gone on to make significant contributions in fields such as government, climate policy, law, journalism, and education.

Applications for the 2026/27 Chevening Scholarships are now open and will close on October 7. Apply at: https://www.chevening.org/apply

 

 

 

CABI consultation meeting in T&T

2025, 09/17

The Regional Consultation Meeting of Centre for Agriculture and Biosciences International (CABI) member countries in the Americas and the Caribbean began yesterday with an opening ceremony at the Hilton Trinidad and Conference Centre.

The three-day meeting, held under the theme “Working in partnership for a safe and sustainable future,” brings together representatives of CABI Member Countries, regional and international organisations, government officials, researchers, and stakeholders.

The consultation will focus on agriculture challenges including pest and disease management, invasive species, food safety, pesticide risk reduction, and sustainable agricultural practices. It also seeks to strengthen partnerships and identify solutions to protect livelihoods, ecosystems, and regional food systems.

In welcome remarks, Senator the Honourable Ravi Ratiram, Minister of Agriculture, Land and Fisheries, said the Government of Trinidad and Tobago is taking steps to strengthen food safety and sustainability.

He announced that the Ministry’s Research Division will soon introduce Maximum Residue Limit testing with new equipment for pesticide residue analysis. He added that the Ministry, in collaboration with CABI, has adopted the bio-pesticide Novacrid for locust control.

Dr. Daniel Elger, Chief Executive Officer of CABI, also addressed the meeting, noting the importance of collaboration and science-based approaches to support food and nutrition security.

The meeting will include technical sessions, panel discussions, and country reports, and will conclude with a field visit to the Nariva Swamp. Outcomes will guide regional action and inform CABI’s work with Member Countries.

 

 

 

 

ExxonMobil censures EU approach to decarbonisation

Robert Stewart North America Energy Correspondent Baton Rouge 29 August 2025

EU’s ‘high-regulation, high-cost’ methods have hurt region’s economy

US supermajor ExxonMobil took a shot at the European Union’s decarbonisation approach in its Global Outlook released Thursday, saying the bloc’s methods wounded the region’s heavy industrial and transportation sectors.

Citing the Draghi Report on European Union competitiveness, ExxonMobil said the bloc’s “high-regulation, high-cost approach to lowering emissions has hurt its economy” by lowering industrial production and raising energy prices in the heavy industry and commercial transportation sectors.

As a result, public support for lower-emissions technology needed to reach EU climate goals is wavering,”

 

 

 

If US shale has a horizon, technology keeps moving it

Robert Stewart North America Energy Correspondent Baton Rouge 26 August 2025

Under pressure from Opec+ and tariffs, US industry keeps searching for lower break-evens

Advances in technology are helping push back estimates on when US shale production will peak.

A coming peak in US shale production is a development accepted by most in the oil and gas world — views on when that pinnacle will be reached appear to be shifting, however. The US Energy Information Administration (EIA) has predicted peak US shale output by 2027, a mere two years away.

Key industry executives such as Occidental’s Vicki Hollub and ConocoPhillips’ Ryan Lance have said they see a plateau coming sometime in the early 2030s.

Analysts have their own estimates. Enverus Intelligence Research projects a peak — at 13.9 million barrels per day — in 2030. Analysts at McKinsey and Company see it closer to the mid-2030s — “if there is one”, as McKinsey senior partner Micah Smith tells Upstream in an interview.

 

 

 

 

From sargassum to blue economy: opportunity for the Greater Caribbean

2 September 2025 Avriel Díaz Executive Director of the Global Council for Science and the Environment.

PhD candidate at Columbia University – Department of Earth and Environmental Sciences.

Sargassum, once a refuge for biodiversity, now suffocates Caribbean coasts and threatens public health, but it also opens the door to sustainable innovations that could transform the crisis into an opportunity.

In recent years, vast blooms of sargassum seaweed have become an increasingly disruptive force across the Greater Caribbean. Once a symbol of marine biodiversity in the open ocean, this macroalgae now blankets beaches from Barbados to Mexico, threatening tourism, livelihoods, ecosystems, and critically, public health.

As climate change warms the oceans and shifts nutrient flows from rivers like the Amazon, sargassum thrives. But when it washes ashore and begins to decompose, it emits toxic gases, most notably hydrogen sulfide and ammonia, posing growing risks to human health, in addition to the enormous impact it has on tourism in the region.

In recent years, communities across the region report spikes in respiratory illness, especially among vulnerable groups like the elderly, children, and those with asthma or chronic obstructive pulmonary disease (COPD).

In Martinique and Guadeloupe, studies have linked chronic exposure to sargassum emissions with headaches, nausea, eye irritation, and even pregnancy complications such as preeclampsia and gestational hypertension. The burden falls disproportionately on coastal communities who often lack access to adequate health services and depend on the sea for income.

Despite the scale and severity of the issue, sargassum-related health impacts remain a neglected topic in the global climate and health agenda. Most climate-health discussions focus on heat stress, vector-borne diseases, or food insecurity, yet the toxicological and environmental health implications of sargassum are largely under-researched.

Still, the story of sargassum is not just about an emerging hazard, it’s also about opportunity. Rather than waiting for sargassum to rot on shorelines and poison the air, several Caribbean states are exploring sustainable pre-collection and processing techniques.

When harvested before decay, sargassum can be transformed into high-value products: bioplastics, fertilizers, animal feed, cosmetics, and even biofuels.

Companies in the Dominican Republic, Mexico, and Barbados are already piloting such innovations. Early harvesting also helps preserve the seaweed’s bioactive compounds, which show potential for use in natural pharmaceuticals and functional ingredients, opening new doors for health innovation and drug discovery.

This approach aligns squarely with the vision of a fair blue economy: one that leverages marine resources without compromising the ecosystems and communities that depend on them. If approached thoughtfully, sargassum harvesting could boost coastal employment, support local entrepreneurship, and introduce new industries in biotechnology and green manufacturing.

We have the chance to build environmental literacy and climate resilience across the region. School programs, training centers, and public education campaigns can use the sargassum issue to teach about marine biodiversity, the impacts of warming seas, and the urgent need for regional cooperation.

Just as importantly, it can help people begin to draw deeper connections between climate and human health, a relationship that is too often overlooked. When individuals see how rising ocean temperatures and ecological disruption can translate into respiratory illness, pregnancy complications, and mental distress, climate change becomes a personal, tangible issue.

By fostering this awareness, the Caribbean can help lead a shift toward more integrated climate and health policy solutions. The Association of Caribbean States (ACS) is playing a pivotal role in advancing regional cooperation in sargassum management efforts through its SARGCOOP II programme, which promotes shared monitoring and sustainable reuse strategies.

While health integration has largely been absent from these efforts, the ACS has begun to address this gap by supporting discussions on implementing a Caribbean Air Quality Monitoring Network to confront the associated health impacts.

The recent coordination meetings in Guadeloupe could serve as a platform for expanding this multi-sectoral approach to include health ministries and public health experts. In a virtual address, the Secretary General of the ACS, Noemí Espinoza Madrid, emphasized the urgent need for regional cooperation on sargassum and reaffirmed the organization’s commitment to cross-border collaboration.

Addressing the sargassum crisis requires a transdisciplinary approach, bringing together oceanographers, climate scientists, public health experts, economists, doctors, tourism stakeholders, community leaders, policy makers and innovators to co-develop integrated solutions that protect ecosystems, reduce health risks, sustain local economies, and preserve the Caribbean’s vital tourism industry.

The Greater Caribbean is uniquely positioned to lead on this front. It has faced the worst of the sargassum crisis and now holds the tools to turn the tide, if we prioritize health, equity, and ecological sustainability.

Let us imagine a future where the very seaweed that once choked our coastlines becomes a symbol of innovation and renewal. To get there, we must act together, guided by transdisciplinary science, solidarity, and a deep commitment to the well-being of our people and oceans.

Sargassum thrives on fertiliser from minerals in Sahara dust which reaches Trinidad and Tobago where the algae covers Atlantic beaches and the dust is a health hazard.

The Sahara has sufficient solar power to electrify the continent and allow petrostates to collect revenue from export of hydrocarbons instead of using fossil fuel for energy. Solar panels will reduce dust.

Defined by corruption, relying on aid from USA, EU and UK, the AU controls 4 UN agencies-WHO, WTO, IFC, ILO and the Commonwealth. UNGA did not discuss this international activity to reduce aid, promote solar power, curb pollution from a health hazard and save coral reefs, after the Africa-Caricom Summit focus on diaspora demanding reparation when Afreimbank can fund repatriation to ancestral land.

 

 

 

 

UK landmark legislation to protect world’s ocean

September 15th 2025

The UK government, on 10 September, introduced a landmark bill to protect two-thirds of the world’s ocean, a key source of food and oxygen for people in the UK and all over the world.

This marks a major step forward in global efforts to protect marine life and ecosystems beyond national borders. In 2023, the UK signed up to the Biodiversity Beyond National Jurisdiction (BBNJ) Agreement—often referred to as the High Seas Treaty—at the first opportunity.

Having played a leading role in shaping the Treaty over more than a decade of negotiations, the UK was among the first countries to sign the agreement. Today’s bill turns that commitment into action, as the UK joins countries across the globe who have supported the major international treaty.

With the ocean a key source of the world’s food and oxygen, the Agreement will help deliver security for the UK, in line with the government’s Plan for Change. For the first time, the BBNJ Agreement will create a legal mechanism to set up protected zones in areas beyond national jurisdiction, helping to protect marine life and habitats in parts of the ocean that have previously been vulnerable to overuse and exploitation.

Marine Minister Emma Hardy said: “Our Ocean and all the precious life in it face irreversible destruction from overfishing and runaway pollution. This historic treaty will safeguard some of the ocean’s most vulnerable habitats and marine life, and help protect 30% of the ocean by 2030 as part of our Plan for Change.”

Minister Malhotra, Parliamentary Under-Secretary of State at the Foreign, Commonwealth and Development Office, said: “Our oceans are under pressure, it’s undeniable. Unsustainable fishing, global warming, pollution—all threaten to deplete the marine biodiversity we all value and rely upon. By introducing the BBNJ Bill in Parliament, we are delivering security for the UK, in line with our Plan for Change—and fulfilling our pledge to introduce legislation by the end of the year.

The UK was one of the first countries to sign up to the BBNJ Agreement when it was adopted after over a decade of talks. Today, we begin the journey to ratifying this landmark treaty, and ensuring our ocean can thrive in the years to come.

Sharks, whales, sea turtles and many other ocean species will benefit from stronger protections. These measures will support the recovery of marine ecosystems and help build a healthier, thriving ocean that benefits both nature and people.

The agreement also sets out the fair sharing of benefits from the collection of and research into the genetic material of marine organisms, which may be used in medicines, cosmetics, agriculture and biotechnology. The legislation will help the UK meet targets set out by the Kunming-Montreal Global Biodiversity Framework, most importantly the target to protect 30% of the planet’s ocean by 2030.”

It also reinforces the UN Convention on the Law of the Sea (UNCLOS) as the foundation for international ocean governance. It fulfills a pledge made at the end of the third UN Ocean Conference in June. By bringing this Bill to Parliament, the government establishes the UK’s intention to play a leading role in driving international climate and nature action forward.

Following the passing of the bill, further secondary legislation will be required before the BBNJ Agreement can be ratified by the UK. This bill will provide the legal framework to enable the UK to meet the obligations of the BBNJ Agreement, which is required before the UK can ratify the agreement.

 

 

 

 

IMF Executive Board Concludes 2025 Article IV Consultation Discussions with The Kingdom of the Netherlands—Curaçao and Sint Maarten

Country Report No. 2025/254 : Kingdom of the Netherland-Curaçao and Sint Maarten: 2025 Article IV Consultation Discussions-Press Release; and Staff Report – (Link)

Summary: Reaping the post-pandemic tourism boom, Curaçao’s and Sint Maarten’s economies have been expanding strongly, driven by stayover tourists and construction activity.

Disinflation broadly continued, with some uptick in Sint Maarten throughout 2024. The Union’s current account deficit remained elevated as rising tourism receipts were offset by construction-related imports.

In both countries, the fiscal position remained strong and in compliance with the fiscal rule, and macroeconomic policies are broadly in line with past IMF advice (Annex I). Progress on the landspakket, the structural reform package agreed with the Netherlands in 2020, has recently slowed, with notable exceptions around digitalizing permits.