Excelerate raises 2025 guidance after Jamaica deal

LNG Prime Staff
July 30, 2025

US FSRU [ Floating Storage and Regasification Unit]  player Excelerate Energy raised its full-year 2025 adjusted Ebitda guidance range following the recent acquisition of New Fortress Energy’s business in Jamaica.

 

Excelerate working to expand Jamaican LNG business

LNG Prime Staff
August 12, 2025

US FSRU player Excelerate Energy has already made some smaller investments to further optimize its recently acquired LNG business in Jamaica, according to CEO Steven Kobos.

Published: 30 Jul, ’25

Caribbean must shift from consumption to production, says Caribbean Export Development Agency head  Damie-Sinanan.

Source: Caribbean Export

 

Shell-FOCOL JV  books Nikkiso for its LNG-to-power project in Bahamas

August 20, 2025, by Melisa Cavcic

Nikkiso Clean Energy & Industrial Gases Group (Nikkiso CE&IG), an affiliate of Japan’s Nikkiso, has been hired by New Providence Gas (NPG), a joint venture (JV) to be formed by Shell and a subsidiary of FOCOL Holdings, to provide a liquefied natural gas (LNG) regasification and cryogenic equipment for an LNG-to-power project in Nassau, the Bahamas.

Nikkiso has been selected to supply regasification systems and engineering services for the New Providence Gas project, an LNG receiving terminal enabling additional power generation at Clifton Pier to deliver lower-carbon infrastructure with LNG to feed new and retrofitted gas turbines, which previously used diesel.

As a result, the firm will manufacture and deliver an LNG packaged regasification system that includes high-pressure submerged centrifugal pumps installed in a modular pump skid, a gas-fired water bath vaporizer and associated power distribution and control systems, an insulated pipeline featuring Nikkiso CE&IG’s vacuum jacketed system, and site-critical ancillary equipment.

Adrian Ridge, President and CEO of Nikkiso CE&IG Group, commented: “Nikkiso’s LNG-to-power solution is preferred by our customers because we can engineer, manufacture, install and service critical equipment which helps provide power via natural gas in some of the world’s most remote locations.

“We’ve proven time and again that we are a reliable partner, supporting customers with quick delivery and installation for projects of any scale. This project is a good insight into how important cryogenic equipment is for companies like NPG looking to expand lower-carbon power generation.”

The company, which will also provide engineering services in support of the project, underlines that the packaged regasification system, with a capacity of 55 million standard cubic feet per day, features a modular, standardized design that will reduce system integration time and cost. This terminal will be built in phases.

 

 

 

Antigua & Barbuda poised to become green shipping hub, signs MOU with Veer

August 18, 2025, by Naida Hakirevic Prevljak

Antigua – Barbuda and the Bahamas-based maritime startup Veer have signed a memorandum of understanding (MOU) to turn the region into a clean shipping hub.

As informed, the parties intend to transform the port of Antigua- Barbuda’ into the region’s “first fully decarbonized facility” with the potential to become a green fuel transshipment hub.

The partnership will also fast-track the development of “the world’s only” absolute-zero-emission containership capable of crossing an ocean, expected to be operated from Antigua’s shores.

Veer is an advocate of absolute zero-emission shipping and is about to build its flagship HyWindship vessels, powered by wind and green hydrogen.

Danielle Southcott, CEO of the Veer Group, said, “Antigua and Barbuda has now positioned itself to become the known refueling station for green fuel, in line with the International Maritime Organization (IMO) legislation which will be coming into effect in October.”

Darwin Telemaque, Antigua – Barbuda Port Authority Manager, said,

“If Antigua and Barbuda becomes the known refueling station for green hydrogen, this can become either a trans shipment hub or a refueling hub, especially for cruise vessels and large yachts.

Shore power is another critical factor. For Antigua and Barbuda to be able to say yes, we will offer clean shore power, vessels and major cruise lines or shipping companies that are mandated to reduce their carbon emissions will almost have no choice but to come here. And that’s a massive opportunity,”

Telemaque revealed that one of the first steps under the agreement will be creating a dedicated hub to store and supply the vessel’s sustainable fuel. The move not only cements Antigua’s place at the forefront of green maritime innovation but also sends a clear message that the future of regional shipping will be clean, efficient and carbon-free.

The port authority committed to designating an area within the port to produce the fuel.

“We would need to attract the necessary investments and partnerships to be able to produce it. We would then have to ensure that we have the capacity to store it.

We would then have to ensure that we have the ability to deliver it. One through direct fuel delivery to ships that would be called bunkering and the other one would be through the process of providing electricity to ships through a concept called cold-ironing which is something that many ships, particularly the cruise ships of the world are asking for.”

The partnership paves the way for a more bankable environment, enabling the transformation the port authority needs to fully modernize and decarbonize its operations.

“If Veer produces a number of absolute-zero-emission ships and they were to flag those ships in Antigua, Antigua could end up with the largest clean green ship registry in the world.”

Veer’s container vessel “Design Nº1” received complete approval in principle (AiP) from the American Bureau of Shipping (ABS). The company secured conditional financing of €50 million to facilitate the construction of these innovative vessels.

With the signing of this MOU, Antigua – Barbuda is not just preparing for the arrival of a revolutionary vessel – it is staking its claim as the pioneer in the clean shipping era. The wheels are now in motion for a transformation that could redefine maritime operations across the region, as per Veer.

 

 

 

Saipem and Subsea7 announce signing of the Merger Agreement

Thu, 07/24/2025 – 00:40

[ NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES, OR IN ANY OTHER JURISDICTION IN WHICH SUCH DISTRIBUTION WOULD BE PROHIBITED BY APPLICABLE LAW ]

Saipem and Subsea7 announce signing of the Merger Agreement Transaction structure and terms confirmed in line with Memorandum of Understanding  Creating a global leader in energy services

Milan, Luxembourg, 24 July 2025

Saipem and Subsea7 announce that they have entered into a binding merger agreement, on terms and conditions in line with what previously communicated at the time of the signing of the Memorandum of Understanding on 23 February 2025. The merger of Saipem and Subsea7 will create a global leader in energy services.

Highlights

1. 1. 1. The company resulting from the merger¹ between Saipem and Subsea7 (the “Proposed Combination”) will be renamed Saipem7 (“Saipem7”), will have revenue of approx. €21 billion², EBITDA in excess of €2 billion³, will generate more than €800 million of Free Cash Flow⁴ and will have a combined backlog of €43 billion⁵.
      2. The highly complementary geographical footprints, competencies and capabilities, vessel fleets and technologies will benefit Saipem7’s global portfolio of clients
      3. The diversification of the geographical footprint of Saipem and Subsea7 is reflected in the combined backlog, with no single country contributing more than 15% of total⁶
      4. On completion, Saipem and Subsea7 shareholders will own 50% each of the share capital of Saipem7
      5. Subsea7 shareholders participating to the Proposed Combination will receive 6.688 new Saipem shares for each Subsea7 share held
      6. Subsea7 will distribute an extraordinary dividend to its shareholders for an amount equal to €450 million immediately prior to completion of the Proposed Combination
      7. Annual synergies expected to be approximately €300 million on a run-rate basis, which will lead to material value creation for the shareholders of Saipem7
      8. Saipem7 will remain incorporated in Italy and headquartered in Milan, and will have its shares listed on both the Milan and Oslo stock exchanges
      9. Siem Industries, reference shareholder of Subsea7, and Eni and CDP Equity, reference shareholders of Saipem, have committed to vote in favour of the Proposed Combination
      10. Completion of the Proposed Combination anticipated to occur in the second half of 2026
      11. The management of both Saipem and Subsea7 confirm the compelling strategic rationale in creating a global leader in energy services, particularly considering the growing size of clients’ projects.

The parties believe the Proposed Combination will enhance value for all shareholders and stakeholders, both in the current market and in the long term.

Eni, CDP Equity and Siem Industries fully support the Proposed Combination and have signed a Shareholders’ Agreement confirming the undertaking to vote in favour of the Proposed Combination. As part of this, to ensure a balanced leadership and governance structure, Saipem7’s CEO will be designated by Eni and CDP Equity and Saipem7’s Chairman of the Board of Directors will be designated by Siem Industries.

It is currently envisaged that, upon completion of the Proposed Combination, Mr Kristian Siem will be appointed as Chairman of the Board of Directors of Saipem7⁷ and Mr Alessandro Puliti will be appointed as CEO of Saipem7⁸. In addition, Mr Alessandro Puliti and Mr John Evans will be appointed respectively as the Chairman and CEO of the company that will manage the Offshore Engineering & Construction business of Saipem7. Such company will be named Subsea7, branded as “Subsea7, a Saipem7 Company”, and will comprise all of Subsea7’s businesses and Saipem’s Asset Based Services business (including Offshore Wind).

The by-laws of Saipem7 are expected to provide for loyalty shares (double votes), which will be available, upon request, to all shareholders of Saipem7.

Strategic rationale of the Proposed Combination

The Proposed Combination will be beneficial to the clients of both Saipem and Subsea7, bringing together the respective strengths of both companies:

Global reach and comprehensive solutions for clients: global operations and projects in more than 60 countries and a highly complementary footprint between the two companies. A full spectrum of offshore and onshore services, from drilling, engineering and construction to life-of-field services and decommissioning, with an increased ability to optimise project scheduling for clients in oil, gas, carbon capture and renewable energy.

Diversified and complementary fleet: an expanded and diversified fleet of more than 60 construction vessels enhancing Saipem7’s ability to undertake a wide range of projects, from shallow water to ultra-deepwater operations, utilising a full portfolio of heavy lift, high-end J-lay, S-lay and reel-lay rigid pipeline solutions, flexible pipe and umbilical lay services, as well as market-leading wind turbine, foundations and cable lay installation capabilities

World-class expertise and experience: a specialised, global workforce of approximately 44,000 people, including more than 9,000 engineers and project managers contributing to delivering solutions that unlock value for clients

Innovation and technology: the combined expertise to foster innovation in offshore technologies, ensuring cutting-edge solutions for complex projects

The transaction is expected to create significant shareholder value through:

Synergies: annual cost and capital expenditure synergies expected to be approximately €300 million from the third year after completion of the Proposed Combination, driven by fleet optimisation (utilisation and geographical positioning of vessels and equipment), procurement (longer charter periods for leased vessels and improved terms with suppliers), sales and marketing (tendering rationalisation), and process efficiencies

More efficient capital expenditure programme: optimised allocation of capital across a broader, complementary vessel fleet

Attractive shareholder remuneration policy: Saipem7 is expected to distribute annually to its shareholders at least 40% of its Free Cash Flow after repayment of lease liabilities

Enhanced capital structure: a solid balance sheet expected to support an investment grade credit rating

Greater scale in both equity and debt capital markets: access to a wider investor base and to more diversified sources of capital

Transaction structure, ownership and terms

1. Saipem7 will be created through an EU cross-border statutory merger, carried out by way of absorption of Subsea7 into Saipem, with the latter to be renamed Saipem7
2. Saipem7 will remain incorporated in Italy and headquartered in Milan, and will have its shares listed on both the Milan and Oslo stock exchanges
3. Siem Industries (currently the largest shareholder of Subsea7) will own approximately 11.8% of Saipem7’s share capital, while Eni and CDP Equity (currently the largest shareholders of Saipem) will respectively own approximately 10.6% and 6.4% of Saipem7’s share capital
4. Subsea7 shareholders participating to the Proposed Combination will receive 6.688 new Saipem shares for each Subsea7 share held
5. Assuming all Subsea7 shareholders participate in the merger, the share capital of Saipem7 will be held 50-50% by the current shareholders of Saipem and Subsea7 on completion
6. Immediately prior to completion of the Proposed Combination, Subsea7 shareholders will receive an extraordinary cash dividend of €450 million⁹
7. Shareholders of Subsea7 who vote against the approval of the Proposed Combination at the Subsea7 Extraordinary General Meeting will have the right to dispose of their shares in Subsea7 for an adequate cash compensation under the conditions set out under Luxembourg company law.¹⁰ The formula that will be used to determine the cash compensation will be made available on Subsea7’s website and the amount of the cash compensation determined on the basis of such formula will be announced in advance of Subsea7’s Extraordinary General Meeting

Key activities performed since the execution of the Memorandum of Understanding

• • · Satisfactory confirmatory due diligence completed, and transaction terms finalised in line with those initially agreed at the time of the signing of the Memorandum of Understanding
  • · Annual cost and capital expenditure synergies confirmed and expected to be equal to approximately €300 million from the third year after completion of the Proposed Combination
  • · No material findings in the analysis of Saipem and Subsea7 business plans in terms of projects overlap, thus further underpinning the value creation deriving from the Proposed Combination
  • · Completed the preliminary antitrust analysis with the support of specialised advisors. Currently in the process of submitting the relevant documentation for the consideration of the Proposed Combination to the applicable antitrust authorities
  • · Confirmation of capital allocation framework, including shareholders’ remuneration policy and target of achieving and maintaining investment grade credit rating
  • · Identified the key members of the management team of Saipem7 and Subsea7 following completion of the Proposed Combination
  • · Agreement on the governance principles applicable to Saipem7 and Subsea7 following completion of the Proposed Combination

Organisational structure of Saipem7

· Saipem7 will be structured as four businesses:

1. 1. 1. Offshore Engineering & Construction,
      2. Onshore Engineering & Construction,
      3. Sustainable Infrastructures and
      4. Drilling Offshore

· The Offshore Engineering & Construction business will be contained within an operationally autonomous company, fully owned by Saipem7, named Subsea7, branded as “Subsea7, a Saipem7 Company”, and will comprise all Subsea7’s businesses and the Asset Based Services business of Saipem (including Offshore Wind). The company will represent approximately 84% of the combined group’s EBITDA for the last 12 months as of 31 December 2024

· Subsea7 shall be incorporated in the UK and headquartered in London. After completion of the Proposed Combination, Subsea7 will be governed by a Board of Directors comprising seven members, including Mr Alessandro Puliti as Chairman, Mr John Evans as CEO, Mr Kristian Siem and other four independent directors

Pre-completion distributions to shareholders

· Each of Saipem and Subsea7 will distribute cash dividends of $350 million during the course of 2025, such dividends having already been approved by their respective shareholders’ meetings in May 2025 and having already been partially distributed

· If the Proposed Combination is not completed before the approval of the full year 2025 results of Saipem and Subsea7 (expected in the second quarter of 2026 for both Saipem and Subsea7), each of Saipem and Subsea7 will (subject to their respective 2025 results meeting certain agreed financial targets) be entitled to distribute cash dividends to their respective shareholders of at least $300 million ¹¹,¹²,¹³ to be paid in Q2 2026

· In connection with a permitted business divestment currently ongoing, Subsea7 will also distribute a cash dividend equal to €105 million¹⁴ to its shareholders prior to completion of the Proposed Combination

Shareholders’ Agreement

The Shareholders’ Agreement signed between Siem Industries, Eni and CDP Equity provides for, inter alia, an irrevocable undertaking to vote in favour of the Proposed Combination (subject to receipt of the required Italian government approval), a three-year shareholder lock-up and the submission of a joint slate for the appointment of the majority of the members of the board of directors of Saipem7.

Timing, conditions precedent, approvals and other matters

Completion of the Proposed Combination will be subject to customary conditions precedent for a transaction of this nature, including, inter alia, the approval of antitrust, other public and regulatory authorities’ (e.g. the required Italian Government approval), as well as approval by the shareholders of both Saipem and Subsea7 at their respective Extraordinary General Meetings. In the case of Saipem this will be subject to reaching also the so-called “whitewash majorities” for purposes of the mandatory takeover bid exemptiom¹⁵. Both Saipem’s and Subsea7’s Extraordinary General Meetings will take place on 25 September 2025.

Completion is currently anticipated to occur in the second half of 2026.

The completion of the Proposed Combination will result in a “Change of Control,” as defined in the terms and conditions of the convertible bond issued by Saipem and denominated “€500,000,000 Senior Unsecured Guaranteed Equity Linked Bonds due 2029”.

Documentation

In connection with the Proposed Combination, the following documents, among others, will be made available:

· The notice of call of each of Saipem and Subsea7’s Extraordinary General Meetings

· The common merger plan approved by the Boards of Directors of each of Saipem and Subsea7 (the “Common Merger Plan”), along with the consolidated financial statements of Saipem and Subsea7 for the last three financial years and the merger related interim financial statements of Saipem and Subsea7 as of 30 June 2025

· The reports of the Board of Directors of each of Saipem and Subsea7 describing the Proposed Combination

· The independent expert reports prepared for each of Saipem and Subsea7 in connection with the Proposed Combination

These documents will be available at the companies’ registered seats and published on each party’s website. Where required under applicable laws and regulations, these documents will be disclosed also through the authorised storage mechanism (SDIR) for Saipem and through an officially appointed mechanism (OAM) for Subsea7.

The Common Merger Plan will also be filed with the Companies’ Register of Milan Monza Brianza Lodi, and the Luxembourg Trade and Companies Register, and will also be published in the Recueil Electronique des Sociétés et Associations in Luxembourg (the Luxembourg legal gazette for company announcements) (RESA)¹⁶.

Advisors

Goldman Sachs Bank Europe SE, Succursale Italia is acting as lead financial advisor to Saipem, and Deutsche Bank AG, Milan Branch as financial advisor to Saipem. Clifford Chance LLP is serving as global legal counsel to Saipem (including as to matters of Italian, English, US and Luxembourg Law), while Advokatfirmaet Thommessen AS is serving as legal counsel to Saipem as to matters of Norwegian law.

Kirk Lovegrove & Company Limited is acting as lead financial advisor and Deloitte LLP is acting as financial advisor to Subsea7. Freshfields LLP is serving as global legal counsel to Subsea7 (including as to matters of Italian, US and English Law), while Elvinger Hoss Prussen société anonyme and Advokatfirmaet Wiersholm AS are serving as legal counsel to Subsea7 as to matters of Luxembourg and Norwegian law, respectively.

NOTES

• • • 1 Merger by way of absorption of Subsea7 into Saipem
    • 2 Combined Revenue for Saipem and Subsea7 as per last 12 months as of 31 December 2024
    • 3 Combined EBITDA for Saipem and Subsea7 as per last 12 months as of 31 December 2024
    • 4 Combined Free Cash Flow post repayment of lease liabilities for Saipem and Subsea7 as per last 12 months as of 31 December 2024
    • 5 Combined backlog for Saipem and Subsea7 as of 31 March 2025
    • 6 Combined backlog for Saipem and Subsea7 as of 31 March 2025
    • 7 Subject to approval by the Shareholders’ Meeting and the Board of Directors of Saipem7
    • 8 Subject to approval by the Shareholders’ Meeting and the Board of Directors of Saipem7
    • 9 Subject to approval by the Subsea7 Shareholders’ Meeting
    • 10 Such withdrawal right may only be exercised in respect of (a) Subsea7 shares registered in the securities account of the relevant shareholder with such shareholder’s financial intermediary on the date of publication of the Common Merger Plan on the Recueil Electronique des Sociétés et Associations – RESA (the Luxembourg legal gazette for company announcements) and (b) Subsea7 shares acquired after such date through inheritance or bequest. Further details will be specified in the convening notice to the Subsea7 Extraordinary General Meeting
    • 11 Subject to approval by the Shareholders’ Meeting and the Board of Directors
    • 12 The dividend paid by Saipem will be qualified as ordinary in nature
    • 13 Saipem and Subsea7 will be entitled to distribute a reduced pro-rated amount should their respective financial results not meet the relevant financial targets, as detailed in the Common Merger Plan
    • 14 Subject to approval by the Subsea7 Shareholders’ Meeting
    • 15 Pursuant to Art. 49, paragraph 1, letter g) of Consob Regulation 11971/99
    • 16Subsea7 intends to file the Common Merger Plan with the Registre de Commerce et des Sociétés, Luxembourg (the Luxembourg Trade and Companies Register) for publication on the RESA no later than the second Oslo Børs trading day after the date of this announcement

—

Enquiries :   Contact for investors and analysts

Saipem
Alberto Goretti
Head of Investor Relations and Rating Management
investor.relations@saipem.com

Subsea7
Katherine Tonks
Head of Investor Relations
ir@subsea7.com

Contact for media

Saipem
Rossella Carrara
Director External Communication and Public Affairs
media.relations@saipem.com

Subsea7
Julie Taylor
Head of Group Communications
communications@subsea7.com

—

Saipem is a global leader in the engineering and construction of major projects for the energy and infrastructure sectors, both offshore and onshore. Saipem is “One Company” organized into business lines: Asset Based Services, Drilling, Energy Carriers, Offshore Wind, Sustainable Infrastructures, Robotics & Industrialised Solutions. The company has 5 fabrication yards and an offshore fleet of 17 owned construction vessels and 13 drilling rigs, of which 9 owned. Always oriented towards technological innovation, the company’s purpose is “Engineering for a sustainable future”. As such Saipem is committed to supporting its clients on the energy transition pathway towards Net Zero, with increasingly digital means, technologies and processes geared for environmental sustainability. Listed on the Milan Stock Exchange, it is present in more than 50 countries around the world and employs about 30,000 people of over 130 nationalities.

Subsea7 is a global leader in the delivery of offshore projects and services for the energy industry. Subsea7 makes offshore energy transition possible through the continuous evolution of lower-carbon oil and gas and by enabling the growth of renewables and emerging energies.

—

No Offer or Solicitation

This document is not an offer of merger consideration shares in the United States. Neither the merger consideration shares nor any other securities have been or will be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and neither the merger considerations shares nor any other securities may be offered, sold or delivered within or into the United States, except pursuant to a registration statement filed pursuant to the Securities Act or an applicable exemption from registration or in a transaction otherwise not subject to the Securities Act. This document must not be forwarded, distributed or sent, directly or indirectly, in whole or in part, in or into the United States. This document does not constitute an offer of or an invitation by or on behalf of, Saipem or Subsea7, or any other person, to purchase any securities.

Forward-looking Statements

This document contains forward-looking information and statements about Saipem and Subsea7 and their combined business after completion of the proposed merger of Saipem and Subsea 7 (the “Proposed Combination”). Forward-looking statements are statements that are not historical facts. These statements include financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, products and services, and statements regarding future performance, Free Cash Flow, EBITDA, dividends, and credit ratings. Forward-looking statements are generally identified by the words “expects,” “anticipates,” “believes,” “intends,” “estimates” and similar expressions. Although the managements of Saipem and Subsea7 believe that the respective expectations reflected in such forward-looking statements are reasonable, investors and holders of Saipem and Subsea7 shares are cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond the control of Saipem and Subsea7, respectively, that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. Except as required by applicable law, neither Saipem nor Subsea7 undertake any obligation to update any forward-looking information or statements.

This document includes estimates relating to the synergies expected to arise from the merger and the combination of the business operations of Saipem and Subsea7, as well as related integration costs, which have been prepared by Saipem and Subsea7 and are based on a number of assumptions and judgments. Such estimates present the expected future impact of the merger and the combination of the business operations of Saipem and Subsea7 on Saipem7’s business, financial condition and results of operations. The assumptions relating to the estimated synergies and related integration costs are inherently uncertain and are subject to a wide variety of significant business, economic, and competitive risks and uncertainties that could cause the actual synergies from the merger and the combination of the business operations of Saipem and Subsea7, if any, and related integration costs to differ materially from the estimates in this document. Further, there can be no certainty that the merger will be completed in the manner and timeframe described in this document, or at all.

Use of Non-IFRS Financial Measures

This announcement includes certain non-IFRS financial measures with respect to Saipem and Subsea7, including EBITDA and Free Cash Flow. These unaudited non-IFRS financial measures should be considered in addition to, and not as a substitute for, measures of Saipem’s and Subsea7’s financial performance prepared in accordance with IFRS. In addition, these measures may be defined differently than similar terms used by other companies.

Presentation of Financial Information

This document includes financial data regarding Saipem and Subsea7 and the combination of Saipem and Subsea7. Any Saipem7 financial data presented herein is presented for informational purposes only and is not intended to represent or be indicative of the actual consolidated results of operations or financial position of the combined entity and should not be taken as representative of the combined entity’s future consolidated results of operations or financial position had the Proposed Combination occurred as of such date. These estimates are based on financial information available at the time of the preparation of this document.

 

 

 

ExxonMobil could invest up to $21.7 billion in new Trinidad deepwater block

ExxonMobil is expected to explore a large deepwater block off Trinidad and Tobago, with plans for seismic surveys and exploration drilling.

Alex Procyk
Aug. 15, 2025

Key Highlights

1. 1. 1. ExxonMobil has signed a contract for oil and gas development off Trinidad’s east coast.
      2. The block covers over 2,700 square miles and lies at water depths over 6,500 ft.
      3. The company will conduct 3D seismic surveys covering 5,500 sq km and plans to drill two exploration wells.

Blocks TTDA 17, 18, 19, 20, 21, 22, and 23 will be consolidated into Block TTUD-1 off Trinidad’s east coast, according to a release by the Energy Chamber of Trinidad and Tobago. The combined block will cover more than 2,700 sq miles and is more than 6,500 ft deep, the Associated Press reported Aug. 12, citing government officials.

ExxonMobil will shoot 5,500 sq km of 3D seismic in the block in the next 6-12 months and is expected to commit to drilling two exploration wells. If successful, ExxonMobil could invest up to $21.7 billion in the block, Reuters separately reported Aug. 12, citing Energy Minister Roodal Moonilal.

ExxonMobil will operate Block TTUD-1 with 100% interest.

 

 

Oil remains in the driver seat

Trinidad to award ExxonMobil deepwater exploration acreage

PORT OF SPAIN, August 6, 2025

Trinidad and Tobago has agreed to award ExxonMobil exploration acreage covering seven ultra-deepwater blocks, Reuters reported on Tuesday citing two senior government officials.

The area to be awarded has been named Ultra Deep 1 or UD (1) and has water depths that range between 2,000-3,000 metres. Ultra Deep 1 is located off the east coast of Trinidad and lies northwest of ExxonMobil’s prolific Stabroek block in Guyana, which is estimated to hold resources for around 11 billion boe.

The agreement could be signed as early as next week, according to the government sources, who added that ExxonMobil has agreed to a signing bonus and a three-phase exploration programme with seismic studies and drilling. Terms for cost recovery, royalty payments and profit sharing with the government are also said to have been laid out.

Trinidadian Energy Minister Roodal Moonilal did not comment.

In February 2025, Trinidad and Tobago launched a bid round for 26 deepwater exploration blocks that included Block 24 and Block 26, along with 24 blocks in the Trinidad and Tobago Deep Atlantic Area, but does not include the blocks that ExxonMobil is interested in.

Reuters reports that the company first approached the Trinidadian authorities to obtain the blocks in November 2024.Trinidad is aiming to boost offshore production to support its LNG and petrochemicals sectors amid gas shortages and shelved cross-border projects.

The country’s new administration following the general election of April 2025, led by Prime Minister Kamla Persad-Bissessar, intends to enhance production and explore new fields to stabilise and eventually increase oil and gas revenues.

Energy Chamber welcomes the PSC between ExxonMobil and Trinidad and Tobago.

The consolidation of blocks TTDA 17, 18, 19, 20, 21, 22, and 23 into one block (UD-1) creates a unique opportunity. Deepwater and ultra-deepwater exploration are inherently more risky and more expensive than onshore or shallow-water projects. Consolidation of the blocks removes risk in both exploration and development of the block, as well as simplifies interaction with the Ministry of Energy and Energy Industries.

The Energy Chamber is excited to hear of Exxon’s intention to shoot 5,500 km² of 3D seismic in this block in the next six to twelve months and the commitment to drill two exploration wells.

The Energy Chamber also applauds the Ministry of Energy and Energy for the successful award of the PSC and the pace at which it was completed. We look forward to consideration of non-traditional ways to engage the private sector and attract operators. The Chamber fully endorses the Prime Minister’s call for the creation of an attractive fiscal framework, the removal of administrative bottlenecks and for the modernization of the licensing and approval process and improving transparency in the process.

John Ardill, Vice President of Global Exploration, ExxonMobil, spoke positively about the opportunity in Trinidad and Tobago, highlighting the attractive investment climate, robust infrastructure, deepwater ports, and supply chain. These all point to T&T’s competitiveness in oil and gas. The more projects that become viable in the energy sector, the more opportunities there will be for local content development and for contractors.

August 12, 2025
by Energy Chamber

 

 

 

EU

As wealth increases locally – EU phases down operations in Trinidad and Tobago

After years of granting project funding, the Delegation of the European Union (EU) to TT is now transitioning away from direct development funding locally. Outgoing Ambassador Extraordinary and Plenipotentiary Peter Cavendish assures the relationship remains valued and important.

The EU’s gradual withdrawal from direct development funding is not a result of fractured diplomacy or lack of interest. Instead, it reflects a shift in global economic standings and priorities.

“Your country has progressed a lot economically. The wealth per head is quite high. And it’s almost as rich as some European countries like Bulgaria,” Cavendish said.

The move follows TT’s 2007 classification by the World Bank as a high-income country, making it generally ineligible for loans with below-market interest rates. Similarly, the Organisation for Economic Co-operation and Development (OECD) has ranked TT near the level of some EU member states and aspirants.

“So we’ll not have dedicated development funds for this office in the future as we had in the past, but the country will still be in a good position to draw down regional development funds, which is managed from Barbados.

“(At the time of the classification) there were already economic plans in place, so TT continued to receive aid. The phasedown was not an automatic condition, but part of the decision-making process and has been incremental.”

The EU has already reduced staff at its Port of Spain delegation from five to three, with another expatriate set to leave in September 2026.

“There’s no formal decision in my hand, but the posts of the (last) two local agents will probably go in September 2026 as well. So we’re losing all the expatriate people for international partnership, which historically was five people.

“Ultimately we don’t know what will happen. We don’t have a final decision (on local staff). We have to take matters into consideration. But the new combination of delegations for countries such as this may be six staff. They will always want to have an ambassador, political officer, some administration, someone for press and a driver, or some combination like that.”

Despite the reduction in on-the-ground presence, Cavendish said a “huge network” will continue to support the embassy, and the ambassador will still be able to function effectively. One noticeable change is the end of small EU grants of up to TT$250,000 in TT. But the door is not closed entirely, as TT can still access regional and thematic funding.

The Multi-annual Indicative Programme, focused on security, digital and green economy initiatives in the Caribbean, remains open to TT. The country is also eligible for grant funding related to foreign policy projects, education and culture, humanitarian aid and disaster preparedness.

By September 2026, international partnership staff will be fully transitioned to the EU’s growing regional hub in Barbados.

“By that time there will be no international partnership people here, but the work is going to Barbados, which is being built up as the major EU centre for the Caribbean.

“I wouldn’t take this that we do not in any way value our relations here. It’s just the country has become richer. Your economy per head has become bigger than the Jamaican economy, which has a larger population.”

What TT means to the EU

From a geopolitical standpoint, TT remains a vital partner in the Caribbean, and the EU sees benefits far beyond economics.

Referring to TT’s leadership in Caricom and influence in international affairs, Cavendish said, “So what do we get out of it? A friend. A friend that’s got 13 other friends and part of a block of 14 votes.”

TT is the world’s second-largest exporter of ammonia after Russia, has strong ties to fossil-fuel exports, is a leader and chairs Caricom’s energy and security portfolios. It also chaired the 78th General Assembly of the UN and may soon hold a non-permanent seat on the UN Security Council.

“If it maintains what it has always done, it’s a very powerful voice. This country is a bastion of democracy. It’s a bastion at the UN. It’s a bastion in many other fora and, I think, for Trinidadians, a reason to be proud of the position your successive governments have taken on international affairs.”

Cavendish also praised TT’s principled stands on issues such as respect for territorial integrity, which align with EU values – even while acknowledging differences on topics such as the death penalty and LGBTQ+ rights. He said when he was growing up, Ireland had the death penalty and homosexuality was illegal, but that changed over the years.

As a Catholic who was educated in a deeply spiritual environment, he based his beliefs on the four gospels and the New Testament. So while he appreciates TT’s spirituality, he hopes to see change regarding human rights.

“In the four gospels, I cannot find any condemnation of homosexuals. So I think we should accept some people who are different. It is the way that they’re (are). Even before they’re born, it’s in their neurological receptors in the brain.

“I think we should be a bit more like Jesus in that one and be much more tolerant. To criminalise behaviour between consenting adults, which they are not responsible for – and that’s the consensus of the medical profession – seems to me to be very unjust.

“Now, if you could show me that there’s any condemnation, then I’ll reconsider my position.”

On the death penalty, he acknowledged local public frustration over crime, but maintained the EU’s opposition.

“There’s no element of any deterrence whatsoever in the death penalty. I mean, the nations that apply the death penalty the most are often the ones with the highest crime rate. So there’s no correlation.”

He pointed out the danger of executing the innocent and losing the opportunity to gain intelligence from those sentenced.

Trade, tourism, cultural potential

With a strong trade relationship, the EU hopes to deepen its economic ties beyond energy.

“There’s a lot of very sophisticated businesspeople here. I would encourage people to do more with Europe. I think people tend to see the obstacles but you’ve no duties and you’ve no tariffs and you’ve no visa requirements.”

Cavendish believes TT has untapped potential in niche exports like Trinitario chocolate, spices and seafood, with the EU market for such products estimated at €4.5 billion or approximately TT$34.5 billion. To meet European market standards, he said investment is needed in training, infrastructure and equipment. Tourism, particularly sustainable tourism, is another avenue of collaboration. The Foundation for Environmental Education, a Danish body, is eager to certify tourism entities in Tobago, creating further opportunities for partnerships and exchanges.

Personal connection

Cavendish took office as EU Ambassador to TT in April 2021 and presented his credentials on July 22, 2021, but his connection to TT goes back decades. Educated by the Spiritans, also known as the Holy Ghost Fathers, at St Michael’s College in Ireland, he first learned about TT through a Trinidadian priest who taught there, as well as students at the Royal College of Surgeons in Dublin. He read A House for Mr Biswas by VS Naipaul as a youth and always wanted to visit. He finally got the opportunity with his ambassadorship, and found the people and culture even more compelling in person.

“The most attractive thing here is people are very creative – the way they use language, the way they construct songs.”

The middle class in TT is highly educated, which is not common in many countries he visited.

“The country has huge stand-alone character. It is a unique and fascinating country, a meeting place of culture.”

He travelled to 101 countries, and counts TT among his top ten.

“Trinis have a joie de vivre. They love life. They seize the moment. And wherever you’re with Trinis, and they’re seizing the moment, you feel privileged.”

He immersed himself in food and culture, from tamarind sauce and Trinitario chocolate to Carnival and Panorama. In fact, he bought the first steelpan manufactured by the Musical Instruments of TT Company Ltd (Midco) in Diego Martin for his daughter and even took the European Council of Ministers Caribbean working group to visit the factory.

He reflected, “I think we’ve helped TT transition in some areas and parts of the economy. We were here when sugarcane was still being produced. We’ve helped a spectrum, including radars for weather, to roads, to exchanges of know-how.

“But now even more, going forward, the relationship is really more of partnership.”

Looking ahead

Cavendish, who turns 65 at the end of August, will be leaving his post then. But retirement is not in the cards. He hopes to stay active with a consultancy, combining 15 years of humanitarian aid experience with new charitable and business ventures.

“There’s lot of stagnation in Europe. And I hope to work with European countries within and without the European Union to try and help them find business opportunities.”

As he departs, Cavendish remains hopeful about TT’s future.

“I think TT has all the components needed to continue to prosper. Now there is need for diversification and innovation, and Europe could help with that because we need a wider choice of products. and your country could offer these things.”

EU role in TT

Over the past 50 years, the European Union (EU) Delegation in TT has played a crucial role in supporting national development, contributing over TT$2 billion (approximately €300 million) in grants. Its assistance has spanned education, technology, trade, climate resilience, humanitarian aid and more.

Some key contributions by the EU:

1. 1. 1. Trade and innovation support:
      2. Innovation grants and promoting trade and investment.
      3. Provided expertise in areas including cybersecurity and anti-money laundering.
      4. Financed most of the Caribbean Investment Forum held in Port of Spain in 2022.
      5. Offered access to EU procurement through the Tenders Electronic Journal, allowing local companies to bid for contracts.
      6. Education and youth development:
      7. Over 100 nationals have studied in Europe through the Erasmus+ Joint Master’s Degree Scholarship.
      8. Supported the Soundbridge Project under the Shaping the Future of Innovation programme, which included a traineeship for young music graduates with Machel Montano’s Monk Music Group.
      9. Justice and security:
      10. Contributed counter-terrorism technology.
      11. Provided IT equipment to the Judiciary under the PACE Justice Programme.
      12. Social and humanitarian aid:
      13. Has given US$500,000 through the Spotlight Initiative to combat gender-based violence.
      14. Donated to UNHCR and the Red Cross to assist with Venezuelan migrants.
      15. Installed a community flood early-warning system in Diego Martin.
      16. Green and digital economy:
      17. Supported wind energy and helped replace 12 diesel plants with solar photovoltaics (PV) systems.
      18. Helped install the solar panel park at Piarco Airport.
      19. Funded a tier-four government data centre, the most advanced kind, allowing for electronic identity cards and integrated e-governance systems.
      20. Agriculture and intellectual property:
      21. Funded work on Trinitario, the world’s number-one cocoa genome.
      22. Provided funds to CARIRI, UTT’s Maritime Campus, and other innovation agencies.
      23. Helped secure geographical indications to protect local brands like Trinitario chocolate, red Moruga rice and pan.

 

 

 

 

 

IDB opens calls for President’s innovation award

FLASHBACK: Julian Belgrave, IDB country representative in TT, left, and Nigel de Freitas, former Senate president, present the award for public sector innovation to Kevin Ramsoobhag, COSTAATT’s vice president of IT and Digital Transformation, at the Hyatt Regency, Port of Spain, on December 10, 2024. Looking on is IDB Country Representative Julian Belgrave. – Ayanna Kinsale

The Inter-American Development Bank (IDB) is inviting Ministries, public service entities, state companies, statutory bodies, municipalities and the Tobago House of Assembly to submit applications for the eighth edition of the President’s Award for Innovation in Service Excellence (PrAISE). IDB said projects or initiatives can be entered in the categories of citizen experience or internal user experience.

“The citizen experience category highlights innovations that improve citizens’ experience with public services. This includes enhancing accessibility, responsiveness and service quality,” the release said.

The internal user experience category focuses on improvements and modernisations that aim to increase efficiency and effectiveness within the public sector. Julian Belgrave, IDB representative in TT, said,

“This awards ceremony is designed to encourage and promote innovation in the public sector in TT. “It acknowledges and brings visibility to the significant efforts being made to improve public service delivery.”

Applications are open until September 8, with winners announced on November 26. Winners will be recognised at an official ceremony hosted by President Christine Kangaloo at the President’s Office.

The IDB said awarded projects and organisations will benefit from increased visibility and recognition.

 

Caribbean Export Development Agency –
shift from consumption to production

July 29, 2025

Executive Director of the Caribbean Export Development Agency, Damie-Sinanan  warned that long-term prosperity depends on the region shifting from being a consumer-based society to one driven by innovation, production and export. Sinanan challenged regional stakeholders to act with urgency to reposition the Caribbean as a globally competitive player.

“We cannot build resilient economies on consumption alone. We have to move beyond survival mode and into strategic investment in the sectors that will grow our GDP, create jobs and secure our future.”

Heads of government, private sector leaders and international partners convened to discuss investment opportunities in technology, agriculture, and sustainable industries under the theme “Transforming Our Future: Catalyzing Innovation and Investment”.

Sinanan emphasised that the region must not miss the current global shift toward digital transformation, climate-smart agriculture and green energy and advised removal of bureaucratic barriers that frustrate investors and innovators.

“If we are serious about food security, climate resilience, and energy independence, then we must attract the kind of investments that bring new technology, open new markets, and foster local entrepreneurship. It’s not enough to have vision. We need action. We need the policies and the political will to make the Caribbean a place where business is easy, scalable and sustainable.”

Hosted by the Caribbean Export Development Agency in collaboration with the Government of Jamaica and other partners, the forum has drawn participation from over 500 delegates across 20 countries. Jamaica Prime Minister Dr. Andrew Holness said

“the future of the region must be shaped by modern strategies that boost resilience, innovation, and sustainability. The Caribbean of the future is one that leverages technology to drive productivity, harnesses clean energy to power growth, strengthens infrastructure to enhance competitiveness, and modernises agriculture to ensure food security. These are the foundational pillars of a resilient and inclusive economy.”

The forum is more than an annual fixture on the investment calendar, a clear demonstration of the region’s determination to position itself as a united and globally competitive economic hub.

“It is a whole declaration of our collective intent to present the Caribbean not as isolated island economies, but as a globally competitive and sustainable investment space at the crossroads of the Americas.”

– Albert Ferguson 30 July

 

 

 

 

UWI, Chamber of Industry and Commerce sign agreement

1 August

The University of the West Indies Trinidad-St Augustine and the TT Chamber of Industry and Commerce signed a research and innovation partnership agreement. On July 31, UWI said the agreement signed in June represents a strategic step toward deepening alignment between the academic community and the business sector.

“The agreement is designed to close that gap between academia and business by fostering purposeful university-industry collaboration, moving from co-designed research to enterprise development.”

Chamber president Sonji Pierre-Chase agreed .

“The gap between academic research and business application has often hindered innovation. This partnership reflects our shared belief that we must work hand-in-hand to develop home-grown solutions that are both research-informed and commercially viable.Our business community is rich with opportunity—but unlocking that potential requires the kind of insights and talent that reside within our universities.”

Caribbean Development Bank Advances Regional Climate Action with Stakeholder Consultations for Groundbreaking Caribbean Platform

July 30, 2025   BRIDGETOWN, Barbados

The Caribbean Development Bank embarked on an important round of stakeholder consultations with representatives from 14 CARICOM member states and key regional institutions supporting the mobilisation of climate finance and the energy and transport sectors.

The consultations are part of the preparatory phase for the proposal to establish the Regional Platform for Catalysing Climate Action in the Caribbean , a historic, first-of-its-kind initiative designed to unlock climate financing and address barriers to climate action at scale across the region. The proposal will be submitted to the Green Climate Fund (GCF) by the end of September 2025.

Barbados Prime Minister, Mia Mottley announced this initiative at the 2025 GCF Regional Dialogue in Saint Kitts & Nevis. RP-Caribbean will be operationalised through financing from the GCF Readiness Programme with contributions from participating CARICOM Member States.

A Bold Vision for Regional Climate Action

RP-Caribbean offers an innovative mechanism for implementing key priority activities across the region and sectors through an integrated programmatic approach. By addressing systemic barriers such as fragmented climate finance flows, limited fiscal space and technical gaps, the Platform aims to catalyse investment and accelerate progress toward shared climate and development goals.

The Platform seeks to support regional priorities, including:

1. 1. 1. Sustainable energy transition, including intra-island grid connectivity and geothermal energy infrastructure development;
      2. Enhanced regional connectivity through resilient transport systems and infrastructure;
      3. Innovative financial instruments (e.g., debt-swaps and specialised funds) to support climate investments without increasing debt burdens;
      4. Youth capacity building to empower the next generation to engage in climate solutions.
      5. Stakeholder Consultations Key to Success

CDB will finalise consultations with national stakeholders and regional entities to ensure that the Platform’s design reflects local and regional needs while aligning with ongoing initiatives. CDB President Daniel Best said,

“Collaboration is at the heart of RP-Caribbean’s success,” .

“By engaging all Member States and key institutions, we are creating a unified strategy to mobilise resources and drive transformational action. This is climate finance innovation at its best—not just for the Caribbean, but as a model for global climate resilience efforts.”

The consultations provide a critical opportunity to refine key components of the GCF Readiness Proposal, ensuring that the indicative activities and deliverables address the specific needs of CARICOM Member States.

Division Chief of CDB’s Environmental Sustainability Unit, Valerie Isaac, said, “This initiative bridges the gap between ambition and action. RP-Caribbean is designed to remove barriers and unlock investment for priority areas, from energy to transport and finance. Our consultations will ensure these solutions are comprehensive, inclusive and practical for implementation.”

Next Steps

CDB remains on track to submit the final GCF proposal by the end of September 2025. Following this, approval from the GCF is anticipated before year-end, paving the way for the Platform’s operationalisation.

Collaborations between CDB, the Organisation of Eastern Caribbean States Commission, the Eastern Caribbean Central Bank (ECCB), the World Bank and other regional entities will continue to ensure alignment and maximise synergies across related projects.

RP-Caribbean represents a transformative effort to address shared climate challenges through regional collaboration and innovative solutions, heralding a new era for climate action in CARICOM Member States.

 

 

 

Moody’s: Caribbean Development Bank Maintains Aa1 Credit Rating with Stable Outlook

BRIDGETOWN, Barbados – July 29, 2025

The Caribbean Development Bank is pleased to announce that Moody’s Ratings has affirmed its Aa1 long-term issuer and foreign-currency senior unsecured bond ratings with a stable outlook. This reflects the Bank’s commitment to financial stability, prudent risk management, and continued efforts to optimise its balance sheet.

Moody’s rating affirmation acknowledges CDB’s strong capital adequacy, robust liquidity metrics, and solid shareholder support, which are cornerstones of the Bank’s financial strength. In their announcement, Moody’s highlighted the following key factors supporting the Bank’s credit profile:

1. Balance Sheet Optimisation Initiatives

The affirmation reflects CDB’s recent successful implementation of a $450 million Exposure Exchange Agreement (EEA) with the Central American Bank for Economic Integration (CABEI), which will significantly reduce portfolio concentration and diversify credit risks.
The forthcoming $200-million Portfolio Credit Guarantee (PCG) from the Government of Canada will further enhance CDB’s ability to transfer credit risk, reduce risk-weighted assets, and create additional lending headroom for its Borrowing Member Countries.

2. Enhanced Liquidity Position

CDB’s liquidity resources improved to over 400% of net outflows in 2024, supported by diversified funding sources and increasing access to liquidity facilities.
Plans to expand the Bank’s presence in international capital markets through regular bond issuances are expected to further strengthen liquidity and diversify the investor base.

3. Strong Shareholder Support

Shareholders demonstrated strong endorsement of the Bank’s Special Development Fund (SDF) by approving a historic US$460-million programme for the 11th cycle, covering 2025-2028, and financing social, economic and environmental resilience.

4. Efforts to Strengthen Risk Management Framework

The ongoing implementation of CDB’s Enterprise Risk Management Framework (ERMF) aligns the Bank’s operations with global standards, enhancing risk management practices and ensuring financial sustainability.

CDB President, Mr. Daniel Best commented: “This affirmation by Moody’s is a testament to CDB’s resilience and its proactive approach to improving risk management and optimising our balance sheet. These initiatives allow us to scale our development impact and deliver transformative financing to our Borrowing Member Countries while maintaining our strong credit standing. We are particularly proud of the successful partnerships established through our Exposure Exchange Agreement with CABEI, and the forthcoming Portfolio Credit Guarantee backed by the Government of Canada, which showcase innovative approaches to Caribbean development financing.”

As Moody’s noted, balance sheet optimisation initiatives like the EEA with CABEI and the PCG with Canada will improve portfolio diversification and risk management while creating headroom for new, impactful lending. These developments further align CDB’s operations with its mandate to support sustainable growth and resilience in its Borrowing Member Countries.

CDB remains committed to implementing innovative financing mechanisms, expanding partnerships, and maintaining fiscal prudence to advance the development agenda of the Caribbean region. With the stable Aa1 credit rating, CDB continues to stand as a trusted partner for investors, donors, and member countries.

The full Rating Action from Moody’s can be found here: Moody’s Ratings affirms the Aa1 ratings of the CDB, maintains stable outlook.

About the Caribbean Development Bank

The Caribbean Development Bank is a regional financial institution established in 1970 for the purpose of contributing to the harmonious economic growth and development of its Borrowing Member Countries (BMCs). In addition to the 9 BMCs, CDB’s membership includes four regional, non-borrowing members (Brazil, Colombia, Mexico, and Venezuela) and five non-regional, non-borrowing members (Canada, China, Germany, Italy and the United Kingdom). CDB’s total assets as at December 31, 2023, stood at US$3.43 billion (bn). These include US$2.03 bn of Ordinary Capital Resources and US$1.40 bn of Special Funds Resources. The Bank is rated Aa1 Stable by Moody’s, AA+ Stable by Standard & Poor’s and AA+ Stable by Fitch Ratings. Read more at caribank.org.

 

 

CDB Secures Landmark Green Climate Fund Resources for Energy Sector Transformation in Barbados, Belize, and Jamaica

July 31, 2025  BRIDGETOWN, Barbados

Barbados, Belize and Jamaica will benefit from US$ 26.7 million in funding from the Green Climate Fund for an innovative energy initiative that will be implemented by the Caribbean Development Bank.

The landmark “Scaling up the Deployment of Integrated Utility Services (IUS) to Support Energy Sector Transformation in the Caribbean (Phase 1) Programme” will accelerate the adoption of distributed renewable energy, energy efficiency, and other clean energy technologies. It is expected to benefit 40,700 people across Barbados, Belize and Jamaica.

This is the first CDB programme approved by the GCF and signals a joint commitment to expand access to sustainable, affordable, and resilient renewable energy, particularly as the Caribbean faces intensifying climate risks including storms, floods and rising temperatures.

CDB President, Mr. Daniel Best said, “We thank the Green Climate Fund for its strong partnership and steadfast support to advance sustainable development in the Caribbean. This programme will mark a major step forward in strengthening our region’s energy security through cleaner, more reliable, and affordable energy that reduces our dependence on imported fuels and builds long-term climate resilience for our communities.”

Chief Investment Officer of the GCF, Henry Gonzalez, added “The Integrated Utility Services programme will support the energy transition in Caribbean Small Island Developing States, among the world’s most climate-vulnerable countries. The approval of this initiative demonstrates how GCF is supporting country ownership by strengthening local institutions to deliver resilient, low-carbon energy systems.”

The Bank will lead implementation with national and regional partners to establish utility-led IUS models that reduce financial and technical barriers to the uptake of sustainable energy solutions. Participating utility companies will offer integrated sustainable energy services to their customers, including support for the procurement, installation, operation, and maintenance of key technologies.

In addition to reducing greenhouse gas emissions and enhancing resilience, utility customers will benefit from lower costs, reduced risks, and equitable access.

The six-year Phase 1 programme will deliver support in Barbados, Belize and Jamaica. The lessons learnt from this initial phase will be integrated into a subsequent Phase 2 programme through which CDB aims to replicate this support in other Caribbean countries.

Approved during the GCF Board’s 42nd meeting in Papua New Guinea on July 3, 2025, the programme will be supported by US$26,736,295 in financing from the GCF. CDB and other partners will contribute US$42,010,000 in loan and in-kind funding. This initiative leverages the recent upgrade of the Bank’s GCF accreditation, which allows the Bank to develop/deliver GCF-financed initiatives up to US$250 million each.

CDB looks forward to engaging communities, utilities, financiers, and development partners during Phase 1, setting the stage for further scaling in subsequent phases.

Contact: Shireen Cuthbert, : Communications Officer. Phone: (246) 539-1789

Email: shireen.cuthbert@caribank.org

www.caribank.org

 

 

 

 

Refining Guyana oil in Africa

Grenada July 29, 2025

Caribbean Eximbank on the cards

The fourth Annual Afri-Caribbean and Investment Forum (ACTIF) opened in Grenada under the theme ‘Resilience and Transformation: Enhancing Africa-Caribbean Economic Cooperation in an Era of Global Uncertainty’. Outgoing President of Afreximbank, Dr. Benedict Oramah declared,

“In an era of declining development assistance flows to our countries, coupled with the exit of international banks, and the imperative to build our economies using our resources and institutions, we must develop our own institutions that are capable of financing our development,”

African Import Export Bank (Afreximbank) is working with CARICOM to establish a regional Import and Export Bank and the option of Guyana’s oil being refined in Africa has been floated.

Heads of State or representatives from Caricom and Africa, Deputy Secretary General of the United Nations, Amina Mohammed and 1800 delegates from around the globe joined 20 from Guyana’s private sector.

 

 

 

 

Chevron will serve Guyana

July 30, 2025

Asked about implications of Chevron’s entry into the Stabroek Block following its arbitration win against operator ExxonMobil , Guyana Vice President Bharrat Jagdeo said that Chevron, who gained access to Stabroek Block as a 30 per cent shareholder, could better serve Guyana’s interest.

There are no immediate implications, but he suggested that Chevron’s presence as a rival to ExxonMobil, could serve Guyana’s interest. “…that tension between the two could serve our country better.”

He used an example suggesting that if Kaieteur News fears cost inflation by Exxon, Chevron might share that concern as a shareholder, since inflated costs would affect its own profits.

Dismissing his views, lawyer Melinda Janki rejected that logic.

“No, it won’t. Chevron will look out for its shareholders and since Chevron’s Chairman Mike Wirth is a seriously intelligent man who just walloped Exxon, the Guyana government should start acting in the national interest.”

In December 2018, while Opposition Leader, Jagdeo told the National Assembly that the Exxon deal was “a contract that would harm us for decades into the future” and accused the Coalition government of selling out the country’s patrimony.

“Mr Jagdeo’s assessment has stood the test of time. But, the PPP/C has not kept their 2020 election promises and has not ensured that ExxonMobil Guyana Ltd. complies strictly with its legal obligations as a foreign corporation.”

Ongoing litigation filed by citizens seek to hold oil companies accountable and protect the country from financial harm. She accused the government and the Environmental Protection Agency (EPA) of siding with Exxon.

On July 19, it was reported that Chevron Corporation became a 30 per cent shareholder in Stabroek Block after completing the US$53 billion acquisition of Hess Corporation, following a favourable arbitration outcome regarding the Hess Guyana asset.

Exxon and CNOOC, the other partners in the Stabroek Block, had filed for arbitration to examine their preemption rights over Hess’ share. Had the outcome been different, Chevron indicated it was prepared to walk away from the deal entirely.

Chevron, now a Stabroek Block partner, will not pay income taxes in Guyana directly. The 2016 Production Sharing Agreement (PSA) stipulates that the Minister responsible for petroleum must pay the equivalent of the companies’ income tax to the Guyana Revenue Authority (GRA) on their behalf.

Under the agreement, up to 75 per cent of oil production is used to recover costs, the remaining 25 per cent is considered profit and is split equally between Guyana and the consortium, giving each 12.5 per cent. However, the consortium pays a 2 per cent royalty from its share to Guyana. From Guyana’s 14.5 per cent total take, the government must pay the oil companies’ taxes.

 

 

EPA faces another lawsuit for breach of court order in Exxon’s 7th Guyana project

July 30, 2025

Litigation continues as the Environmental Protection Agency (EPA) receives another lawsuit in relation to US oil major ExxonMobil’s 7th project – the Hammerhead. Concerned citizens filed the follow up court case in response to the blatant violation of a high court order by the EPA.

“We have gone back to court to uphold the rule of law and protect Guyana from the failures of the EPA.”

In March 2025, Justice Simone Morris ruled that the environmental impact assessment for Exxon’s proposed Hammerhead Project must comply with national law and identify, describe and evaluate the effects of Scope 3 emissions or pollution on the environment. The applicants noted the EPA is supposed to make sure that the Environmental Resource Management (ERM) identifies, describes and evaluates the impact of Scope 3 emissions on the people of Guyana, on the soil, water, ocean, atmosphere, ecological balance and ecosystems etc. Kemraj Parsram, head of the EPA, failed the people of Guyana.

“The Hammerhead Environmental Impact Assessment (EIA) produced by ERM blatantly disregards both the court’s decision and the legal requirements of Section 11(4) of the Environmental Protection Act. ERM clearly believes they are above the law. They are not. Scope 3 emissions are pollution. They are what you get when you burn oil/gas for energy.”

The ERM claims that it is not feasible to assess Scope 3 emissions is “absolute rubbish.”

“The American Petroleum Institute has provided clear guidance on how to assess Scope 3, pointing out that if there is any doubt at all you should assume that 100 per cent of the oil and gas will burn. Are ERM so incompetent that they overlooked this basic industry standard? Or is that they have a conflict of interest because they act for the top oil and gas companies in the world?”

“It is all over the international press, that the International Court of Justice has just said that this pollution has created an existential threat to life on earth. We are not going to stand by and let our future go up in smoke.”

In line with their instructions, the attorneys attached to the case have twice written to the EPA warning them that the Hammerhead EIA is unlawful, null and void. Yet the EPA has not rejected it. Instead, it has publicly asserted that it will submit it to the Environmental Assessment Board – in defiance of national law and our rights as citizens to be protected from pollution.

By failing to reject this unlawful EIA for Exxon’s proposed Hammerhead Project, the applicants noted that the EPA has abdicated its statutory duty and ignored the harmful impacts of this project’s pollution.

“We have no choice but to go back to court and ask the court to declare this Hammerhead EIA to be unlawful, null, and void; prohibit the EPA from issuing any permits based on this defective EIA; and compel the EPA to require a new, lawful EIA that includes Scope 3 emissions, as required under Section 11(4).

The duo stressed that the EPA has shown complete disregard for us the Guyanese public whom they are required to protect.

They noted the EPA’s conduct is part of a pattern of behaviour that is sanctioned by the government.

“The entire country has seen how the attorney general has joined in other cases to side with Exxon against the people of Guyana. This has got to stop! This case is about more than just oil. It is about the integrity of our legal system, the accountability of public institutions, and the health and well-being of all of us Guyanese people,” the two applicants added.
They have called on Guyanese to stand up for their country, families and future.

“We are not opposed to sustainable development – but we stand firmly against pollution, dishonesty, and the erosion of the rule of law.”

They are represented by UK-based Guyanese attorney and environmental protection advocate, Melinda Janki, as well as attorneys Tim Prudhoe, Anna-Kay Brown and Saevion David-Longe.

 

 

 

ICJ Opinion on environmental harm

July 27, 2025 Ronald Sanders

Ambassador of Antigua & Barbuda to the United States and the OAS, Dean of OAS Ambassadors accredited to the OAS.

On 23 July 2025, the International Court of Justice (ICJ) delivered an advisory opinion at the request of the UN General Assembly – driven by small island states such as Antigua and Barbuda, Vanuatu, and the Maldives – declaring unequivocally that all nations “have a duty to prevent environmental harm” by limiting greenhouse‑gas emissions.

The court declared that existing treaties – from the UN Framework Convention on Climate Change to the Paris Agreement – require science‑based mitigation targets, robust environmental impact assessments, adaptation measures, and financial and technological cooperation with vulnerable countries.

It recognised a stable climate as foundational to human rights. It held that failure to comply constitutes an “internationally wrongful act,” triggering obligations to cease, guarantee non‑repetition, and provide reparations for harm. Although advisory, this opinion is already being hailed as a turning point for climate accountability and is expected to shape future environmental litigation worldwide.

Experts further emphasise that a clean, healthy, and sustainable environment is now enshrined as a human right, meaning that inaction may breach international law.

The ruling also clarifies that states can now bring claims against one another for climate‑related loss and damage, paving the way, in principle, for litigation over historic emissions. Yet, as the ICJ warned, untangling which country caused what percentage of warming will be legally complex.

The ICJ opinion went further, affirming that affected states – such as the Marshall Islands, which estimates a $9 billion adaptation shortfall – have a right to seek compensation for destroyed infrastructure and forced relocation. However, each claim will demand case‑by‑case proof of causation.

The court opined even further, holding that states remain responsible for the climate impacts of companies operating under their jurisdiction and that subsidising fossil‑fuel industries or approving new oil and gas licenses may itself breach environmental obligations.

Yet on the same day of the issuance of the ICJ opinion, the U.S. Environmental Protection Agency unveiled a draft rule to rescind its 2009 “endangerment finding,” the legal linchpin for nearly all federal limits on vehicle and power‑plant emissions under the Clean Air Act.

This rollback threatens to reverse years of progress by stripping away the EPA’s authority. Since 1850, the United States has produced 20.3 percent of cumulative global CO₂ emissions – a share eclipsing any other country – and although U.S. emissions peaked in 2007 and fell by just over three per cent by 2022, those modest gains are now at risk.

Consequences of unchecked emissions are already painfully visible on American soil. In September 2022, Hurricane Ian devastated Florida and the Carolinas, killing over 100 people and inflicting nearly $60 billion in insured damages. Just this July, record‑breaking flash floods in Central Texas claimed 136 lives – well above the 30‑year average – and initially left hundreds missing amid the deluge.

An unprecedented summer of heat and drought has fuelled “hundreds of wildfires” across California, Oregon, Washington, Alaska, and Canada, blanketing entire regions in smoke. These events illustrate that rescinding the “endangerment finding” will harm American communities as surely as it imperils small states.

Because the ICJ’s advisory opinion has no binding enforcement, small island States must now press for an immediate debate in the UN General Assembly (UNGA) under Resolution 77/276. A public plenary discussion will reveal which governments stand for “saving nations from extinction” and which prioritise short‑term economic gains over planetary survival. Such revelations will help to galvanise citizen action to protest climate change within countries and globally.

The ICJ case began in 2019, when a group of Pacific law students conceived the idea at their university. They secured the UNGA referral to the ICJ with backing from Vanuatu, Antigua and Barbuda, the Maldives, and a team of leading international lawyers. Their initiative, born in small states at the front line of battle with the effects of climate change, reminds us that legal innovation often springs from those bearing the brunt of climate harm.

At the same time, island States cannot afford to wait for international action. They must strengthen domestic resilience through drought‑resistant agriculture and advance early‑warning systems, especially since the Adaptation Gap Report 2023 finds that developing countries face a $194–366 billion annual shortfalls in adaptation finance. They should also join the tide of strategic climate litigation: with nearly 3,000 cases filed in over 60 countries, a unified suit by affected States against the major “Carbon Majors” could compel fossil‑fuel companies to fund adaptation and cut emissions.

This calls for a public-private partnership between governments and the private sector in victim states to bring such cases to Courts whose judgements are binding – the Caribbean Court of Justice may be one such Court. As the Center for International Environmental Law warns in its publication, “A Defining Moment for Climate Justice,” states should immediately seize domestic implementation opportunities and strengthen enforcement mechanisms to hold governments and corporations accountable.

Finally, small island nations must forge alliances with climate‑concerned members of the OECD and G20 to resist the members of these groups denying the existence and effects of climate change. They must use their combined voices in international fora to translate moral imperatives into enforceable commitments.

The ICJ provided moral and legal clarity. However, only the collective resolve of victim states – through public ventilation in regional and international institutions, robust adaptation plans, strategic litigation, and strong alliances- will determine whether the ICJ guidance translates into tangible protection.

Together, these strategies can help victim States strengthen their resilience, protect communities, and preserve lands in the face of accelerating climate threats. This work is immediate; the champagne must wait.

 

 

AU can kill 5 birds with one stone

Sahara dust, solar power, Sargassum, migrants, Haiti

Sahara dust plumes cause hazy skies and exacerbates respiratory issues for individuals with asthma or allergies.

Minerals in the dust fertilise Sargassum weed, expanding onto beaches across the Caribbean Sea, polluting resorts.
Installing solar panels over the Sahara desert can electrify the continent forever , reducing these effects of the dust as it crosses the Atlantic Ocean and the Caribbean Sea. This technology will allow petrostates in AU to export oil and gas, generating revenue for development of abundant resources or mineral, agriculture and climate.

Instead of reparation for diaspora, repatriation to AU will be beneficial for atavistic agitators and decolonisers pursuing statue stunts, cancel culture and sacrilege of heritage devastating cosmopolitan Caricom.

Haiti can accept the invitation to repatriate to the Gulf of Guinea to end suffering under gangs.

UNSIDPAD can promote these actions to end illegal migration , now a threat to Europe and USA as resources dwindle, for which curbing population growth-doubling in Africa- is the best solution.

 

 

 

 

Guyana commitment with new official residence of CARICOM Secretary-General

July 28, 20250

In a significant gesture reflecting its commitment to regional integration and the Caribbean Community, President of Guyana, H.E. Dr Mohamed Irfaan Ali handed over the new official residence of the CARICOM Secretary-General to the incumbent officeholder, Dr Carla Barnett, at a ceremony in Sparendaam, East Coast Demerara.

Attending were Foreign Secretary, Robert Persaud; Permanent Secretary in the Ministry of Foreign Affairs and International Cooperation, Ambassador Elisabeth Harper; Guyana’s Ambassador to CARICOM, H.E. George Talbot; Permanent Secretary in the Ministry of Housing and Water, Bishram Kuppen and other government and CARICOM officials.

President Ali said, “Guyana is steadfast in its support of regional integration…we are proud of the work of the Caribbean Community”. This new, modern residence “not only meets the standards expected of such a facility, but it also eases the commute and supports the effective functioning of the office of the Secretary-General…[the residence] would also bring the Secretary-General closer to the seat of the Secretariat itself.”

President Ali thanked the Secretary-General for her continued service. “I wish you every success as you carry out your duties from your new residence. May the residence we hand over today, serve not only as a place or rest, but as a quiet symbol of our shared journey and of the future we are building together”.

The Secretary-General, graciously receiving the keys to the official residence, expressed her appreciation to Guyana. “I am happy that this part of the commitment of the Government of Guyana has come to fruition. It really is a pleasant place to live and my family and I look forward to living here. I know my successors will enjoy living here also.” Dr Barnett said flowers and fruit trees will be planted on the property to “represent each of the countries of the Caribbean Community”.

The CARICOM Flag was hoisted and President Ali signed the visitor’s book to mark the occasion.

Colgrain House in Georgetown, purchased by the Government of Guyana in 1975, accommodated the first six CARICOM secretaries-general with the incumbent Dr. Barnett and her predecessor Ambassador La Rocque, accommodated in rental properties until completion of construction of the new residence.

 

 

 

GOGEC- Capacity building key to Guyana’s future in global oil supply chain

July 28, 2025

President of the Guyana Oil and Gas Energy Chambers (GOGEC) , Manniram Prashad, told Guyana Supplier Forum that , as Guyana rises as an oil-producer, the focus must now shift towards sustained capacity building to ensure local suppliers are not only participating in the industry but are also leading it.

The forum was more than an industry event but serves as a milestone that represents how far Guyana has come in a relatively short space of time. In less than a decade, Guyana moved from being an emerging player in the global oil and gas industry to one of the most dynamic oil-producing countries and an energy frontier being watched closely by the world.

Key to this, is the inclusion of Guyanese businesses in the oil and gas supply chain. He hailed ExxonMobil Guyana for its early commitment to local engagement, noting that the proactive engagement helped set the tone for what is seen flourishing today, a dynamic and expanded system of Guyanese businesses supporting the sector.

Formalisation of local content through legislation further deepened this participation. “The Local Content Act formalised and accelerated this process. It gave us a legal and policy framework to ensure greater participation and more structural engagement between operators and suppliers.”

Beyond policy, the GOGEC president indicated that the people have truly driven this progress.

“The true success of local content has been driven by the dedication, adaptability and entrepreneurial spirit of our Guyanese people.”

When progress is celebrated, they must also remain cognisant that this is just the beginning.

“There is still a long road ahead to ensure that local suppliers are not just included but positioned to lead. To achieve this, we must continue to focus on capacity building, which is very important so that our local suppliers can meet international standards and compete with the best.”

 

 

 

 

 

DIVEST T&T assets while profitable to raise revenue and create wealth

2025, 08/14

Prime Minister Kamla Persad-Bissessar denounced colleagues cavorting with corrupt elites.

She urged majority state-owned Caribbean Airlines Ltd (CAL) to “sort itself out” within two years, criticising the management for operating an airline that does not have “one single route that is profitable.” She lambasted the national airline for spending over $60 million to engage EY and PwC to conduct audits, while employing 86 people in its finance department.

If CAL routes are unprofitable, then the Government has the financial responsibility to either close down the airline or divest it; few companies in T&T operate without an external auditor, no matter how large or small their finance department. There is a reason that the Companies Act mentions auditors 133 times.

The Prime Minister mentioned three financial institutions, while focussing on one of them.

“The rest of the country must not settle for scraps while the fake elite up in the north enjoy the fat of our land.

“Tonight, I’m warning the boards and managements of Republic Bank, First Citizens Bank and ExIm Bank, to sort themselves out. These institutions are not functioning in the best interests of our citizens. They operate in the interest of a few.

“Imagine this true story. .. he wants land at Invaders Bay. He said he’s getting a loan from Republic Bank to buy the land. Of course at reduced, discounted prices… he is then getting a loan from the same Republic Bank to build a building, and then the same Republic Bank will rent the building from him to allow him to repay the loan and make a profit.

This is a real story. That is what has been happening in secret, behind closed doors under the former regime. Thank God you put us into office so that we can expose them for their dealings. This story I tell you, I am told that the same thing is happening at First Citizens Bank.

“There is no transparency, no fairness, just in-house deal making. That is why I have instructed my ministers to fill all vacancies across all ministries. Fill them totally and transparently, Police Service Commission, Teaching Service Commission. Let’s fill the vacancies across the services and create sustainable jobs for the people of Trinidad and Tobago. I’m told there are about 20,000 vacancies …”

Among the top 10 largest shareholders of Republic Financial Holdings Ltd (RFHL), according to its 2024 annual report, are the following shareholders, as at October 15, 2024:
Name                                      Ordinary shares           *%

National Investment Fund*49,021,779*            29.94

National Insurance Board*30,811,955*            18.82

Corporation Sole*                  4,430,161*              2.71

These three entities owned 84,263,895 RFHL shares, as at October 15, 2024. That means those three entities—two of which are owned by the state and the third controlled by the state—owned 51.43 per cent of the financial holding company’s issued share capital of 163,833,584 shares.

According to the document ‘State enterprises board of directors, appointments listing by ownership, January 2024,’ the National Investment Fund Holding Company Ltd, , is 100 per cent owned by the Government, its address is level 2 of the Ministry of Finance building in downtown Port-of-Spain and its chair is Jennifer Lutchman, a permanent secretary in the Ministry of Finance.

NIF is fully controlled by Corporation Sole, the entity in which state assets are vested.

—Between NIF and Corporation Sole, the state owns 53,451,940 RFHL shares, which is 32.62 per cent of the company. Under most circumstances, any jointly held entities owning more than 29.99 per cent of a listed company should have been required to make takeover bid for the company.

The fact that the Trinidad and Tobago Securities and Exchange Commission did not direct Corporation Sole to make a takeover bid for RFHL remains a mystery .

—The National Insurance Board is controlled by the Government by virtue of its control of the institution’s board. The investment decisions of the NIB can be directed by Corporation Sole (the Minister of Finance) by virtue of his control of the appointments to the NIB’s investment committee.

The NIB’s investment committee comprises the chair of the institution, its executive director and chief financial officer as well as “three other members of the Board nominated respectively by the Minister (of Finance), the directors who are nominees of business and the directors who are nominees of labour.”

The NIB’s investment committee also comprises “three other persons not members of the Board nominated respectively by the Minister, the directors who are nominees of business and the directors who are nominees of labour.”

Five of the nine members of the NIB’s investment committee would vote as directed by the Minister of Finance.

Therefore, if the Government wanted to replace RFHL chairman, Vincent Pereira, or the entire board, all the Minister of Finance has to do is request a special meeting of shareholders and provide the appropriate instructions to the state representatives.

 

 

 

 

Guyana and Suriname strive to maintain momentum

https://read.nxtbook.com/gulf_energy_information/world_oil/july_2025/regional_report_guyana_and_suriname_feller_contributing_editor.html

Exclusive: A year ago, the Suriname-Guyana basin’s outlook for hydrocarbons seemed straightforward: “deploy one FPSO annually, exceed nameplate capacity, and repeat.”

However, there are non-hydrocarbon factors that today could significantly influence the region, even before Suriname’s first oil.(DPI)

 

 

CSA wins major contracts in Suriname

August 13, 2025

CSA Ocean Sciences Inc. (CSA), a global marine environmental consulting firm, and its Suriname subsidiary, CSA Suriname N.V., have been awarded several additional projects in Suriname, including multi-year contracts for major oil and gas operators in the region.

CSA will mobilize vessels of opportunity to perform field operations in a range of water depths up to 3,000 msw and manage multiple Environmental and Social Impact Assessment (ESIA) programs offshore Suriname.

 

 

 

Moonilal talks to Grenada about oil and gas

2025, 08/27

Months after announcing plans to re-engage with Grenada concerning the possible exploration of oil and gas there, Energy and Energy Industries Minister Dr Roodal Moonilal met Prime Minister of Grenada Dickon Mitchell concerning the matter.

The ministry confirmed Dr Moonilal met with PM Mitchell, Grenadian Attorney General and Minister for Legal Affairs Senator Claudette Joseph, Rodney George, advisor, Ministry of Infrastructure, Public Utilities, Civil Aviation and Transportation, and advisor in the Ministry of Climate Resilience, the Environment and Renewable Energy; and Nazim Burke, chairman of Grenada’s Hydrocarbons Technical Working Group, Ministry of Infrastructure, Public Utilities, Civil Aviation and Transportation.

At the meetings were held over a two-day period last weekend, discussions focussed on exploring opportunities for collaboration within the oil and gas sector. Minister Moonial said it was a very productive meeting, during which matters of energy cooperation between T&T and Grenada were discussed.

“The Prime Minister has cabinet responsibilities for Energy, and this was a mandate given by the honourable Kamla Persad-Bissessar, Prime Minister of T&T to the Ministry of Energy to further discussions, collaborations and cooperation with the government of Grenada as they develop a hydrocarbon sector given some promising developments in their offshore basin, the Nutmeg.

So we have had discussions, we will continue to have discussions but at a more technical, institutional and legal framework perspective. It has been very positive, and we expect to continue those discussions in a few short weeks to further and deepen our collaboration particularly as it relates to the offshore developments that the Grenada government has earmarked for future exploration and production.”

During the swearing-in ceremony for ministers on May 3, Prime Minister Kamla Persad-Bissessar mandated the newly appointed Minister of Energy and Energy Industries to urgently engage with the Government of Grenada with a view to fostering collaboration in the energy sector.

“In fulfilment of this mandate, the Ministry of Energy and Energy Industries promptly initiated contact through formal correspondence, which culminated in recent in-person meetings between the respective parties.”

He highlighted T&T’s robust and well-established energy infrastructure during the meeting, as well as the extensive experience and technical knowledge the country has gained as a longstanding global hydrocarbon producer.

In 2012, T&T and the Government of Grenada signed a Memorandum of Understanding (MoU) for cooperation on energy development.

“This renewed engagement builds upon that MoU and signals Trinidad and Tobago’s readiness to share its oil and gas expertise in support of Grenada’s energy development.”

Prime Minister Mitchell welcomed the opportunity for collaboration and expressed Grenada’s commitment to deepening partnerships with Trinidad and Tobago, especially in the area of support services as Grenada is at the early stage of assessing its hydrocarbon resource potential.”

Transfer of skills and technology could bring mutual benefits to the people of T&T and the people of Grenada through jobs, income, and opportunities.

 

 

 

CCCCC appoints Blackwood as Assistant Executive Director

2025, 08/27

The Caribbean Community Climate Change Centre (CCCCC) has appointed Mansfield Blackwood as its new Assistant Executive Director. Blackwood has more than 30 years of experience in international development and private sector leadership across the region.

He will provide oversight and technical guidance to the Programme Development and Management Division and the Technical Services Division. His duties will also include supporting engagement with national, regional, and international stakeholders, strengthening the Centre’s project pipeline, guiding climate finance proposals, and advancing institutional targets.

Prior to joining the CCCCC, Blackwood served for 20 years with the United States Agency for International Development (USAID) in Barbados. At USAID, he held the positions of Partner Country Systems Advisor and Senior Technical Specialist. He worked with regional organizations including the Organization of Eastern Caribbean States, CARICOM, and the CCCCC.

His work focused on climate change adaptation, disaster preparedness, post-disaster recovery, clean energy, biodiversity, and citizen security. He was the Mission’s primary liaison with ministries across 10 Caribbean governments and received two Superior Honour Awards for his contributions, including work in Haiti after the 2010 earthquake.

Earlier in his career, Blackwood was General Manager of LOJ Property Management in Jamaica, managing more than 200 staff. He also held a civil engineering role with Alumina Partners of Jamaica, overseeing infrastructure projects.

Executive Director of the CCCCC, Colin Young, said Blackwood’s experience and regional knowledge will support the Centre’s mandate to accelerate climate action.

Blackwood assumes duties on September 15 at the CCCCC Headquarters in Belmopan, Belize.

 

 

 

60 years of Independence:

Achievements, challenges and the road ahead

2025, 08/22 Dr Sandra Sookram

Director, SALISES, UWI

This timely collection asks an ambitious question: after six decades of independence, where exactly is Trinidad and Tobago—and what must we do next?

Across 12 data-rich chapters, leading scholars and practitioners survey the nation’s energy story, social sectors, economic structure, and governance, then outline a programme for renewal. The result is an accessible, often bracing stock-take that belongs on the desks of policymakers and engaged citizens alike.

The tone is set by former Chancellor Robert Bermudez’s foreword, which situates the book in the turbulence of recent years—pandemic aftershocks, geopolitical uncertainty, rising living costs, and a persistent vulnerability to swings in global energy prices. He is frank about the gaps citizens feel daily, from the ease of doing business to declining real incomes.

He also highlights a painful constant: record murder tolls in 2022 and again in 2024, which demand urgent policy attention.

The editors’ introduction maps the journey. Energy comes first—appropriately, for a country shaped by oil and gas booms and busts. Former energy minister Kevin Ramnarine traces the arc from early offshore discoveries to Point Lisas and Atlantic LNG, weighing today’s production constraints against prospects in gas, renewables, and regional maritime services. The treatment is measured: neither triumphalist nor fatalistic.

Importantly, the book does not confuse GDP with development. Bhoendradatt Tewarie’s chapter effectively emphasizes the role of intellectual and social capital in building human development capacity.

Chapters on agriculture and food security (Isaac, Maharaj, Joseph), education (De Lisle, Bowrin-Williams, Lucas), health (Sharma, Ramnarine, Teelucksingh), and the environment (Gobin, Kanhai, Asmath) diagnose structural weaknesses and institutional bottlenecks while highlighting successes often overlooked in the news cycle: falling infant and maternal mortality, strengthened environmental permitting and public-awareness architecture, and lessons from decades of externally funded education reforms.

Garvin Heerah’s chapter on crime is among the most sobering. It documents the steady escalation of serious offences since 1962, chronically low detection rates, and the evolving nature of criminality—gangs, cybercrime, money laundering—while urging an institutional rethink of policing.

These security challenges do not exist in isolation; they are intertwined with economic stagnation and social inequality, creating a vicious cycle that undermines national development.

The economic analysis shows how short-term policymaking has repeatedly sacrificed long-term stability. Two chapters led by Roger Hosein and colleagues examine trade patterns, the underperformance of non-energy tradables, and a practical list of choices to expand exports and services—including specific product spaces and administrative fixes.

The Tobago-Trinidad analysis by James, Hazel, and Bissoon anchors policy in productivity and skills, showing how education levels and labour dynamics shape living standards.

A stark fiscal assessment distils a decade’s worth of hard lessons. It chronicles how transfers and subsidies have repeatedly outpaced energy revenues since the late 2000s, crowding out growth and masking weakness in non-energy sectors. The authors’ prescriptions—rules-based fiscal targets, liberalizing the foreign-exchange market, tightening oversight of state-owned enterprises, and productively deploying Venezuelan immigrant labour, especially in agriculture and manufacturing—are bound to spark debate, which is precisely the point.

The closing contribution, by Tewarie, focuses on strengthening institutions and delivery. Beyond sectoral fixes, it emphasizes clear rules, robust procurement, independent oversight, and continuity of programmes across administrations to sustain progress. It also highlights digital transformation and the development of data, skills, and other intangible assets as foundations for long-term resilience. The call for constitutional modernization and stronger accountability mechanisms is presented not as abstract theory, but as practical necessity for a nation that can no longer afford business as usual.

Perhaps the most fundamental contribution of Sixty Years of Independence is its forward-looking perspective. The book does not merely diagnose problems; it offers a range of thoughtful and pragmatic proposals for the road ahead. From rethinking approaches to manufacturing to updating governance frameworks, the authors provide a roadmap for a more prosperous and equitable future. For anyone who believes in the promise of Trinidad and Tobago, this volume is an indispensable guide to understanding the challenges we face and the opportunities that lie ahead. It is a call to action, a prompt for reflection, and a beacon of hope for a nation at a crossroads.

In short, Sixty Years of Independence is not a nostalgia piece. It is a measured appraisal and a practical roadmap. It recognizes achievements, names missteps, and refuses to indulge the comforting myths that have too often stalled reform.

For a nation that must now turn from diagnosis to delivery, this book is a welcome nudge—evidence-based, forward-looking, and firmly local in its sensibilities.

 

 

OBITUARY

Senator Deoroop Teemal, 1956-2025

2025, 08/03

Independent Senator Deoroop Teemal, president of the National Council of Indian Culture (NCIC), who had been unwell, died suddenly around 1 am on 3 August 2025, aged 69, at home in St Augustine.

Surujdeo Mangaroo, First Vice-President of the NCIC, described Senator Teemal’s passing as a tremendous loss to the development of Indian culture in Trinidad and Tobago.

“Senator Teemal was a dedicated leader and a passionate advocate for cultural preservation and community development.”

His commitment and service have left a lasting impact on our nation.”

Teemal was involved with the NCIC for over two decades and served multiple terms as Chairman of the Divali Nagar celebrations during his time on the executive.

Teemal was a Civil and Structural Engineer and Project Manager with 37 years of experiencein project management, contract administration, construction implementation and water and wastewater engineering.

His clients included the Ministry of Works, NIPDEC, WASA, and the Gaspar Grande Water Supply project.

He was the Principal of Team Engineering Systems Limited.

Teemal was first appointed as an Independent Senator in 2020 and served in the 3 Parliaments.

He is survived by his wife, Geeta, and their two adult daughters.

Independent Senator Anthony Vieira described Teemal as a model Independent Senator.

“His contributions were consistently substantive, well-reasoned, and entirely free from partisan posturing. He focused on sound governance, better laws, and a more just society,”

Known for his quiet strength and commanding presence, Teemal was appointed to the Senate in 2018. His contributions, recorded over seven years in the Hansard, included his final speech in June, when he cautioned against provisions that could compromise constitutional values.

Elected president of the NCIC in April 2023, Teemal oversaw initiatives to revitalise Indo-Trinidadian heritage, promote interfaith dialogue, and modernise the organisation while preserving its cultural roots.”

Prime Minister Kamla Persad-Bissessar called him “a devoted patriot and cultural stalwart” .

PNM political leader Pennelope Beckles remembered him as “a gentle personwho spoke with authority and strength.”

Former Independent Senator Paul Richards described him as a true patriot whose cultural contributions were unmatched.

PNM senator, Dr Amery Browne hailed the late senator, Deoroop Teemal, as “a true reflection of the very best of Trinidad and Tobago. I will remember him as an absolute patriot and a gentleman of service … always positive, constructive, sincere, and well-researched. Never one to raise his voice, or express anger or disrespect…”

He was a leading voice for the advancement of Indian cultural expression and yet was unrelenting in his appreciation of all aspects of our diverse nation.

“Unique, one of a kind, an exemplar, a good friend, a giant heart, an outstanding family man, a success in everything he applied his talents and energies toward, and a cool, calm, resolute and outstanding voice of reason for many years in our Senate and society.”