2025 Turmoil in Trinidad and Tobago energy sector
The TT Activity Map. PHOTO COURTESY THE ENERGY CHAMBER – Energy Chamber Activity – Energy Chamber
JAVED RAZACK 1 January 2026
The Geological Society of Trinidad and Tobago (GSTT) 2026 marks its 50th anniversary in 2026 as a professional and technical organisation for geologists, other scientists, managers and others engaged in hydrocarbon exploration, academia, volcanology, seismology, earthquake engineering, environmental geology, geological engineering and the exploration and development of non-petroleum mineral resources.
2025 was a topsy-turvy year for T&T energy. At the start of the year, one would not have expected TT would be closer to Exxon drilling in Trinidad than to getting gas from Dragon; or that the refinery restart will precede re-opened Nutrien plants. Budget 2026 is based on oil at US$73.25 per barrel (US$85 in 2025 and US$92.50 in 2024) and gas at US$4.52 per mmbtu (US$5 in 2025 and US$6 in 2024). From January to June, crude oil plus condensate production averaged just over 52,000 barrels per day, with gas production at 2.5 bcf/d . The Ministry of Energy bulletin reported a small rise in oil production from 2024 and a slight decrease in gas.
Positive upstream events include small to medium gas projects from BP, Shell, Perenco and EOG coming on line,being developed or are in pre-FID (Cypre, Mento, Coconut, Ginger, Frangipani, Onyx, Kanikonna, Aphrodite). These will stave off the decline of other fields. Manatee begins drilling in 2026 with production estimated to start end of 2027 or early 2028.
Amid negative news that all Venezuelan gas projects have stalled, there is speculation that Manatee could be impacted by US-Venezuela tensions, though it is progressing. Calypso has not reached FID and BP is rumoured to be taking over the project but every year that passes makes this project less and less feasible.
Exxon made a propitious return , taking seven T&T deepwater blocks and fast-tracking exploration to begin in Q1 2026. Their model of the Guyana petroleum system extends into Trinidad and the champions are keen on exploring for ultradeep oil there. This is a long-shot but Exxon has proven to be the best deepwater explorer.
Downstream, Nutrien shut down all Trinidad plants after issues of contract negotiations with National Energy, gas availability and global competitiveness. Meanwhile, the 8-month old government is proceeding to reopen Petrotrin refinery in phases. Despite doubt about whether this would be technically possible and economically feasible for investors, all indications are positive.
2026 will be a tough year for gas production and therefore forex availability. Oil production remains stable but low. Several gas projects will materialise in 2027. Exploration will advance in the petroliferous onshore, offshore shallow water and deepwater. The elephant in the room is what will happen between the US and Venezuela and its impact on T&T, as political pundits discuss every scenario. The ideal outcome is cooperation from Venezuela and USA for production of the nearby and cross border gas fields via Trinidad.There is potential for flared gas production from onshore Venezuela coming to Trinidad. T&T services sector would have massive opportunities in an open Venezuela. If unlocked, these opportunities would provide valuable benefits to both petrostates as boreal realms demand energy in icy winter weather
Bid Rounds & Upstream Acquisitions
* January – EOG signed 2 Production Sharing Contracts (PSCs) for Blocks NCMA 4(a) and Lower Reverse L after awards from the 2023/2024 Shallow Water Bid Round. EOG contracted TGS to acquire 3D seismic data for these blocks in 2025.
* May – Touchstone closed its acquisition of Shell’s Central Block interests in a cash sale of approximately $28.4 million. Central Block is now operated by Touchstone holding 65 per cent with Heritage controlling 35%. The block includes 4 producing natural gas wells and a gas processing facility. 2025 output was 16 mmscf/d with 180 bbl/d of condensate.
* July – Perenco acquired Woodside production assets in TT (300mmscf/d of gas and 1600 bbl of oil per day) including interests and operatorship of east coast blocks 2(c) and 3(a) holding Angostura and Ruby fields. All associated platforms, facilities and Galeota onshore terminal were sold to Perenco, following Perenco’s acquisition of BP’s CAFI assets in 2024. The deals place Perenco as the second largest T&T hydrocarbon producer on a boe basis, followed by Shell then EOG.
* August – ExxonMobil discussed interest with T&T in ultra deepwater blocks TTDAA 17, 18, 19, 20, 21, 22, 23 in December 2024. These blocks were not nominated during the 2025 deepwater bid round. The new government fast- tracked negotiations and Exxon signed a PSC for TTUD1, an amalgamation of the 7 blocks, in August 2025. The super- block marks the easternmost extent of T&T waters. North and east of the block lies Barbados acreage and to the south lies Guyana’s prolific acreage. Venezuela’s claim to Guyana’s Essequibo region includes the area south of this block. Exxon and the TT government disclosed that seismic acquisition is being fast tracked to begin in February 2026 and that the first exploration well may be drilled by or before 2028.
* September – MEEI officially closed the 2025 Deep Water Competitive Bidding Round. 4 bids were received from 2 bidders. PRC NOC CNOOC bid on TTDAA 24, 25 and 30. A new consortium from Nigeria (STIT Energy Ltd and Groundports Ltd) bid for TTDAA 5 which Shell relinquished. Block 5 was previously held by BHP and Shell, which drilled 3 wells (Le Clerc-1, Victoria-1, Concepcion-1) with sub-commercial gas discoveries. The Ministry continues evaluation of the blocks but should beware of the perils after Solo Creed pollution and Venezuelan debt of US$10bn in loans from PRC creditors
Upstream Updates
* May – EOG announced Beryl well oil discovery in TSP deep located in 170 ft water depth which hit 125-plus ft of high-quality net pay. EOG and BP partner on Beryl are working towards FID. Estimates suggest first oil before 2029.
* May – Heritage announced arrival of its new, Enterprise Offshore Drilling’s Rig 264, replacing Well Service Rig 110. Heritage will begin drilling in East Soldado and plans to boost offshore oil output by 2000 bbl/d by the end of 2025.
TT bid round map
* July – Energy Minister Moonilal said Heritage will drill several deep onshore exploration wells over the next 3 years. He noted the decline in oil output since 2015, when onshore Petrotrin production was 21,387 bbl/d, to under 10,000 bbl/d in 2025. Over the decade, oil output grew slightly from lease- out, farm-out and other onshore producers .
* August – Renaissance Energy Ltd announced the successful completion of its onshore drilling campaign in the Wilson Sands formation, with all 3 wells delivering commercial hydrocarbons.
* September – Predator Oil & Gas completed acquisition of Challenger Energy Group operations . This includes 3 onshore producing fields: Goudron, Inniss-Trinity and Icacos.
* October – De Novo Energy, renamed Proman Energy, reflecting their parent company, produces gas from 4 wells in the only gasfields on Trinidad’s west coast – Iguana and Zandolie. 1 development well will be drilled in 2026.
* November – Well Services Rig 110 was drilling offshore for Heritage when it collapsed, with one fatality. Salvage operations was about to begin.
* December – Touchstone began development drilling in onshore Central Block for the first time in 19 years with the Carapal Ridge-3 well. Gas production from the Block could exceed 50 mmscf/d. Current production is 16 mmscf/d.
* December – EOG received EMA CEC for drilling two exploration wells TG1 and TG2 in Block NCMA 4(a), which was awarded earlier in 2025. These will be drilled in 2026.
New Gas Projects
* Dragon – The saga continued in 2025, from full speed ahead to dead stop. At the end of 2024, seismic and geotechnical surveys at Dragon had been started by Shell. These were forced to wind up by May 2025, as the OFAC licence from the USA was revoked. In October, the OFAC licence was restored but Venezuela cancelled gas agreements with TT, following the US naval blockade. In the interim, Shell has enough data to plan the engineering for drilling production wells and laying the pipeline for Dragon. If and when the project recovers, the technical design should already be in place.
* Manakin-Cocuina – The cross-border gasfield operated by BP, suffered the same fate as Dragon for the same reasons. Seismic data acquired in 2024 will help to plan the field development if and when the project is revived..
* Calypso – Discovered by BHP, this vital gas project changed hands to Woodside, who operated the blocks with BP (70 per cent and 30 per cent respectively). No FID has been announced but BP is reportedly seeking to become the operator as Woodside sold all its other TT assets to Perenco. BP stake in Atlantic may make the project commercially feasible. In December, another event occurred as BP global’s new CEO, Meg O’Neill is a former CEO of Woodside . Having turned down Calypso for Woodside, advancing it with BP will be potentially fortuitous. This is the only large, discovered gas field within TT waters that was not produced and is essential to maintain the gas industry. Even when approved it will take at least 7 years to come online. Estimates indicate peak production of 700 mmsfc/d, over 25 per cent of TT existing total.
* Manatee – This is the only new large gas project that is proceeding, unless halted by the fatuous notice that Venezuela has cut all gas agreements with TT. Loran and Manatee were de-linked in 2019 to be developed independently up to the agreed limits of each field. However, Venezuela must monitor T&T gas production to prevent production from Loran. Officially, Manatee continues as planned. Shell will produce 2.7 tcf of gas from Manatee with 8 wells. Drilling will begin in 2026 with a Valaris rig. Pipeline construction by McDermott (115km, 32in line) is ongoing . TOFCO is building the Manatee jacket – the largest to be built locally. Production should begin in late 2027, or 2028 due to delays. Over 600 mmscf/d is expected at peak, almost 25 per cent of current gas production. Minister Moonilal said in July that he was discussing “Manatee Plus,” with Shell, 10 per cent higher production than planned, raising the peak closer to 700 mmscf/d. Costing over US$2 billion,Manatee will be the biggest local gas project in many years and one of the largest for Shell globally.
* Cypre – BP delivered first gas from Phase 1 in April, ahead of schedule. In November, BP said that Phase 2 had been completed, ahead of schedule in 2026. BP’s 3rd subsea development, Cypre consists of 7 wells tied back to BP Juniper platform. At peak, Cypre is projected to deliver 250 mmscf/d.
* Mento – In May, EOG and BP announced first gas from Mento, a 50/50 project between the companies, with EOG as operator. Mento is expected to produce 250 – 300 mmscf/d at peak.
* Ginger – In March, BP announced FID for Ginger, its 4th subsea project which will include 4 subsea wells tied back to BP Mahogany B platform. One of bp’s 10 major projects expected to start up between 2025 and 2027, first gas in 2027 is expected to peak at 350 mmscf/d. Sanction confirms BP commitment to development of resources in existing acreage.
* Frangipani – In March BP announced success at Frangipani exploration well where dilling identified multiple stacked gas reservoirs within the same geological structure as Ginger. Development will be fast-tracked. .
* Coconut – EOG and BP expect first gas in 2027 from the 50/50 joint venture with EOG as operator.
* Blackjack/Aphrodite – in June, Shell revealed FID on Aphrodite, known as Blackjack, discovered in 2022. This is expected to be drilled in 2026 with first gas in 2027 and peak production of 100 mmscf/d. This small project involves a single production well tied back to the Dolphin platform.
* Kanikonna – This BP gas project expects FID in 2026. Expected production is not known.
* Onyx gas field in the TSP acreage that has been undeveloped for over 20 years. Perenco drilled an appraisal well and sidetrack and announced in May that it encountered significant gas in two compartments. Volumes, production and timelines have not been disclosed but it is expected this will arrive at FID in 2026.
Grenada, Guyana & Suriname
After the April 28 election, the new government reviewed gas found in Grenada in 2017 in the Nutmeg well but no appraisal was done to determine its size. In June, energy ministers and the Russian operator, GPG discussed facilitating production through Trinidad.
Guyana is now the highest oil producer per capita in the world with over 900,000 bbl/d. Exxon has 4 FPSOs online and several more in the pipeline. Bid rounds attracted Total Energies, Qatar Energy, CNOOC, Petronas and new operator Cybele Energy. Acquisition of Hess brought the supermajor Chevron into the booming petrostate.
Suriname – Total will begin development drilling for its first offshore project in 2026. Gran Morgu, a deepwater development with a 10 billion USD price tag will produce 220,000 bbl/d from 2028. Petronas announced commerciality of Sloanea gas field. Chevron, Shell, Petronas and others secured new blocks. At the end of 2025, Suriname opened another bid round for the majority of their unlicensed acreage.
Downstream
* October – Nutrien announced the closure of its 4 ammonia and one urea plants and 600 job losses, citing challenges with gas supply and port fees for National Energy. Discussions continued to December, with no decision to restart. An alternative CO2 source for Massy Gas from Proman avoided a crisis in the beverage and manufacturing sector.
* November – The US government removed 15 per cent tariffs on imported fertiliser from countries, including TT. Proman said , “I would like to thank the government of Trinidad and Tobago for its proactive engagement and advocacy efforts on this issue. We look forward to continued collaboration with the Government, our US partners and industry stakeholders as we seek to address further barriers to trade, including the tariffs imposed on methanol and ammonia, to ensure the long-term resilience, sustainability, and global competitiveness of the sector.”
* November – During the election, a major stated goal of then opposition, now UNC government, was to reopen the (Petrotrin) refinery, closed in 2018. A Refinery Reactivation Committee, headed by former energy minister Kevin Ramnarine, was established after the election. The committee delivered its report to the energy minister and the prime minister in November. A phased restart is technically feasible and it is expected that in Q1 2026, financing (for at least Phase I) will be in place and official timelines will be disclosed.
New Energy developments
* Solar – In July, BP announced that Brechin Castle Solar farm achieved first electrons, equivalent to first oil or gas. BP said, “first electrons were transmitted from the southern segment of the Brechin Castle Solar farm, which will be gradually ramped up to deliver up to ~40 megawatts (ac) of power to T&TEC. Work will continue toward achieving mechanical completion on the northern segment before fully commissioning the site in 4Q 2025. Once fully commissioned, the solar farm will have the capacity to deliver up to 92 megawatts (ac) of power into the national electricity grid. It will provide approximately 8 per cent of TT’s power generation, allowing natural gas to be redirected to other downstream users.”
Shareholders of the first utility scale solar farm are BP (35 per cent), Shell (35 per cent) and NGC (30 per cent). The BP and Shell consortium was the only awardee in a 2017 competitive tender from the MEEI and NGC later farmed in.
* Hydrogen – The MEEI and National Energy won an award for Best Government Initiative at the 2025 Hydrogen Latin America and Caribbean (H2LAC) Industry Awards in Brazil. This is the first green hydrogen pilot project in the Caribbean Region and is expected to be completed in Q1 2027. The project is a key milestone in the Roadmap for a Green Hydrogen Economy in TT , advancing the integration of green hydrogen into the petrochemical industry.
* Wind – In July, Minister Moonilal said that the ongoing onshore Wind Resource Assessment Program was being expanded to add wind measurement devices at Los Iros/Santa Flora and Toco/Manzanilla. The ministry launched the onshore WRAP in November 2024, at Orange Valley and Galeota. Two LiDARs were deployed to measure wind data to international standards for a period of 12-18 months. MEEI will issue an RFP for an offshore WRAP.
General election and state company changes
In the government elected in April the Energy Minister is Dr Roodal Moonilal. Ernesto Kesar is minister in the ministry. .State companies under their ambit are NGC, Heritage Petroleum, Paria Fuel, Guaracara (which holds the refinery), NP, TGU, National Quarries and Lake Asphalt. Subsidiaries of NGC are National Energy, PPGPL, NGC Green and LABIDCO. As is customary, the boards change with a new government. These companies are critical to the energy sector and need strong and capable leadership to navigate a complex energy industry in a region beset by corruption and insecurity. Following the election, Gerald Ramdeen replaced Joseph Khan as NGC chairman. Verlier Quan-Vie resigned as NGC VP of Commercial. Erik Keskula resigned as Heritage CEO and was replaced by Kerry Rampersad. In September, NE president Vernon Paltoo proceeded on pre-retirement leave and Marcia Maynard assumed the role of acting president. In November, PPGPL president Dominic Rampersad proceeded on pre-retirement leave and Colin Ramesar was appointed acting president.
Wednesday, December 17th 2025 – 21:05 UTC
Paraguay among key US allies, says Charge d’Affaires
Robert Alter, Charge d’Affaires at the United States Embassy in Asunción, characterized Paraguay as one of the most significant global allies of the USA. Alter highlighted the strengthening of bilateral ties following the signing of a new security cooperation agreement aimed at dismantling organized crime.
Peru grants US troops access next year
December 15th 2025
Jerí met with a delegation from the FBI and US security experts in Lima
Peruvian authorities officially greenlighted the entry of US military personnel for the entirety of 2026 to conduct joint training, support, and security assistance exercises with local armed and police forces. The resolution, approved by the Peruvian Congress, allows US military personnel to be in the country from Jan. 1 to Dec. 31, 2026 and to carry combat weapons during their stay.The US contingent will be composed of rotating groups, with different units cycling through Peruvian territory every three to six months to maintain a constant presence. US units will include special forces, Navy SEAL teams, Civil affairs specialists, and Military intelligence support staff. Peruvian institutions participating in the joint exercises will include specialized units from the Army, the Joint Command of Intelligence and Special Operations (Cioec), Naval Special Operations Forces (FOES), Air Force Special Forces Group (Grufe), and specialized units of the National Police, such as the Directorate of Special Operations (Diroes) and the Anti-Drug Directorate (Dirandro).
The authorization was published after Peruvian Foreign Minister Hugo de Zela confirmed that the US government notified the US Congress of its intention to designate Peru as a “Major Non-NATO Ally” (MNNA). De Zela stated that this designation was a political gesture recognizing Peru as a trustworthy partner in security and defense. The measure is expected to grant the Peruvian Armed Forces a “privileged” position regarding cooperation and access to military facilities and benefits within the US military relationship.The decision to allow a sustained US military presence reflects a clear alignment by the Peruvian government with US security interests. In this scenario, Peruvian President José Jerí met a delegation from the FBI and US security experts in Lima as part of the process to develop a new national citizen security plan.While Peruvian authorities justify the action on the grounds of specialized training and logistical support, critics raised concerns that national sovereignty could be compromised by this type of foreign military presence.
Díaz-Granados reelected for second term at helm of CAF , December 17th 2025 –
Díaz-Granados’ re-election solidified CAF’s position as the multilateral bank with the greatest geographic presence in the region
Colombian lawyer Sergio Díaz-Granados was re-elected as Executive President of the Development Bank of Latin America and the Caribbean (CAF) for a second, consecutive five-year term after getting the nod from the Board of Directors. The decision reflects a strong vote of confidence from shareholder countries following a period of record-breaking institutional growth. Under Díaz-Granados, the CAF reached unprecedented growth, with annual approvals exceeding US$16 billion. The bank secured a US$7 billion capital increase, the largest in its history, coupled with a geographic expansion through the addition of six new countries, including El Salvador, Honduras, and Barbados, as well as Chile’s return as a full member.
The CAF was granted an AA+ rating from S&P Global, the highest in the institution’s history. Díaz-Granados, recognized by TIME magazine as one of the 100 most influential people of 2025, outlined an ambitious roadmap, with its sights on doubling the portfolio by 2031. Having met the goal of 40% “green” financing ahead of schedule in 2024, the CAF now aims for 50% green financing by 2030.The bank also announced a US$40 billion investment over the next five years to support renewable energy, biodiversity and climate adaptation. In the private sector, the CAF plans to boost regional productivity through increased collaboration. Díaz-Granados’ re-election solidifies CAF’s position as the multilateral bank with the greatest geographic presence in the region. The leadership team intends to use this strengthened position to act as a “region of solutions” for global challenges like the energy transition and poverty reduction.
Tancoo in Panama to chair CAF
16 December
T&T Minister of Finance Davendranath Tancoo is in Panama for meetings of the Development Bank of Latin America and the Caribbean board of directors and audit committee on December 15-16. The board of directors meeting on December 16 will review and approve the programme of activities and budget for 2026, along with the authorisation of credit operations. The agenda includes decisions on the allocation of shares, specifically series “C” shares for Haiti and Saint Kitts & Nevis. It will also include the confirmation of Barbados’ compliance with the conditions to transition to a full member country, joining TT as the only other CAF full member from Caricom. The board will consider sovereign and non-sovereign operations, covering priority sectors such as energy, electric power transmission, water and infrastructure, as well as programmes supporting institutional development and private-sector investment.
The board of directors consists of representatives from series A, B, and C shareholders. It is responsible for setting CAF’s policies, appointing the executive president, approving credit operations, the annual expense budget, guarantees, investments, and any other activities aligned with CAF’s objectives. Tancoo is currently chairman of CAF and is expected to preside over both meetings. Accompanying the minister is Jimmy Wong, senior debt analyst at the Ministry of Finance.
St Kitts, Haiti join CAF as shareholders
Chairman Development Bank of Latin America and the Caribbean (CAF) board of directors Davendranath Tancoo, sixth right, with the board in Panama City, Panama on December 16. – Photo courtesy CAFChair of CAF Davendranath Tancoo with the board in Panama City on December 16. CAF
Development Bank of Latin America and the Caribbean on December 16 approved incorporation of St Kitts & Nevis and Haiti as new shareholder countries. The decision during a board of directors meeting, opened the door for both countries to access agile and flexible development financing, technical assistance and knowledge programmes tailored to the needs of small island and climate-vulnerable states. Minister of Finance Davendranath Tancoo, chairman of CAF and presided over the meeting. By these decisions, CAF will triple its shareholder countries in the region, compared with 2023.
At the meeting , CAF approved US$3.175 billion for new operations across the region in electricity infrastructure, water security, sustainable transport, support for vulnerable communities and financing for SMEs and productive sectors. These approvals reinforce CAF’s growth and increased development assistance .
In June 2025, at its board meeting in Seville, Spain, the institution approved incorporation of St Lucia and over the past year The Bahamas, Antigua & Barbuda and Grenada joined its shareholder base. CAF now counts six regional shareholders with others at various stages of incorporation . CAF is committed to strengthening its engagement with regional governments, providing agile and flexible development financing solutions to advance their development priorities.
CAF executive president Sergio Diaz-Granados expressed gratitude to the new shareholder countries, highlighting that the incorporation of the two countries reinforces its commitment to the region at a pivotal moment.
“St Kitts and Nevis and Haiti are joining a home-grown development bank that was set up by the region for the region.”
With its mandate to promote sustainable development and regional integration, “CAF is more than a bank; it is a bridge that brings Latin America and the Caribbean closer together. We are focused on delivering solutions that reflect the realities of vulnerable SIDS. CAF brings a fresh approach to development financing, one that works directly with each country to convert its development priorities into sustained progress and impactful development outcomes for their communities.”
The board confirmed Barbados’ compliance with the conditions to transition to a full member country of the institution, joining Trinidad and Tobago as the only other CAF full member from Caricom.
“CAF engagement has continued to deepen since establishment of its regional office in Trinidad and Tobago in 2022. Since then, the institution has advanced a broad portfolio of initiatives across the region, including climate financing, resilient infrastructure, modernisation of public services, water security, cultural and heritage tourism, education and digital transformation programmes, initiatives that support the blue and green economy and many other areas critical to the region’s development.”
US OFAC licence valid for Dragon gas
December 12, 2025
The Office of Foreign Assets Control (OFAC) licence granted by the US to Trinidad and Tobago to pursue the Dragon gas project in Venezuela remains valid, Minister of Foreign and Caricom Affairs Sean Sobers said. As far as the Government stands, the OFAC licence… is still valid.” Attorney General John Jeremie announced in October that Trinidad & Tobago had officially been granted the OFAC licence from the USTreasury Department to pursue the development of the Dragon gas project with Venezuela.
Prime Minister Kamla Persad-Bissessar later issued a release stating: “The granting of the OFAC licence is the result of immense hard work and represents a fresh starting point in the ongoing negotiations. It follows my recent meeting with US Secretary of State Marco Rubio in Washington, where we engaged in productive discussions on deepening cooperation and advancing mutual interests.”
On Venezuelan suspension of energy deals with Trinidad & Tobago, Sobers said the OFAC licence was between Shell, as the commercial entity and Venezuela. He would not comment on their commercial activities, because such deals can take any direction.
“Shell is essentially driving that arrangement. As far as we are aware, as a country there is no issue related to the arrangement. We are extremely close to procuring the OFAC licence with respect to the Manakin/Cocuina field, which is with respect to BP. And we have other discussions ongoing with the US with respect to other initiatives, apart from national security, that would also benefit Trinidad and Tobago.”
The Government was collaborating with Shell, the US and Venezuela on the Dragon gas field deal. “So, as it pertains to the Dragon gas field, which is managed by Shell, discussions with respect to Venezuela and the exploration of that field, we have a particular arrangement in place where that is concerned…there are NDAs and not everything we’ll be able to discuss with the public. Suffice it to say the Government, in collaboration with Shell and the US and Venezuela, are on top of the issue. We have no tensions with either country and we live as neighbours. I don’t think that any rhetoric… has hampered our commercial arrangement moving forward. We’ve always kept that to the forefront of our minds and it has not dampened our resolve in trying to ensure that the energy commodity future of Trinidad & Tobago remains intact and develops rapidly under this administration. I had a lengthy conversation with the ambassador to Venezuela, resident here . We speak to our head of mission in Caracas, almost on a daily basis with varying issues and it is business as usual.”
Trump confirms US seized oil tanker near Venezuela
December 10, 2025
A “large” oil tanker allegedly used to transport oil between Venezuela and Iran was seized by the US today off the coast of Venezuela , marking the latest escalation in a months-long military build-up across the region. At the start of a White House roundtable US President Donald Trump disclosed that a “very large” tanker had been taken by the US government, adding, “other things are happening… you will be seeing that later.” US Attorney General Pam Bondi has since stated that the operation involved the execution of a seizure warrant for a crude oil tanker used to transport sanctioned oil from Venezuela and Iran.
The tanker had been sanctioned by the US for years due to its alleged involvement in an illicit oil shipping network that supports foreign terrorist organizations.
“This seizure, completed off the coast of Venezuela, was conducted safely and securely—and our investigation alongside the Department of Homeland Security to prevent the transport of sanctioned oil continues.” Reuters reported the US Coast Guard led the operation but location of the seizure and name of the vessel were not confirmed. Four months of a sweeping US deployment included multiple warships, the largest and most advanced aircraft carrier, USS Gerald R Ford, 15,000 US troops and lethal boat strikes. These actions under the umbrella of the US Department of War’s ‘Southern Spear’ operations are deemed an effort to curb the flow of drugs from the region into the USA, stacking pressure on the regime in Venezuela, with recent terrorist designations of alleged drug-smuggling groups and allegations that Maduro is complicit in drug-trafficking operations. President Trump suggested that the US was considering expanding operations to land strikes and Maduro’s days were numbered.
Venezuela’s economy has long struggled as a result of its overreliance on oil and increasing US government sanctions on the Petróleos de Venezuela, S.A. (PDVSA) and related Venezuelan oil-sector entities. Since the US began its escalation, Venezuela accused the Administration of targeting its oil and gas wealth. In a letter to the Secretary General of the Organization of Petroleum Exporting Countries (OPEC), Maduro last month condemned the US’ actions as a “campaign of harassment” by Trump, stating that the US intends to seize the country’s vast oil reserves.
“This intention not only contravenes provisions that promote peaceful coexistence among nations but also endangers the stability of Venezuelan oil production and the international market. The world is well aware of the harmful consequences that military interventions by the United States and its allies have generated in other oil-producing countries.”
On Tuesday two US Boeing F/A-18 Super Hornets circled the Gulf of Venezuela for over half an hour, before retreating into the Caribbean Sea. According to the Boeing Company that aircraft is able to perform “virtually every mission in the tactical spectrum, including air superiority, day/night strike with precision-guided weapons, fighter escort, close air support, suppression of enemy air defenses, maritime strike, reconnaissance, forward air control and tanker missions.”
Days ago Prime Minister Kamla Persad-Bissessar alleged that crime in Trinidad & Tobago was being driven by “sanction- busting Venezuelan criminals,” in defence of the installation of a US military grade RADAR at the ANR International Airport in Tobago. Acknowledging the US military presence in Tobago where numerous military flights were spotted , she claimed that the new RADAR system would assist detection of Venezuelan crude oil “sanction-busting” activities and traffickers conducting “deliveries of narcotics, firearms, ammunition and migrants from Venezuela.”
Along with the majority of citizens, she welcomed the US military presence and its strike campaign, noting that the high violent crime rates were driven by activities of traffickers and Venezuelan criminal collaborators. She had urged the Opposition to explain why an existing RADAR system operated under the PNM government for years did not detect oil tankers engaged in the “ship-to-ship transfer of sanctioned Venezuelan oil” within Trinidad waters. Documents state that Trinidad was the point of origin for such oil.
ECLAC touts deeper ties with India
, December 12th 2025 –
Latin America and the Caribbean (LAC) should strengthen and expand its economic and cooperation relationship with India to revitalize regional economic growth and enhance development, according to authorities at an international seminar hosted by the Economic Commission for Latin America and the Caribbean (ECLAC).
The event, titled India–Latin America and the Caribbean: Emerging Partners in a Transforming Global Economy, sought to foster a strategic dialogue and advance toward a common roadmap for strengthening this partnership and exploring new opportunities. ECLAC Executive Secretary José Manuel Salazar-Xirinachs emphasized the necessity for LAC to “rethink its international insertion with a prospective vision.”
He argued that integrating with the world must be managed intelligently, acting as a policy instrument to dynamize growth and development, drive productive transformation, leverage the region’s numerous assets, and establish mutually beneficial relationships with an expanding base of economic partners.
Salazar-Xirinachs highlighted India as one of the world’s most dynamic emerging economies, with a GDP approaching US$3.7 trillion and a population exceeding 1.4 billion. India is currently the fifth-largest global economy and is on track to become the third-largest by 2030, thus offering a plethora of opportunities. While the economic relationship between India and LAC has shown greater dynamism —with bilateral trade nearing US$50 billion— this potential is far from being reached.
He noted that current trade remains concentrated in a few products with limited participation of higher-value-added goods and services. However, ongoing negotiations, such as the Comprehensive Economic Partnership Agreement (CEPA) with Chile, the Free Trade Agreement (FTA) with Peru, and the expansion of the India–Mercosur agreement, reflect growing interest.
Salazar-Xirinachs urged LAC to complement its traditional economic ties with United States, China and the European Union with a broader strategy of diversification toward emerging economies, including India, the Gulf countries, ASEAN and Africa.
“This proposal does not assume diminishing the importance of our main partners… Rather, it seeks to complement that architecture with new spaces for cooperation that allow the region to act with greater agility in a more competitive global scenario,” the Costa Rican official stated.
In a global order marked by intense industrial and technological rivalry, regions that combine resilience, prospective vision, and proactive action will be best positioned to strengthen their development trajectory.
India’s Ambassador to Chile Abhilasha Joshi echoed this sentiment, confirming his country’s message to the region was one of “collaboration, ambition, and shared prosperity.” She was confident that the coming years will see a “broader, deeper, and more impactful collaboration” between India and Latin America and the Caribbean.
During his successful visit to Trinidad & Tobago, Prime Minister Narendra Modi donated generous medical, educational and other valued gifts, impressing the Indian diaspora in the region since 1838.
IMF Executive Board Concludes 2025 Article IV Consultation Discussions with Aruba
December 1, 2025
The Executive Board of the International Monetary Fund (IMF) concluded the 2025 Article IV consultation discussions with The Kingdom of the Netherlands—Aruba on a lapse of time basis on November 21, 2025.
The economy has performed strongly. In 2023 and 2024, real GDP growth is estimated at 8.9 percent and 7.6 percent, respectively, driven by private hotel investment and strong tourism. Growth is projected to slow to about 4.0 percent in 2025.
Risks to the outlook are tilted to the downside due to potential external shocks.
Washington, DC: The Executive Board of the International Monetary Fund (IMF) completed the Article IV Consultation Discussions for the Kingdom of the Netherlands—Aruba[1] and endorsed the staff appraisal without a meeting on a lapse-of-time basis.[2] These consultation discussions form part of the Article IV consultation with the Kingdom of the Netherlands. The authorities have consented to the publication of the Staff Report prepared for this consultation.[3]
The economy has performed strongly, while inflation has declined. In 2023 and 2024, real GDP growth is estimated at 8.9 percent and 7.6 percent, respectively, driven by private hotel investment and strong tourism. Stopover tourism growth moderated to 4.8 percent in September 2025 (year-to-date). Unemployment fell to 4.3 percent in 2024 (from an 8.0 percent average in 2000–19), aided by higher labor force participation. Headline (core) inflation fell sharply—from a peak of 7.7 (3.5) percent y/y in August 2022 to -0.4 (0.5) percent y/y in September 2025, reflecting lower international food and energy prices, base effects from changes in administered prices, and the relative strength of the US dollar through April.
Aruba’s GDP growth is expected to decelerate this year and converge to its estimated potential. Growth is projected to slow to about 4.0 percent in 2025 as tourism and hotel investments ease. Inflation is expected to gradually return to its steady state, rising from 1.0 percent in 2025 to 2.0 percent over the medium term, largely reflecting imported U.S. inflation. Fiscal balances are expected to comply with the fiscal rule and public debt is projected to decline, reaching 64.4 percent of GDP in 2025 and 50.4 percent by 2030. The current account is projected to remain in surplus, supported by tourism flows. International reserves are projected to remain adequate at around 12.5 months of total imports. Risks to the outlook are tilted to the downside due to potential external shocks. These include geopolitical tensions, escalating trade measures, and prolonged uncertainty that could weigh on growth, disrupt supply chains, and raise import prices, and climate change threats from volatile and extreme weather events and sea level rise. Domestic risks include delays in public investment that could leave infrastructure bottlenecks unresolved.
Executive Board Assessment[4]
Aruba’s economy has shown a remarkable post-pandemic tourism-driven recovery but is set to slow. Growth is projected to slow to about 4.0 percent in 2025 as tourism and hotel investments ease, and to converge to its potential rate over time. Strong tourism demand is straining infrastructure, labor markets, and housing availability and affordability. If unaddressed, these structural bottlenecks may constrain medium-term growth. The external position remains substantially stronger than implied by fundamentals and desirable policies.
Continued adherence to the fiscal framework will reduce public debt towards its medium-term anchor (50 percent of GDP), while creating fiscal space to advance the government’s social and development objectives. Strengthening revenue mobilization, enhancing spending efficiency, and improving the targeting of public resources will reinforce fiscal surpluses and debt reduction, while enabling greater investment in priority areas such as infrastructure, education, health, social programs, and climate adaptation.While the 2026 budget submitted to Parliament complies with the domestic Financial Supervision Law (LAft), it implies a slightly expansionary fiscal stance. To achieve a more neutral fiscal position, consistent with a closing output gap and to continuing reducing debt, additional savings are recommended, primarily from revenue windfalls, with streamlining spending as a fallback.
Strengthening the fiscal rule under the draft Kingdom Act (HOFA) will facilitate debt convergence toward the medium-term anchor. The draft HOFA introduces escape clause triggers and procedures, a correction mechanism, and the creation of a contingency reserve for fiscal shocks. The operational (primary balance) rule can be strengthened by expanding its coverage to initially the general government and later the broader public sector, including state-owned enterprises (SOEs). A 2035 target date to reach the debt anchor of 50 percent of GDP is advisable as it balances fiscal sustainability and flexibility. Strengthening the medium-term fiscal framework (MTFF), anchored by an established debt target, will enhance the effectiveness of the fiscal rule, bolster fiscal planning, and facilitate a comprehensive approach to fiscal management. Large upcoming debt repayments underscore the need for a prudent liability management strategy.
Clarification of the status, objectives, investment strategy, and governance of the proposed investment fund is essential. A multi-year investment agenda aligned with policy priorities and strengthened public investment management is recommended. Only multi-year projects should be included in the fund; shorter-term initiatives should follow the regular budget cycle. Coordination of the investment plan with SOEs is crucial to avoid resource competition and optimize timing.Financial oversight and governance of SOEs need to be strengthened. A comprehensive reform—covering legal, administrative, institutional, and technical aspects—is essential to strengthen SOEs financial oversight and governance. The recent approval of the Participation and Dividend Policy is welcome. The planned adoption of the Corporate Governance Law will help to reduce fiscal risks.
Long-term fiscal risks related to social security and health insurance systems need to be tackled. Better use of preventive care can help contain healthcare costs. The ongoing formalization of the migrant population will increase social contribution revenues, helping to ease pressures on healthcare and social security systems. Parametric reforms (contribution and replacement rates and possibly raising the retirement age) could still be needed to preserve the actuarial balances.The Central Bank of Aruba (CBA) should maintain its cautious and data-driven approach to liquidity management, especially given global uncertainty. In the current environment, the existing reserve requirement ratio (RRR) level appears consistent with supporting macroeconomic and financial stability. A further reduction is unwarranted in the current context given excess liquidity, and there are no signs of pressure in goods or credit markets to justify an increase. The CBA needs to stand ready to raise the RRR if pressures on reserves or a surge in domestic demand emerges.
Continued vigilance to financial system vulnerabilities and risks is essential. Close monitoring of real estate underwriting standards and formally introducing macro-prudential tools, such as loan-to-value and debt-service-to-income ratios would help to mitigate risks The CBA needs to continue enhancing its regulatory and supervisory frameworks. Leveraging sectoral balance sheet data is essential to identify macrofinancial linkages.
Continued efforts to strengthen compliance with financial integrity and international tax transparency frameworks are warranted. The authorities should continue enhancing the domestic legislative framework to further improve financial integrity and promptly begin preparation for the 2030 Caribbean Financial Action Task Force (CFATF) peer review. Given the coordination efforts required, the authorities need to promptly begin with the launch of the national risk assessment, which is crucial to continue improving the Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) framework.
Boosting tourism’s value added and accelerating economic diversification are critical for sustained growth. Staff supports the implementation of a High-Value-Low-Impact model with high shared value for the population. Given the limits to further tourism expansion, new growth engines are needed. The “Promising Sectors” initiative and plans to expand renewable energy offer viable paths toward diversification and resilience. Enhancing core infrastructure and improving the business climate remain critical to mobilizing private investment.Increasing resilience to climate change is a priority. The authorities should continue their ongoing climate risk assessments and planned costing for adaptation. A targeted action plan is needed to prioritize resilient infrastructure improvement and nature-inclusive urban development, in particular in coastal areas. Integrating adaptation into macro-fiscal planning will help guide needed public investment.Aruba faces challenges regarding data adequacy, especially timely national accounts dissemination. Capacity development will be crucial to enhance data collection, build lasting capacity at the Central Bureau of Statistics Aruba (CBS), and develop quarterly indicators and compile expenditure-based estimates.
Puerto Rico LNG supply deal
ByLNG Prime Staff
December 3, 2025
NFE gets conditional OK for Puerto Rico LNG supply dealAltamira LNG .New Fortress Energy
US LNG firm New Fortress Energy secured a conditional approval from the Financial Oversight and Management Board of Puerto Rico for its long-term LNG supply deal.
Honduras
15-year offtake tasks UK firm with LNG supply mission
December 2, 2025, by Melisa Cavcic
UK-based energy firm Centrica landed a multi-year liquefied natural gas (LNG) assignment in Honduras in Central America.
Signing of a 15-year sale and purchase agreement (SPA), Centrica will supply LNG to Exodus for Honduras, to mark a new milestone in its energy development. Centrica will deliver approximately six LNG cargoes per year through a ship-to-ship operation into the floating storage unit (FSU) Bilbao Knutsen in Puerto Cortes. The contract is expected to begin in 2026.
Arturo Gallego, Global Head of LNG at Centrica Energy, commented: “This agreement reflects Centrica Energy’s commitment to expanding global LNG access through strategic partnerships. By leveraging our global reach and operational expertise, we’re proud to support Exodus and Honduras in its journey toward a more sustainable and resilient energy future.”
LNG will be transported to the Brassavola combined cycle power plant, an operating 150 MW thermal facility with its combined cycle under construction and set to reach 240 MW of power capacity, marking the first-ever import of natural gas for power generation in Honduras.
This initiative represents a significant step toward diversifying the energy mix and reducing reliance on less environmentally friendly fossil fuels. Once operational, the FSU will serve as the backbone of LNG storage at a new terminal under construction on Honduras’ Caribbean coast.
The project is designed to enhance energy security, improve generation efficiency, and support industrial growth. This LNG deal comes shortly after Centrica and Energy Capital Partners (ECP) completed the acquisition of an LNG terminal in the United Kingdom.
GeoPark announces 2026 work program and medium-term guidelines
2 December 2025
COLOMBIA RESET UNDERWAY, RETURNING TO GROWTH WITH VACA MUERTA POSITIONED TO DOUBLE EBITDA AND INCREASE PRODUCTION BY OVER 60% THROUGH 2028
GeoPark, a leading independent energy company with over 20 years of successful operations across Latin America, announced its 2026 Work Program and 2027-2028 guidelines, which have been approved by the Company’s Board of Directors.
Execution Roadmap Through 2028: Scaling a Two-Fold Strategy
Protecting and Maximizing Core Production and Cash Generation in Colombia: The Company is focused on sustaining and improving the performance of its flagship Llanos 34 block and other key operated and non-operated assets. Following a strong 2025 and positive developments since GeoPark’s 2025 Investor Day, Colombian production reached a positive inflection point earlier than expected. Production is set to grow, supported by disciplined development, base optimization, enhanced recovery techniques, and strong results from recent wells. These efforts are further underpinned by the recently certified 22% increase in the 2P Original Oil in Place (OOIP)1 in the Llanos 34 Block which confirms a significantly larger resource base and strengthens the long-term production and economic outlook of the asset. Colombia will continue to provide a solid foundation to generate sustainable free cash flow, balance sheet strength, and shareholder returns.
Returning to Growth in Argentina: With the successful integration of the Loma Jarillosa Este and Puesto Silva Oeste blocks, GeoPark is confident it can unlock material long-term growth from its position in the unconventional Neuque´n Basin. The team is focusing on accelerating drilling activity to deliver a step-change in production and cash flow. Vaca Muerta is expected to become a core growth platform in GeoPark’s portfolio by year-end 2028.
Key Medium-Term Guidance Metrics (2026-2028)(a)
(a) Where applicable, final activity levels remain subject to ongoing discussions and alignment with joint venture partners, in line with standard governance processes across operated and non-operated blocks.
The strategic reset outlined at the Company’s 2025 Investor Day is well underway with a series of positive developments:
Major Increase in OOIP – Validated for Llanos 34: An independent technical audit conducted by DeGolyer and MacNaughton (D&M) in parallel to the 2025 Reserve Certification, validated GeoPark’s new 3D static models for key fields in Llanos 34, certifying a 22% increase – equivalent to 206 million barrels – in 2P OOIP. This validation represents a major opportunity to add future reserves and production over time, strengthens the asset’s development profile, increases optimization potential and reinforces GeoPark’s distinctive and value-accretive operating edge.
Colombia – Early Production Inflection Point: Production reached a positive inflection point in 4Q2025 (previously projected for 2026). Volumes are expected to increase in 2026, supported by effective base optimization, enhanced recovery initiatives, and strong well performance.
Argentina – Accelerated Development and Stronger 2026 Outlook: The GeoPark team has made significant progress in accelerating drilling in Vaca Muerta.The Company’s production ramp-up, that was originally expected in 2027, is now anticipated to begin in 2026, when the projected exit rate is 5,000–6,000 bopd. This brings forward growth and strengthens the Company’s medium-term production and cash flow outlook.
2025 Reserves – Step-Change in Certified 2P and Reserve Life: On November 24, 2025, GeoPark announced a material upgrade to its 2P reserves base, which increased by 38% year-over- year. As a result, the Company’s consolidated reserve life index increased to 12.7 years, significantly enhancing long-term production visibility and value.
These strategic milestones provide a solid foundation for GeoPark to deliver on its medium-term goals. The 2026 Work Program aligns capital with the Company’s highest-value opportunities and translates strategy into action.
2026 Work Program Details: Translating Strategy into Execution
The Program marks the first full year of execution under GeoPark’s new medium-term roadmap. It is designed to protect near-term cash generation, accelerate the growth of GeoPark’s unconventional assets, and position the Company to scale production and value through 2028.
In 2026, the Company’s $190-220 million CAPEX program will support production of 27,000-30,000 boepd across Colombia (24,500-26,000 boepd), and Vaca Muerta (2,500-4,000 boepd). The production mix is expected to be approximately 97% oil and 3% natural gas, with 12% unconventional and 88% conventional. GeoPark expects to drill 27-36 gross wells (including 6-8 gross exploration wells), with approximately 86% allocated to development activities and 14% to exploration and appraisal activities.
• Colombia – 22-31 wells, $110-120 million CAPEX:
Llanos 34 Block: Focus on maximizing recovery factors in the fields, including optimizing base production (waterflooding, pilot polymer flooding project, pump upsizing projects and workovers), and maximizing economics. The company expects to drill 10-14 gross development, appraisal and injector wells, along with 20-22 workovers, plus infrastructure and facilities.
Llanos Exploration: Focus on increasing production and reserves, through the delineation and development of the new discoveries in the Llanos 123 Block (Toritos, Saltador and Bisbita) and drilling exploration wells in both Llanos 123 and Llanos 86 blocks. The Company is expected to drill 7-9 gross wells.
CPO-5 Block: Drilling campaign focused on development and exploration activities, with 2-4 development wells and 3-4 exploration wells expected. Activities in the Indico Field will concentrate on sustaining production through a workover campaign of 2-3 wells.
• Vaca Muerta – 5 wells, $80-100 million CAPEX:
Loma Jarillosa Este and Puesto Silva Oeste: Focus on accelerating activity by finalizing the drilling, fracking and putting on production of 1 pad of 5 wells, installing rod pumps in 3 wells, upgrading facilities in the Loma Jarillosa Este Block, and advancing permitting for the Puesto Silva Oeste Block and shared facilities.
Strengthening Capital Discipline and Cost Efficiency
The Program is anchored on capital discipline, financial resilience, and enduring value creation. Under a $60- 70/bbl Brent base scenario, the Company expects to generate $220-300 million in Adjusted EBITDA3 in 2026. By 2028, Adjusted EBITDA is forecasted to grow to $490-520 million, equivalent to approximately 1.3 times total capital expenditures, and resulting in a projected ROACE4 of 25-30%.
The program will be primarily funded through internal cash generation and available debt facilities. At base case prices, year-end 2026 cash is expected to range between $130 and 140 million, with a net debt to EBITDA leverage ratio of 1.9-2.1x. Leverage is projected to decline below 1.5x by 2028 as cash flow increases and capital investments normalize.
The Company remains focused on cost efficiency across its portfolio. Lifting costs are targeted to remain below $15/bbl in 2026, trending toward ~$12/bbl by 2028. General and administrative (G&A)5 expenses are expected to remain around $4/bbl during 2026 and reach approximately $3/bbl by 2028.
GeoPark’s hedging strategy continues to play a central role in protecting cash flows and ensuring competitive price realizations. As of November 26, 2025, the Company had hedged approximately 56% of its 2026 estimated production6. This figure reflects an upward revision to projected volumes since the Company’s 2025 Investor Day. GeoPark intends to maintain hedging coverage in the range of 50-70% of forecasted production, in line with its risk management framework.
Shareholder Returns: Maximizing Shareholder Value Through Growth
Following the completion of the Vaca Muerta acquisition and considering its projected capital needs, the Board approved a revised dividend program consisting of approximately $6 million in distributions over four quarters. This equates to $1.5 million per quarter (or $0.03 per share), beginning with the 3Q2025 results payout and ending with the 2Q2026 results payout.
GeoPark remains firmly focused on maximizing shareholder value. Adjusted EBITDA is expected to more than double by 2028, driving a larger enterprise value supported by increased cash flow, lower leverage, and a broader, more diversified asset base. Furthermore, the Board will reassess capital allocation priorities once the Company returns to positive free cash flow after its peak investment phase, consistent with GeoPark’s disciplined, returns-based capital allocation framework.
Felipe Bayon, Chief Executive Officer of GeoPark, said: “Our 2026 Work Program and execution roadmap is designed to maximize shareholder value and deliver enduring results. Our strategy is clear: strengthen and maximize our core platform in Colombia and build a new engine of long-term growth in Argentina. Building on the reset accomplished in 2025, the 2026 Work Program balances near-term cash generation with the upfront investments required to transform the scale of our business and enhance future cash flow resilience. This is a disciplined, returns-focused plan that reflects the quality of our assets and the strength of our balance sheet, and the distinctive operating capabilities of our team across the region.”
1 Original Oil in Place (OOIP) refers to the total quantity of oil that is estimated to exist originally in naturally occurring accumulations before any production. While not all of this volume is recoverable, increases in OOIP expand the potential to convert additional resources into future reserves and production.
2 Adjusted EBITDA is defined as profit for the period before net finance costs, income tax, depreciation, amortization, the effect of IFRS 16,certain non-cash items such as impairments and write-offs of unsuccessful efforts, accrual of share-based payments, unrealized results on commodity risk management contracts and other non-recurring events. The Company is unable to present a quantitative reconciliation of the target Adjusted EBITDA which is a forward-looking non-GAAP measure, because the Company cannot reliably predict certain of the necessary components, such as write-off of unsuccessful exploration efforts or impairment loss on non-financial assets, etc. Since net debt and net debt to EBITDA leverage ratio are calculated based on Adjusted EBITDA, for similar reasons, the Company does not provide a quantitative reconciliation of the target net debt and net debt to EBITDA leverage ratio.
3 Assuming a $2-3 Vasconia/Brent differential and a $2-3 Medanito/Brent differential.
4 ROACE: Last twelve-month operating profit divided by average capital employed. Capital employed is calculated as total assets minus current liabilities and adjusted for excess cash. Excess cash corresponds to the portion of cash and cash equivalents that exceeds the amount required to cover current liabilities with current assets.
5 G&A includes administrative expenses and geological and geophysical expenses, excluding certain non-cash items, such as accrual of share-based payment, geological and geophysical expenses allocated to capitalized projects and IFRS 16 adjustment, which are excluded from the Adjusted EBITDA calculation; calculated over produced barrel.
6 Net average production after economic rights and royalties. GeoPark monitors market conditions on a continuous basis and may enter into additional commodity risk management contracts to secure minimum oil prices for its 2026 production and beyond.
Source: GeoPark
US helps Machado escape Venezuela
Thursday, December 11th 2025 –
Machado pledged to take her accolade ”to Venezuela at the appropriate time”
Machado pledged to take her accolade ”to Venezuela at the appropriate time”
Venezuelan opposition leader and Nobel Peace Prize laureate María Corina Machado confirmed that she received assistance from the United States in her secret departure from her country after over a year in hiding.
Machado arrived in the Norwegian capital , hours after her daughter accepted the award on her behalf. Her first public appearances since August 2024 included press conferences and a visit to the Norwegian Parliament (Storting), marking her dramatic return to the global political stage.
“I believe that President [Donald] Trump’s actions have been decisive to reach the point where we are right now, in which the regime is weaker than ever,” Machado told reporters. She has stepped back into the limelight as the Trump administration ramps up its pressure campaign against the Bolivarian regime. The Nobel laureate emphasized the need to increase pressure on Maduro’s funding. ”You need to raise the cost of staying in power and lower the cost of leaving power. Only when you do that, this regime will break down.”
Questioned about US military action, Machado did not explicitly endorse it but recalled that Venezuela was compromised by foreign actors. “Venezuela has already been invaded. We have Russian agents, Iranian agents, terrorist groups Hezbollah, Hamas, operating freely in accordance with the regime.”
Machado declined to delve into details of her escape, explaining she needed to protect the safety of collaborators. She confirmed that the journey, which included a boat ride to Curaçao and a flight with a technical stopover in the U.S., had US backing.
During her late-night arrival at the Grand Hotel, a traditional welcome site for Nobel laureates, supporters erupted into cheers, chanting for ”freedom.“ Machado dedicated the prize to Venezuela’s youth, noting that her daughter accepted the award as a representative of ”the new generation,“ which is “prepared to give their lives to complete the work” of achieving democracy.
The disenfranchised leader acknowledged that she could face arrest if she returned to Venezuela under the current government, calling the risk of going back ”perhaps even higher“ than the risk she took to leave. However, she pledged to take her accolade ”to Venezuela at the appropriate time.”
Machado insisted that she and the team of retired diplomat Edmundo González Urrutia —whom she repeatedly referred to as “the president”— have “the plans and teams ready to take control from day one” once Maduro’s regime falls. Following her strenuous journey and year in hiding, Machado noted her immediate plans would focus on reconnecting with her three children, undergoing medical checkups, and resting.