Caribbean Sustainable Energy Conference 2025

The Energy Chamber’s Caribbean Sustainable Energy Conference 2025 takes place from June 2nd to 4th at the Hilton Trinidad and Conference Centre. The conference sessions will delve into topics around the theme ‘Adapting and Recalibrating’ over the 2 days of plenaries and panel discussions.

Here are some of the reasons you should be a part of the event:

• • We have assembled a distinguished group of industry experts who will share in-depth, relevant, and actionable insights on the latest trends and developments in the renewable energy sector.

  • You will gain exclusive access to thought leaders, key industry practitioners, and influential partners, creating valuable networking opportunities throughout the three-day event, culminating in the Closing Cocktail event on Tuesday, June 3rd.

  • Participants will gain exclusive access to exhibitors with opportunities to engage directly with their teams and explore innovative products and services designed to accelerate and drive the energy transition forward.

  • Delegates will have the opportunity to witness the practical application of elements of the conference’s content through our Day 3 industry tour which will allow all interested delegates to visit to the Piarco Solar Park.

Agenda and speakers:
View the agenda to see what’s happening over the 3 days and to read more on our expert and exciting line-up of speakers.

Conference registration:
There are six business days left for registration. Members and future members can click here to register to attend the conference.

Tradeshow:
Members of the Energy Chamber are invited to visit the tradeshow on Monday June 2nd and Tuesday June 3rd from 9:00am – 5:00pm. To register to visit the tradeshow please click here.

We look forward to your participation. Contact us at 6-ENERGY for additional information or visit www.energy.tt

Thanks and regards, The Energy Chamber of Trinidad and Tobago

 

 

Chavista candidate voted Governor of Essequibo amid poor turnout

May 26th 2025

Neil Jesús Villamizar Sánchez was elected as the first governor of Guayana Essequiba.

Venezuela held regional and legislative elections with a voter turnout of 42.63%. The ruling United Socialist Party of Venezuela (PSUV), led by Nicolás Maduro, secured 23 out of 24 governorships, including the newly claimed 160,000 square-kilometer oil-rich Guayana Essequiba, and an 82.68% share of votes for the National Assembly, projecting an absolute legislative majority.

The opposition won only the Cojedes governorship. Henrique Capriles secured a legislative seat for the opposition.

Neil Jesús Villamizar Sánchez was elected as the first governor of Guayana Essequiba, a territory administered by Guyana but claimed by Venezuela. The opposition, led by María Corina Machado, boycotted the elections, alleging prior fraudulent practices.

Voting centers, especially in Caracas, were largely empty, with military presence outnumbering voters. The National Electoral Council (CNE), controlled by the ruling party, extended voting hours, as the opposition deemed the low turnout as a public rebuke of Maduro’s government.

The Simón Bolívar Great Patriotic Pole alliance won governorships in Guayana Essequiba, Apure, Aragua, Barinas, Bolivar, Carabobo, Falcon, Guarico, Lara, Merida, Miranda, Monagas, Nueva Esparta, Sucre, Tachira, Trujillo, Yaracuy, Zulia, Amazonas, Delta Amacuro, La Guaira, Anzoategui and Portuguesa. The opposition won in the state of Cojedes.

CNE Vice Chairman Carlos Quintero said that the ruling Chavistas won with an “irreversible trend” 40 of the 50 seats of national allotment lists for Parliament.

With 93.01 % of the polling stations counted and a turnout of 42.63 %, the Gran Polo Patriotico, which gathers the ruling party, obtained 4,553,484 votes.

Voting was extended one hour past the 6 pm deadline by CNE Chairman Elvis Amoroso on the alleged grounds that there were “still many participants,” which was largely questioned by the opposition.

Amoroso also noted that the CNE felt proud“ of the  active participation of the brave people of Venezuela.”Some 21.4 million Venezuelans were summoned to the polls to elect 569 positions, among them 285 deputies to the National Assembly (NA, Parliament), 24 governors -including the governor of Essequibo- and 260 regional legislators.

Machado insisted that over 85% of Venezuelans “disobeyed” and did not vote in the elections, which she claimed was a defeat for chavismo.

 

 

 

 

Venezuela

U.S. plans Chevron license for minimum upkeep

May 23, 2025
(Bloomberg)

The Trump administration is preparing to issue a narrowly tailored license to Chevron Corp., allowing the oil producer to conduct minimal maintenance of essential operations. The Treasury Department plans to grant the waiver permitting Chevron to continue only critical upkeep and safety-related functions in the sanctioned OPEC founder.

The licence would come at the end of a period when the U.S. instructed Chevron and other U.S. companies to wind down production operations. Secretary of State Marco Rubio announced this week that the U.S. would let the current licence expire as scheduled on May 27, throwing cold water on the expectation that the U.S. would allow Chevron to keep operating under its current licence for an additional 60 days.

The State Department referred to Rubio’s statement with no further comment. The Treasury Department declined to comment. Ric Grenell, President Donald Trump’s special envoy, had said an extension was coming after he met Venezuelan officials this week and returned with a U.S. veteran who had been imprisoned there. It is unknown whether other U.S. companies in Venezuela would receive similar licences to the one being contemplated for Chevron.

The more restrictive licence could be a strategic win for all parties, potentially clearing the way for continued dialogue between the two countries. However, the new waiver is expected to closely resemble the one Chevron held until November 2022. That previous authorization allowed Chevron and a handful of U.S. oil-service providers to maintain a limited presence but explicitly barred new investments or the export of Venezuelan crude.

The earlier licence was set to expire in December 2022, but days before its expiration, the Biden administration granted Chevron a broader waiver to produce and sell oil in Venezuela. This was part of an effort to bring President Nicolás Maduro back to the negotiating table with the opposition to discuss conditions for a fairer presidential vote in 2024, an election that was later widely considered fraudulent.

Trump revoked that broader authorization in late February .

“We are hereby reversing the concessions that Joe Biden gave to Nicolás Maduro, of Venezuela, on the oil transaction agreement.”

On Friday, Rubio met five Venezuelan opposition aides who escaped after more than a year in hiding in Argentina’s embassy in Caracas to avoid persecution by the Maduro regime.

During the encounter, Rubio reaffirmed U.S. “support for the restoration of democracy in Venezuela and the release of all political prisoners.”

 

 

 

 

Venezuela

Chevron & Europeans Urge Continued Access to PDVSA

May 19, 2025 Zacks Equity Research

Chevron Corporation , along with several European oil companies, is actively engaged in high-level negotiations with the Trump administration to retain stakes in joint ventures with Venezuela’s state-owned oil firm, Petróleos de Venezuela, S.A. (“PDVSA”), according to Reuters. These talks follow the U.S. government’s decision in March to revoke longstanding licences that previously allowed limited operational continuity between international firms and PDVSA amid ongoing sanctions.

Revoked Licences Disrupt Foreign Investment
The U.S. Treasury Department’s revocation of key licences has thrown major energy partnerships into disarray. These licences allowed Chevron, a Houston, TX–based integrated oil and gas company, Repsol S.A. (REPYY), a Spain-based integrated oil and gas company and others to maintain a foothold in Venezuela’s lucrative oil sector.

Without these authorizations, companies are required to wind down operations by May 27, leaving critical questions unanswered regarding asset management, staffing and the legal future of billions of dollars in energy infrastructure investments.

The uncertainty comes as PDVSA, grappling with economic instability and reduced oil production, has shifted to a model of accepting only prepaid or barter-based oil transactions, canceling multiple cargoes, including those allocated to Chevron.

Foreign Oil Majors Request Status Quo Extension
Industry insiders reveal that energy giants are appealing to Washington for a reinstatement of the 2020-2022 licence framework, which permitted continued presence in Venezuela without allowing production expansion or oil exports.

This middle-ground solution would prevent a complete foreign exodus and shield companies from total asset loss while ensuring Venezuela’s state-owned company does not resume a pattern of unpaid dividends and accumulating debts to its partners.

Chevron’s Critical Stake in Venezuelan Oil Production
Chevron remains the last standing U.S. oil firm in Venezuela, holding minority shares in four key joint ventures responsible for approximately 25% of the country’s oil output. This unique position gives Chevron not only a strategic advantage but also places it at the center of the United States’s geopolitical energy calculus. Despite canceled shipments and a recent suspension at the Petropiar upgrader, Chevron continues to maintain its staffing and logistical framework, leveraging local presence to remain poised for potential licence reissuance.

Implications for U.S. Energy Security
Chevron CEO, Mike Wirth, publicly highlighted the strategic value of a continued U.S. corporate footprint in Venezuela. In interviews, he warned that a full withdrawal would create a vacuum quickly filled by oil firms from Russia and China, potentially undermining U.S. interests in the hemisphere.

“We are the only American company that remains on the ground in Venezuela. If we were to leave, American energy interests would be displaced by foreign competitors.”

Europeans Eye Licence Renewal
European stakeholders like Spain’s Repsol are following suit. Josu Jon Imaz, CEO of Repsol, confirmed that it is still in contact with U.S. officials, citing a shared desire to maintain operational continuity and strategic interests in Venezuela’s oil industry.

These companies, while refraining from public disclosure of their formal licence requests, are unified to retain minimum operational capacities, including local offices, key employees and access to pre-sanctioned infrastructure, even if oil exports remain restricted.

Exit Cost : Billions in Debt and Infrastructure Risk
Chevron was previously owed $3 billion by PDVSA, a debt largely recovered through export allowances granted under a 2022 licence. However, pending dividend repayments remain unresolved and a forced withdrawal would not only jeopardize recovery but also lock billions in stranded assets.

As PDVSA continues plans to nationalize joint ventures and self-manage crude exports, foreign partners are scrambling to mitigate risks and negotiate terms that prevent wholesale asset seizure or indefinite deferment of outstanding debts.

Venezuela’s Oil Output Faces Uncertain Future
With oil production in Venezuela already suffering due to years of underinvestment, mismanagement and international sanctions, experts estimate a 15-30% decline in national output by 2026 if foreign firms are forced out without licensing alternatives. Despite holding the world’s largest proven crude reserves, Venezuela lacks the capital and technology to revitalize its energy sector without international collaboration.

The current standoff could further cripple the country’s output, isolate its economy and deepen global oil supply instability.

Strategic Balance Between Sanctions and Presence
As Chevron and Europe’s firms await a decision from the Trump administration, the situation highlights a delicate balance between implementing sanctions and preserving U.S. influence in global energy markets.

A renewed licence regime could offer a pragmatic path forward, maintaining pressure on the regime while safeguarding US and allied investments in one of the most oil-rich nations on Earth. The coming weeks will prove decisive, not only for Chevron and its European counterparts but for the broader geopolitical alignment in Latin America’s energy sector.

 

 

 

 

Conoco registers US$10B award in T&T

28 May

US energy company ConocoPhillips and its subsidiaries have been granted permission to register locally an over US$10 billion arbitration award against Venezuela.

Delivering a decision after submissions from lawyers for the companies at the Waterfront Judicial Centre, yesterday morning, Justice Frank Seepersad upheld their application to register the award granted by the World Bank’s International Centre for Settlement of Investment Disputes (ICSID) in 2019.

The application came less than a year after the companies were allowed by Justice Seepersad to register a separate US$1.3 billion arbitration award granted by the International Chamber of Commerce (ICC) against Venezuelan State-owned energy company Petroleos de Venezuela SA (PDVSA) in April 2018.

In determining the application, Justice Seepersad had to consider the procedure for registering the debt as the Civil Proceedings Rules (CPR) do not directly address the unique characteristics of the award made by the ICSID. He ruled that it fell under the court’s inherent jurisdiction and he could interpret the CPR to give effect to this country’s obligations under the ICSID convention.

Justice Seepersad noted that he could grant approval without the input of the Venezuelan Government as the ICSID was authentic and Venezuela unsuccessfully appealed it in January. The fact that Venezuela withdrew from the ICSID Convention in 2012 was irrelevant as the arbitration proceedings were initiated while it (Venezuela) was still a signatory.

Justice Seepersad noted that Venezuela would be entitled to claim sovereign immunity if and when the company seeks to enforce the registered judgment.

Dealing with service of the registration, Justice Seepersad permitted the companies to serve it on the Venezuela Embassy in T&T as was allowed in the PDVSA case due to previous difficulties experienced in effecting the process.

Late last year, Venezuela’s National Assembly passed the Simon Bolivar Act, which dealt with international sanctions applied to that country. He pointed out that the terms of the legislation would make service in Venezuela impractical or virtually impossible as a process server would risk criminal prosecution by seeking to complete the process.

ConocoPhillips and its subsidiaries brought both arbitration proceedings after the Venezuelan government expropriated its extra-heavy crude oil extraction facilities in the Orinoco Oil Belt between 2004 and 2007.   The companies claimed that they were unlawfully dispossessed and that PDVSA was liable to partially indemnify them against the actions taken by the then-government.

In 2019, the ICSID upheld its claim and ordered US$8.5 billion plus interest. Venezuela was also ordered to reimburse the company’s $6.46 million in legal fees and $1.35 million in other court costs.

In late January, the ICSID issued a ruling rejecting Venezuela’s request to annul the award on the basis that the arbitration panel was improperly constituted, exceeded its powers, excluded key evidence and misapplied the compensation mechanism.

In its court filings, the companies, which registered the debt in other jurisdictions, identified this country’s Dragon Gas Field project as a potential source to service the debt. Under the project, which has been under discussion since 2016, T&T’s state-owned National Gas Company (NGC) and Dutch energy giant Shell were allowed to develop the gas field previously held by PDVSA and supply natural gas to this country via a pipeline connected to the Hibiscus platform off the Northwest coast of Trinidad.

They noted that in August 2023, Shell and NGC committed to reimbursing PDVSA for all its legitimate claims arising out of its earlier investment in the field, which it (PDVSA) estimated at approximately US$1 billion. They pointed out that in January last year, it was reported that PDVSA granted a 30-year licence to NGC and Shell. However, the deal is currently on hold after the US Government revoked the Office of Foreign Assets Control (OFAC) licence, which was granted to facilitate the project, in April.

Newly elected Prime Minister Kamla Persad-Bissessar stated her government’s plan to explore other opportunities in the energy sector due to uncertainty over the deal.

“The Dragon gas is dead. We would be foolish not to look at other places as well, and in fact, we should have started that search long ago. We should not have put everything into the Dragon Gas. That is dead!”

In its application, the companies claimed that the Dragon Gas deal prevented Venezuela from opposing any move against its T&T assets on the basis of sovereign immunity as it acted in a commercial capacity when it entered into it.

“Venezuela was not undertaking an act involving the exercise of sovereign power but was instead engaged in commercial and mercantile activities with the Claimants, Shell, the NGC and the Government of T&T,” its lawyers said.

The companies were represented by Andrew Stafford, KC, Garvin Simonette, Sophia Vailloo, Merrick Watson, and Kamille Morgan.

 

 

 

Maduro treaty with Russia

 May 13th 2025

Venezuelan ruler Nicolás Maduro emphasised that the historic “highest strategic level” treaty with Russia signed in Moscow during his visit to commemorate the 80th anniversary of Victory over Nazism is the result of a 24-year relationship between the two countries.

“The strategic treaty with Russia is of the highest level ever seen in our relations,” Maduro claimed.

In his view, the treaty he signed with President Vladimir Putin marks a new era of deepened cooperation covering trade, energy, military-technical collaboration, satellite technology, the GLONASS system and educational and cultural exchanges.

Maduro plans to boost air connectivity given the growing presence of Russian tourists in Venezuela.

“Russia and Venezuela have signed a treaty of the highest level of strategic cooperation between the two countries. The first treaty of the highest strategic level that, we could say, we have signed, and which crowns 24 years of construction in all areas and in all fields of joint work,” he further noted during his “Con Maduro+” broadcast show.

Maduro also highlighted that his meeting with Putin “lasted two and a half hours” and talks included several topics. There was a second meeting between high-ranking officials “fine-tuning the plan for the Venezuela-Russia air interconnection, because we have to achieve a daily interconnection with flights from Venezuela to Russia and from Russia to Venezuela,” with an increasing number of Russian visitors to places such as Margarita Island or Caracas, boosted by the so-called “MIR system card which is already used in Venezuela.”

The Chavista head of State also revealed that “these are the new monetary and payment systems that are emerging in the whole world.” These days of bilateral meetings “mark a new beginning of greater depth and strategic height between Russia and Venezuela, between President Vladimir Putin and President Nicolás Maduro.”

 

 

 

 

Colombia to join PRC Belt and Road Initiative

May 13th 2025

At the China-Community of Latin American and Caribbean States (Celac) IV Ministerial Meeting in Beijing, President Gustavo Petro announced that Colombia will join China’s Belt and Road Initiative, known as the Silk Road. His decision reflected the country’s commitment to sovereign and equal international relations.

“We are going to sign the Silk Road. Both Latin America and Colombia are free, sovereign, [and] independent. And the relations we establish with any people in the world, north, east, west, or south, must be in conditions of freedom and equality.”

The initiative aims to enhance global connectivity through infrastructure projects like roads, ports and telecommunications, involving over 150 countries and investments exceeding US$ 1 trillion.

In this scenario, Petro highlighted plans to develop advanced technological infrastructure, including submarine fiber optics, to connect Colombia with Asia and Europe and to foster technological hubs in regions like San Andrés and Buenaventura. This move aligns Colombia with other Latin American countries in the initiative and seeks to boost economic and technological development.

Petro will stay in China until May 17, engaging in bilateral talks with President Xi Jinping and other activities of the Celac, which he currently heads.

Petro’s vision includes “the development of state-of-the-art technological infrastructure that connects Colombia, through submarine fiber optics, with Asia and Europe.”

He insisted on the need for integration with neighboring countries such as Venezuela, Panama and Ecuador through technological infrastructure such as fiber optics and through a common commitment to peace and clean production.

“I was a little tired of climbing the Chinese wall, but here, I leave the explanation of what I intend to achieve in my official visit to China, as president of the Community of Latin American and Caribbean States, and as president of the Republic of Colombia.

“In the last session of Celac I was elected president, and I develop its agenda that begins with a Celac-China summit; then Celac-Europe will follow. We have asked the US government to hold a Celac-US summit as well. Its objective, due to its geographic position, is to be the heart of the social, political and economic world.”

 

 

 

Colombia

Statkraft to sell Enerfín Colombia to Ecopetrol

21 May 2025

Statkraft has signed an agreement to sell Enerfín Colombia, its renewables portfolio in Colombia, to the country’s national oil company Ecopetrol. Enerfín Colombia was established in 2016 and is based in Bogotá. The transaction includes staff, eight projects under development and the 130 MW Portón del Sol solar plant which entered into operation over a year ago and was the first utility-scale solar plant in Colombia.

The sale is expected to be completed during the third quarter of 2025, subject to regular approvals by the authorities.

‘I am pleased to announce that we have successfully signed the second of the planned divestments of our Enerfín portfolio in countries outside Statkraft’s core markets. The deal confirms that Enerfín has built a skilled team and an attractive portfolio in Colombia. We are looking forward to watching the business grow under new ownership,’ says Barbara Flesche, Executive Vice President for Europe.

Statkraft acquired its Colombian renewables portfolio as part of the Enerfín transaction in May 2024.

The deal significantly strengthened Statkraft’s position in Spain and Brazil, placing Statkraft among the top 10 wind power producers in Spain and Brazil. The acquisition added a portfolio of 1.5 GW of wind and solar power projects in operation and under construction, as well as a pipeline of projects under development. Statkraft’s strategy is to grow and build scale in selected markets in the Nordics, Europe and South America.

Source: Statkraft:

 

 

 

 

PRC pact with “global South”

15 May

China’s Foreign Minister Wang Yi seeks stronger ties with Latin America and the Caribbean (LAC), describing the partnership as critical to advancing shared development goals and protecting their interests. The Fourth Ministerial Meeting of the China-CELAC Forum, which opened in Beijing on May 13 marks the tenth anniversary of the forum’s establishment.

Ahead of the meeting, Wang Yi reviewed a decade of co-operation between China and LAC, framing the relationship as a natural alliance amid shifting global power dynamics. Expanding trade, infrastructure investment and multilateral coordination were evidence of a growing partnership.

He also warned against external attempts to stall the region’s development. Collaboration between China and the LAC bloc is an inevitable outcome of today’s international climate.

“The collective rise of the Global South is a distinctive hallmark of the great transformation in the world.” China-LAC co-operation sends “a strong message of the global south seeking strength through unity and aligns with the dominant trend toward a multipolar world.”

Wang Yi said the past decade of diplomatic, economic and cultural engagement laid a solid foundation for future cooperation. He cited several milestones, including the doubling of trade volumes between China and LAC, which reached US$518.4 billion in 2024, infrastructure and industrial capacity projects that created over one million jobs in the region. China established a range of partnership agreements with LAC countries over the years and 20 nations joined development initiatives under the Belt and Road framework.

Beyond economic ties, people-to-people and cultural exchanges are a central pillar of China-LAC relations. These include over 17,000 government scholarships, 13,000 professional training opportunities, and the establishment of 68 Confucius Institutes and Classrooms across 26 LAC countries. Several LAC governments designated the Chinese Spring Festival as a public holiday.

Wang Yi highlighted closer coordination between China and LAC at multilateral platforms including the UN, G20, APEC and BRICS. Amid mounting global uncertainty and geopolitical tension, he warned of attempts to block the development of China and the global south.

“A certain major country, holding a ‘me-first’ worldview, is trying to snatch the fruits of development from the global south, including China and LAC countries, and to hold back or even halt our modernisation process. Pursuing modernisation is a legitimate right of people in all countries, not the privilege of a few.”

• • • He urged China and the LAC region to defend their independence and development interests and to collectively resist external interference.
    • He endorsed LAC calls for political and sovereign independence and economic and cultural self-determination.
    • He proposed strengthening top-level coordination, improving trade and investment networks and expanding co-operation in high-technology, industrial capacity and education.

China would continue to implement small-scale social development projects in LAC countries aimed at improving livelihoods.

• • • He reiterated China’s support for multilateralism and an international order anchored in the UN system and international law.

Xi lures Latin America with $9.2 billion
President Xi Jinping vowed to deepen economic cooperation with Latin American and Caribbean nations and offered visa-free entry to some countries, as he aims to position China as a better partner than the US.

• • • Xi told the fourth ministerial meeting of the China-Community of Latin American and Caribbean States Forum in Beijing that China will provide a 66 billion yuan ($9.2 billion) credit line for development in the LAC region on Tuesday.
    • Visa-free arrangements will be extended to five countries from the group.

“Together, China and LAC countries champion true multilateralism and uphold international fairness and justice.”

Trade wars have no winners and “bullying or hegemonism only leads to self-isolation.”

The remarks were his first public comments since Beijing secured better-than-expected temporary tariff reductions from Washington.

They represented Beijing’s latest efforts to earn greater sway in world affairs, in part by portraying itself as a leader of the Global South.

• • • Xi vowed to import more products from LAC and encourage PRC investment in the region, framing China as a beneficial partner.
    • He ignored rising concerns over industrial overcapacity in China, as countries including Colombia, Brazil, Mexico and Chile imposed tariffs on Chinese steel to protect domestic makers. PRC is more menacing than US tariffs for latin American steel.

The forum, established in 2014, gathered Brazilian President Luiz Inácio Lula da Silva and r state leaders from Colombia and Chile, alongside senior officials from the 33-member group.

Eric Olander, co-founder of the China-Global South Project, said LAC countries are in a “much more difficult position” when it comes to China than any other region given the intense pressure from the US.

“Still, LAC governments recognize how critical it is to foster closer economic ties with China, knowing full well that will provoke a response from Washington.

Ultimately, though, the US leverage is limited in the Western Hemisphere so long as it’s not going to offer comparable trade and investment options.”

China has steadily expanded its footprint in Latin America, becoming a primary source of financing and a top trading partner for many countries. More than a dozen nations in the region have joined PRC ’s Belt and Road Initiative, leading to significant Chinese investment in projects such as Bogota’s metro system and the Chancay port in Peru.

China signed free trade agreements with Chile, Peru, Costa Rica and Nicaragua. Last year, trade between China and LAC countries exceeded $500 billion for the first time, an increase of over 40 times since 2000. A group of PRC businesses announced investments of 27 billion reais ($4.7 billion) in Brazil over the coming years.

They include new semiconductor factories from Shenzhen Longsys Electronics Co Ltd and the arrival of fast-food chain Mixue Group and Meituan’s food delivery app Keeta.

Despite the 90-day truce, drastic tariffs introduced by US President Donald Trump this year spurred Beijing to reinforce its image as a champion of the existing global economic framework and bolster alliances, including with traditional US partners.

In response, the Trump administration intensified efforts to counter China’s influence. Defense Secretary Pete Hegseth recently vowed to eliminate Beijing’s “malign influence” over the Panama Canal, while Treasury Secretary Scott Bessent publicly urged Argentina to reduce its dependence on Chinese loans.

Brazil’s Lula warned countries in the region that their futures should be determined by themselves and not outside parties. “It doesn’t depend on President Xi Jinping. We don’t depend on the US or on Europe. It only depends on whether we want to be big or want to continue to be small.”

 

 

 

 

Lula and Xi to Ink New Deals as Brazil Shrugs Off US Trade Risks

Shaping a shared future

27 may WINSTON DOOKERAN

President Xi Jinping in his keynote address to the China-CELAC Forum opening ceremony in Beijing, declared there are no winners in tariff wars and bullying or hegemonism only leads to self-isolation, in the aftermath of US-China trade negotiations in Geneva, when both countries rolled back extremely high tariff walls, even on a paused basis.

At the launch of the China CELAC Forum in 2015, which I attended as TT Foreign Minister, President Xi outlined a new five-year co-operation plan to increase trade between China and the Community of Latin American and Caribbean States (CELAC).

Ten years later, trade increased from US$200 billion to US$500 billion, giving credence to Xi’s words in 2025, that the relationship had moved from “a tender sapling into a towering tree…maturing on both sides.”

In his keynote, “Writing a New Chapter in building a China- LAC Community with a Shared Future,” Xi launched five programmes to shape that shared future:

* A solidarity programme to support each other on issues of their core interest and concerns, underpinned by international law that safeguards the international order with the United Nations at its core.

1. * A development programme that will resolutely uphold the multilateral trading system and
   1. 1. promote an international environment of openness and co-operation, and
      2. foster greater synergy between development strategies and a
      3. new phase in Belt and Road co-operation.
2. * A civilisation programme to uphold the vision of
   1. 1. equality,
      2. mutual learning,
      3. dialogue and
      4. inclusiveness between civilisations. This vision will champion humanity’s common values of peace, development, fairness, justice, democracy and freedom.
3. * A peace programme that will cooperate more closely in
   1. 1. disaster governance,
      2. cybersecurity,
      3. counter-terrorism,
      4. anti-corruption,
      5. narcotics control and
      6. combating transnational organised crime to safeguard security and stability.
4. * A people-to-people connectivity programme of
   1. 1. enhanced scholarships,
      2. training opportunities for poverty reduction professionals
      3. and initiate “small and beautiful” livelihood projects and
      4. Chinese language education.

In quoting a Latin American proverb, “the one who has a friend has a treasure,” Xi affirmed this new chapter in co-operation, which Prof Jorge Heine (former Chilean ambassador to China) said is steeped in free trade and multilateralism, and Prof John Gong described as being anchored in dignity and respect, in their recordings in The Heat, a CGTN America video commentary on their impressions of the forum.

Commentators described Xi’s offer of US$9.2 billion of credit to LAC countries as a “win-win cooperation” pact.

President of Colombia, Gustavo Petro, agreed to join China’s Belt and Road initiative, a global infrastructure development strategy seen as a vital move in Colombia’s foreign policy. Deepening the relationship between China and CELAC is at the centre of the focus of the Beijing Declaration and the Joint Action Plan (2025-2027) adopted by the forum in May.

Wang Yi, foreign minister of China, noted the two sides agreed on over 100 cooperation projects for the next three years and 20 measures to support the LAC region’s development.

By working together, China and LAC countries can build a super-large market of two billion people, providing new energies for their respective growth and creating fresh opportunities for global prosperity, ushering the development of the forum into its next “golden decade.”

The Belt and Road Initiative (BRI), a key pillar of global cooperation by China, after an ambitious start in 2013, went into a reflective phase, adjusting from the lessons of its efforts. The China-CELAC Forum of 2025 noted that the BRI is about to embark on a third phase of its expansion.

The early emphasis on basic global infrastructural projects will now yield a new phase on focusing on “clean energy” and filling the “digital gaps” in world connectivity. It is envisaged that logistics in infrastructure, telecommunications, AI technology issues and electronic payments systems may engage the resetting of the focus of this initiative.

The LAC region will interface soon with China on meetings of the OAS and BRICS summits. The changing order will begin to emerge in content and in alignments, and the impacts that these global settings will have on the China-CELAC Forum will add momentum, particularly in the context of the five programmes for the new chapter. The ambitious metro system in Bogota and the port in Peru were cited as mega projects in global connectivity, spearheaded by Chinese initiatives.

For the Caribbean region, at times a bystander, a new urgency to adjust to a concerted review of its foreign policy perspectives will project its core interest in a changing world. In this review, several key questions may guide a wider analysis:

1. * How could small states effectively compete for influence in this non-polar world?
2. * What forms of leverage are available to small states in trade diplomacy?
3. * Must traditional trade agreements be reimagined in today’s world?
4. * How can the institutional capacity for global negotiation be strengthened?
5. * What are the new developing finance models for small countries in today’s world finance?

In shaping its own future, a discourse on these questions may provide the basis for a fresh dialogue between the Caribbean and the China-CELAC Forum. In the world of multi-alignment, the Caribbean case must be specified so that its core interest will synchronise with the development aspects of the declaration of the forum.

 

 

 

 

Poorest 75 Nations Face a ‘Tidal Wave’ of Debt Repayments to China in 2025

 

The most vulnerable nations are facing a “tidal wave” of debt repayments as a Chinese lending boom starts to be called in, a new report warned. The analysis was published y by Australian foreign policy think tank the Lowy Institute.

Brazil’s Labor Ministry filed a public civil lawsuit against Chinese automaker Build Your Dreams (BYD) and two contractor companies, China JinJiang Construction Brazil and Tonghe Intelligent Equipment of Brazil (now Tecmonta), for slave labor and international human trafficking.

Finance ministers and central bankers from the G7, which includes Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States, pledged to tackle “excessive imbalances” in PRC global trade practices

 

 

 

 

Don’t fear China in region, says foreign minister

10 March

Chinese Foreign Minister Wang Yi, addressed media on China’s foreign policy and external relations on the sidelines of the third session of the 14th National People’s Congress (NPC) in Beijing, on March 7. (Xinhua/Liu Dawei)

PRC says there is no cause for concern over its growing engagement in LAC . Foreign Minister Wang Yi gave the assurance as he addressed media from Latin America and the Caribbean.

“China-LAC cooperation is South-South cooperation. There is only mutual support in this cooperation, no geopolitical calculations. In its engagement with LAC countries, China follows the principles of equality and mutual benefit and never seeks sphere of influence or targets any party. What people in LAC countries want is to build their own home, not to become someone’s backyard; what they aspire to is independence and self-decision, not the Monroe Doctrine.

Cooperation between China and LAC countries won popular support because it respects the will of the people, meets the needs of regional countries and provides reliable options and broad prospects for the revitalisation of the region.”

This year marks the tenth anniversary of the launch of the China-Community of Latin American and Caribbean States (CELAC) Forum.

“In the new era, under the guidance of President Xi Jinping and leaders of LAC countries, boosted by the China-CELAC Forum, we produced fruitful outcomes in building the China-LAC community with a shared future and delivered benefits to all our people. This year marks the 10th anniversary of the formal launch of the China-CELAC Forum. China will host the Fourth Ministerial Meeting of the Forum in the first half of this year. Taking this as an opportunity, the two sides will come together, over the mountains and oceans and regardless of disturbances, to take China-LAC cooperation to a higher level.”

China lies entirely in the Northern Hemisphere between latitudes 18° and 54° N and longitudes 73° and 135° E.

 

 

 

A dangerous game

Ronald Sanders Antigua and Barbuda’s Ambassador to the US and the OAS and Dean of the Ambassadors of the Western Hemisphere Group accredited to the US.

24 May

On May 25, a day before Guyana commemorates its 59th year of independence, the government of Nicolás Maduro said it intended to stage elections in Guyana’s Essequibo region.

This territory, comprising nearly two-thirds of Guyana, lies entirely within its internationally recognised borders. This is not a demonstration of democratic governance, but a politically charged act that challenges established international legal norms. It represents a serious escalation in Venezuela’s posture toward the territorial controversy—one that raises profound concerns about adherence to the rule of law and respect for the authority of the International Court of Justice (ICJ).

Essequibo has been a settled part of Guyana since the arbitral award of 1899, a legally binding decision rendered by an international tribunal comprising chief justices of Russia, Britain, and the United States—the latter nominated by Venezuela itself. Venezuela participated in the proceedings and hailed the award as a diplomatic success, ratifying it in its National Congress and benefiting from its expanded territory, including access to the mouth of the Orinoco River.

For over 60 years, the boundary was recognised and respected. Then, in 1962, Venezuela submitted a memorandum to the United Nations challenging the award, and in 1966, on the eve of Guyana’s independence, the two countries signed the Geneva Agreement.

This Agreement provided for a series of steps to resolve the controversy, including ultimately granting the UN Secretary-General the authority to choose a final means of settlement should all others fail.

In 2018, following decades of inconclusive dialogue, the Secretary-General referred the matter to the ICJ—consistent with his authority under the Geneva Agreement. Guyana then initiated proceedings at the Court, requesting a ruling that the 1899 award is valid and legally binding.

Venezuela initially objected to the Court’s jurisdiction and declined to participate in the case. While it later filed written submissions, it refused to accept the Court’s binding authority and continues to disregard its interim measures, most recently an order issued on May 1, 2025, which states:

“Pending a final decision in the case, the Bolivarian Republic of Venezuela shall refrain from conducting elections, or preparing to conduct elections, in the territory in dispute, which the Co-operative Republic of Guyana currently administers and over which it exercises control.”

Despite this clear directive, Venezuela’s National Electoral Council has announced plans to elect eight deputies and a governor for Essequibo. Yet, no details have been provided about voter registration, polling stations, or administrative arrangements—unsurprising, given that Venezuela has no jurisdiction or administrative presence in the region of Essequibo or any part of Guyana.

To justify this act, the Maduro government cites a 2023 domestic referendum, which it initiated, conducted, and supervised without independent oversight. Based on the outcome of that unilateral process, the government now claims the authority to incorporate the Essequibo region into Venezuelan territory.

Acting on this assertion, the National Assembly enacted the “Organic Law for the Defence of Guayana Esequiba,” which purports to formalise the creation of a new Venezuelan state. The law proposes that, pending the so-called installation of elected officials, the territory will be administered from the town of Tumeremo in Bolívar State, within Venezuela’s existing borders.

This raises a fundamental question: how can a state conduct elections in a territory it does not control? The answer is: it cannot, unless through occupation. Any attempt to enforce this plan would require Venezuela to enter and assert authority over sovereign Guyanese territory—an act that would violate the ICJ order , and the United Nations Charter and the Charter of the Organisation of American States, both of which prohibit the threat or use of force to resolve territorial disputes.

This latest move appears to be driven less by enduring patriotic sentiment and more by geopolitical and economic calculations.

The Essequibo region is rich in natural resources—gold, timber, freshwater, and oil—which have grown in strategic importance, especially against the backdrop of Venezuela’s deepening economic and political crisis. These considerations, rather than legal merit, seem to be shaping Venezuela’s recent actions.

Tensions on the ground are rising. Guyana’s defence authorities have reported cross-border provocations by Venezuelan forces and the Government warned that participation in the May 25 vote could constitute a criminal offence under national law. Nearly 100,000 Venezuelans reside in Guyana—many of whom fled hardship at home. These  dislocated people should not be drawn into a manufactured conflict that endangers their safety and stability.

The international community must view this development with the seriousness it warrants. The ICJ is the agreed mechanism for resolving this long-standing dispute. Its jurisdiction must be respected and its orders implemented. Any attempt to bypass the Court through unilateral acts erodes the international system for peaceful dispute settlement and threatens regional stability.

Caribbean nations, Latin American neighbours, and global partners who uphold international law must send a clear message:

1. borders cannot be redrawn by domestic decree, and no state is exempt from legal accountability.
2. Elections held outside the bounds of jurisdiction do not confer legitimacy; they invite conflict.
3. Guyana and Venezuela are bound by geography. Neither can relocate; both must find a path to coexistence.
4. But peaceful coexistence cannot be built on unilateral actions or threats. It must be grounded in law, mutual respect, and diplomacy.

The parties should await the ICJ’s ruling—and on that basis, strive to build a collaborative relationship from which both nations can benefit. The path to peace is through diplomacy and the rule of law. That path must not be forsaken.                          —CMC

 

 

 

 

 

Rubio’s historic outreach marks diplomatic shift

13 May, Ronald Sanders

Antigua and Barbuda’s Ambassador to the US and the OAS and Dean of the Ambassadors of the Western Hemisphere Group accredited to the US.

By any diplomatic measure, the recent engagement between US Secretary of State Marco Rubio and the independent states of the Caribbean Community (Caricom) is historic.

Within four months of taking office, Secretary Rubio held substantive in-person talks with 13 of the 14 Caricom Heads of Government John Briceño, Prime Minister of Belize, which straddles the Central American isthmus, received a call focused on Central American matters.

Never before has a US Secretary of State conferred so extensively and swiftly with Caricom leaders. This matters. It signals that even amid a maelstrom of global crises, the Caribbean is not being ignored. Indeed, the weight of Rubio’s global responsibilities was brought into sharp focus during the meeting with the Prime Minister of The Bahamas and six Eastern Caribbean leaders, when an aide interrupted to report India’s missile strike on Pakistan.

The strike was in retaliation for a massacre in Indian-controlled Kashmir which borders India and Pakistan. The world was on edge, and yet Rubio remained in the as long as he could—listening and engaging.

Adding to the weight on his shoulders, Rubio has also been appointed national security adviser to President Donald Trump—a dual role not seen since the era of the legendary Dr Henry Kissinger. The expectation, then, is enormous. Yet his direct and personal outreach to the Caribbean underscores an intent to understand the region.

When Secretary Rubio first met six Caricom leaders on March 26 and 27, the looming threat of US trade tariffs had not yet materialised. By the time of the May 6 meeting, President Trump had signed an executive order imposing a sweeping 10% tariff on all imports into the US—including from Caricom states, and higher tariffs on other nations, especially China.

This second round of meetings with Caribbean leaders offered the opportunity to address these tariffs directly. Conversations were respectful, candid and forward-leaning. No grandstanding, no finger-pointing—just clear-eyed dialogue on pressing concerns: trade imbalances, Cuban medical personnel, narcotics trafficking, gun crime, immigration and the role of China in the region.

Regarding Cuban doctors, Caribbean leaders pushed back firmly but respectfully against any suggestion of human trafficking.

Cuban medical teams are indispensable to their public health systems. These professionals are compensated directly, with governments paying a facilitation fee to Havana—similar to arrangements with other states that deploy medical missions abroad. The leaders made it clear: they remain open to reviewing their processes to ensure alignment with international labour standards.

On immigration, the region reiterated a long-standing position: they accept the return of their nationals, consistent with the deportation laws of the United States. Pre-meeting speculation that Washington might pressure these small states to take in non-nationals proved unfounded, although it would have been resisted as far too burdensome had it been raised.

The topic of China was dealt with sensitively. The four nations present, including Antigua and Barbuda and The Bahamas which have diplomatic and economic relationships with China, reaffirmed their right—and the necessity—to maintain broad-based economic partnerships. Their relationships with China, are rooted in development cooperation, not ideology or military alignment. Their only military alliances are with the US and fellow Caricom states.

On trade, the leaders laid out stark numbers: in 2023, the US exported approximately $2.23 billion in goods to the Eastern Caribbean, importing a mere $67.5 million in return. The resulting US trade surplus underscores a one-sided flow that the region has not sought to disrupt.

The newly imposed 10% tariff risks making US goods— the source of over 60% of the region’s imports, including food and medicine—even more expensive, threatening economic resilience and development gains. Worse yet, it could increase poverty and unemployment and weaken the rule of law in the region.

This was no showdown. It was a beginning; the first lap of what Dr Ralph Gonsalves, of St Vincent and the Grenadines, described as a marathon. The tone was constructive, the atmosphere collegial, the intentions clear: deepen cooperation, reduce misperceptions, and build a relationship grounded not in dependency and dictation but in mutual respect and shared interest.

The Caribbean spoke clearly and with unity on their shared concerns. Secretary Rubio listened, marking a notable departure from past dynamics. But listening is only the first act. The true measure of success lies in the follow-through, and there is much work still to be done by both sides.

May 6 was a good start; a solid foundation upon which both the United States and the Caribbean can build—not just in this moment of global stress and strain, but toward a renewed partnership for the long road ahead to stability, predictability and prosperity.

—CMC

 

 

 

 

 

New Fortress Energy locks in charter for FSRU with DR project

TradeWinds correspondent London

Regas unit had been idling in Spain awaiting new business

Lucy Hine

US-listed New Fortress Energy has chartered out a floating storage and regasification unit on a three-year deal to a project. New Fortress said its subsidiary has fixed the Energos Freeze to power company Energia 2000, Upstream’s sister title TradeWinds reported.

The Energos Freeze will be deployed to Energia 2000 liquefied natural gas import terminal located at the port of Pepillo Salcedo, Manzanillo and is expected to start operations in September 2025.

 

 

 

New Fortress clinches FSRU deployment in Dominican Republic port

May 14,

A subsidiary of New Fortress Energy agreed to a three-year charter for the Energos Freeze FSRU offshore the Dominican Republic with Energía 2000.

The 125,856-cu-m vessel will be located at an LNG import terminal at the port of Pepillo Salcedo (Manzanillo) and is due to start operations in September.It will provide LNG regasification to support power generation and industrial energy demand.

 

 

 

 

Excelerate to fund acquisition of NFE Jamaica

05/06/2025

Excelerate raises more cash to fund acquisition of NFE’s Jamaica business

US FSRU player Excelerate Energy has raised about $26.4 million via an additional share sale. Excelerate has now raised about $1.01 billion to fund its acquisition of NFE’s business in Jamaica.

 

 

 

 

Woodside and Aramco join forces on LNG and low-carbon solutions

14 May 2025
Nishant Ugal Middle East and South Asia Editor

Australia’s Woodside Energy and Saudi giant Aramco teamed up to explore global opportunities, including collaboration on the multibillion-dollar Louisiana LNG project in the US and low-carbon solutions. Woodside said the two companies entered into a “non-binding collaboration agreement” for exploring Aramco’s potential acquisition of an equity interest and liquefied natural gas offtake from the Louisiana LNG project. Additionally, both companies are exploring opportunities for a potential collaboration in lower-carbon ammonia.

 

 

 

 

 

Swaratsingh meets UK under-secretary

May 7

T&T Planning, Economic Affairs and Development Minister Kennedy Swaratsingh with Parliamentary Under-Secretary of State, Department for Energy Security and Net Zero, of the United Kingdom, Kerry McCarthy at his office on May 7.

PLANNING, Economic Affairs and Development Minister Kennedy Swaratsingh says government is open to cooperation and collaboration with the UK government on issues pertaining to economic development . Swaratsingh, along with the ministry’s management team met Minister Kerry McCarthy, Parliamentary Under-Secretary of State at the Department for Energy Security and Net Zero of the United Kingdom and her team in Port of Spain.

Discussions were centred on the exploration of mutually beneficial opportunities between TT and the UK Government in green carbon initiatives,

1. offshore wind energy,
2. decarbonisation of the industrial sector,
3. advances in the green shipping industry and
4. other programmes that contribute to the attainment of Trinidad and Tobago’s nationally determined contributions under the United Nations Framework Convention on Climate Change (UNFCCC).

Swaratsingh, a Government Senator, emphasised the importance of government to government arrangements which enable various sectors such as community-based organisations, the agriculture sector, private enterprises and more to be key players in national development and benefit from government’s actions.

Parliamentary Under-Secretary McCarthy was keen on the idea of the UK and TT working together to identify areas in the environmental sector.

Minister McCarthy and her team also highlighted the potential of TT as a global player in traditional and renewable energy services and agreed to the exploration of providing expertise to share ideas and best practices from the UK’s perspective.

Both ministers agreed to further discussions in order to identify actionable items for agreements that can be made in the very near future.

The environment is a key focus of the Ministry of Planning, Economic Affairs and Development because wise use of the environment is important to economic and social development as this enables foreign investment, job creation and an improved standard of living in the country.

 

 

 

EU

2025, 05/11

EU Ambassador Peter Cavendish, Foreign Minister Sean Sobers and members of the diplomatic corps celebrated Europe Day which also marked the 50th anniversary of diplomatic relations and partnership between T&T and the EU. at Mille Fleurs, Port-of-Spain. Head of the European Union (EU) delegation to Trinidad and Tobago Peter Cavendish said,

“Let me reiterate, the EU has no visas, no duties and no tariffs for its relations with Trinidad and Tobago.

“We are particularly happy that under the Economic Partnership Agreement, T&T businesses have access to a market of 448 million Europeans and that its citizens may go freely to Europe under the Schengen visa-free scheme.

“Further, the EU has heard the voice of Trinidad and Tobago and those of other countries regionally and elsewhere on the need for reform of the international financial and banking order and the future evolution of those arrangements.”

Cavendish, who completed his four-year term in T&T, said there is a need to address the future financing of climate mitigation actions.

“We now have to ensure that our partnerships on the different platforms prosper and succeed as we plan for the next EU CELAC summit, which takes place this year in Colombia.

We wish to realise the opportunities identified under the EU’s Global Gateway Investment Agenda, adopted by the leaders at the EU-CELAC Summit of 2023.

Of course, the opportunities go both ways as the European Union wishes to diversify its energy sources and happily, Trinidad and Tobago is blessed with resources that could be sustainably developed and capitalised, in cooperation with EU stakeholders, such as wind and sun as energy sources and the production of green hydrogen.”

In terms of digital connectivity, Cavendish said the EU is approaching a deeper level of exchange with the extension of the super-connectivity cable, BELLA, an acronym for Bringing the Link between Europe and Latin America’.

“The objective of the cable is to connect Educational and Research Networks (ERNs), for example, the University of West Indies in Trinidad and Tobago to the third level in Europe, Latin America and Caribbean region and vice versa.”

Europe Day is an opportunity to celebrate and reflect on the European Union’s core values of peace, unity, openness and transparency which are shared with T&T.

“The EU values, tremendously, the excellent partnership that has developed between this amazing twin island state and ourselves. As I stated earlier, we are now in our 50th year of successful partnership.

Consider how much partnership is already expressed through the similarity of our respective mottos—the EU’s motto is ‘United in diversity’ and T&T’s motto is ‘Together We Aspire, Together We Achieve’.”

Noting that 2025 is the 75th anniversary of the Schuman Declaration, he said,

“On this day in 1950, 75 years ago, Robert Schuman, then-French Minister of Foreign Affairs, gave an historic speech in which he proposed a new form of political cooperation for Europe that would make war between the nations of the continent unthinkable.

“Regrettably, we have wars between the nations of the continent and elsewhere. In these turbulent times, it is evident that peace should never be taken for granted.”

Minister Sean Sobers said in too many environments peace and unity are elusive concepts and remote possibilities.

“Where and when circumstances permit, we must celebrate the peace and good relations and share the experience as widely as possible. Here in Trinidad and Tobago, we have accomplished something that is the envy of more mature democracies around the world, a peaceful general election and a seamless transfer of power. For these we are truly thankful.”

It is the vision and intent of Prime Minister Kamla Persad-Bissessar to strengthen this country’s partnership with the European continent in a new green age of technological development.

“The Prime Minister commends and has highlighted the great leaps with renewable technology within Europe and the promotion of AI technology. As we celebrate our friendship, as we acknowledge our achievements, I announce that we must forge a path together to meet the new challenges of our global economy.”

 

 

 

 

EU and T&T: 50 years of friendship

 9  may

Every year May 9, Europe Day, gives us an opportunity to celebrate and to reflect on the European Union’s core values of peace, unity, openness and transparency—values that are shared by the Government and people of the Republic of Trinidad and Tobago, but this year is special. This year we are also celebrating 50 years of successful diplomatic relations and partnership between the European Union (EU) and Trinidad and Tobago.

On February 28, 1975, Trinidad and Tobago’s then-minister of external affairs, the Honourable Cuthbert Joseph, signed the first Lomé Convention—the aid and trade agreement that allowed for the passage of goods to enter the European Economic Community, now the EU. Since that time, we have witnessed only a strengthening and deepening of that relationship.

The EU values tremendously the excellent partnership that has developed between this amazing twin-­island state and ourselves. Consider how much partnership is already expressed through the respective mottos­—the EU’s motto “United in diversity” and T&T’s motto “Together We Aspire, Together We Achieve”.

We applaud the fact that throughout the years, T&T has been a steady and a strong democracy—witnessed most recently in the general election and seamless transition of power.

We certainly cannot forget that last year Trinidad and Tobago chaired the 78th UN General Assembly and how much this country has strongly advocated for the rule of law and the territorial integrity and sovereignty of states. Trinbagonian and like-minded countries’ diplomats are together seeking to promote fundamental values and rights in legal fact committed to by all members of the UN family. Therefore in these turbulent times to our respective mottos we could also add “United in adversity”.

We are particularly happy that under the Economic Partnership Agreement, T&T businesses have access to a market of 448 million Europeans and that its citizens may go freely to Europe under the Schengen, visa-free, scheme.

The EU has no visas, no duties and no tariffs for its relations with Trinidad and Tobago.

Further, the EU has heard the voice of Trinidad and Tobago and those of other countries regionally and elsewhere on the need for reform of the international financial and banking order and the future evolution of those arrangements.

This evolution also has to address the future financing of climate-mitigation actions.

We now have to ensure that our partnerships on the different platforms prosper and succeed as we plan for the next EU CELAC Summit, which takes place this year in Colombia. In particular, to bring to fruition many of the opportunities identified under the EU’s Global Gateway Investment Agenda, adopted by the leaders at the EU-CELAC Summit of 2023—in particular the opportunities in the green energy sector.

Clearly, the European Union wishes to diversify its energy sources and happily, Trinidad and Tobago is blessed with resources that could be sustainably developed and capitalised, in cooperation with EU stakeholders, such as wind and sun as energy sources and the production of green hydrogen.

We have to move from an investment agenda to an investment plan for the future, the future of all those children carrying school bags both here and in Europe.

In terms of digital connectivity, we are approaching a deeper level of exchange with the extension of the super-connectivity cable called BELLA, an acronym, which stands for “Bringing the Link between Europe and Latin America”. The objective of this cable is to connect Educational and Research Networks (ERNs), such as The University of West Indies in Trinidad and Tobago, to institutions in Europe, Latin America and the Caribbean region.

Before I end, please indulge me in a personal reflection as I mark four years and approach the end of my tenure as the EU’s Ambassador to Trinidad and Tobago:

I am proud of the partnerships we established and maintained with our partners in government, in the private sector and in civil society.

Trinidad and Tobago is indeed a beautiful country with a rich cultural heritage and wonderful people that I have been privileged to meet and enjoy these past few years. I have many memorable experiences and I shall retain these.

Whether it was drinking Trinitario cocoa tea with the wonderful community in Brasso Seco where community solar panels, part of our GCCA+ project, were installed, or planting trees in the picturesque Chaguaramas peninsula and with the Santa Rosa First Peoples…

Whether it was meeting with, and enjoying the creations of the many talented local artists and photographers, both young and old, who participated in our photo and art competitions, as well as meeting with other creatives in the film community through the TT Film Fes­tival and the European Film Festival…

And let’s not forget about the food…the doubles, the roti, the crab and dumplings, the high-quality rum that I have relished, and of course the visits to the wonderful sister isle, Tobago, and not forgetting the ama­zing Carnival. I have really enjoyed so much about this country! Trinbagonians, believe me when I say that (as a fellow islander) you are truly blessed to live here.

—Author Peter Cavendish is Ambassador, EU Delegation to the Republic of Trinidad and Tobago.

 

 

 

 

 

T&T showcases competitiveness at OTC 2025

2025, 05/11

Representatives of National Energy, a subsidiary of the National Gas Company welcomed guests at their pavilion at the Offshore Technology Conference (OTC) 2025, in Houston, Texas last week.

A Trinidad and Tobago business delegation returned to the global energy spotlight last week with the launch of its country pavilion at the Offshore Technology Conference (OTC) 2025 in Houston, Texas, on May 5 – 8. The initiative brought together leading public and private sector companies under one banner to promote export-ready services and highlight the country’s evolving role in the offshore energy value chain.

1. 1. 1. National Energy,
      2. National Gas Company ,
      3. Ramps Logistics Ltd.,
      4. El Dorado Offshore,
      5. Qualitech Machining Services,
      6. Dumore Enterprises,
      7. Connect Caribe,
      8. Tembladora Energy Logistics,
      9. Summit Energy Services Ltd and
      10. Gulf Engineering Services

showcased services in logistics, offshore operations, engineering, marine and industrial support, technology integration, and energy workforce solutions.

With stakeholders from North America, Latin America, Europe, and Asia attending OTC each year, the platform presents an opportunity for T&T businesses to engage directly with clients, investors, and strategic partners while gaining critical insights to support future market expansion.

A key feature was participation in OTC’s Around The World Series, a forum for countries to present their investment outlook and capabilities, to a global audience. The session on May 6 was themed “The Nexus of Energy, Experience and Global Partnerships.”

The panel featured voices from state enterprises and the private sector and focused on opportunities in T&T’s oil and gas sector and the readiness of service companies to support regional growth.

Discussions explored a range of timely topics, including digitalisation, infrastructure readiness, local content and Trinidad and Tobago’s growing role as a regional logistics and energy services hub.

As global energy dynamics continue to shift toward integration, sustainability and innovation, T&T’s message at OTC 2025 was clear: the country is open for business, aligned with international trends and ready to deliver.

 

OTC 2025 Special Report

This compilation highlights news, event coverage, executive insights, project updates, technology advances and the trending topics discussed at the 2025 Offshore Technology Conference (OTC), May 5-8 in Houston

As the official media partner of this year’s Offshore Technology Conference (OTC), the Offshore editorial team wrote or arranged the material for this special section, putting a strong emphasis on market outlooks as well as technology advances and regional hotspots that will likely trend in 2025.

OTC event coverage by the Offshore editorial team:
The Offshore editorial team reported the key takeaways from some of the OTC 2025 keynote and technical sessions as well as conducted exclusive interviews with some of this year’s OTC award recipients.

ID 379546931 © Alena Butor | Dreamstime.com

Special Reports(Link)

ABS & bp discuss Kaskida platform design, construction
May 8, 2025
In addition to classification services, ABS will also verify the project’s HP/HT equipment.
Photo by © OTC/Scott Morgan 2025
Special Reports (Link)
Heard on the show floor
May 8, 2025
Attendees, presenters and exhibitors shared their insights about the future of the offshore energy sector, AI, safety, CCS and more at the Offshore Technology Conference (OTC)…
ID 11641504 © Christopher John | Dreamstime.com
Energy Transition(Link)
Carbonvert advancing CCS offshore through partnerships
May 8, 2025
Carbonvert CEO Alex Tiller highlighted two CCS projects during his OTC keynote presentation: the Corpus Christi offshore CO2 capture and storage facility and the GeoDura CO2 storage…
ID 318678075 © Justlight | Dreamstime.com
US & Gulf of Mexico(Link)
Gulf operators make case for more subsea tiebacks
May 7, 2025
Panelists agree that operators, producers will need to step up their collaboration going forward.
Photo by © OTC/Phil McCarten 2025
People on the move(Link)
SOFEC CEO earns Heritage Award, shares lessons learned over 30-year career
May 6, 2025
Dr. Arun Duggal is being recognized for his expertise in global analysis, development and implementation of new technology for the station-keeping of floating offshore assets,…
Photo by © OTC/Phil McCarten 2025
Renewable Energy(Link)
Fugro CEO says ‘all the easy areas’ are gone, need to move farther offshore
May 6, 2025
“For a sustainable future, we must stop coal, reduce oil, accept gas and accelerate renewables,” Fugro CEO Mark Heine said at OTC on Monday.
Photo by © OTC/Phil McCarten 2025
Special Reports(Link)
Petrobras CEO outlines company’s aggressive E&P plans
May 6, 2025
But Magda Chambriard maintains that the company is still very interested in the ‘energy transition.’
ID 4352715 © Marcio Goldzweig | Dreamstime.com
Business Briefs(Link)
Industry leaders voice opinions about top regions, policy, tariffs and AI at opening ceremony
May 5, 2025
Oxy’s Vicki Hollub, Petrobras’ Magda Chambriard, NOIA’s Erik Milito and Rystad Energy’s Jarand Rystad take the stage to discuss the most pressing issues facing the offshore oil…
ID 26487259 © Corepics Vof | Dreamstime.com
Special Reports(Link)
Offshore industry trailblazer highlights key to success is in sharing lessons learned
May 2, 2025
This year’s recipient of the OTC Distinguished Achievement Award for Individuals is Jose Formigli, who played a crucial role in deepwater field development during his 30 years…
Courtesy Bosch Rexroth Corporation
Equipment Engineering(Link)
Hägglunds drive system provides electric option
April 29, 2025
OTC Spotlight on New Technology award winner Hägglunds Fusion is a self-contained, all-inclusive drive system.
ID 193993332 © Michal Bednarek | Dreamstime.com
Drilling & Completion(Link)
Sensors designed to assist in high-temperature directional drilling operations
April 16, 2025
Tronics’ high-temperature MEMS accelerometer and inertial sensors were designed for directional drilling under extreme temperature and vibrations conditions.

OTC news updates:
Below, the Offshore editors highlight some of the news announcements made prior to and during OTC 2025.

Courtesy ALTAVE
Equipment Engineering(Link)
ALTAVE AI-driven platform generates 145k safety alerts annually
May 8, 2025
The ALTAVE Harpia platform processes more than 52 million daily frames, generating 145,000 safety alerts annually.
Courtesy Vaisala
Equipment Engineering(Link)
New Vaisala software integrates real-time weather data and forecasts in one platform
May 8, 2025
Vaisala Elements allows operators, helicopter pilots, crane operators and installation managers to monitor real-time weather, ocean conditions and helideck status all in one secure…
Courtesy SLB
Equipment Engineering(Link)
SLB’s new electric well completions technologies designed to offer better control and diagnostics
May 8, 2025
SLB has released its Electris portfolio of digitally enabled electric well completions technologies.
Courtesy Repsol Resources UK
Decommissioning(Link)
Repsol awards Archer wide-ranging North Sea P&A, drilling services deal
May 3, 2025
Repsol Resources UK has awarded Archer a five-year contract.
ID 25500068 © Su Xingmin | Dreamstime.com
US & Gulf of mexico(Link)
Gulf of Mexico
EnerMech to provide pre-commissioning services at Salamanca platform in the GoM
April 30, 2025
The work scope includes hydrotesting and nitrogen dewatering of three 8-inch infield flowlines, one 16-inch oil export pipeline and one 10-inch gas export pipeline.
Courtesy OTC
Special Reports(Link)
OTC recognizes 2025 Spotlight on New Technology award winners
April 28, 2025
Awards given to OTC exhibitors who have shown innovation in the offshore energy sector through the development of new technologies.
Courtesy OTC
US & Gulf of Mexico(Link)
OTC announces 2025 Distinguished Achievement Award recipients
Feb. 12, 2025
The recipients will be honored during the OTC Opening Ceremony Monday, May 5, 2025, at NRG Center located in Houston, Texas.

Content authored by OTC presenters and exhibitors:
In this section, industry leaders share their perspectives on the path forward, while SMEs detail recent offshore case studies. You’ll need free site-access membership to view the articles below. If you are not already a registered website user, you can sign up here.

Courtesy AIQ
Equipment Engineering
Autonomous capabilities provide offshore operations with a new lease of life
May 7, 2025
ADNOC has developed and deployed more than 200 AI use cases, spanning exploration, production, refining, logistics, and strategic planning, with support from AIQ, a joint venture…
Courtesy Lucid Catalyst
Equipment Engineering
Nuclear microreactors can transform offshore energy industry
May 7, 2025
Nuclear microreactors offer a compact, mobile and emissions-free power solution for the offshore energy sector, promising continuous power, improved safety and scalability.
Courtesy Terradepth
Equipment Engineering
AUVs and cloud data are transforming offshore operations
May 6, 2025
Terradepth highlights three case studies that illustrate the growing value proposition of cloud-based ocean data collected by AUVs.
Courtesy E-tech
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US ‘deeply committed’ to T&T

2025, 03/26
Saul Loeb

The US Department of State confirmed that Secretary of State Marco Rubio will discuss a commitment to developing Trinidad and Tobago’s gas production for regional energy security during discussions with Caricom leaders in Kingston, Jamaica today.

However, Rubio will tell Caribbean leaders that the US will not support any further regional dependency on Venezuela.

The confirmation came during a US State Department briefing in Washington DC, yesterday, ahead of Rubio’s trip to the region, which will also include visits to Guyana and Suriname.

The position laid out by US Special Envoy for Latin America, Mauricio Claver-Caron, has raised more questions on whether the Dragon gas agreement between Venezuela and T&T, supported by a US licence and limited sanction waivers, will materialise.

Claver-Caron said the US is “deeply committed” to working with T&T on the gas issue, but did not make any pronouncement on the Dragon gas matter.

“With Trinidad, which has been an energy leader in the region, obviously it is going through its own development as it seeks to revitalise its natural gas opportunities and is going through that modernisation as some of the older fields and opportunities there dry up and they’re looking for the new ones.

“There, along with a lot of the challenges posed with Venezuela, we’re deeply committed to working with Trinidad to figuring out how to re-energise that – those natural gas opportunities and ensure that its economy continues to move forward despite the challenges presented with Venezuela and otherwise.”

Prime Minister Stuart Young, who led the Dragon gas talks in his capacity as Minister of Energy and Energy Industries, will attend today’s meeting and is one of the leaders that Secretary Rubio intends to have bilateral talks with.

Yesterday, Young told media he intends to make the “most compelling argument” for T&T’s interests.

“I believe in Trinidad and Tobago, and I know what are the best arguments for us to put forward.

“I have not been in contact since the specific comment that you are referring to from Secretary of State Rubio. There’s also been some dialogue or statement from the President’s Office in the United States, President Trump. These are things that we monitor carefully and closely, and I remain in contact with the Venezuelan government managing it.”

Claver-Caron made it clear the US does not see Venezuela having any major role in the future of the region’s energy security. He noted that Secretary Rubio’s decision to also visit Guyana and Suriname is to help those nations become key energy suppliers to the Caribbean.

“Together with Guyana and Suriname, which – and obviously the history of Trinidad with natural gas – this is an opportunity that countries from the Caricom community, from the region, are going to be able to support each other, to be able to create an energy security framework, which has already changed the geopolitics of the region,” he said.

In this regard, Rubio will give a commitment to helping secure Guyana from threats made by Venezuela.

Claver-Caron was asked to explain how Caribbean countries would be impacted by the Trump administration’s decision to impose a 25 per cent tariff on any country that purchases oil or gas from Venezuela.

He said since President Trump’s 2019 maximum pressure policy, there has been a reduction in energy sales from Venezuela to the region. The exception was Cuba, which gets 45,000 barrels per day “at no cost and no income” to Venezuela.

Claver-Caron said this reduction creates a unique opportunity for T&T, Guyana and Suriname.

“The fact that these Caricom nations, that Guyana and Suriname, and then obviously on the natural gas front kind of in the revitalization of however we can help in Trinidad in that regard, are really unique opportunities there. And that’s what we really need to be focused on, because we don’t want to have a rekindling of the past and of all the troubles and issues that the dependency on Venezuela brought to the islands of the Caribbean.”

The meeting will also discuss the use of Cuban doctors in the Caribbean.

“The quality of Cuban doctors and the work they’ve done in the Caribbean, in Haiti, et cetera, is great; it’s extraordinary. What we are asking is that they not support human trafficking,” Claver-Caron said

 

 

 

 

API in favor of EPA’s latest regulatory reforms

March 12, 2025

American Petroleum Institute President and CEO Mike Sommers issued the following statement after the U.S. Environmental Protection Agency announced plans to reconsider several major rulemakings as part of a broader agenda to support American energy dominance.

“Voters sent a clear message in support of affordable, reliable and secure American energy, and the Trump administration is answering the call by moving forward on many of the priorities in API’s five-point policy roadmap. As this regulatory process moves forward, we are committed to working with Secretary Zeldin on commonsense policies that advance American energy dominance.”

API’s five-point policy roadmap and EPA policy memo noted the importance of many of these regulatory actions to secure American energy leadership and protect consumer choice.

 

 

 

 

Cutting funding for science can have consequences for the economy, US technological competitiveness

February 17, 2025

Author
Chris Impey has received funding from NASA, the National Science Foundation, and the Howard Hughes Medical Institute.

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America has already lost its global competitive edge in science, and funding cuts proposed in early 2025 may further a precipitous decline.

Proposed cuts to the federal agencies that fund scientific research could undercut America’s global competitiveness, with negative impacts on the economy and the ability to attract and train the next generation of researchers.

I’m an astronomer, and I have been a senior administrator at the University of Arizona’s College of Science. Because of these roles, I’m invested in the future of scientific research in the United States. I’m worried funding cuts could mean a decline in the amount and quality of research published – and that some potential discoveries won’t get made.

The endless frontier
A substantial part of U.S. prosperity after World War II was due to the country’s investment in science and technology.

Vannevar Bush founded the company that later became Raytheon and was the president of the Carnegie Institution. In 1945, he delivered a report to President Franklin D. Roosevelt called The Endless Frontier.

In this report, Bush argued that scientific research was essential to the country’s economic well-being and security. His advocacy led to the founding of the National Science Foundation and science policy as we know it today. He argued that a centralized approach to science funding would efficiently distribute resources to scientists doing research at universities.

The National Science Foundation awards funding to many research projects and early career scientists. Pictured are astronomers from the LIGO collaboration, which won a Nobel Prize. AP Photo/Andrew Harnik
Since 1945, advances in science and technology have driven 85% of American economic growth. Science and innovation are the engines of prosperity, where research generates new technologies, innovations and solutions that improve the quality of life and drive economic development.

This causal relationship, where scientific research leads to innovations and inventions that promote economic growth, is true around the world.

The importance of basic research

Investment in research and development has tripled since 1990, but that growth has been funded by the business sector for applied research, while federal investment in basic research has stagnated. The distinction matters, because basic research, which is purely exploratory research, has enormous downstream benefits.

Quantum computing is a prime example. Quantum computing originated 40 years ago, based on the fundamental physics of quantum mechanics. It has matured only in the past few years to the point where quantum computers can solve some problems faster than classical computers.

Basic research into quantum physics has allowed quantum computing to develop and advance. AP Photo/Ross D. Franklin

Worldwide, basic research pays for itself and has more impact on economic growth than applied research. This is because basic research expands the shared knowledge base that innovators can draw on.

For example, a biotech advocacy firm calculated that every dollar of funding to the National Institutes of Health generates US$2.46 in economic activity, which is why a recent cut of $9 billion to its funding is so disturbing.

The American public also values science. In an era of declining trust in public institutions, more than 3 in 4 Americans say research investment is creating employment opportunities, and a similar percentage are confident that scientists act in the public’s best interests.

Science superpower slipping

By some metrics, American science is preeminent. Researchers working in America have won over 40% of the science Nobel Prizes – three times more than people from any other country. American research universities are magnets for scientific talent, and the United States spends more on research and development than any other country.

But there is intense competition to be a science superpower, and several metrics suggest the United States is slipping. Research and development spending as a percentage of GDP has fallen from a high of 1.9% in 1964 to 0.7% in 2021. Worldwide, the United States ranked 12th for this metric in 2021, behind South Korea and European countries.

In number of scientific researchers as a portion of the labor force, the United States ranks 10th.

Metrics for research quality tell a similar story. In 2020, China overtook the United States in having the largest share of the top 1% most-cited papers.

China also leads the world in the number of patents, and it has been outspending the U.S. on research in the past few decades. Switzerland and Sweden eclipse the United States in terms of science and technology innovation. This definition of innovation goes beyond research in labs and the number of scientific papers published to include improvements to outcomes in the form of new goods or new services.

Among American educators and workers in technical fields, 3 in 4 think the United States has already lost the competition for global leadership.

Threats to science funding

Against this backdrop, threats made in the beginning of President Donald Trump’s second term to science funding are ominous.

Trump’s first wave of executive orders caused chaos at science agencies as they struggled to interpret the directives. Much of the anxiety involved excising language and programs relating to diversity, equity and inclusion, or DEI.

The National Science Foundation is particularly in the crosshairs. In late January 2025, it froze the routine review and approval of grants and new expenditures, impeding future research, and has been vetting grants to make sure they comply with orders from the U.S. president.

The National Institutes of Health announced on Feb. 7, 2024 a decision to limit overhead rates to 15% which sent many researchers reeling though it has since been temporarily blocked by a judge. The National Institutes of Health is the world’s largest funder of biomedical research, and these indirect costs provide support for the operation and maintenance of lab facilities. They are essential for doing research.

The new administration has proposed deeper cuts. The National Science Foundation has been told to prepare for the loss of half of its staff and two-thirds of its funding. Other federal science agencies are facing similar threats of layoffs and funding cuts.

The impact

 

 

 

 

 

US to terminate all Venezuelan oil and gas licences

2025, 02/27 Evelyn Hockstein

US Secretary of State Marco Rubio has revealed a new directive that eliminates oil and gas licences for foreign companies in Venezuela.

“I am providing guidance to end State Department support for licences approved under Biden.”

Trinidad and Tobago  has been planning to request an extension from the US Government for a licence granted to Shell and the National Gas Company (NGC) to develop the Dragon gas project in Venezuela.

The licence, initially issued in early 2023, allows the companies to proceed with planning the project, which aims to supply gas to Trinidad by 2027.

The Dragon field is located in Venezuelan waters near the maritime border with Trinidad.
In 2023, the US amended the licence to permit payments to Venezuela and its state company PDVSA in hard currency or in kind, extending its expiration to October 2025.

Shell and NGC require an extension to begin production following their final investment decision (FID) expected this year.

Rubio said; “Today, pursuant to @POTUS directive, I am providing foreign policy guidance to terminate all Biden-era oil and gas licenses that have shamefully bankrolled the illegitimate Maduro regime.”

These authorizations improperly financed the government of Nicolás Maduro. The measure seeks to cut off resources that, in his opinion, sustain an illegitimate government and reinforces the hardline stance of the Trump administration.

The decision follows Donald Trump’s announcement on Wednesday, when he ordered the reversal of oil concessions granted by Joe Biden on November 26, 2022. Trump stated:

“We reversed the concessions that Biden gave to Maduro, including those on oil transactions.”

He criticized the regime for not fulfilling electoral agreements or deporting “violent criminals” at the agreed speed, ordering the cancellation of the agreement as of March 1. He noted that the Maduro government’s slow pace of deportations also played a role in this decision.

“They have not been transporting the violent criminals they sent to our country back to Venezuela at the rapid pace they had agreed to.”

Trump and Rubio agree that the oil licenses have weakened U.S. security by benefiting Caracas.

The cancellation, effective in March, is intended to force changes in Venezuela by cutting off funds that both say Maduro uses to stay in power.The move promises to disrupt the operations of foreign companies and reshape the regional energy landscape.

 

 

 

 

 

Britain is sitting on a fortune better than gold

We can break our reliance on China for minerals – if our elites get their hands dirty

10 March Andrew Orlowski

Sir Humphrey has learned to hold his nose. After decades of official disgust at mining, refining and petrochemicals, Whitehall is learning to love the dirty stuff again – the very things we need to defend ourselves and grow a modern economy.

The vibe shift is palpable in Westminster and reflected in the booming share prices of mining and defence companies. And about time, too. In a collective spasm of shame, we stopped digging up and working with the most vital materials of the modern world.

Our policy class considered these industries to be filthy, and at Davos, the elite toasted itself for its high standards of moral hygiene by making a new, cleaner, “weightless” world. But we were becoming strategically dependent on China for the basics of modern life.

“China has realised they can dominate the world,” says Jeremy Wrathall of Cornish Lithium, which opened a £15m demonstration plant last autumn, producing battery-grade lithium hydroxide for batteries as a by-product.

“Most of the West has been asleep at the wheel and China is now laughing all the way to the bank.”

Today, China controls the supply chains for many of these critical minerals, and in December, the PRC turned the screws further. “So, you want to hurt our semiconductor industry? Well, get a load of this.”

It promptly blocked the United States from receiving any antimony, gallium or germanium. The message was clear: we can hurt you far more than you can hurt us, because only we have what you need. Donald Trump’s indulgence of Vladimir Putin may look craven in European capitals, but it’s an entirely rational strategic response to China’s critical minerals monopolies.

The US can secure supplies from mineral-rich Russia and Ukraine to buy time for its own domestic refining to grow. If this peels Russia away from its alliance of convenience with Trump’s real enemy, China, then that’s a bonus. But the British minerals story remains largely unappreciated. There’s lithium and tin in Cornwall, copper and gold in Northern Ireland, and nickel, cobalt and rare earths in Scotland. Wrathall says,

“For modern warfare, you need metals such as lithium, caesium and rubidium for atomic clocks and night goggles. We will be producing them in Cornwall as a by-product of what we do.”

Not long ago, Whitehall had one official dealing with critical minerals, now there are 50 across five departments. The paybacks for tiny strategic investments are huge: one £15m scheme captured £170m of investment.

“We’re starting to see the green shoots of an industrial foundation for which we can build a strong critical minerals supply chain,” says Jeff Townsend of the Critical Minerals Association. With an integrated petrochemicals centre and freeport on Teesside, the parts are falling into place.

Sky-high industrial energy prices need to come down, but what’s really missing is a wider sense of the genuine industrial renaissance before us.

We can not only dig the stuff up but apply science to it to create a higher-value product: what’s called “midstream processing”. And we can also start exploiting the resources that we think are there, but haven’t bothered to look for since the Macmillan era.

Re-shoring makes us more secure and enables us to apply scientific innovation to add value.

The UK Critical Mineral Intelligence Centre at the British Geological Survey has just published its critical assessments. Gavin Mudd, its director, explains how we export 2,000 tonnes a year of tungsten, a metal vital to our defence industry. But we could export 15,000 tonnes thanks to ingenious new recovery techniques: that’s about 20% of the world’s production. Most tantalising of all are the untapped riches under our soil. We’re pretty sure they are there but haven’t had to look for them for decades.

“The last national geophysical surveys were done in the 1950s and 1960s,” explains Mudd.

Wrathall has unearthed archives that even the British Geological Survey (BGS) didn’t know it had. And the strategic and commercial imperative is now urgent.

For example, monazite is an ore that is described as a “pathfinder” to rare earths, yielding cerium, lanthanum, and neodymium. It is incredibly expensive, and Wales is full of it. (It’s a common misconception that rare earth metals are rare.)

Wales

But we haven’t tried to assess those monazite resource deposits for more than 30 years. Resourcing the geologists at the BGS could be the smartest investment any government makes, for who knows what else they will find.

So many times, this column often rues, the UK has found itself with a winning lottery ticket only to throw it away. For example, in 2013 fracking was popular across the country, particularly in communities that stood to benefit from it. However, a campaign was then launched equating the process to “tiny explosions”, a highly misleading description of spraying rocks with water.

This activated the environmentalists, and politicians got nervous. The Colvile and Wolf-authored Conservative Manifesto of 2019 killed shale gas for a decade. The revulsion against mining and industry culminated in Boris Johnson’s speech to the United Nations in 2021, which talked about the derangement of the “natural order”.

We can’t afford to make that mistake again – to capitulate to wild, bourgeoisie fears of getting dirty, and using our natural riches. What we have is better than gold.

 

 

 

 

 

 

 

The wonder of crude: Big Oil back in the spotlight

Adnoc chief says we must ‘make energy great again’ — but did it ever really go out of style?

Plans to abandon fossil fuels were under scrutiny at this year’s CERAWeek in Houston.

“There is more chance of Elvis speaking next than the current plan working,” Saudi Aramco chief executive Amin Nasser told delegates.

Published 13 March 2025, 12:45
Someone was bound to say it.

The inevitable happened when Abu Dhabi National Oil Company (Adnoc) chief executive Sultan Ahmed Al Jaber beseeched the thousands gathered at CERAWeek by S&P Global:

“Ladies and gentlemen, the time has come for us to make energy great again.”

We all knew someone would reference President Donald Trump’s favourite phrase, but a cliche can still elicit groans even when you know it’s coming.

 

 

 

Gas Exporting Countries Forum launches 9th edition of Global Gas Outlook 2050

March 11, 2025 (WO)

 The Gas Exporting Countries Forum (GECF) has released the 9th edition of its Global Gas Outlook 2050, offering an in-depth analysis of the future of natural gas. This latest edition explores key trends and developments in the natural gas market. The report will support global companies and policymakers in navigating the energy trilemma, balancing economic growth, energy demand supply challenges and evolving market dynamics.

The Global Gas Outlook 2050 was launched on March 10 during a GECF-led webinar, coinciding with a crucial period for Africa’s natural gas industry. Africa’s natural gas reserves account for approximately 6% of global supply, with an expected growth of 15% by 2030. This expansion, while moderate compared to other regions, underscores Africa’s LNG potential, particularly as global gas demand is projected to increase at a CAGR of 1.5% until 2030, with LNG representing approximately 10-15% of that demand.

GECF’s participation at AEW 2025 will highlight Africa’s role as a key investment destination in the global natural gas landscape, emphasizing opportunities in infrastructure development and gas monetization.

“The findings of the report confirm our argument that only a diverse energy mix tailored to the specific needs of various regions can balance affordability, security and sustainability,” stated Eng. Mohamed Hamel, GECF Executive Secretary. “We are convinced now more than ever that natural gas is not only a bridge to the future, but an integral part of the future.

I would like to emphasize the role of GECF member countries, who play a vital role in meeting the world’s energy needs. Their contributions, by 2050, will meet half of all global natural gas supplies.”

According to the report, global primary energy demand is expected to increase by 18% between 2023 and 2050, with no peak in sight. The global energy mix is diversifying, with natural gas projected to supply 26% of total energy by 2050. As a result, natural gas demand is set to rise steadily, reaching 5.1 trillion cubic meters by 2050—a 32% increase from 2023 levels. This represents the second-fastest growth rate in energy demand after renewables. Africa, the Middle East and Eurasia are expected to drive nearly 87% of the global natural gas production expansion by 2050.

“The GECF Global Gas Outlook 2050 provides policymakers, investors and stakeholders with valuable insights into the future of global energy markets. Today’s launch comes at a pivotal moment. The energy sector must evolve to meet these evolutions while addressing energy security, sustainability and economic growth. Despite the world’s tremendous progress, energy poverty remains a pressing challenge and natural gas plays a central role in meeting the world’s challenges,” stated Sheik Mishal bin Jabor Al-Thani, GECF Executive Board Member.

The global natural gas trade is undergoing a transformation, with LNG taking center stage. LNG trade is projected to double, reaching 800 million tons by 2050. To support this expansion, cumulative global investments in natural gas are expected to total $11.1 trillion by 2050, with $10.4 trillion allocated to upstream development and $700 billion to downstream infrastructure. Natural gas, when combined with decarbonization technologies such as carbon capture, utilization and storage, provides a viable pathway to a balanced and sustainable energy transition.

According to the outlook, key drivers of natural gas growth include favorable policies, increasing global LNG production and rising demand for power generation. With Africa’s urbanization rate expected to reach 68% by 2030, natural gas is positioned to drive technological innovation, economic growth and regional cooperation.

Primary energy demand in Africa is forecasted to grow at an annual rate of 0.6% through 2050, accounting for a quarter of the global increase. Notably, Africa is set to lead global natural gas demand growth at a rate of 3% annually—the fastest worldwide.

With over 600 million people across Africa lacking electricity and over 900 million without access to clean cooking solutions, insights from GECF at AEW: Invest in African Energies 2025 will showcase Africa’s vast investment opportunities.

As global interest in African hydrocarbons rises, GECF member countries—including Angola, Algeria, Libya, Nigeria, Senegal, Mauritania, Egypt and Mozambique—are well-positioned to drive economic expansion and maximize energy monetization strategies.

 

 

 

 

Experts call for T&T to help Guyana in border dispute

2025, 03/12

The Essequibo River flows through Kurupukari crossing in Guyana. The area has been a source of contention after Venezuela claimed the territory.

Juan Pablo Arraez

An international relations expert is calling on T&T and by extension Caricom to do more to help defend Guayana over Venezuela’s ambitions in the ongoing border dispute. The former acting director at the University of the West Indies (UWI) Institute of International Relations, Dr Raymond Mark Kirton also urged a regional military defence force to deter Venezuela’s ambitions over its border dispute with Guyana.

He spoke at a High-Level Panel Discussion entitled “The Guyana-Venezuela Border Dispute—a matter of regional and international significance” hosted at the Cipriani College of Labour and Co-operative Studies campus, Valsayn.

Kirton, a fellow at the College of Labour, noted that: “….  over the last few weeks, there has been an incursion of a Venezuelan vessel into Guyana’s maritime space which involves oil and gas production and attacks by armed Venezuelans on Guyana’s military personnel described as “unprovoked events.”

Venezuela’s actions must receive full condemnation from “brother and sister Caricom states.”

He recommended that the region should approach the United Nations for technical help in this area.

Asked for details on a Caricom peacekeeping force, Kirton explained that Venezuela’s military is much bigger and more powerful than Guyana’s and so Guyana has to take strong measures to defend itself.

“ There is no match between Guyana and Venezuela in terms of its military capability. If the situation arises and there is armed military intervention, we will have to look for allies in the process.”

T&T has an important role to play in this process.

“T&T is the lead country in Caricom in security. T&T could move forward with this enhanced regional security system. T&T is not a member of the RSS but Guyana is and the smaller states with limited capacity. T&T could fashion a structure that could enhance the RSS and be seen as one of the first deterrent elements in any movements towards incursion into Guyanese territory.”

Carl Greenidge, Advisor on Borders, Ministry of Foreign Affairs, Guyana and Guyana’s Agent at the International Court of Justice (ICJ) in the ongoing border case said Guyana’s existence is threatened and it must protect itself.

On what role T&T can play in contributing to greater dialogue in the conflict, Greenidge responded by saying that T&T does have a role despite “internal difficulties. Trinidad can use its resources by speaking, by attending meetings and participating in those meetings, by speaking to its colleagues and ensuring it is properly briefed and the likes. This is what is required. Sometimes you need to try to win more positions on the international front so you are recognised and people will say that is T&T and they have that principle.”

On March 1, a Venezuelan warship entered Guyana’s exclusive economic zone (EEZ), approached the Liza Destiny, an ExxonMobil oil facility and demanded information from its crew.

This provoked another escalation in the long-running conflict between the two countries. Guyana—with support from the broader international community—condemned the incursion and mobilised its military, pledging to seek a peaceful resolution to the conflict but promising to protect the nation’s sovereignty.

Venezuela responded by alleging those waters form part of a contested maritime zone and refuted claims that it violated Guyana’s sovereignty.

 

 

 

 

Chevron sanction could drive new wave of Venezuelan migration’

2025, 03/13

Venezuelan Migrants are returning from southern Mexico after giving up on reaching the US, a reverse flow triggered by President Trump administration’s immigration crackdown.

The latest round of sanctions will cost Venezuela billions of dollars in revenue and could result in a new flow of illegal migrants, which could cause serious economic and social problems in T&T and other neighbouring countries.

On March 4, Colombian President Gustavo Petro lamented the decision of the President of the United States, Donald Trump, to eliminate License 41, which allowed US oil and gas company Chevron to operate in Venezuelan territory.

“Venezuela is returning to poverty and the more poverty there is in the Southern countries, the more migration to the Northern countries. I think the causes of migration have not been understood,” the Colombian President said.

While millions of Venezuelans now live in Colombia and in other countries regionally, thousands more live and work in T&T as a result of Venezuela’s economic collapse over the last decade.

Although Venezuela’s economy has seen a rebound in the last two years, some experts believe that the dark days of Venezuela’s economic contraction could return with heavy migration flows to other countries, including T&T, given the latest round of sanctions.

Ecoanalítica, a Caracas consultancy, estimates Chevron’s licence yielded up to US$4.5 billion in revenue for Venezuela’s Government last year, and that without it, Venezuela’s projected growth this year would fall from 3.2 per cent to 2 per cent.

According to Bloomberg, Chevron, the only US oil producer left in Venezuela, is currently pumping about 240,000 barrels a day, or nearly 23 per cent of the country’s overall production, representing around US$6 billion in revenue. That level of output is similar to what the company produced in 2018, before Trump first hit Venezuela with sanctions.

Venezuelan economist Francisco Rodríguez an economics don at the University of Denver,  projected that the cancelling of Chevron’s licence will lead to the Venezuelan economy contracting by 9.6 per cent in five years, increasing poverty and the migratory flows.

“Sanctions have real humanitarian consequences. If the goal is to stabilise the region and reduce migration, this policy moves in the opposite direction.”

In a report on the possible impact of Chevron leaving Venezuela, the Wall Street Journal stated that Venezuela’s national oil company, Petróleos de Venezuela, PDVSA, is already working to take over the operations after foreign companies pull out.

“Oil exports account for nearly all of the Maduro government’s revenue, but it will be difficult for PDVSA to sustain production, partly because Venezuela’s heavy crude requires blending with imported diluents to make it flow. Chevron has been supplying most of that feedstock. Plans are under way to bring in alternative supply from Algeria,” an industry source said.

That article also referred to an interview with Rodríguez who said many more Venezuelans could now leave as the local economy absorbs the blow of Chevron’s imminent withdrawal.

Other foreign oil and gas companies are already saying that they refuse to do business in Venezuela because of the latest U.S. sanctions.

Colombian oil company Ecopetrol ruled out any possibility of doing energy business with Venezuela as long as Venezuela is under sanctions.

“We will refrain from looking into business with Venezuela,” said CEO Ricardo Roa, during an interview, while emphasising that “Ecopetrol will not undertake any type of business with Caracas while there are restrictions by the Office of Foreign Assets Control of the United States (OFAC).”

Economic impact
Social researcher Daurius Figueira, who authored several books on T&T’s energy relationship with Venezuela, said that Trump was forced to make the decision to withdraw the Chevron licences because of internal US politics.

“Trump 2.0 has revealed that the assault on Chevron in Venezuela arose from firstly, Maduro’s failure to honour the deal he made with Trump’s delegate who visited Venezuela.

“Secondly, the slim majority of just two Republican votes in the U.S. House of Representatives to pass his budget was exploited by three Republican Cuban emigres from Florida who threatened to vote against his budget if he did not cancel all Biden licenses, which includes Dragon gas and Manakin-Cocuina cross border gas fields to disable the energy trade with Venezuela. Trump is indebted to big USA oil especially the Texan oil patch, hence three Cubans linked to Rubio are attacking Trump and US big oil interests in Venezuela.”

He explained how this will fuel illegal migration to neighbouring countries like T&T as he argued that these migrants will no longer be looking at the United States as an option.

“Without Chevron, Venezuela’s oil production falters, the revenue base takes a dire hit, the Bolivar, the Venezuelan currency, weakens and the dislocation intensifies. There will be no mass migration to the USA this time as it is now US$12,000 for the services of a coyote from Mexico into the US per person in cash up front.

“Those who cannot pay will be cleaned up as Mexico is paying a grave price for allowing their border to be porous with America and the coyotes have got the message. The flow from Venezuela to T&T and the rest of the Caribbean has already accelerated, where we will soon reach the point of saturation with grave, deep-seated social dislocation where there will be increased calls for the El Salvador President Bukele solution applied. “

The potential negative social impacts, which accompany human trafficking and illegal migration.

“This illicit migration will intensify the war between transnational organised crime business models as those illegally entering T&T will bring with them the conflicts raging in Colombia, Ecuador, Peru and Venezuela. Learn from Haiti today which is a conflict involving the two business models at war in the island of Hispaniola and now Puerto Rico. The Caribbean will then become jump off points for human smuggling to Europe and the USA especially as Trump 2.0 shuts down Mexico and the US border with Mexico. The jamming has now started.”

Economist Dr Anthony Gonzales said that less revenue for Venezuela means that Venezuelans will look for economic opportunities in other countries.

“Yes, new sanctions would reduce investment, both local and foreign, in Venezuela and that would cause both income and employment to decline. As a result, more Venezuelans will seek opportunities abroad. I would expect that some more would come to this country.”

 

 

 

 

Caricom foreign minister to head OAS

2025, 03/11

Suriname’s Minister of Foreign Affairs Albert Ramdin was elected yesterday as the new secretary general of the Organization of American States (OAS) for a five-year term, urging multilateralism and calling on member states to be united in the fight against a changing global environment.

Ramdin was elected by acclamation following the withdrawal of Rubén Ramírez, the Foreign Minister of Paraguay. He succeeds Luis Almagro, who was first elected as OAS Secretary General in 2015 and re-elected in 2020.

Ramdin, the first West Indian elected to the top position at the OAS, told the 56th special session of the OAS General Assembly,

“In a world that is quickly evolving, the foundation of a strong democracy continues to be the cornerstone of freedom, justice and human dignity. We realise we exist in challenging times, constantly and rapidly changing roads and as we face these challenges of the present and look towards the future, I believe it is imperative that we listen to each other, understand our different perspectives…while looking for common grounds.”

He said that common ground could be found in multilateralism, security, governance based on the rule of law and democratic principles, respect for human rights, adding

“these exist in unison, they are not separate from each other, without one, the other cannot be fully attained. He was counting on a “strong active relationship” with member states “as we identify and execute the way forward.

“As I stand here today, my commitment is absolutely to serve all member states of this organisation and I would like to reiterate our collective strength lies in our ability to work together…as I said one cannot do it alone…unity requires collaboration, more specifically dialogue, consultation and collective resolve around the table…even when we have different view points,” Ramdin said.

Ramdin, 67, who served as Suriname’s top diplomat since 2020, and was previously the OAS’ assistant secretary general for two terms from 2005 through 2015, is pushing for greater efficiency in the organisation and highlighted the need for it to better support Haiti,enduring a conflict against armed gangs with limited international aid.

“I believe every crisis must bring an opportunity which we must capitalise on. I am absolutely invigorated by the support receive from many all over the world and look forward to a very effective and productive time together.”

TT Foreign Minister of Dr Amery Browne, said he is pleased to have contributed to Ramdin’s election.

“Minister Ramdin has been my close colleague as the Foreign Minister of Suriname and we have worked very well together on Caricom issues as fellow members of COFCOR (Council of Foreign and Community Relations). He has also worked very well with Energy Minister Stuart Young on energy-related collaboration. He is a great friend of Trinidad and Tobago and we are confident that he will provide the principled leadership that is needed at this time from the office of OAS Secretary General.”.

Jamaica’s Foreign Minister, Kamina Johnson Smith said her country has all the confidence that Ramdin has the “necessary skills and expertise to build consensus among member states, to enhance synergies among the inter-American bodies and agencies to to effectively engage the private sector and civil society to address poverty, food and energy security, climate change, irregular migration and violence against women and girls.”

 

 

 

 

 

 

 

 

 

Trump ends Venezuela oil licence for Chevron

2025, 02/27 CARACAS (AP)

A permit issued by the United States government allowing energy giant Chevron Corp. to pump and export Venezuelan oil will be terminated this week, ending what became a financial lifeline for the petrostate.

President Donald Trump’s announcement accused the government of President Nicolás Maduro of not meeting democratic conditions for last year’s July presidential election and not moving fast enough to transport to Venezuela immigrants set for deportation.

Trump did not specifically mention Chevron nor the permit, formally known as a general licence, that exempts the California-based company from economic sanctions and allows it to export and sell Venezuelan oil in the US. But it is the only Venezuela-related licence whose issuance and renewal information match the dates Trump did mention.

“We are hereby reversing the concessions that Crooked Joe Biden gave to Nicolás Maduro, of Venezuela, on the oil transaction agreement.”

The administration of President Joe Biden authorised the licence in 2022 after Maduro agreed to work with Venezuela’s political opposition toward a democratic election. But the July 2024 election was neither fair nor free and Maduro was sworn in last month for a third six-year term despite credible evidence that his opponent got more votes.

Biden’s government for months then resisted calls from Venezuela’s opposition and others to rescind the licence, whose goal the US initially said was “to support the restoration of democracy.” The opposition estimated that Maduro’s government received about $4 billion through the permit, set to be renewed Saturday. Over time, the licence has become responsible for roughly a quarter of Venezuela’s oil production. Chevron spokesman Bill Turenne said,

“We are aware of today’s announcement and are considering its implications. Chevron conducts its business in Venezuela in compliance with all laws and regulations, including the sanctions framework provided by US government.”

Venezuela once used the world’s largest proven oil reserves to power Latin America’s strongest economy but production declined steadily amid corruption, mismanagement and eventual U.S. economic sanctions.

Over 7.7 million Venezuelans fled since 2013, when the oil-dependent economy collapsed and Maduro became president. Most settled in Latin America and the West Indies but set their sights on the US.after the pandemic. (AP)

 

 

 

US terminate all Venezuelan petroleum licences

2025, 02/27 Evelyn Hockstein

US Secretary of State Marco Rubio revealed a new directive that eliminates oil and gas licences for foreign companies in Venezuela.

“I am providing guidance to end State Department support for licences approved under Biden. Today, pursuant to @POTUS directive, I am providing foreign policy guidance to terminate all Biden-era oil and gas licenses that have shamefully bankrolled the illegitimate Maduro regime.”

Trinidad and Tobago has been planning to request an extension from the US Government for a licence granted to Shell and the National Gas Company (NGC) to develop the Dragon gas project in Venezuela. The licence, initially issued in early 2023, allows the companies to proceed with planning the project, which aims to supply gas to Trinidad by 2027. The Dragon field is located in Venezuelan waters near the maritime border with Trinidad.

In 2023, the US amended the licence to permit payments to Venezuela and its state company PDVSA in hard currency or in kind, extending its expiration to October 2025.Shell and NGC require an extension to begin production following their final investment decision (FID) expected this year.

According to Rubio, these authorizations improperly financed the government of Nicolás Maduro. The measure seeks to cut off resources that, in his opinion, sustain an illegitimate government and reinforces the hardline stance of the Trump administration.

The decision follows Donald Trump’s announcement on Wednesday, when he ordered the reversal of oil concessions granted by Joe Biden on November 26, 2022. Trump, from Truth Social, stated: “We reversed the concessions that Biden gave to Maduro, including those on oil transactions.”

He criticized the regime for not fulfilling electoral agreements or deporting “violent criminals” at the agreed speed, ordering the cancellation of the agreement as of March 1.

He also noted that the Maduro government’s slow pace of deportations also played a role in this decision.

“They have not been transporting the violent criminals they sent to our country back to Venezuela at the rapid pace they had agreed to.”

Trump and Rubio agree that the oil licenses have weakened U.S. security by benefiting Caracas.

The cancellation, effective in March, is intended to force changes in Venezuela by cutting off funds that both say Maduro uses to stay in power.

The move promises to disrupt the operations of foreign companies and reshape the regional energy landscape.

 

 

 

 

 

Panama crackdown on Russian shadow fleet

May 26, 2025, by Sara Kosmajac

The Panama Maritime Authority (PMA) has decided to strengthen the ship-to-ship (STS) oil transfer operation requirements for tankers flying the country’s flag to “shut the door” to Russia’s so-called shadow fleet. As disclosed, the decision was made to address two vital issues at once: the operations of Russia’s dark fleet and the need to ‘bolster’ Panama’s international standing as a “responsible” Flag State.

The regulation,effective immediately, mandates that all units flying the flag of Panama with a gross tonnage of 150 or more notify the state at least 48 hours in advance of any planned STS operations.

Technical, logistical and operational information have to be submitted as part of the notice. Notification needs to include identification details regarding participating ships, coordinates and estimated time of the ship-tp-ship transfers, the type and quantity of hydrocarbons that would be transferred, preferred transport method (underway or anchor) and the confirmation of the STS plan per Regulation 41 of the MARPOL convention.

What is more, it is understood that ships will need to have their STS plans updated regularly to reflect the new notification requirement and retain onboard electronic acknowledgment as proof of receipt. Deputy General Director of Merchant Marine, Rina Berrocal, said,

“This initiative addresses the growing use of opaque vessels to circumvent international sanctions, transport undeclared crude, or evade environmental safety regulations—practices commonly associated with what is known as the shadow or dark fleet. This is not just about safeguarding the reputation of the Panamanian registry, but about ensuring that our vessels are not used as platforms for illicit activities that undermine global trade and harm the environment.”

In spite of numerous efforts, Russia’s shadow fleet presses on with its operations, exploiting loopholes and vague ownership structures. This has kept the country’s oil exports afloat even in the face of mounting penalties.

Beyond Panama, ‘closer to home’, Russia was repeatedly sanctioned by the European Commission via a number of measures aimed at ‘weakening’ the dark fleet.The EU imposed the 15th sanctions package on Russia in December 2024, whereby at least 52 more ships were targeted.

This action was followed by the 16th package, which was unveiled in February this year, adding 74 more units and rounding the total number to 153 of total listed vessels.Less than three months later, namely in May 2025, the commission unpacked the ‘biggest, single G7 action’ against Russia’s dark fleet, opting to include another 189 vessels in the list, with the total now standing at 342 units.

The ships were identified in collaboration with the EU Member States and the European Maritime Safety Agency (EMSA). They are now subject to a port access ban and a ban on the provision of services. In December last year, Denmark, Estonia, Finland, Germany, Iceland, Latvia, Lithuania, the Netherlands, Norway, Poland, Sweden and the United Kingdom declared they would work together on ‘cranking up’ the pressure on Russia, with the initial step proposed being ship insurance.

To be specific, the twelve-nation-strong consortium said they would mandate their maritime authorities to request ‘relevant’ proof of insurance from suspected shadow vessels as they pass through the English Channel, the Danish Straits of the Great Belt, the Sound between Denmark and Sweden and the Gulf of Finland.

It is understood that the data collected would be acted upon via a joint effort. In April 2025, the European Commission revealed that, going forward, all vessels sailing European waters would need to provide proof of insurance.

 

 

 

 

CERAWeek 2025: Resilient upstream strategies for the future

March 12, 2025

CERAWeek 2025 by S&P Global maintained momentum into the middle of the week with a panel discussing some of the long-term challenges facing the upstream. Featuring executive representatives from bp, Repsol, Baker Hughes and Cairn Oil & Gas, the panel presented a range of perspectives from upstream production and exploration to upstream services and emerging markets.

Two key topics emerged over the course of discussion: securing capital and securing talent or “human capital,” in the words of Executive Managing Director of Exploration and Production for Repsol, Francisco Gea. In the case of the former, Gea highlighted a unpredictable market that made fiscal outlooks difficult to predict. While bp’s Executive VP of wells Ann Davies emphasized that “we’re not short of…opportunity to get returns on capital,” the ever-changing market presents complex challenges.

Perception is one such challenge, and how its negative aspects so often affect the upstream. In the words of CCO of Cairn Oil & Gas Andrew McIntosh, “We [the oil and gas industry] weren’t exactly the flavor of the month for a while,” and subsequently, “we probably have not invested enough to meet the demand forecast.”

That investment is critical, as Executive VP of Oilfield Service and Equipment for Baker Hughes Amerino Gatti added that around 70–80% of global production is coming from mature assets. Even so, global CAPEX is down 30% from 2015–2025, per Gatti, and the task of increasing spending in an unfriendly environment is a daunting one.

Even so, majors like bp and Repsol are planning on increased growth. Davies announced a total 40 wells planned by 2027 for bp’s operations, and she highlighted increased exploration activity in the Gulf of America (GOA) and offshore Egypt. Meanwhile, Gea noted Respol’s aims to have 40% of production coming from their portfolio of U.S. assets, while McIntosh emphasized India’s rapidly expanding role in the energy landscape. Amid the massive growth anticipated for the region overall, India’s individual growth is anticipated to be substantial, with energy demands increasing exponentially, according to McIntosh, with more investment-friendly legislation encouraging “the finance people” to return.

According to McIntosh, India is also a growing solution for the other major issue discussed in the panel: acquiring talent. “You have to take the work where the talent is,” he emphasized, citing the growing number of tech training centers in the South Asian country. Meanwhile, Davies mentioned similar programs in the U.S., where talent from all technical backgrounds are integrated into the energy industry via training programs.

As with many sessions, A.I. was also a persistent topic, overlapping with the challenges of acquiring new talent. Though not discussed in detail, the panel was largely in agreement that the development of technologies like A.I. and similar tools needed a new generation of professionals to improve efficiencies. Davies encapsulated the broader idea in a simple statement: “drilling is not a dying industry.” From geothermal to traditional oil and gas, upstream operations present an opportunity that must be communicated to the future energy workforce.