US Navy military ships in Caribbean Sea in the wake of Christopher Columbus in 1492

USS San Antonio: Commissioned in 2006, the San Antonio is the lead ship of its class of amphibious transport docks and the first Navy vessel to integrate advanced stealth features. Designers minimized its radar cross-section by enclosing antennas inside masts, recessing equipment, and reshaping the anchor pocket. The primary mission is to embark, transport and land Marines with equipment and supplies. Its ability to deploy forces rapidly makes it a key asset in operations near hostile shores.

USS Iwo Jima: The Wasp-class amphibious assault ship commissioned in 2001 carries both symbolic and operational weight. Named after the iconic World War II battle, its keel holds the Medal of Honor citation of Captain Jacklyn H. Lucas, one of the youngest recipients of the award. With a full-length flight deck capable of supporting helicopters and tilt-rotor aircraft, it functions like a small aircraft carrier. It can deploy Marines by air and sea, coordinate large-scale missions and sustain prolonged operations.

USS Fort Lauderdale: The newest of the three, the Fort Lauderdale is a transitional vessel that blends San Antonio-class features with innovations intended for the Navy’s next-generation amphibious warfare ships. Commissioned in 2022, it is the first Navy ship named after the South Florida city.

Read more at: https://www.miamiherald.com/news/nation-world/world/americas/venezuela/article311788818.html#storylink=cpy

Warships to combat drug trafficking
The group, led by the USS Iwo Jima and accompanied by the USS San Antonio and USS Fort Lauderdale, departed from the port of Norfolk, Virginia, carrying about 4,500 military personnel and 2,200 marines. Three destroyers, the USS Sampson, USS Gravely, and USS Jason Dunham, are expected to reach the southern Caribbean Sea starting August 28.

Reuters confirms the deployment of US Navy Ticonderoga-class cruiser USS Lake Erie (CG-70) & Los Angeles class attack submarine USS Newport News (SSN-750) a Flight II LA equipped with Tomahawk VLS.

 

Second Coming of Exxonmobil may Ease Forex Crunch

17 August
Dr Vaalmikki Arjoon

UWI Economics don Dr Vaalmikki Arjoon expects Trinidad and Tobago to reap the benefits of ExxonMobil investment in three to four years if exploration yields commercial discoveries of petroleum reserves. He told media that the more sizeable the discovery, the faster Exxon would want to bring it to production to recoup investments and secure cash flows as early as possible.

The award of the licence having bypassed a competitive bidding round, “there is a reasonable prospect of a negotiated signing bonus for the Government”.

If realised, it would provide “an immediate foreign exchange inflow in US dollars ahead of full production revenues”.

Exploration and production will lift gross domestic product (GDP), as exploration expands the use of domestic energy-service firms, local ports and logistics, marine support, fabrication, project engineering and other professional services.

This activity creates jobs, supports local companies and recirculates income through the economy, generating a multiplier that boosts short-term growth while building the long-term capacity and competitiveness of the energy-services sector. Larger and more durable gains would accrue in the production stage.

“New oil and especially gas volumes lift real output directly, boost throughput in Atlantic LNG, raising LNG production. It could provide additional gas to Point Lisas, improving plant utilisation and production of ammonia, methanol, and other petrochemicals.”

These developments could materially boost energy export earnings, which typically account for 80% of T&T total exports and are the primary source of the foreign exchange inflows. In the last decade, oil and gas output fell by 31% and 33% respectively, significantly lowering forex earnings, resulting in Central Bank intervention to support the forex market. Encountering substantial gas reserves can bolster production at Atlantic LNG and Point Lisas, thus easing forex shortages through LNG and petrochemical exports.

This could meaningfully reduce the current mismatch between forex demand and supply by adding US-dollar inflows, strengthening the balance of payments and reserves, while amassing fiscal receipts through royalties and corporate taxes. A substantial petroleum discovery would underscore the need to restart the refinery, allowing resumption of exports of refined oil while significantly reducing the volume of refined oil imports currently required.

A surge in hydrocarbon revenues from the UD-1 project could allow a portion to be ring-fenced for a productive capital budget, building capacity in non-energy sectors and driving diversification into digital services, near-shore manufacturing, green hydrogen, logistics and tourism linkages. Another share may be required to be credited to the HSF, strengthening fiscal buffers. Refining the Heritage Stabilisation Fund investment strategy to target more optimal risk-adjusted returns can ensure that these savings generate higher, sustainable income to support long-term economic stability.

The messianic re-entry of the revered operator into the local energy sector would notably enhance competitiveness in the upstream industry. Overhauling the approval regime for energy projects by streamlining regulatory and environmental clearances could reduce bureaucratic delays. This will shorten project timelines, boost investor confidence, and ultimately accelerate new production. A simplified regulatory environment could attract even more global energy firms to invest locally, including smaller and medium-sized companies interested in marginal fields that larger corporations find less economically attractive.

Exxon’s logical decision to sign this Production Sharing Contract reflects a high degree of confidence in finding commercially viable reserves in the petroliferous location of UD-1, northwest of Stabroek Block with over 46 oil and gas fields. This action explains their willingness to commit substantial capital for deepwater and ultra-deepwater exploration. With state-of-the-art rigs, innovative drillships and support vessels operating in adjacent Guyana, Exxon can redeploy assets to UD-1 acreage at lower mobilisation costs, expediting seismic surveys and appraisal drilling.

Awarding 7 blocks to ExxonMobil marks a major strategic step for the energy sector, with strong potential to significantly boost hydrocarbon output, not only in oil and gas but also in downstream processing. This could enhance overall energy competitiveness, accumulate fiscal revenues through taxes, royalties and bonuses, improve foreign exchange earnings, and drive GDP growth in the medium term.

“As a deepwater initiative, it will bring advanced exploration and production technologies, alongside substantial capital investments by Exxon, accelerating the discovery and commercial development of new reserves.”

Like many deepwater projects, there are risks of not finding commercial quantities in some wells or facing weaker prices at commercialisation. In these cases, GDP gains would be smaller and short-lived. However, signing a production sharing contract with the Government, signals Exxon is optimistic about the mega-block’s commercial potential. As is standard in similar projects, the world-class icon would only move to full field development once commercial reserves are confirmed and would likely secure long-term offtake agreements to mitigate price volatility.

Prime Minister Kamla Persad-Bissessar said ExxonMobil could invest up to US$21.7 billion ($147 billion) over the coming years if hydrocarbons are discovered offshore, following its return after more than two decades. At the signing ceremony in Port of Spain for the Production Sharing Contract between ExxonMobil and T&T Deepwater Ltd for Block TTUD1 with ultra-deep acreage of 7,165 square kilometers, she hailed the PSC as “a milestone for our energy sector.”

 

 

Trinidad, ExxonMobil agree terms for deep water Atlantic blocks

August 6, 2025

HOUSTON, (Reuters) – Trinidad & Tobago agreed to award U.S. oil major ExxonMobil, ultra-deep acreage to explore for petroleum. The parties began negotiations earlier this year for the areas off the east coast of Trinidad , which ExxonMobil left over 20 years ago. The blocks are located northwest of ExxonMobil’s prolific Stabroek block in Guyana, where the consortium it leads confirmed over11 billion barrels of recoverable resources.

The area to be awarded to ExxonMobil is an amalgamation of seven blocks, renamed Ultra Deep 1 or UD(1) in water depths of 2,000 to 3,000 meters.

“We will not comment on third party sources, but we routinely look at opportunities to optimize our advantaged portfolio,” ExxonMobil told Reuters.

“Ultra-deep Trinidad and Tobago could unlock potential similar to ExxonMobil’s Stabroek block,” according to a 2024 study by Houston-based energy data analytics firm TGS.

In Guyana, ExxonMobil and partners Chevron, and CNOOC are about to begin production at their fourth floating facility, which will expand its capacity beyond 900,000 barrels per day (bpd), less than six years after beginning oil production in the South American petrostate. The group plans to produce up to 1.7 million bpd by 2030.

ExxonMobil CEO Darren Woods said exploration is part of a three-pronged approach to ensure that the company continuously replaces the oil and gas it produces.

“We’re continuing to have a very consistent and focused effort on finding more resources that will be economically advantaged and competitive in our portfolio.”

ExxonMobil has agreed to a signing bonus and a three-phase exploration program in Trinidad that includes the acquisition of seismic data and drilling of exploration wells. If oil or gas is found, the agreement also includes royalty payments and a share of profits to the government, along with a provision for cost recovery.

ExxonMobil first approached the government in November of 2024 with interest in the seven blocks. Trinidad & Tobago is in the middle of a deepwater auction, that has been extended to close on September 17 and excludes the areas of interest to ExxonMobil . Under Trinidad laws, the government can individually negotiate areas for exploration and production excluded in a competitive bidding round.

Trinidad has been trying to rejuvenate investment, especially offshore, where more gas output is needed to support the liquefied natural gas and petrochemical industries but it is also hoping to find oil in its deep waters.

A flagship offshore gas project with neighboring Venezuela recently lost its U.S. authorization and has been shelved. It was expected to help relieve ongoing gas shortages.

 

 

Crossborder Manatee project rests on T&T/Venezuela relations

2025, 08/26

If diplomatic relations between T&T and Venezuela deteriorate, this can pose a long-term risk to the stability of the Manatee cross-border maritime field, particularly in light of Prime Minister Kamla Persad-Bissessar’s pro-US stance. The field located in the East Coast Marine Area (ECMA) in T&T is part of the cross-border Loran-Manatee discovery, shared with Venezuela.

Loran/Manatee has been reported to hold around 10 trillion cubic feet (tcf) of natural gas, with 7.3 tcf on Venezuela’s side and the remaining 2.7 tcf on T&T’s side. Manatee is expected to generate over 600 million cubic feet per day and start production in 2027.

Nothing has changed because the sanctions by the US Government have not changed, having ended the Dragon Gas operations.

The Manatee has two sectors. Trinidad-only gas and unitised gas. US sanctions stopped the unitised gas from flowing so the Trinidad-only gas will continue to flow.

There is no short-term change there. Longer term, it depends on how normal cooperation between Trinidad and Tobago and Venezuela relationship develops based on diplomacy, following support of the current UNC government for the Trump administration.

With historic family and economic links, Venezuela is unlikely to break a boundary treaty and other agreements with T&T. Attitudes may have a longer term impact depending on political change and because the Venezuelan industry is state-owned and controlled.

Prime Minister Kamla Persad-Bissessar publicly supported deployment of US military assets in the Caribbean Sea to combat drug trafficking. Her government and most citizens welcomed US assistance to address the region’s ongoing trafficking of drugs, arms and migrants, crime and violence, particularly in response to threats from the Venezuelan regime.

 

 

Petroliferous superpower Guyana elects new leaders

AFP: 28.08.2025

South America’s only English-speaking country Guyana goes to the polls on 1 September in elections that will decide who will manage bountiful new oil riches. In 2015, petroleum giant ExxonMobil discovered huge deposits of crude offshore Guyana, transforming the fortunes of what was once among the continent’s poorest countries.

In 2024, its economy grew by a world-beating 43.6 percent on the back of surging oil revenues.

In the next five years, the government hopes to nearly double crude output, from 650,000 barrels per day currently to over 1 million. The bonanza comes with a caveat, however. In 2019, neighboring Venezuela stepped up its long-standing claim to the vast, oil-rich territory of Essequibo, home to 125,000 of Guyana’s 800,000 citizens.

Analysts warned that many Guyanese are yet to benefit from the oil boom.

Neville Bissember, a professor of law at the University of Guyana, told AFP that the challenge was to “discern between growth and development.”  Beyond “roads and infrastructure Guyana needs housing, electricity and hospitals. We don’t need to reinvent the wheel to do this,”

Singapore and Malaysia successfully avoided “resource curse” of mineral-rich countries that have traditionally remained poor, due to conflict and corruption.

Around 750,000 voters will elect members of parliament.   The party that wins the most votes will select the next president.

The election is a three-way race between outgoing president Irfaan Ali of the People’s Progressive Party/Civic (PPP/C), Aubrey Norton of the People’s National Congress Reform (PNCR) and billionaire disruptor Azruddin Mohamed, who founded his own party to challenge the traditional bipartisan system.

Voting usually takes place along ethnic lines, with Guyanese of Indian descent traditionally supporting the PPP/C and those of African descent supporting the PNCR. Ali, who is seeking a second five-year term, campaigned on his government’s record of strong growth, tax cuts and expanded social programs.

“We have delivered. You can trust us,” the 45-year-old leader told a rally , calling a vote for his party a vote “for the future of this country” and for “national security.”

Norton called Ali’s government “corrupt” and accused it of failing to tackle the soaring cost of living.

Mohamed, who made a fortune in gold mining, was sanctioned by the United States for alleged tax evasion and bribery. He has pledged direct cash transfers to the Guyanese.

“He is a successful businessman and so some people think he can solve Guyana’s problems in the same way. And that he will not be corrupt since he is already rich,” a worker said.

At a market in the center of the capital Georgetown, a trader said she was “better off before Guyana discovered oil.”

“The cost of living keeps increasing. The rich get richer and the poor get poorer.”

A businessman defended the government’s record and praised Ali’ s leadership in the Essequibo row.

“The oil wealth is well spent.”

US-backed Ali has taken a firm line with Venezuelan President Nicolas Maduro, who in May caused tensions by organizing elections for the governor of Essequibo on Venezuelan soil. The territorial dispute is currently before the International Court of Justice.

During the Wismar Massacre of 1964 in the colony of British Guiana,  British Indians were victimized in horrific acts of ethnic cleansing and violence fueled by racial envy of their dynamism and economic success. The trauma they suffered from persecution, rape, looting, arson of homes and businesses and murder led to mass migration.  VAW was common on indenture ships from India and a British Indian young woman died after being raped by an afro-caribbean mutineeer on HMS Allensahw bound for Guyana .

 

 

Colombia and Guyana sign aerial defense MoU

August 28th 2025

The Chief of Defence Staff Brigadier Omar Khan of Guyana Defence Force (GDF) and Commander of the Colombian Aerospace Force General Luis Carlos Córdoba Avendaño, signed a Memorandum of Understanding (MoU) to boost cooperation in aerial surveillance and regional security. The agreement will focus on countering illicit activities and enhancing situational awareness, sharing expertise, training and technology to better detect and respond to threats.

The partnership is key to modernizing the GDF and strengthening regional security. Khan described it as important in advancing Guyana’s defence agenda while enhancing GDF ability to protect sovereignty and contribute to a safer, more secure region.

Córdoba Avendaño emphasized the value of regional partnerships in addressing common challenges, highlighting the benefits of greater cooperation, information sharing and coordination.

A high-level GDF delegation witnessed the event, signalling Guyana’s commitment to strengthening defence capacity and regional partnerships. Ambassador Graybern Livingston and other high-ranking military and diplomatic officials represented Colombia Ministry of National Defense, reflecting strong support for the agreement.

 

 

 

Colombia

Offshore energy hopes wane on poor discoveries, strict regulations

August 14, 2025

Producers are increasingly looking to Peru and adjacent nations where E&P has been incentivized. Reuters report that hopes among foreign energy companies that Colombia’s offshore acreage could serve as a key source of future oil and gas supplies are being dashed as many exploration projects lag expectations, with unwelcome regulation further deflating optimism.

Disappointing finds and regulatory roadblocks are pushing some oil and gas companies to abandon Colombia for neighbors like Peru, where incentives for E&P have become clearer. Despite increasing reliance on foreign energy, the government of President Gustavo Petro has defended a ban on fracking and imposed stricter rules for exploration and production of conventional oil and gas, creating delays and limiting opportunities for private investors in the industry.

Exploration along Colombia’s Caribbean coast has mostly ended in disappointment as major producers like Shell have left the country and others, including Chevron, have reduced their operations there.

Earlier this year, Chevron’s remaining offshore block in Colombia was removed from the regulator’s list of active areas at the company’s request.   Chevron, which had previously sold stakes in two other gas fields offshore Colombia, has now reduced its presence there to fuel retail, company sources said.

Shell said in April that Colombia projects no longer fit with its strategic ambitions, but added that it would continue supplying liquefied natural gas and other fuels to the nation.  Other companies that have exited onshore and offshore ventures in Colombia in recent years include Exxon Mobil, ConocoPhillips, and Spain’s Repsol.  Experts and company sources said the exits and drawdowns are due to a combination of poor exploration results and adverse policies.

Investment in nearby countries

Analysts note that there have been no large discoveries in Colombia for some time, which means that growth-minded E&P companies must move to other more promising locations.
Some companies that had previously made Colombia the focus of their Andean region exploration – including TotalEnergies, Chevron, and Occidental Petroleum – are now expanding their interest in Peru, as terms and prospects there improve.

Meanwhile, majors Exxon and Shell are investing billions of dollars in Caribbean and South American nations including Trinidad and Tobago, Guyana and Suriname, where discoveries dwarf most Colombian offshore prospects and there is governmental support for the offshore industry.

Infrastructure, permitting and regulation challenges

Even those Colombian projects showing promise are often tangled by infrastructure or permitting hurdles, the Reuters report said – even while Colombia runs low on gas reserves due to insufficient exploration. In addition, the gas that has been found will require new pipeline infrastructure, but that infrastructure still needs multiple permits to move forward.

The country’s largest gas discovery is the Sirius offshore project (formerly Uchuva), where Brazil’s Petrobras and Colombia’s Ecopetrol are doing additional drilling after finding some 6 Tcf – enough to extend the lifespan of Colombia’s gas reserves for over a decade, analysts project.   But despite support from Petro and Brazil’s President Luiz Inacio Lula da Silva, the consortium’s efforts have been “costly and time-consuming,” Reuters said.

The project’s partners must complete over 100 public consultations with onshore communities and wait for two environmental licenses, according to the regulator and data from the Colombian Petroleum Association (ACP).

Ecopetrol said a second phase of consultations is about to start, which could lead to the environmental license, before building a submarine pipeline and onshore gas processing plants. Some analysts have commented that the official production start date from Sirius – in the 2029-2030 timeframe – is overly optimistic.

Elsewhere, a smaller offshore gas discovery by Shell at the Gorgon gas field failed to persuade the company to remain in Colombia. Occidental’s plans to drill the Komodo ultra deepwater well, which could become the world’s deepest, could be derailed amid delays to get the drilling permits.

Occidental is waiting to see the results of an appeal filed in January over its drilling permit, whose terms threaten the project’s viability, it has argued.  Oxy declined to comment on Komodo and said it continues to evaluate seismic data to make a decision in offshore Peru.

Ecopetrol has not provided updated plans to develop a gas discovery at its Orca project, also in the Caribbean Sea, since it finished drilling last year, following the pattern with other offshore prospects that were ultimately shelved. For many producers and operators in Colombia, over regulation and insufficient foreign investment are a challenge, executives said.

Oil output across Colombia fell 4.8% year-on-year to 749,800 bbl/d in May, far from the 1 MMbbl/d produced a decade ago, while gas output declined 18.9% in a year to 800 MMcf/d, according to government data.

“Our oilfields are declining, especially our mature fields, and current exploration contracts only cover 14 wells per year through 2030. That is insufficient,” said Frank Pearl, head of the ACP, as quoted in the Reuters report.

Petro has not allowed any new rounds for exploration and production contracts, instead pushing renewables and power generation. Some political opponents are already promising an industry revival if they win a presidential election in 2026.

 

 

 

 

Suriname to launch offshore licensing round in November

28 Aug 2025

Staatsolie will launch an Open-Door Offering in November 2025, for open acreage offshore Suriname, outlined in yellow in Figure 1. Investors will have the flexibility to select an area and to opt for either a:

1. 1. 1. Joint Study Agreement (JSA)/Technical Evaluation Agreement (TEA), OR
      2. Production Sharing Contract (PSC).

Full details on the Open-door Offering will be published with the launch on 24 November 2025.

Register for updates using this link: Registration Open Acreage Offshore Suriname

*Note: Exact delineation of the open acreage on offer may be subject to change and will be published with the Open-Door launch in November 2025.

Source: Staatsolie

 

 

 

US seizes assets worth US$700 million from Maduro

, August 14th 2025

The United States government claimed to have confiscated over US$700 million in assets from Venezuelan President Nicolás Maduro, including:

1. 1. 1. two luxury planes,
      2. multiple houses,
      3. a mansion in the Dominican Republic, and
      4. a horse farm.

Attorney General Pam Bondi said,

”This is organized crime, no different from the mafia and the (alleged crimes) related to Maduro. The assets exceed the US$700 million we have already confiscated, but his regime of terror continues,“

Maduro has been accused of leading the ”Cartel de Los Soles,“ an organization the Republican administration of President Donald Trump designated a terrorist group in July. The reward for information leading to Maduro’s arrest has been increased from US$25 million to US$50 million.

Venezuela’s Minister of the Interior and Justice, Diosdado Cabello, called the Cartel de los Soles an ”invention“ of the United States. In this scenario, Venezuelan Vice President Delcy Rodríguez urged Latin American unity against ”direct threats of military intervention” by Washington. The United States recognized opposition leader Edmundo González Urrutia of the Democratic Unity Platform (PUD) as Venezuela’s president-elect after July 28, 2024.

 

 

Venezuela vetoes Exxon Yellowtail FPSO production start offshore Guyana

August 12, 2025 by Carl Surran, SA News Editor

Exxon Mobil (XOM) turned lower into the close, finishing +0.3% on Tuesday, following a Bloomberg report that Venezuela’s Foreign Ministry presented a verbal notice to Guyana’s government rejecting the start of operations of the company’s One Guyana floating production storage and offloading vessel.

The FPSO is operating in disputed waters between Venezuela and Guyana, and Exxon (NYSE:XOM) or any companies seeking to operate there could face political and legal consequences, Venezuela’s government reportedly said.

Exxon (NYSE:XOM) said last week its One Guyana FPSO started production at Yellowtail, the fourth oil development in the offshore Stabroek block, bringing total installed capacity from the block to more than 900K bbl/day of oil.

Exxon Mobil (XOM) operates the Stabroek block and holds a 45% interest, with partners Hess (CVX) and China’s CNOOC (OTCPK:CEOHF) owning respective shares of 30% and 25%.

Chevron (CVX) is loading a cargo of Venezuelan crude oil, the first after it obtained a U.S. license at the end of July, Bloomberg reported.

 

 

Venezuela growth

2025, 08/07
Raphael John-Lall,

Journalists from 50 countries were invited by the Venezuelan government to visit key non-energy businesses and participate in workshops and discussions about social and economic developments in Venezuela and the Global South..

The group stayed in the Las Mercedes region of Caracas, described there as Venezuela’s Manhattan. Business seems to be booming s with new malls, stores and car dealerships.

“Caracas looks clean and stable. Much work is being done to give Caracas a facelift, including the underground subway, which is well organised and cheap. Salaries are still low as the economy is smaller than it was 10 years ago.

The next step would be continuing to grow the economy so Venezuelans can stay at home without needing to go to Trinidad or Brazil or Colombia or Miami,” said John-Lall.

Venezuela’s economic recovery will not only benefit its citizens but the rest of the region.
That is the view of former head of the Institute of International Relations at the University of the West Indies (UWI) Dr Anthony Gonzales.

According to the Office of International Communication of Venezuela’s Ministry of Foreign Affairs, the press tour aimed to create and articulate a multipolar world where developing countries can tell their own stories.

Venezuela’s economic diversification thrust comes as US oil company Chevron is set to restart crude shipments from its joint ventures in Venezuela under a renewed US Treasury sanctions waiver, CEO Mike Wirth confirmed .

Wirth stated that a “limited amount of oil” would be flowing to US refineries once more in August. The restart of oil drilling and export operations in Venezuela would have a limited short-term impact on Chevron’s profits but would help the firm begin recouping debts.

Gonzales said the return of Chevron to Venezuela signals a change in US policy to the Nicolás Maduro government and in the future, it may even facilitate the granting of Office of Foreign Assets Control (OFAC) licences for T&T to exploit Dragon and Cocuina gas fields.

“This would enhance natural gas supply in T&T and support more downstream petrochemical production. Chevron’s return also implies that other European companies would be allowed to re-enter Venezuela, so foreign investment in oil and gas production would get a boost which would expand growth and employment in Venezuela”

Stronger economic growth in Venezuela would mean more stability and fewer Venezuelans leaving for greener pastures .

“Under these conditions, migration from Venezuela would decline. T&T therefore could expect less migrants in this scenario.

Business with Venezuela should also increase as there would be more import demand for goods and services from T&T. On the whole, the T&T Government would seek to enhance its relations with Caracas and that should favour greater travel and investment between both countries.”

According toVenezuela’s Central Bank, the economy grew by 7.7 per cent in the first half of 2025 and the Government projects a 9 per cent Gross Domestic Product (GDP) growth rate by the end of 2025.

Over 12,000 T&T nationals visited Margarita in the last two years and there are plans to have locals visit Caracas for shopping and entertainment as was popular in the 1980s and 1990s.

Highlighting a transition from over-reliance on oil revenues and a move towards developing new sectors, Venezuelan authorities carried the international journalists on tours of different industrial and manufacturing plants during the visit. Venezuela now produces over 90 per cent of its own food and 70 per cent of its own medicine and drugs, according to Government statistics.

Even the Yutong buses that transported the international journalists are manufactured in Venezuela in a joint partnership with China. Dongfeng ambulances that accompanied the buses during the tour are also assembled in Venezuela in a joint venture with China.

The importance of local industry and production was highlighted when visiting international journalists toured the state-owned Café Madrid Coffee plant in the state of Carabobo . Venezuela’s coffee production is now at a level where it satisfies domestic demand and Venezuela is now exporting coffee to foreign countries, according to officials who accompanied the journalists. Coffee beans are sourced from growers who have plantations in the mountains of Venezuela at an altitude of over 1,000 meters above sea level, and this allows for the development of beans with intense flavours and aromas.

Following a rigorous process, the beans get into the Café Madrid plant, where they enter various stages of production, resulting in the final product.  The plant has a capacity to store 400,000 kilogrammes of coffee beans.   The next step is the roasting process, one of the most important in producing quality coffee.

The Café Madrid coffee brand has established a strong position in the international market, being exported to several countries. That is why quality control and packaging are fundamental steps of the process. More than 58,000 coffee growers cultivate coffee beans in 21 of Venezuela’s 23 states.

International journalists toured one of Venezuela’s major rum producers. Santa Teresa 1796 is a Venezuelan rum produced at the Hacienda Santa Teresa in the Aragua Valley, founded in 1796, Venezuela’s equivalent of T&T’s Angostura based in Laventille.
,

Venezuelan authorities showed how alcohol is produced and then exported globally.  Official figures reveal that in the first four months of 2025 alone, Venezuela’s non-oil exports increased by 87.66 per cent compared to the same period last year. Among the most notable products is rum, with over two million cases exported to over 100 countries, representing 3 per cent of the country’s GDP.

Venezuela’s attempts to move away from its over reliance on oil will mean more business opportunities for T&T. Under a new executive order “Further Modifying the Reciprocal Tariff Rates”, US President Donald Trump set a 15 per cent tariff on imports from T&T , as for Guyana and Venezuela.

The announcement by the US was part of a sweeping update to the U.S. tariff schedule affecting 69 trading partners worldwide.

Venezuela has survived for many years under sanctions that restrict revenue to PDVSA and the Maduro Government. These sanctions impact negatively on foreign investment going to Venezuela as well as exports from Venezuela, particularly in the energy sector.

The imposition of tariffs is different. In one way or another, the US is raising tariffs on all its trading partners making it more difficult for them to export to the US. At the same time, the US is trying to lower tariffs and other trade barriers to its exports to these countries. Venezuela is also like T&T, part of these higher tariffs by the U.S.

 

 

Chevron acknowledges ‘limited’ oil to flow out of Venezuela

Robert Stewart
North America Energy CorrespondentBaton Rouge 1 August 2025

US supermajor says crude from Venezuela will not have ‘material’ impact on third quarter results

Chevron chief executive Mike Wirth acknowledged that a “limited amount of oil” will begin flowing from Venezuela to the US amid the company’s negotiations with US President Donald Trump’s administration on its operations in the sanctioned petrostate. In Chevron’s quarterly earnings call, Wirth said the US supermajor has continued talks with the Trump administration ever since the company’s licence to operate in Venezuela was scaled back in May.

Reports emerged last week that Chevron would be allowed to continue producing oil out of Venezuela again, so long as President Nicolas Maduro’s regime did not profit from the flows.

“This month, it looks like there will be a limited amount of oil that will begin flowing to the US from the Venezuela operations that we have an interest in, consistent with US sanctions policy,” Wirth told analysts.

The Trump administration had forced Chevron to wind down operations in Venezuela, initially calling for a full retreat by April. The Treasury Department later extended that deadline to 27 May.

As he always has, Wirth backed Chevron’s operations in Venezuela, saying the company has always complied with US regulations regarding economic activity in the country.

“We don’t expect the flows from Venezuela will have a material impact on our results here in the third quarter, although it will, at the margin, help satisfy some of the debt we’re owed, and over time we hope to continue recovering that. And by saying that, as in all countries where we have a presence, we’ll continue to operate in accordance with all applicable laws and regulations in a US sanctions regime or policies, and that includes Venezuela.”

(Copyright)

Venezuela welcomes Chevron to resume operations

July 25th 2025

Chevron had stopped producing crude oil in May in compliance with a White House decision

President Nicolás Maduro confirmed on Thursday that US oil company Chevron has been authorized to fully resume its operations in Venezuela after months of suspension due to Washington’s sanctions.

Maduro stated that Chevron has been “notified to resume its operations on a legal basis” and is “welcome in Venezuela.”

He highlighted that despite the period of restrictions and “blackmail,” Venezuelan oil activity grew by 12% in recent months without the need for foreign licences. In June, Venezuelan oil production reached 1,069,000 barrels per day, according to the Organization of Petroleum Exporting Countries (OPEC).

The Bolivarian leader also reiterated his call for all international companies to operate in Venezuela within a framework of mutual respect. Working groups were already in place for Chevron’s reincorporation. He hoped for another 100 years of Chevron’s presence in Venezuela, where it has operated for 102 years.

Maduro’s announcement came after the US administration greenlighted Chevron’s return. This development follows a recent agreement between Caracas and Washington where 252 Venezuelan migrants were repatriated from El Salvador and Venezuela released 10 US citizens it had incarcerated.

While Maduro did not directly confirm if Chevron’s licence was part of this exchange, he emphasized that diplomatic and commercial relations should proceed “with mutual respect and without blackmail.”

 

 

 

Dragon

1 August GORDON LAUGHLIN

The potential turnaround with the Donald Trump administration’s approach could indeed reopen discussions around the Dragon gas project, offering a faster and more cost-effective pathway compared to alternatives like pipelines from Guyana or ongoing negotiations with Exxon.

Given Dragon’s significant progress and its relatively short timeline for development, it presents an attractive opportunity for TT to boost its energy exports and diversify its revenue streams.

However, political rhetoric may complicate efforts to revive the project. Anti-Maduro sentiments and regional diplomatic tensions could impact negotiations and regional co-operation, especially if political stability becomes a concern.

Despite these challenges, the immense progress made on Dragon and its cost efficiencies make it a priority. Because it requires less time and investment, it could be a strategic move to quickly enhance the nation’s energy output and foreign exchange earnings. If political and regional hurdles can be managed, reinvigorating the Dragon project could provide economic relief and strengthen our regional leverage.

In conclusion, while political rhetoric and regional dynamics may influence timelines, the scale and potential benefits of Dragon make it a viable and attractive option to consider, especially in an uncertain energy market. Strategic diplomacy and clear policy commitment will be key to bringing it back on the agenda.

 

 

 

U.S. to end funding for International Energy Agency

Ari Natter, Bloomberg July 25, 2025

House Republicans are proceeding with plans to pull U.S. funding for the International Energy Agency, saying it has abandoned objectivity when it comes to projecting the growth of clean energy. A bill approved by a key House committee would cut U.S. funding for the Paris-based organization, which receives about $6 million annually, or about 14% of its budget, from Washington. Republicans on the House Appropriation Committee wrote in a formal bill report,

“The committee finds that the agency has abandoned objectivity in the critical energy-supply information it produces and, instead, has pursued politicized information to support climate policy advocacy. This well-documented shift by the agency undermines decision-making by policymakers and threatens energy security and the economic interests of the United States.”

It remains to be seen if the Senate, where the bill would need support from Democrats, will go along with the plan, which was included in the House’s fiscal year 2026 legislation funding the Department of State as well as international programs.

IEA said that it was taking “note of the bill and will continue to monitor the ongoing legislative process in the U.S. Congress. Its “commitment to energy security is as strong as ever, as demonstrated by our agile responses to recent crises and expanding work on critical minerals supply security. And the world-class energy data and analysis we provide are the result of rigorous and objective work.”

The autonomous body within the framework of the Organization for Economic Co-operation and Development, was established in response to the 1970s oil crisis to enhance energy security. Aside from the U.S., its members include the United Kingdom, Japan, Canada and 28 other nations.

The IEA stirred controversy among U.S. conservatives in recent years as its long-term projections began to take into account more active government policies to shift away from fossil fuels. The agency predicted that global oil demand will plateau this decade as electric-vehicle fleets expand and other measures are adopted to reduce emissions and combat climate change.

Among the Republican critics are Energy Secretary Chris Wright, who said the U.S. would withdraw its membership unless the agency made reforms to the way it operates.

 

 

 

ECLAC

ECLAC Publications
New publication

Economic Survey
of Latin America and the Caribbean 2025

Download publication

 

Resource mobilization to finance development
Executive summary

The countries of Latin America and the Caribbean must urgently step up resource mobilization for development to avoid a third lost decade, amid a challenging and grim global landscape.

This edition of the Economic Survey for Latin America and the Caribbean summarizes the key messages presented by the Economic Commission for Latin America and the Caribbean (ECLAC) —along with the countries of the region— at the Fourth International Conference on Financing for Development, held in Seville, Spain, in 2025.

This Economic Survey analyses three key dimensions of resource mobilization: fiscal and structural challenges that curb domestic resource mobilization; the growing gap in financing for productive transformation, which must be addressed through international financial architecture reform and efforts to attract private resources; and the strategic role of development banks in directing financing towards key productive sectors.

The document underscores that achieving sustainable development will require transformative fiscal policy, stronger private investment and renewed international cooperation, along with robust and agile institutions. Its analysis and recommendations provide a road map for meeting the goals of the Sevilla Commitment and for managing vital transformations in the region’s development models

 

 

 

India ignites the hemisphere with oriental generosity

August 19, 2025

In a landmark effort to strengthen rehabilitation services, Kalpataru Projects International Limited, in collaboration with the High Commission of India, CARICOM Secretariat and the Ministry of Health, launched the India-CARICOM Prosthetic Limbs Camp at the Ptolemy Reid Rehabilitation Centre in Georgetown.

The initiative celebrates ongoing collaboration between Guyana, India, and CARICOM aimed at improving the disability and rehabilitation sector.

The camp, hosted by the Kalpataru Project Outreach Team, provides Jaipur Foot prosthetic limbs to amputee patients, focusing on restoring mobility and extending access to persons living in the hinterland and other regions across Guyana.

Director of Disability and Rehabilitation Services, Dr. Ariane Mangar highlighted the transformative impact of the programme.

“This partnership has already begun to transform lives, giving persons with amputations the opportunity to regain independence, mobility, and dignity,” she said. 35 limbs have already been completed, with plans to fit another 50 by the camp’s conclusion on August 30, 2025.

Amputees from all regions of Guyana, including Regions One, Two, Three, Six, Seven, Eight, Nine, and Ten, will benefit from the initiative.

The programme also includes training local personnel in prosthetics, ensuring that the skills to manufacture and fit Jaipur Foot prostheses remain in Guyana after the camp concludes.

“Together, Guyana and India are showing how international cooperation can bring real change, restoring mobility, and, more importantly, restoring lives.”

Minister of Health, Dr. Frank Anthony underscored the urgency of addressing the needs of amputees, whether due to accidents or diabetes.

“When we talk about these prostheses really transforming life, it’s not a cliché; it’s actually happening. It’s going to change how they view life, and what they’re able to do. Maybe it’s like a second life that you’re getting with these prostheses.”

Partnership with Jaipur Foot India is designed as a continuous engagement to reach more patients more efficiently.
Representing Kalpataru Projects, Anagha Poojari described the prosthetic limb donation as central to the company’s global mission to restore mobility and dignity.

“These prosthetic limbs are more than medical devices; they are lifelines that empower people to walk, work, and live with confidence,” she stated, citing similar transformative initiatives in Ethiopia and Tanzania.

CARICOM’s Deputy Programme Manager in Health Sector Development, Dr. Serena Bender Pelswidsk commended the initiative, noting that free prosthetic limbs will significantly improve participants’ mobility and quality of life. She expressed optimism for continued collaboration between CARICOM member states and India.

The India-CARICOM Prosthetic Limbs Camp represents a crucial step in expanding access to high-quality rehabilitation services in Guyana, giving hope, independence, and renewed opportunity to persons living with amputations.

 

 

 

Indian Prime Minister at 17th BRICS Summit in Brazil

July 06, 2025

Prime Minister Shri Narendra Modi participated in the 17th BRICS Summit in Rio de Janeiro, Brazil on 6-7 July 2025. The leaders held productive discussions on the BRICS agenda, including reform of global governance, enhancing voice of the global south, peace and security, strengthening multilateralism, development issues and Artificial Intelligence. Prime Minister thanked President of Brazil for his warm hospitality and for the successful organisation of the Summit.

2. Prime Minister addressed the inaugural session on “Reform of Global Governance and Peace and Security”. Later in the day, Prime Minister also addressed a session on “Strengthening Multilateral, Economic-Financial Affairs and Artificial Intelligence.” This session included participation by BRICS Partner and invited countries.

3. Addressing the session on Global Governance and Peace and Security, Prime Minister reaffirmed India’s commitment to enhancing the voice of the Global South. He noted that developing countries required greater support for sustainable development, in terms of access to climate finance and technology.

Highlighting that the global organizations of the 20th century lacked the capacity to deal with the challenges of the 21st century, he underscored the need for reforming them. Calling for a multipolar and inclusive world order, Prime Minister stated that global governance institutions such as the UN Security Council, IMF, World Bank, and WTO must undergo urgent reform to reflect contemporary realities. He thanked the leaders for highlighting the urgency of UN Security Council reform and adopting a strong language on the issue in the Summit Declaration.

4. On Peace and Security, Prime Minister underlined that terrorism was a grave threat facing humanity. In this context, he noted that the Pahalgam terror attack in April 2025 was not just an attack on India, but an onslaught on the entire humanity. Calling for strong global action against terrorism,

Prime Minister noted that those funding, promoting or providing safe havens to terrorists must be dealt with in the harshest terms. He emphasized that there should be no double standards in dealing with terrorism. He thanked BRICS leaders for condemning the Pahalgam terror attack in the strongest terms. Calling upon the BRICS countries to strengthen global fight against terrorism, he emphasized that there should be zero tolerance in dealing with the menace.

5. Prime Minister noted that conflicts, from West Asia to Europe, were a matter of deep concern. He further added that India urged dialogue and diplomacy to resolve such conflicts and was ready to contribute towards such efforts.

6. Addressing the session on “Strengthening Multilateralism, Economic-Financial Affairs and Artificial Intelligence”, Prime Minister expressed that diversity and multipolarity were valued strengths of the BRICS. He stated that at a time when the world order was under pressure and the global community facing uncertainty and challenges, the relevance of BRICS was evident. BRICS could play an important role in shaping a multipolar world.

In this regard, he offered four suggestions:

• • one, the BRICS New Development Bank must follow demand driven principle and long-term sustainability for granting projects;
  • two, the group consider setting up a Science and Research repository which could benefit the global south countries;
  • three, focus must be given to make the supply chain of critical minerals secured and resilient; and,
  • four, the group should work for responsible AI – while looking into the concerns of AI governance, it should also give equal importance to promoting innovation in the field.

7. At the conclusion of the Leaders’ Session, the member countries adopted the ‘Rio de Janeiro Declaration’ [Link]. Full address of Prime Minister in the sessions on global governance [Link], peace and security [Link], and strengthening multilateralism, economic-financial affairs and artificial intelligence [Link] may be seen here.

Rio de Janeiro
July 06, 2025

 

 

Tribute to the heroic explorer on the anniversary of his first transatlantic expedition to the West Indies on 3 August 1492.

from fervent followers of Admiral Cristobal Colon, now safe among angels in the peace of heaven.

Land to the leeward, ho

The gleam of a torch at midnight, that flashed with a fitful glow,
A shout from the lofty masthead, land, land to the leeward ho,
What rapture they brought the Watcher, five hundred years ago.

The dream of his life was ended ,the hurricane winds might blow.
No tempest could wreck his vision , land, land to the leeward ho,
Who sought for a world and found it ,500 years ago,

Then crown with a crown of glory, immortal as earth can show,
The Watcher whose cry at midnight- land, land to leeward ho,
Redoubled the world’s possessions, 500 years ago,

after H.PARRY, M. PRESTON