VENEZUELA –

BP & Venezuela sign Loran MoU after USA Energized the Hemisphere

2026, 04/30

BP and Venezuela signed a memorandum of understanding for offshore exploration of natural gas in the Loran field which establishes “potential areas for co-operation in material gas and future exploration,” BP said. Venezuela state firm Petroleos de Venezuela SA announced the pact.

At the signing ceremony, Acting President Delcy Rodríguez said “The return of BP is a clear sign of the future we want to chart for Venezuela and for international energy relations—relationships ‌based on respect, cooperation grounded in a win-win approach and shared benefits that contribute to the development of the Venezuelan people.”

BP executive vice president for gas and low carbon energy, William Lin said the company was pleased to be partners with Venezuela on the exploration of Loran , as well as other projects, including the commercialisation of gas. The deal followed an energy conference in Caracas with a large contingent of international companies and investors. European oil titans are keen to advance in Venezuela. Italian major Eni SpA announced an oil project and plans to start exporting natural gas with Spain’s Repsol SA in 2031.

SUMMARY
On 29 April 2026, BP and Venezuela signed a Memorandum of Understanding (MoU) to explore and potentially develop natural gas offshore Loran. This agreement is part of a broader re-engagement between Venezuela and international energy companies following significant political shifts in early 2026.

Key Details of the Agreement

Scope: The MoU covers exploration of the 7.3 trillion cubic feet (Tcf) Loran sector of the cross-border Loran-Manatee field shared with Trinidad and Tobago.
Dual Focus: Beyond Loran, the deal formalised the launch of gas development at the nearby Cocuina-Manakin field where BP operates the Trinidad Manakin sector (Block 5b).
Strategic Return: The signing ceremony in Caracas, attended by BP executives and interim President Delcy Rodríguez, marked BP’s formal return to Venezuela’s energy sector.
Operational Commitment: For this renewed presence, BP confirmed it will open a permanent office in Caracas.

Context and Significance

Energy Hub: The fields are located in the Deltana Platform, a largely undeveloped offshore gas region on Venezuela’s eastern maritime border.
Export Strategy: BP intends to process gas from these cross-border fields through existing infrastructure in Trinidad for export as Liquified Natural Gas (LNG).
Broader Investment: This MoU follows similar deals signed by Venezuela with Italy’s Eni and Spain’s Repsol under a reformed hydrocarbon law aimed at attracting foreign capital.

 

 

 

BP signs MoU with Venezuela for Coquina-Manakin gas project

Venezuela continues its efforts to re-engage with foreign energy investors.

April 30, 2026

BP agreed to develop the Coquina-Manakin offshore gas field, on the maritime border between Venezuela and Trinidad and Tobago. A memorandum of understanding (MoU) signed with the Venezuelan Government also covers potential collaboration in the Loran offshore gas field.

BP Gas and Low-carbon energy executive vice-president William Lin said: “BP was pleased to be partners with Venezuela on exploration of the Loran area, as well as on other projects, including the commercialisation of gas.”

The agreement follows Venezuelan efforts to re-engage with foreign energy investors after recent political changes.

At the signing ceremony, televised by Venezuelan state media, interim President Delcy Rodriguez said: “The return of bp is a ⁠clear sign of the future we want to chart for Venezuela and for international energy relations – relationships based on respect, cooperation grounded in a win-win approach and shared benefits that contribute to the development of the Venezuelan people.”

Shell also expressed an interest in the Loran project.

The Venezuelan Government described the MoU as formalising the beginning of gas development at Coquina-Manakin, a reserve that crosses the maritime boundary and is part of the dormant Deltana Platform on the Venezuelan side.

A bp subsidiary operates the Trinidadian section, known as Block 5b.

According to the statement from Rodriguez’s office, the agreement “represents a milestone for the national energy industry by ⁠reactivating the multinational’s presence in key areas of the Deltana Platform”.

In February, bp announced it was seeking a licence from the US Government to advance development at the Manakin-Coquina site. The company’s objective is to utilise over one trillion cubic feet of gas from the field for Trinidad’s liquefied natural gas exports.

Venezuela recently concluded similar agreements with other international energy companies including Italy’s Eni and Spain’s Repsol as part of broader measures to attract foreign investment into its oil and gas sector.

Earlier this week, bp reported net profit attributable to its shareholders of $3.8bn (£2.81bn) for the first quarter of 2026, an increase of 453.1% from $687m in the same period of 2025.

BACKGROUND
24 July 2024
bp granted licence for Cocuina field, proceeds with development planning for Manakin-Cocuina cross-border gas field Venezuela awarded bp, with its partner the National Gas Company of Trinidad and Tobago (NGC), an exploration and production licence for development of the Coquina gas discovery, part of the cross-border Manakin-Coquina gas field.

bp already holds a working interest in and operatorship of the Manakin field, on the Trinidad sector of the maritime border. Holding licences and operatorship for both the Manakin and Cocuina gas fields simplifies the joint development plan and will enable bp to focus on efficiently developing gas resources from the unitized field, tying back to existing gas infrastructure in Trinidad.

David Campbell, bpTT president said: “The award of this licence for the Coquina field is an important milestone for Trinidad and Tobago and for bp. It will allow us to move forward with our planning for development of these significant discovered resources as we work towards bringing more gas into Trinidad and Tobago’s existing gas infrastructure in this decade.

The award would not have been possible without the significant diplomatic efforts by the government of Trinidad and Tobago and their leadership in driving strong collaboration between bp, the National Gas Company and the governments of Trinidad and Tobago and Venezuela.”

Manakin–Coquina field extends across the delimitation line between Trinidad and Tobago and Venezuela, 68 miles off Trinidad’s southeast coast. Coquina field was discovered in 1983 and discovery of Manakin followed in 2000.

In 2015, in Port-of-Spain, Prime Minister Kamla Persad-Bissessar and President Nicolás Maduro signed a unitization agreement for joint exploitation and development of hydrocarbon reservoirs of the fields.

Development of the gas resources in the Manakin-Coquina field is an important part of bp’s longer term development plan for its Trinidad gas business, efficiently using existing infrastructure and supporting bp’s goal to become a simpler, more focused and higher value company.

March 5, 2015

Prime Minister of T&T and President of Venezuela sign unitisation agreement for Manakin-Coquina natural gas field

The Energy Chamber believes there is “huge potential” for co-operation in the energy sector after T&T and Venezuela signed two energy agreements last Tuesday during a visit by Venezuelan President Nicolás Maduro to Trinidad.

“With the right agreements in place, T&T has the potential to be a major hub for the provision of energy services to spur the development of the oil and gas industry in eastern Venezuela and to provide a market for Venezuelan gas. The big prize for T&T is the agreement for Venezuela to export gas to T&T for processing into petrochemicals or for re-export to international markets.

There is also potential for Venezuelan gas—processed through T&T—to be used to meet regional energy demands and to help in the transition away from reliance upon expensive imported fuel oil and diesel for electricity generation.”

The Energy Chamber gave more details on the two agreements.

The first agreement was a field-specific unitisation agreement for the Manakin-Coquina natural gas field that straddles the maritime boundary off the south east coast of Trinidad.

“This field-specific agreement has been reached using the framework set out in the overarching unitisation agreement signed in 2007. It is similar to the field-specific agreement that was signed for the Loran Manatee field in 2010. The field-specific agreement allows the international oil and gas companies who hold the licences over the fields and the two governments to begin to discuss the details of how the field will be managed, how the gas resources are divided and how decisions will be made.

The second agreement, the Energy Chamber said, is a more general technical co-operation agreement which creates the framework for discussions, exchanges and sharing of information between the two countries.

“We expect that the agreement will simply establish a basic framework for technical cooperation and that joint committees and working groups will now be needed to identify potential projects of mutual benefit and to oversee these activities.”

After the signing, President Maduro promised that Venezuela would resume selling oil and bitumen to Trinidad’s refinery.

The chamber reacted positively to this but said the correct, technical details must be worked out.

“The Pointe-a-Pierre refinery currently imports crude oil from a variety of countries to supplement the domestic crude that goes into the refinery. Every refinery is configured to receive a specific mixture of crude oil for optimal efficiency, so crude oil imports from Venezuela will need to have the right specifications and be offered at the right prices for them to utilised in the refinery. With respect to bitumen, there is significant demand in T&T because of the current road expansion programmes.”

Historic Hemisphere Classic

Prime Minister Kamla Persad-Bissessar, in the press conference after the signing called the agreements “historic” at a time when global energy prices are low.

“This is the first time in the western hemisphere there is the commercialisation of crossborder reserves and this has only happened three times in the world before. With the expected increase in production, it is envisaged that manufacturers, in turn, will expand their businesses, creating much needed jobs for our young people and stimulating economic growth.

It is expected that Venezuela’s economy will also be boosted as a result of this proposed initiative, through trade of their commodities in exchange for finished products that the people of Venezuela need.”

“Commodity sharing” would mean Trinidad will purchase goods identified by the Government of Venezuela from T&T’s manufacturers— gasoline and parts for machinery—which are needed there and these would be traded for commodities for T&T’s industries—in particular bitumen and crude oil—which Venezuela. can supply.

The Prime Minister outlined the energy agreements as:

1. The Unitisation Agreement for the Exploitation and Development of Hydrocarbon Reservoirs of the Manakin-Coquina field that extends across the delimitation line between Trinidad and Tobago and the Bolivarian Republic of Venezuela

2. As well as the Framework Agreement on Energy Sector Cooperation between the Government of the Republic of Trinidad and Tobago and the Government of the Bolivarian Republic of Venezuela.

Venezuelan Rhythm

President Maduro, at the press conference, called the signing of the agreements a “win-win” situation for both countries. The energy agreements represent a “new rhythm of work” for both countries. Venezuela would restart sales of oil and bitumen to T&T and, in return, Venezuela would buy equipment to enhance the gas transmission network as part of its gas development project . He compared T&T and Venezuelan co-operation to wars and conflicts in other parts of the world over oil and gas.

“This is a diplomacy of peace and we are good neighbours. It is inclusive Caribbean diplomacy that we are building in this historic time. We have advanced in the commission of ongoing consultations at the highest level to discuss all the issues of cooperation with a new rhythm of work.

It is fair trade and a new form of commerce. Modestly, we would say that T&T and Venezuela are giving an example where we can have a world of peace where energy is not a cause of tension and conflict but rather a lever for developing countries.”

Boosting gas production

Dr Roger Hosein, senior don at the University of the West Indies (UWI), summarised the two agreements.

“Two energy agreements were signed on Tuesday between Venezuela and Trinidad. Offshore to the west of Trinidad, in the Manakin-Coquina field, in the Gulf of Paria, it is estimated to have reserves of oil and gas. Reserves in the Manakin-Coquina field also reside within Venezuela territorial waters.”

The agreement would govern the exploitation and development of hydrocarbon reservoirs in the field.

“Such an agreement would state how much reserves in the field belong to Venezuela, and how much belong to T&T. Such an agreement would most likely state oil and gas production terms and conditions for both T&T and Venezuela . In the case of oil production, this can be very desirable since it can reverse the production decline T&T has been experiencing for the past eight years.”

It can increase T&T’s natural gas production.

“T&T natural gas reserves are relatively small (13 TCF) as compared to the US which has approximately 800 TCF of technically recoverable shale gas. I think T&T should use its natural gas to produce more downstream products and to help produce electricity at a lower cost to facilitate more manufacturing activity,” he said.

Economist Dr Ronald Ramkissoon said the agreements represent a “positive” step in energy relations between both countries.

“I think the signing is very positive in respect of T&T being able to access additional supplies of gas and it is long overdue. However, I do not know if it is going to be immediate. It will take a while before we actually get gas out of the ground and receive revenue for it. The fact that it has happened at all, the various memoranda of agreement, is positive for the immediate and long term benefit of the country.” .

RAPHAEL JOHN_LALL [email protected] Trinidad Guardian,

BG4 and BG5 Thursday March 5, 2015

 

 

 

 

 

NGC part of all cross-border talks

Venezuela gas deals: Everybody has to come here…gas in shortest time

4 May 2026

CHAIRMAN of the National Gas Company of Trinidad and Tobago,    Gerald Ramdeen says that NGC is a part of all gas agreements in Venezuela on the cross-border fields.

Responding to the memorandum of understanding signed between bpTT and acting Pre­sident of Venezuela Delcy Rodriguez on Thursday, he told a gas supply agreement signing ceremony on Friday in Port of Spain,

“What I can tell you is that the day before yesterday (Wednesday), members of the BP team from London are advan­cing talks with respect to the cross-border Manakin-Coquina field.

“I don’t want to say g more because I’m legally obligated not to disclose the details of that. But what I can tell you is that despite all the noises in the public domain, the exploration of Dragon, Manakin-Coquina and Loran-Manatee is at a pace that will bring that gas to Trinidad in the shortest possible time.

NGC is involved in all of those explorations with bpTT, and Shell.”

He also noted competition for the Loran field but cross-border gas and the Dragon Gas “have to come to Trinidad. The conversation has to be here. None of that gas can be monetised except in T&T. T&T has the only infrastructure to be able to monetise all of those things. So, this conversation about going to Venezuela- everybody has to come here because the only place that gas can be monetised is in the infrastructure that is available in T&T.”

As for the concerns of the US Office of Foreign Assets Control (OFAC) licences for the Dragon and Cocuina-­Ma­n­akin gas projects with Venezuela which were revoked, Ramdeen said a gene­ral licence was issued for all players to operate in Venez­uela.

“The position right now is that OFAC has issued a general licence that allows everyone to open all the doors for everyone to be able to go into Venezuela and explore the gas.

And that has been as a result of some things that have been done by the NGC, because when the first set of general licences was issued, they were only named entities that were permitted to do business out of Venezuela”.

Ramdeen said the Foreign Ministry is taking full control of a Government delegation being sent to Venezuela to negotiate. He has not been approached by Minister Sean Sobers to join the delegation.

“All I can say is that from an NGC point of view, we are moving apace with respect to development of the opportunities that the NGC is involved in, which at this moment involves the exploration of Dragon to bring that gas here as soon as possible.

We have delegated teams out of the Ministry of Energy, out of the NGC and with each joint venture partner, and we are advancing that work apace. And certain things that will transpire within the coming weeks and months will demonstrate to you the extent of the work that has been done.”

NGC has been in discussions on a daily and weekly basis with all partners in exploration of cross-border gas and the Dragon gas field in the waters of Venezuela and conversations are ongoing.

“The cross-border and the Dragon gas field have a benefit, both to the people of Venezuela and the people of T&T. And we have been doing everything at the NGC. We’ve been working with the Ministry of Energy, the Government and the Cabinet and being led by the honourable Prime Minister, to ensure that those resources come here in the shortest possible time on the most favourable terms, so that we can benefit,” said Ramdeen.

On conversations NGC had with Nutrien, Ramdeen said, “That is at a very critical stage. And I don’t want to give people unsupported expectations. I don’t want to dampen anybody’s expectations of what may happen. It’s gone very well thus far, and I would like it to continue along that path, without giving any more details than I have to… one of the things involved in discussions with Nutri­en is the fact that certain people have gone into the public domain and made statements.

Those statements didn’t come from the NGC and Nutrien, meaning a breach of confidentiality. So, both parties were concerned that these public statements that are being made about talks between these two parties, we want to be able to conduct those talks and advance them in an environment of total confidentiality.”

Strategic agreement formalised

Venezuela and energy giant BP formalised a strate­gic agreement to develop the Coquina-Manakin gas field. The Ener­gy Chamber of Trinidad and Tobago stated

“The partnership, announced by Acting President Delcy Rodriguez, aims to leverage advanced technical expertise to tap into the country’s vast gaseous hydro­carbon reserves on the Deltana Platform, a move expected to bolster Venezuelan energy independence while positioning the country as a more assertive player in the regional energy market.”

Coquina on the Venezuelan side is part of the inactive Deltana Platform project and extends into Trinidad where a BP subsidiary ope­rates it as Block 5b.

The chamber stated that Rodriguez signalled the start of a new chapter in diploma­tic and commercial relations by welcoming the opening of a BP office in Caracas, to be led by a Venezuelan citizen.

“BP’s return is a clear demonstration of the future we aim to forge for Venezuela and its international energy relations,” Rodriguez said, calling for cooperation based on shared benefits and the development of the Venezuelan people.

Venezuela recently signed exploration and other deals with several international producers, including Ita­ly’s Eni and Spain’s Repsol, as it opens its oil industry to foreign investment.

William Lin, BP’s executive vice-president for gas and low carbon energy, said the company was pleased to be partners with Venezuela on the exploration of the Loran area, as well as on other projects, ‌including the commercialisation of gas. Shell also expressed interest in Loran.

 

 

Offshore Venezuela gas project advances as Eni, Repsol secure export pathway

Fabiola Zerpa and Alberto Brambilla

April 20, 2026 (Bloomberg) –

Eni SpA and Repsol SA plan to start exporting natural gas from Venezuela by the end of 2031 after reaching a deal with Caracas to revive a long-stalled effort to expand production from a massive offshore field.

The agreement with interim President Delcy Rodríguez in mid-March will enable the companies to more than double production at the field in the Gulf of Venezuela and export the fuel as liquefied natural gas from a floating terminal.

Eni and Repsol received assurances of compensation for billions of dollars worth of gas they pumped for Venezuela at the field over the years without payment.

It is a significant victory for the European companies, which have long pushed to export gas from the prolific field, sticking with the 20-year-old project through years of political turmoil.

The deal comes as conflict curtails about 20% of the world’s supply of liquefied natural gas and as the US administration is easing sanctions in Venezuela to allow companies to rebuild its crumbling energy infrastructure.

Eni, based in Italy, confirmed that the companies reached agreement with Venezuela to increase gas production and start exporting, drawing on its past experience with floating LNG terminals. Eni and Repsol plan to submit a final development plan to Petróleos de Venezuela SA by June. Venezuela focused for over a century on its oil reserves, among the largest in the world, when it comes to energy production, neglecting bountiful offshore gas deposits.

Eni and Repsol discovered the massive Perla field in 2009, in shallow waters near Venezuela’s border with Colombia. Holding an estimated 17 trillion cubic feet of gas, it is one of the largest gas discoveries in Latin America.

The companies jointly developed it with the intention of exporting gas. Their deal with Venezuela, however, called for Eni and Repsol to supply the domestic market from the field before sending any fuel abroad.

Over the years the companies struggled to reach an agreement with Venezuela over exactly how much the domestic market needed. The field currently produces about 585 million cubic feet of gas per day, supplying power plants, petrochemical facilities, factories and homes in Western Venezuela. Eni and Repsol’s new agreement with the government allows the companies to start exporting once they’re supplying 645 million cubic feet per day for domestic use.

Eni and Repsol plan to install two more platforms in the field by 2028 and start exporting once they reach 1.2 billion cubic feet per day of production. The agreement with Venezuela extends their lease to operate the field from 2036 to to 2051.

Floating LNG export terminals are relatively rare, used mostly in remote locations or when there are obstacles to building on land. They can be faster to build but present complex engineering challenges that can make them difficult to finance and develop. Eni has experience with the technology in Congo and Mozambique. The company is also developing a project with Argentina’s YPF SA using two floating vessels.

 

 

 

Eni signs deal to restart Venezuela oil operations

April 28, 2026 (WO)

 Eni S.p.A. signed an agreement with Venezuela’s Ministry of Hydrocarbons and state-owned PDVSA to relaunch oil operations at the Junin-5 project in the Orinoco Belt.

 The agreement was announced following a meeting in Caracas between Eni CEO Claudio Descalzi and Acting President Delcy Rodríguez, alongside government and PDVSA officials.

Junin-5, in which PDVSA holds a 60% stake and Eni 40%, is located in the Orinoco Belt and is estimated to contain approximately 35 Bbbl of oil in place. The programmatic agreement is aimed at advancing development of the heavy oil asset as Venezuela works to restore upstream activity.

Eni said the discussions covered current operations as well as “future prospects and opportunities” in the country where Eni continues to expand its gas portfolio.

The company operates the Perla field in the Cardón IV licence, the largest offshore gas discovery in Latin America, through a joint venture with Repsol S.A.. A recently signed sustainability agreement will support continued production from the field while increasing volumes for the domestic market and enabling future export options.

Eni holds interests in the PetroSucre joint venture, which operates the Corocoro offshore field, and in downstream petrochemical operations. The company has been active in Venezuela since 1998 and reported production of approximately 64,000 boed in 2025, primarily from gas operations at Perla.

 

 

Shell hopes to produce gas in Venezuela-Trinidad heartland next year
Summary
Companies
Shell aims for first gas from Loran-Manatee by mid-2027
Trinidad NGC urges partners to restart Atlantic LNG Train 1

 

 

Talks ongoing for Dragon gas project, Shell holds 80%, NGC 20%

April 9 (Reuters) –

Chairman of Trinidad and Tobago National Gas Company, Gerald ‌Ramdeen, said UK energy operator Shell plans to begin natural gas output in 2027 from the Loran-Manatee field, which crosses the border of Venezuela and Trinidad and Tobago.

Pioneer producer Shell is accelerating gas projects in Venezuela, particularly those with Trinidad, to bring fresh supplies to feed liquefied natural gas and petrochemical projects. Shell told NGC it was working to have first gas from the joint field next year.

It increased the capacity of the pipeline that will transport the gas to Trinidad to 1 billion cubic feet per day, from the 700 million cubic feet per day originally planned. Ramdeen said,

“That gas will now be ⁠brought to our Beachfield facility via a 32-inch pipeline, rather than the original 24-inch pipeline.”

Shell was in advanced discussions to participate in Loran, the Venezuelan sector of the field, and could choose to develop it as a unified project alongside Manatee, where planning on Trinidad side progressed in recent years.

Shell expects to begin production at Manatee next year, but has not taken a final investment decision on Loran. Loran holds 7.3 trillion cubic feet of gas reserves, while Manatee has estimated reserves of 2.7 TCF.

U.S. operator Chevron explored Loran under a Venezuela contract for two blocks of the Plataforma Deltana offshore gas project, which remains inactive. Chevron is now relinquishing the field, while negotiating a new oil block ‌at ⁠Venezuela’s Orinoco Belt.

Prime Minister Kamla Persad‑Bissessar said a Trinidad and Tobago delegation of officials will form a negotiating team for talks in Caracas with Venezuelan officials on the Dragon project, a 4.5-TCF gas field in Venezuelan waters.

Shell as operator holds 80% with NGC holding 20%, under a 30-year licence Venezuela granted in 2023. The prospect of new gas supplies, amid geopolitical concerns ⁠ prompted NGC to propose the restart of the first liquefaction train of Atlantic LNG, mothballed due to a shortage of gas. A final decision has not been made.

 

 

 

Separator marks key step in Manatee Plus gas project

2026, 04/15

A gas separator was transported from Galeota Port to the Beachfield Facility for the Manatee Plus project.

A critical piece of Trinidad and Tobago’s energy future moved from planning to execution, with the successful transport of major industrial equipment for the Manatee Plus project—an operation that underscores both the urgency and scale of investment now unfolding in the sector.

The Ministry of Energy confirmed that Shell T&T completed a high-risk heavy-haul operation along the Guayaguayare–Mayaro corridor, moving a gas separator and Cross Island Pipeline drum from Galeota Port to the Beachfield facility.

The operation was not routine. It required coordinated traffic control, regulatory oversight, and law enforcement support to move oversized equipment across public infrastructure without incident.

Crucially, the move only became possible after structural repairs to the Lizard River Bridge were completed between October 2025 and April 2026 through collaboration between Shell and the Ministry of Works and Infrastructure.

The upgrades ensured the bridge could withstand the load, removing a key bottleneck.
This was more than logistics, as it signalled that one of the country’s most important gas developments is advancing on schedule.

“This operation represents a key logistics milestone for the Manatee Plus project, a major offshore gas development expected to support Trinidad and Tobago’s future natural gas supply and long-term energy security.

The transportation of major processing equipment brings a tangible element to this project, as citizens can now see that significant work is being done in the energy sector. It is always reassuring to see the physical elements of a development being constructed and installed, as it signals that the development is becoming a reality.

The Manatee Plus project is continuing as per schedule, and the activities over the last couple of days are a testament to the investments that are flowing into the country.”

The Manatee Plus project is one of the few large-scale upstream developments capable of reversing declining gas output, which has constrained petrochemical production and export earnings in recent years. The Government placed heavy emphasis on accelerating first gas, with output levels revised upwards following direct engagement with Shell.

The Ministry noted that increased production targets were aligned with directives from Prime Minister Kamla Persad-Bissessar. The execution of the heavy haul now shifts attention to the next phases of installation and commissioning, as the country looks to stabilise gas supply and restore confidence in the energy sector.

The Ministry acknowledged the scale of coordination behind the operation, pointing to the planning, engineering, and inter-agency support required to execute the move without disruption.

 

 

 

Repsol agrees on conditions to raise Venezuela oil output

19 April 2026
·

1. The company signed an agreement with the Venezuelan government and PDVSA to reassume operational control at the Petroquiriquire oil asset, increase its oil production and guarantee payment mechanisms.
2. The company is prepared to lift gross oil production by 50% within 12 months and to triple it over the next three years, provided the necessary conditions remain in place.
3. The agreement falls within the scope of the general license issued by the US Government and reaffirms Repsol’s commitment to Venezuela.

Repsol signed an agreement with the Venezuelan Ministry of Hydrocarbons and state-owned company Petróleos de Venezuela (PDVSA), subject to conditions being met, that will allow it to increase production of oil at Petroquiriquire (60% PDVSA, 40% Repsol), ensure payment mechanisms, and strengthen the operational framework for its activities in the country, under the Framework Agreement originally signed in 2023.

“This agreement underscores Repsol’s commitment to Venezuela, where we have operated without interruption since 1993. We have the assets and the technical, operational, and human capacities on the ground to increase our production in the country,” said Repsol’s Executive Managing Director of Exploration and Production, Francisco Gea, after signing the contract.

The Framework Agreement establishes the necessary conditions to advance in the fulfillment of the production goals established by the partners, subject to PDVSA’s scheduling of heavy crude cargoes equivalent to Petroquiriquire’s production. The project will be developed under the joint leadership of Repsol and PDVSA and in accordance with the highest technical, operational, and governance standards.

Repsol will contribute its technical expertise and its logistical and commercial capabilities, deepening its long-term commitment to the development of Venezuela’s energy potential.

The Framework Agreement — originally signed in 2023 and subsequently amended in 2024 — provided for the mechanism to extend the duration of the Petroquiriquire field concessions and incorporated the Tomoporo and La Ceiba fields

Repsol’s gross production of oil in Venezuela currently amounts to around 45,000 barrels per day, mainly in Petroquiriquire. As announced by CEO, Josu Jon Imaz, the company is prepared to increase the gross oil production by 50% within 12 months and triple it in the next three years, as long as the necessary conditions remain in place and using the proceeds generated in the country.

Last month, Repsol and Italian company Eni signed another strategic agreement with the Venezuelan authorities to ensure the continuity of natural gas production throughout 2026 at the Cardón IV asset (owned 50-50 by the two companies) and to reinforce the long-term stability of operations.

The signing of these agreements follows the issuance of General License No. 50A (GL 50A) by the US Department of the Treasury’s Office of Foreign Assets Control (OFAC), which authorizes Repsol and its subsidiaries to engage in transactions related to oil and gas operations in Venezuela with the Venezuelan government, PDVSA, and its affiliated entities.

The GL 50A represents a regulatory milestone that recognizes Repsol’s track record as a responsible and reliable operator in the country.

Source: Repsol

 

 

Offshore Venezuela gas project advances as Eni, Repsol secure export pathway

Fabiola Zerpa and Alberto Brambilla April 20, 2026

(Bloomberg) –

Eni SpA and Repsol SA plan to start exporting natural gas from Venezuela by the end of 2031 after reaching a deal with Caracas to revive a long-stalled effort to expand production from a massive offshore field.

The agreement with interim President Delcy Rodríguez in mid-March will enable the companies to more than double production at the field in the Gulf of Venezuela and export the fuel as liquefied natural gas from a floating terminal.

Eni and Repsol received assurances of compensation for billions of dollars worth of gas they pumped for Venezuela at the field over the years without payment. It is a significant victory for the European companies, which have long pushed to export gas from the prolific field, sticking with the 20-year-old project through years of political turmoil.

The deal comes as conflict curtails about 20% of the world’s supply of liquefied natural gas and as the US administration is easing sanctions in Venezuela to allow companies to rebuild its crumbling energy infrastructure.

Eni, based in Italy, confirmed that the companies reached agreement with Venezuela to increase gas production and start exporting, drawing on its past experience with floating LNG terminals.

Eni and Repsol plan to submit a final development plan to Petróleos de Venezuela SA by June. Venezuela focused for over a century on its oil reserves, among the largest in the world, when it comes to energy production, neglecting bountiful offshore gas deposits.

Eni and Repsol discovered the massive Perla field in 2009, in shallow waters near Venezuela’s border with Colombia. Holding an estimated 17 trillion cubic feet of gas, it is one of the largest gas discoveries in Latin America.

The companies jointly developed it with the intention of exporting gas. Their deal with Venezuela, however, called for Eni and Repsol to supply the domestic market from the field before sending any fuel abroad. Over the years the companies struggled to reach an agreement with Venezuela over exactly how much the domestic market needed.

The field currently produces about 585 million cubic feet of gas per day, supplying power plants, petrochemical facilities, factories and homes in Western Venezuela. Eni and Repsol’s new agreement with the government allows the companies to start exporting once they’re supplying 645 million cubic feet per day for domestic use.

Eni and Repsol plan to install two more platforms in the field by 2028 and start exporting once they reach 1.2 billion cubic feet per day of production. The agreement with Venezuela extends their lease to operate the field from 2036 to to 2051.

Floating LNG export terminals are relatively rare, used mostly in remote locations or when there are obstacles to building on land. They can be faster to build but present complex engineering challenges that can make them difficult to finance and develop. Eni has experience with the technology in Congo and Mozambique. The company is also developing a project with Argentina’s YPF SA using two floating vessels.

 

 

 

Chevron Heavy Oil Footprint in Venezuela

April 16, 2026    Rigzone [email protected]

Chevron Corp signed an asset swap agreement with Petróleos de Venezuela SA (PDVSA) that allows the US energy titan to expand its heavy oil position in the Orinoco Oil Belt. NOC PDVSA agreed to sell a 13.21 percent stake in the Petroindependencia SA joint venture to Chevron, whose ownership would rise to 49 percent. Chevron said,

“In addition, Petropiar SA joint venture, in which Chevron’s subsidiary holds a 30 percent interest, has been assigned the rights to develop the adjacent Ayacucho 8 area located in the Orinoco Oil Belt. Venezuela will receive from Chevron subsidiaries its 60 percent and 100 percent operated interests in the offshore Plataforma Deltana Block 2 and Block 3 gas licenses, respectively, and its 25.2 percent non-operated interest in the Petroindependiente SA joint venture located in western Venezuela”.

The Plataforma Deltana Block 2 permit contains the Loran gas discovery, while the Plataforma Deltana Block 3 licence contains the Macuira gas discovery.

Javier La Rosa, president of Chevron Base Assets and Emerging Countries, said, “This agreement expands Chevron’s heavy oil position in two key joint ventures in Venezuela and reflects our disciplined development of the country’s significant resources. Ayacucho 8 is a producing asset in close proximity to Petropiar, which enhances development efficiencies”.

Following the United States ouster of Nicolás Maduro early this year, Chevron engaged with both Washington and Caracas on “shared energy goals”, the company said in its quarterly report January 30.

“We have been a part of Venezuela’s past for more than a century. We remain committed to its present. And we stand ready to help it build a better future while strengthening U.S. energy and regional security”, chief executive Mike Wirth said then.

Chevron activity in Venezuela has been limited to authorizations issued by the U.S. in light of sanctions against the Maduro regime.

“The financial results for Chevron’s business in Venezuela have been recorded as non-equity investments since 2020, where income is only recognized when cash is received, and production and reserves are not included in the company’s results”, it said in its annual report for 2025.

“Following the issuance of a general license and other authorizations, crude oil liftings in Venezuela restarted in 2023. Chevron maintained its presence in Venezuela consistent with the U.S. government sanctions policy, and pursuant to this policy, continued delivering limited crude oil to the U.S. from these affiliates through January 2026.

Based on recently revised authorizations that align with current U.S. sanctions policy for Venezuela, Chevron will continue delivery of crude oil produced from its Venezuelan assets to the U.S. and to the international market”.

 

 

ConocoPhillips team to assess Venezuela oil prospects

David Wethe, Bloomberg April 09, 2026

ConocoPhillips dispatched a team to Venezuela to evaluate the prospects for a return to drilling in the OPEC founder almost two decades after the socialist regime seized billions of dollars in assets.

The undertaking makes ConocoPhillips the second major U.S. oil company to publicly disclose an on-the-ground inspection in Venezuela, host of the world’s biggest crude reserves.

Dennis Nuss said, “The purpose of the trip is to “better understand the potential for in-country oil and gas opportunities. We will evaluate Venezuela against other international opportunities as part of our disciplined investment framework.”

After President Donald Trump  called U.S. drillers to help revive the Venezuelan oil sector, ConocoPhillips Chief Executive Officer Ryan Lance told investors his main priority is recouping roughly $12 billion owed after its holdings were nationalized in 2007.

Exxon Mobil Corp., which also quit the country after asset seizures by the late dictator Hugo Chavez, said two weeks ago that it sent a team to assess Venezuelan opportunities.

Rebuilding Venezuelan oil output to 3 MMbpd would require “probably hundreds of millions of dollars” over a long-time horizon, Dan Ammann, upstream president at Exxon, said during the CERAWeek by S&P Global conference in Houston last month.

A lot has to happen to pave the way for more foreign investment, Lance said on several occasions.

Lance told the CERAWeek event, “We’re trying to be constructive and help the administration think through what’s needed to incentivize the investments that will go into Venezuela. We have to see what’s the pathway to starting to recover some of what’s owed us.”

 

 

 

 

World Bank forecasts 2027 economic breakout for T&T

2026, 04/09

T&T is preparing for a major economic shift between 2026 and 2027. While the economy is expected to grow by 0.7 per cent in 2026, the World Bank forecasts a strong comeback in 2027, with a real GDP growth rate of 3.2 per cent.

This jump marks a significant recovery after a few years of slower movement, including an estimated 0.8 per cent in 2025 and a 2.5 per cent peak in 2024.

The Bank shared its regional economic update presentation, “Reconsidering Industrial Policy.”

However, looking at the wider region, T&T growth is steady but far more conservative than some of its neighbours, well behind Guyana, which continues to lead the region with massive double-digit projections of 16.3 per cent and 23.5 per cent for those same years.

Compared to other tourism-dependent or service-based economies, T&T’s 3.2 per cent forecast for 2027 places it ahead of Barbados (3.0 per cent) and The Bahamas (1.9 per cent) for that year. However, in the near term (2026), most of its peers, such as St Vincent (3.0 per cent) and Grenada (3.1 per cent), are outperforming T&T’s 0.7 per cent.

In the Bank’s executive summary, it outlined that Latin America and the Caribbean (LAC) entered 2026 with growth still constrained by long-standing structural challenges.
Regional GDP growth is projected to reach 2.1 per cent in 2026—slightly below the 2.4 per cent recorded in 2025—leaving LAC once again one of the slowest-growing regions in the world, with GDP per capita barely increasing.

The lack of improvement comes with downward revisions in some country projections and reflects a familiar mix of demand: private consumption remains the main driver, while investment stays subdued amid elevated global and domestic uncertainty and still-restrictive real (inflation-adjusted) financing conditions.

The Bank also cautioned that progress against inflation continues, albeit more slowly than expected.

In its abstract, the Bank further noted that growth and quality job creation in Latin America and the Caribbean (LAC) remain subdued amid a challenging global environment. Inflation continues to decline, but monetary easing has proceeded more slowly than anticipated, non-energy commodity prices are softening, and persistent fiscal deficits continue to constrain needed investment.

Rapid evolution of the global trade regime, together with heightened volatility in energy markets linked to conflict in the Middle East, creates high levels of uncertainty around investment, inflation, and monetary policy, undermining medium-term growth prospects.

In the chapter titled “The State of the LAC Region Growth,” the World Bank stated that LAC’s growth outlook for 2026 remains constrained despite slightly easier global financing conditions and still-supportive commodity prices, noting that the lack of improvement over 2025 conceals weaker prospects for many economies and implies essentially flat income gains per person.

Under the subheading “Inflation Moderated, but Central Banks Remain Cautious,” the Bank noted that after a forceful disinflation episode that began in 2022, the pace of inflation reduction slowed as core inflation—especially in services—has proved persistent.

“Most LAC economies are expected to bring inflation back within, or close to, targets by 2026–27, but the ‘last mile’ has become harder as wage-price dynamics and indexation keep services inflation sticky.

External conditions are mixed: a softer US dollar has eased exchange rate pass-through somewhat, but global monetary policy easing has progressed gradually and risk appetite has remained selective, leaving real financing conditions still tight,” the bank stated.

Fiscal deficits remain stubborn across much of the region, even where primary balances have improved, because high interest payments continue to weigh on overall outcomes and compress space for priority spending.

“Public debt ratios have stabilised after the run-up following the COVID-19 pandemic but remain high by historical standards, and a return to the lower levels prevailing before 2020 is unlikely without stronger potential growth and additional fiscal consolidation.”

 

 

Business leaders welcome 3.2% growth outlook

April 15, 2026

The business community responded with cautious optimism to the World Bank projection of 3.2% economic growth for Trinidad and Tobago in 2027, a significant increase from the current growth rate of 0.7%. President of the Chaguanas Chamber of Commerce Baldath Maharaj described the outlook as great news, saying the projected improvement is likely linked to new natural gas projects beginning to bear fruit.

“You will see the evidence of this through more jobs in construction and more money moving through the local economy. For the people of Chaguanas, it means moving away from just trying to survive and starting to plan for the future again. I am confident that when this growth happens, we can expect better roads, more security and a much stronger business environment for everyone, and we hope that would assist in crime reduction.”

With T&T expected to see faster economic growth in the next one to two years, both the population and international investors are likely to be preparing for the upturn.

President of the San Juan Business Association Abrahim Ali noted that if talks between Venezuela and T&T progress positively, economic growth will be realised.

“The World Bank prediction of a 3.2 % economic growth by 2027 for T&T is based on the expected start-up of the Dragon gas exploration. If talks progress positively between Venezuela and T&T, then both countries will experience economic growth.”

Kiran Singh, president of the Greater San Fernando Area Chamber of Commerce, echoed similar sentiments, saying 3.2% growth depends on the right negotiations in the right places.

“At present, T&T’s growth , around 0.7%, is relatively low in the short term, largely due to constraints in the energy sector. However, forecasts indicate that growth could strengthen to 2.9%–3.5% by 2027–2028, driven primarily by: new energy projects coming onstream ( cross-border fields); increased gas production feeding LNG and petrochemical industries; expanded regional energy cooperation, including with Venezuela; and reopening of the Refinery.”

Growth is likely to materialise through higher energy output and exports, particularly liquefied natural gas, increased foreign direct investment in both upstream and downstream energy, spillover effects into construction, logistics and services, and a gradual strengthening of the non-energy sector, including manufacturing, agriculture, tourism and trade.

Tangible evidence would include increased gas production volumes, restarting or expansion of petrochemical plants, including the refinery, greater foreign exchange availability, rising private sector investment and business activity, and improved capacity utilisation across industries.

“If this projected growth is achieved, the country can expect: improved business confidence and expansion opportunities; job creation, in all sectors; increased government revenues, allowing for more infrastructure and social investment; and easing of foreign exchange constraints, which is a major concern for businesses. However, it is important to emphasise that growth driven solely by energy will not be sufficient.”

Sustainable economic progress will require: diversification into non-energy sectors, a more efficient foreign exchange system, reduced bureaucratic barriers to doing business, and support for small to medium enterprises.

“The Chamber believes that both the Venezuela engagement and the projected economic growth represent significant opportunities. Success will depend on execution, policy consistency, and the ability to translate high-level discussions into real economic outcomes.” The private sector is ready to partner with the Government to ensure that any gains achieved are broad-based, sustainable and beneficial to the wider business community and the economy.

Chairman of the Confederation of Regional Business Chambers (CRBC) Vivek Charran noted that the growth projection is not unrealistic but it is conditional, not automatic.

“That level of growth will not come from broad economic diversification in the short term. It will almost certainly be energy-led growth, specifically: increased natural gas supply (cross-border and new upstream projects), recovery in LNG and petrochemical output and potential restart or expansion of downstream industrial activity.”

He added if there were no evidence of rising gas production volumes, higher use of Atlantic LNG and petrochemical plants and an increase in foreign exchange, “then the growth is likely just statistical or projection-based—not felt in the real economy”.

He highlighted the same improvements as Singh, but stressed that the growth would likely be “capital-intensive, not job-intensive. SMEs and households may not immediately feel relief .

“Without policy reform, growth may not translate into broad-based economic improvement.”

Chief strategic officer of the CRBC Angie Jairam said she always approaches projections like these with a “level of caution”.

“A forecast of 3.2% growth by 2027, especially when we are currently around 0.7%, is encouraging on paper, but we have to remain mindful of the global environment.

What happens internationally—whether in energy markets, trade, or geopolitical tensions—can have a direct or indirect impact on T&T. That said, I am cautiously optimistic”.

Ongoing negotiations and engagements by the Government, particularly in energy cooperation, regional trade, and investment attraction, can create a pathway for that kind of growth if executed properly. “The key will be consistency and follow-through.”

“For T&T to realistically achieve that 3.2% growth, T&T needs to see tangible movement in a few critical areas.

“This includes increased activity in the energy sector, especially gas production and downstream industries and diversification into non-energy sectors -manufacturing, agriculture and services. Growth must also be supported by improvements in foreign exchange availability, easing of bureaucratic delays, and stronger support systems for SMEs.”

Once growth actualises, infrastructure projects and developments tied to trade and logistics should pick up pace, among other benefits.

“If this growth does materialise, citizens can expect some level of economic relief, greater employment opportunities, improved business confidence, and potentially more stability in the cost of living. For businesses, it could mean expansion opportunities and a more enabling environment. Ultimately, while the projection is promising, the real test will be in how policy translates into performance. The potential is there, but delivery will determine whether we truly benefit from it.”

T&T Coalition of Services Industries (TTCSI), said the projection is an encouraging signal of resilience, though it may require a sober and strategic perspective from other businesses.

“This anticipated rebound from the current 0.7% forecast for 2026 follows years of subdued activity and represents a significant recovery for T&T. As the TTCSI has long maintained, these figures confirm that while our foundations are stable, our breakout depends on moving from ‘patience to payoff.’ We view this projection as a call to action for both the State and the private sector to bridge the gap between our current lean trajectory and the promised turnaround.

“The tangible evidence of this growth will be primarily anchored in the energy sector, specifically through the upstream momentum of major natural gas projects expected to operationalise by 2027 or 2028. Beyond hydrocarbons, the non-energy sector, particularly services and manufacturing, is already showing positive signs, acting as a critical buffer during the interim period. We expect to see this growth manifest through increased private sector credit, a moderation of inflation toward a stable 2%, and a gradual recovery in energy revenues that will eventually narrow the fiscal deficit. “

If this 3.2% growth actualises, T&T can expect a renewed sense of investor confidence and a ripple effect across the wider economy, potentially outpacing some of its regional peers by 2027. For the everyday citizen, this means improved fiscal space for priority public spending, potential job creation within an expanding services sector, and a stabilisation of the labour market. However, this ‘windfall’ must not lead to complacency; to truly benefit, we must accelerate structural reforms to reduce bureaucracy and ensure that the growth in our energy sector fuels a sustainable, professional, and diversified non-energy economy.”

This projected growth creates a pivotal opportunity to scale the services sector, which she highlighted contributes approximately 60% to our national GDP.

“At the TTCSI, we see this as the ‘Year of the Service Professional,’ where we can move beyond domestic consumption toward a high-value, export-ready services economy. By leveraging our educated workforce, we are targeting key subsectors such as ICT and software design, business process outsourcing (BPO), and the creative industries, which include untapped potential in film, fashion, and digital animation.

“Furthermore, this growth actualisation will allow us to solidify T&T’s position as a regional hub for professional and maritime services. With the 2025/2026 budget placing a clearer emphasis on digital transformation and tourism rebranding, the TTCSI is spearheading initiatives to improve service excellence and international competitiveness. By aligning our national strategy with these World Bank projections, we can ensure that our services sector doesn’t just ‘cushion’ energy price fluctuations, but becomes a primary, sustainable driver of new revenue and high-quality employment for the next generation.”

 

 

 

PALACE POWER PLAY

PM Kamla Persad-Bissessar led the government from 26 May 2010 – 9 September 2015 and signed the Unitisation agreement for Manakin-Cocuina with President Maduro in Port-of-Spain on 5 March 2015

6 years later, on 19 April 2021, PNM MP Stuart Young was appointed Minister of Energy after the death of Franklin Khan.

Moonilal: ‘Young disrupting T&T’s energy future’

26 April

Former T&T prime minister, PNM MP Stuart Young, met Venezuela’s acting President Delcy Rodriguez in Caracas but gave no details of what was discussed.

Energy Minister Dr Roodal Moonilal accused Opposition MP Stuart Young of attempting to undermine Trinidad & Tobago energy negotiations with Venezuela and urged him to explain his recent meeting with Venezuelan acting President Delcy Rodríguez.

Celebrating its first anniversary in office, the ruling UNC marked 37 years as a party in Couva. In its Report to the Nation, Minister Moonilal said as the Government works to advance the energy sector, the ousted PNM

“.. are known as wicked, clueless, hapless, obstructionists. Stuart Young and the PNM continue to undermine our national interest. I am told that he was in Panama, he got lost and ended up in Venezuela. He went there to undermine Trinidad and Tobago and the multinational companies.. to join another conga line.

I asked him today, what was his agenda? Was it an official trip? Did he go for a lime? Was it a frolic of his own? Is Penny Beckles sending him there? Does she know he’s there? Because she doesn’t know anything going on in Arima. Why was he there? To undermine Shell, bp, Trinidad and Tobago?

He’s undermining our interest. And today I call on him to cease disrupting the negotiations, agreements and discussions between our countries and the multinational companies to secure our energy future.”

Moonilal wondered “if Stuart Young will now dust out the bullhorn and go in the Strait of Hormuz with the bullhorn to conduct sea traffic. Will he do that? He is a disruptive character who only intends to disrupt and undermine the national energy security of Trinidad and Tobago. Brothers and sisters, while he’s playing the fool, we were busy working in the Cabinet”.

Moonilal reported the Government inherited an energy sector in decline after ten years of PNM governance, but has since increased production. In 2024 oil output fell to 50,000 barrels per day but by April 2026 it had risen to 56,000 barrels per day.

Oil production is forecast to rise to 60,000 barrels per day by the end of this year, with major projects from EOG, bp, Perenco and Heritage Offshore expected to lift output to 70,000 barrels per day by 2028.

The Energy Ministry stabilised gas production after years of decline and placed the sector on a phenomenal growth path, with 11 major gas projects, including Manatee Plus, Juniper Phase II, Onyx, Coconut and Ginger.

Manatee Plus is a flagship project, with gas production expected to grow by 10% under that development.

ExxonMobil returned after 20 years away from Trinidad when the PNM was in power. Updates are expected by September regarding its findings and global assessments suggest the agreement with ExxonMobil alone has the potential to unlock an estimated US$20 billion in investment.

The energy sector is projected to contribute more than budgeted, exceeding TT$1 billion. The National Gas Company recorded its highest profit in 11 years—$3.2 billion—under the UNC Government. Several investors expressed interest in the refinery restart programme, with additional interest emerging recently on Friday.

 

 

 

T&T first-mover edge key to unlocking Venezuela gas

2026, 04/03

T&T’s position as a “first mover” in accessing Venezuelan natural gas could prove critical to both its energy security and wider Caribbean integration, independent consultant Verlier Quan-Vie told Caribbean Energy Week in Paramaribo. Over a decade of technical, legal and geopolitical navigation positioned Trinidad and Tobago to capitalise on cross-border gas opportunities, even amid persistent global uncertainties.

At a panel titled “First Mover Advantage in Venezuela’s Frontier”, she said the push to develop the Dragon Gas Project was driven by domestic supply shortages that emerged after 2010, forcing policymakers to look outward for sustainable solutions.

“The reality is that Trinidad and Tobago needed to secure additional gas supply, and Venezuela presented the most viable option,” she indicated, pointing to the shared maritime boundary and existing energy infrastructure.

Formal collaboration began in 2016 with a government-to-government agreement, laying the groundwork for what evolved into one of the region’s most closely watched energy initiatives.

Amid sweeping US sanctions on Venezuela, the project remained alive through sustained engagement by the Government of Trinidad and Tobago, the National Gas Company (NGC) and Shell. Persistence culminated in 2023 with the acquisition of a two-year licence from the US Office of Foreign Assets Control (OFAC), providing the regulatory clearance to advance the project while safeguarding future investments.

Trinidad and Tobago’s established gas-processing infrastructure gives it a decisive advantage, allowing for the rapid commercialisation of Venezuelan gas once supply is secured.

“We have the capacity, we have the market, and we have the experience. That combination places us in a unique position within the region.”

She expressed confidence in Venezuela’s resource base, noting that its substantial gas reserves are capable of meeting both domestic demand and regional export needs.

However, risks remain. as the West Indies Subcontinent intensifies efforts to deepen energy cooperation and reduce vulnerability to external shocks. While recent amendments to Venezuela’s hydrocarbons law signal a more open investment climate, historical volatility continues to weigh on investor confidence. Any project of this scale requires strong contractual protections, rigorous due diligence and a clear understanding of geopolitical realities.

Anthony Paul underscored the need for disciplined, coordinated policy-making across the region. He cautioned against over-reliance on legislation alone to drive sector growth, as without strong institutions and enforcement, policy frameworks risk becoming ineffective.

Successful energy development hinges on building human capacity, strengthening regulatory systems and ensuring transparency. Local content is not just about quotas—it is about creating real, sustainable value within economies.

Energy projects must be leveraged as tools for broader development, linking resource extraction to improvements in livelihoods and competitiveness.

As Trinidad and Tobago seeks to secure new gas supplies and reposition its energy sector, the message from industry experts is clear: opportunity exists for those prepared to navigate the complexities with strategy and discipline.

 

 

 

Action to thaw T&T relations with Venezuela

2026, 04/29

The recent regional travel itinerary of Venezuela’s acting president Delcy Rodríguez took her to Grenada and Barbados with calculated visibility, not to Trinidad and Tobago, her country’s closest neighbour.

As Rodríguez engages Caricom partners, her conspicuous avoidance of Port-of-Spain signals a deliberate diplomatic freeze.

The roots of this chill are well known. The October 2025 declaration by Venezuela of Prime Minister Kamla Persad-Bissessar as “persona non grata” in Caracas, after verbal exchanges, marked a decisive rupture in bilateral relations.

That breakdown, which unfolded amid heightened geopolitical tensions following the United States’ intervention in Venezuela, naturally carries consequences for T&T, given our direct stake in Venezuelan gas reserves.

For 10 years, the promise of monetising near-and cross-border fields such as Dragon and Loran-Manatee has underpinned hopes for a sustained energy sector. With domestic reserves in decline, the National Gas Company and the wider downstream industry remain heavily dependent on Venezuelan cooperation.

Therefore, any further widening of the diplomatic gap threatens not just dialogue, but the very feasibility of timely and productive energy negotiations.

So far, the T&T Prime Minister insisted she is “not concerned” with Rodríguez’s regional movements, focusing instead on dispatching a delegation to Caracas to secure “our just share” of these resources.

Yet a contradiction is emerging.  While Port-of-Spain signals readiness to engage at a technocratic level, Caracas appears uninterested in reciprocating.

Bypassing Trinidad and Tobago, Venezuela may be indicating that leader-to-leader diplomacy – at least for now – is off the table, a position that the Foreign Ministry must urgently seek to mend.

Complicating matters further is the diplomatic fallout from Rodríguez’s wearing of a brooch depicting a map of Venezuela’ including Essequibo – territory administered by Guyana. That defiance drew sharp rebuke from Georgetown, with President Dr Irfaan Ali warning yesterday that such symbolism risks normalising Venezuela’s claim even as the matter remains before the International Court of Justice. By wearing the brooch on official visits, Rodríguez is effectively testing Caricom’s diplomatic tolerance – probing whether economic engagement with Venezuela will outweigh regional solidarity with Guyana. This is not mere ornamentation but strategic signalling.

So, where does this leave Trinidad and Tobago?   If relations with our South American neighbour are to be stabilised, a deliberate thawing of diplomatic relations will be required.

In practical terms, two immediate steps could help reset the tone: the formal appointment of an ambassador to Venezuela to ensure consistent, high-level engagement in Caracas, and the resumption of Caribbean Airlines flights between the two countries. These measures should not be viewed as concessions, but as instruments of engagement – necessary tools in navigating a complex and evolving regional dynamic.

For Trinidad and Tobago, the stakes are too high for inertia. Energy resources beneath the waters separating our lands remain critical to our economic future, and re-engagement, however carefully calibrated, is no longer optional but essential.

 

 

 

Sintana Energy update on assets in Colombia

30 March 2026

Sintana Energy, the Atlantic-margin focused oil and gas company, has provided an update on developments across its portfolio of high-impact assets in Namibia, Uruguay and Colombia.

Highlights

1. 57% increase to Mopane 3C contingent resource – Sintana net interest now ~67 mmboe
2. AREA OFF-1 Uruguay seismic underway, with 22% of planned season one acquisition completed

Strong regional momentum in Uruguay continues, with Chevron and QatarEnergy farming-in to multiple offshore blocks adjacent to the Company’s AREA OFF-3 block $3m cash received from ExxonMobil as first instalment of agreed Colombia settlement

Robert Bose, CEO of Sintana, said: ‘Over the past two weeks, it has been extremely encouraging to see a number of positive catalysts unfold across our portfolio.

In Namibia, as the holder of a carried 4.9% indirect interest in PEL 83, we benefit from a substantial 57% increase in the Mopane contingent resource base, taking our interest to 67 mmboe. This comes ahead of a three well drilling campaign that TotalEnergies is planning to commence later this year and which we expect should further expand what is already a world-scale project, as it progresses toward FID in 2028 and first oil in 2032.

‘In Uruguay, the 3D seismic acquisition is now well underway on our AREA OFF-1 block, and the news that Chevron and QatarEnergy have farmed-in to multiple offshore blocks adds to the strong regional momentum we are seeing, and reinforces the excitement we feel about the country.

Meanwhile, we have received the first instalment of settlement proceeds relating to our exit from Colombia, strengthening our balance sheet and demonstrating our ability to successfully monetize non-core assets at the appropriate time.

We look forward to sharing more updates with shareholders as the year progresses.’

Namibia – Mopane Resource Upgrade

On 23 March 2026, Galp Energia released its Integrated Management Report 2025, detailing a significant upgrade to 3C contingent resources within the Mopane complex on PEL 83, offshore Namibia. The previously reported 3C contingent resource of 875 mmboe (gross) has been upgraded to 1.38 bnboe (gross), marking a substantial 57% increase following the success of Galp Energia’s exploration and appraisal drilling and highlighting the significant resource potential of Mopane and the broader PEL 83.

Galp Energia is currently operator of PEL 83, with TotalEnergies in the process of farming-in and assuming operatorship, ahead of a planned three-well drilling campaign commencing in H2 2026, with a target FID expected in 2028, and target first oil in 2032.

TotalEnergies has indicated the potential for significant further resource growth emanating from a possible inboard extension of Mopane in addition to the presence of two newly identified large prospects, Quiver and Sobreiro. The Company is fully carried on the costs of the upcoming well drilling program by TotalEnergies and Galp Energia.

Sintana holds an indirect carried interest of 4.9% in PEL 83. Based on the upgraded contingent resource as detailed in Galp Energia’s Integrated Management Report 2025, Sintana’s net indirect interest is approximately 67 mmboe.

Uruguay – Additional Regional Farm-In Activity and Seismic Acquisition Update

On 25 March 2026, ANCAP, the Uruguayan state-owned oil company and industry regulator, advised that QatarEnergy has farmed-in to Uruguay offshore blocks AREA OFF-2 (30%) and AREA OFF-7 (30%) (both operated by Shell), and Chevron has farmed-in to AREA OFF-7 (30%) – in each case, as non-operating partners. AREA OFF-2 is the block immediately adjacent to Sintana’s AREA OFF-3, and AREA OFF-7 is the block immediately outboard of AREA OFF-3.

This farm-in activity expands Chevron’s presence in Uruguay to two blocks including Sintana’s AREA OFF-1 block, where Chevron holds a 60% interest and is operator following a farm-in in 2025. It also represents a new country entry for QatarEnergy, increasing the roster of major global oil and gas businesses now present in Uruguay to Chevron, Shell, APA, YPF, ENI and QatarEnergy. Sintana is the only junior company with exposure to this rapidly emerging exploration hotspot.

As announced by the Company on 3 March 2026, 3D seismic acquisition on AREA OFF-1 is underway. As of 25 March 2026, approximately 564km2 of seismic data has been acquired, which represents 22% of planned acquisition for the first season ending April 2026.

Most acquisition relevant to the key prospects identified on AREA OFF-1 is expected to be completed in the first season, with fast-track results expected in Q4 2026, and full PSDM results from the first season expected in Q2 2027.

The Company is carried for the costs of this seismic acquisition program by Chevron.

Colombia – Receipt of Initial Installment Payment from ExxonMobil

On 4 February 2026, the Company announced it had reached agreement to resolve an arbitration with ExxonMobil relating to the VMM-37 block in Colombia, whereby the parties had agreed to dismiss the arbitration; the Company had agreed to conditionally assign all its interests in VMM-37 to ExxonMobil; and ExxonMobil had agreed to make a total of $9 million in cash payments to the Company: an initial payment of $3 million within 60 days, and a second $6 million payment contingent on Colombian governmental approval.

Subsequently, the arbitration has been dismissed as agreed, and the Company has now received the first payment of $3 million from ExxonMobil. The parties are working collaboratively in relation to securing the requisite governmental approvals, and presently expect payment of the second instalment prior to year end 2026.

Source: Sintana Energy

 

 

 

Colombia: Arrow Exploration 2025 results

29 April 2026

Arrow Exploration, the high-growth operator with a portfolio of assets across key Colombian hydrocarbon basins, has announced the filing of its Annual Audited Financial Statements and Management’s Discussion and Analysis (‘MD&A’) for the quarter and year ended December 31, 2025 and the filing of its 2025 year-end reserves report, which are available on SEDAR (www.sedar.com) and will also shortly be available on Arrow’s website at www.arrowexploration.ca.

Full Year 2025 Highlights:

· Net income of $1.4 million inclusive of an impairment loss of $7.6 million (FY: 2024: $13.1 million).

1. · Total oil and gas revenue of $70.5 million, net of royalties (2024: $73.7 million).
2. · Cash position of $11 million at the end of 2025 (2024: $18 million). No outstanding debt.
3. · Adjusted EBITDA of $35 million (FY 2024: $48 million), with Q4 2025 EBITDA of $6.3 million (Q4 2024: $13.3 million).
4. · Funds flow from operations of $32 million (FY 2024: $36 million) with Q4 2025 funds flow from operations of $9 million (Q4 2024: $12 million).
5. · 13% increase in annual average production to 4,012 boe/d (2024: 3,542 boe/d).
6. · Successfully drilled 14 development wells at its different fields in the Tapir block, including Rio Cravo Este (RCE), Carrizales Norte(CN) and Alberta Llanos (AB), which contributed to maintain Company production levels.
7. · Drilled a successful exploratory well on the Mateguafa Attic (M) field in the Tapir block, followed by drilling of three development wells, including one horizontal well (M-HZ7). One well was drilled in Canada.
8. · All operations delivered safely, with no accidents or environmental incidents.

Post Period End Highlights:

1. · So far in 2026, the Company has drilled four development wells on the Mateguafa Attic field in the Tapir Block, including the Mateguafa 12 (M-HZ12) horizontal well.
2. · Mateguafa HZ12 (M-HZ12) is on production and cleaning up.
3. · Currently mobilizing the drilling rig to the Icaco pad to start drilling the Icaco-1 exploration well.
4. · Received authorization from the Agencia Nacional de Hidrocarburos (ANH) to terminate the COR-39 exploration and production contract, which included release of a $12 million commitment.

Outlook

1. · Arrow has a fully funded 2026 work program totaling $24 million targeting up to nine new wells in the Tapir block.
2. · Continue discussions with its partner and authorities on the contract extension for the Tapir block. To date the dialog has been very constructive. Arrow believes that all conditions required for the extension to be granted have been met and management remains very confident that the extension will be granted.
3. · 2026 capital operations to be funded by cash flow and cash on hand.

Marshall Abbott, CEO of Arrow Exploration Corp., commented:

‘Arrow’s continued drilling success in 2025 has solidified the production and cashflow base which enables the Company to maintain a constructive low risk drilling pace.

The Company sustained increased production, revenue and EBITDA that, along with a robust balance sheet, supports the capital program planned for 2026. Core strategy remains maintaining a disciplined approach to capital allocation.

This allows Arrow to grow production while maintaining positive cash flow and a growing cash position. Today’s strong results show clear success in our operating strategy.

Arrow is confident in continuing to successfully pursue the scope and repeatability that the Colombian Tapir Block offers.

The Company focus remains on growing production and cash flow that will strengthen valuation and afford greater optionality in pursuing additional opportunities. Arrow continues to have a strong balance sheet with no debt.

The funds for the 2026 capital operations are expected to come from operating cash flow and cash reserves.’

Source: Arrow Exploration

 

 

 

Risks to gas in Dragon, Loran-Manatee, Manakin-Cocuina

2026, 04/19

Trinidad and Tobago’s aim to unlock long-stalled cross-border energy projects with Venezuela faces significant geopolitical and commercial hurdles, despite renewed diplomatic engagement between the two countries.

Dr Einstein Millán Arcia, prominent former PDVSA consultant and Venezuelan energy analyst with a PhD from Oklahoma University in the USA,  outlined the risks and complexities surrounding efforts to operationalise joint oil and gas developments.

From 2016 to 2017, he served as a personal adviser to former Venezuelan oil minister Nelson Martínez and currently undertakes consultancy work across the Middle East and Africa.

Last week, Prime Minister Kamla Persad-Bissessar announced that a delegation will travel to Venezuela to advance Trinidad and Tobago oil and gas interests. She recognised the Government of acting President Delcy Rodríguez, whose administration welcomed new investments and is seeing a gradual lifting of some sanctions.

Projects between the two countries include the Dragon Gas Field, in Venezuelan waters, with 4.2 trillion cubic feet (tcf) of natural gas—a potential boon for T&T. The agreement promises to channel Venezuelan gas to T&T, to be processed and exported as liquefied natural gas (LNG), potentially revitalising the economy.

Shell seeks to develop the Loran-Manatee discovery, identified in 1983, which holds an estimated 10 trillion cubic feet (tcf) of natural gas—7.3 tcf on Venezuela’s side and the remaining 2.7 tcf in Trinidad.

BP is seeking a licence to develop the Manakin-Cocuina field. A portion of the field located in Venezuelan waters forms part of a larger offshore project, Plataforma Deltana.

While Millán Arcia acknowledges the T&T Government’s important steps, he emphasises that the process has only just begun.

“In Venezuela, the situation of the interim government is quite unique, as it operates under a certain degree of pressure from both sides. On the one hand, there is pressure from the United States, and on the other, internal pressure within the country.

The former is aimed at conducting business purely in the US interest. The latter seeks to satisfy political and strategic pressures in order to remain in power. Any other country or interest outside of these two is secondary. That is the case with Trinidad.”

He opined that the proposed visit of T&T delegation to Venezuela is not, in fact, recognition of Delcy Rodríguez as the country’s president, but rather an acknowledgement of T&T’s “difficult” economic, political and social situation. Signing of government-to-government agreements does not automatically translate into capital investment commitments, but rather signals business and political intent.

Even when finalised, such agreements may change until formal contracts and financial commitments are secured. He cited the most recent example—the Dragón Gas deal—which was suspended following the events of 2025.

Millán Arcia outlined at least two key issues in the Venezuela–T&T relationship: political and technical-economic.

“Politically, relations between the two nations have gone off the rails since Kamla Persad-Bissessar took office, whereas prior to his arrival, they had maintained a certain level of stability under the previous government, when Minister Young served as the liaison with Venezuela on energy matters. There was camaraderie and also mutual understanding.

Today, that is not the case. It is a tense relationship that could take a drastic turn at any moment.”

He lamented that many “negative memories” from Trinidad and Tobago still linger in Venezuela’s collective consciousness, including the country’s previous assertion that it did not require Venezuelan gas.

“Today, it appears that Persad-Bissessar recognises that Trinidad does need it—and badly. The moment when she offered the island as a launching pad to facilitate the US offensive against the very country that today seeks to meet its gas needs remains fresh in memory.”

Millán Arcia noted that US sanctions further complicated relations between the two countries.

“Years of delays linked to changes in US sanctions and policy toward Venezuela have slowed exploration progress in the Latin American country. In July 2024, BP and partner National Gas Company of Trinidad and Tobago were awarded an exploration and production (E&P) licence to develop the Cocuina gas discovery, part of the Manakin-Cocuina field.”

Technically, under the 2013 bilateral agreement between Venezuela and Trinidad and Tobago, the field’s total reserves are estimated at approximately 10.25 tcf of gas, of which Venezuela holds 73.75 per cent.

“This represents Venezuela’s primary interest in sovereign control over the largest portion of the field—7.3 tcf on its side—which is currently under the responsibility of Petróleos de Venezuela (PDVSA).”
Between 2019 and 2020, the two countries agreed to develop their respective sections independently.

“On the Trinidad side, Manatee is managed by Shell, which appears to be making very slow progress on development plans, despite having announced first gas for 2027.

The reason is simple from a business perspective: the reserves appear too low to justify a massive capital outlay.

That is why Shell, taking advantage of Chevron’s announcement that it is setting aside its interest in Loran to focus on the Orinoco Belt, has taken the initiative to hold talks with Venezuela to participate in Loran, possibly connecting it to its platform(s) in Manatee.”

This could be of interest to Venezuela in monetising offshore gas reserves, starting with Loran.

“From the investor’s corporate perspective, the high political uncertainty currently prevailing in Venezuela could be a decisive factor; however, the fact that the Trump administration recognised Delcy Rodríguez as acting president provides a certain degree of confidence to energy corporations.”

Advantages of a potential agreement are primarily technical and economic: relatively low development costs due to proximity to Manatee, sufficient proven reserves, and the potential for relatively rapid production.

“The issues revolve around regulatory and geopolitical uncertainty, a possible return of sanctions, and the political risk inherent in doing business. This is not so much due to Venezuela itself, but rather to the sanctions that have been targeting the heart of Venezuela’s oil industry since 2017.”

Finally, he said these factors have been the primary causes of delays in various agreements over the years.

“Venezuela is currently experiencing momentum in legal reforms, licensing, and a drive to accelerate the production and monetisation of its hydrocarbons.

Nevertheless, the actual execution of the project will depend on whether the licences remain stable and whether the parties reach fair commercial terms.”

 

 

 

 

 

MADURO Exit a Chance for Reinvention

2026, 04/10

Trinidad & Tobago  acknowledged the legitimacy of Venezuela’s current administration, signalling a shift in its previously  guarded position on the political crisis in Caracas. Foreign Minister Sean Sobers provided the definitive confirmation.

“We recognise Delcy Rodriguez as the interim president of Venezuela.”

The statement marks a departure from deflection by officials on recognition for Rodriguez who assumed the role of interim President earlier this year .

Prime Minister Kamla Persad-Bissessar was first asked on October 2, upon her return to Trinidad and Tobago following a high-level meeting with United States Secretary of State Marco Rubio, whether she recognised Maduro. Even after Maduro was ousted on January 3, the Government maintained its silence regarding the ascension of Rodriguez to the leadership .

Notwithstanding the formal recognition, Sobers said tensions persist at the diplomatic level amid plans to dispatch a high-level delegation to Caracas to secure T&T interests in lucrative cross-border gas fields.  Sobers admitted there is room for growth, stating that ties were “getting better day by day” and that “there can always be improvements on friendships.”

The minister could not provide a specific timeline for the delegation’s departure but indicated the mission would proceed “in short order,” supported by weekly communications with his Venezuelan counterparts.

 

 

 

 

Venezuela Energy 2026 Forum

Focus on global market integration and the revitalization of the hydrocarbon sector.

Date: 27 April 2026.

Theme: “Integration and Competitiveness in the Global Market”.
Venue: Caracas.
Organizer: Venezuelan Petroleum Chamber (CPV).
Key Topics:

1. Reactivating mature oil fields and
2. expanding natural gas production.
3. Addressing international sanctions and
4. the legal framework for foreign investment.
5. Technological advancements in energy security and
6. operational performance.

Participation: Approximately 500 national and international leaders, including high-level government officials and international oil company executives.

Caracas Investment Week 2026
Concurrent with the energy forum, this multi-sector event highlights energy as a “strategic pillar” for the petrostate’s recovery.

Dates: 27 – 30 April 2026.
Focus: Aimed at international investors entering the Venezuelan market, focusing on Oil & Gas, Mining, and Debt Restructuring.
Recent Industry Context (April 2026)
Production Increases: At the Venezuela Energetica conference, Eni and Repsol announced plans to ramp up gas production at the Cardon IV field to 645 million cubic feet per day.
Diplomatic Missions: In late April 2026, a White House delegation visited Caracas to discuss agreements aimed at easing commodity bottlenecks and supporting North American energy security.

 

 

 

US to help settle Guyana-Venezuela maritime boundary

 30 March 2026

The United States plans to bring Guyana and Venezuela together to negotiate the delimitation of their maritime boundary after the International Court of Justice (ICJ) rules on the validity of the 1899 Arbitral Tribunal Award of the land boundary.

US Ambassador to Guyana Nicole Theriot said.“As soon as that happens, that will trigger our ability to assist with the negotiations on maritime border. I think your EEZ (exclusive economic zone) is what it is, and we will continue to help you defend that.

But having it set once and for all will be incredibly comforting to everyone, especially Guyana, to know that this has been settled and so we are absolutely ready and willing to assist you with that.”

With Venezuela not being a member of the United Nations Convention on the Law of the Sea (UNCLOS), foreign ministry experts said the countries would have to engage in maritime delimitation negotiations. American supermajors, ExxonMobil and Occidental Petroleum Corporation, are preparing to explore for hydrocarbons offshore Essequibo closer to Venezuela soon after the ICJ ruling. A final round of oral arguments is yet to be scheduled.

In the past, Venezuela’s navy intercepted and pursued seismic vessels operating on behalf of ExxonMobil and Anadarko from the area where the companies have since obtained force majeure.

Ms Theriot said the US was ready to provide drones and other technologies to assist Guyana in monitoring its EEZ where Guyana has over the years struggled with controlling illegal, unreported and unregulated (IUU) fishing activity. The US Coast Guard and Navy last year engaged in joint exercises with the Guyana Defence Force to forge interoperability.

“In addition to drone technology, I know that the President (Irfaan Ali) spoke about the US helping Guyana develop an integrated system that would protect both the airspace and also the EEZ because of threats, for example, criminals using our waterways to maybe smuggle drugs and so forth.”

 

PANAMA CANAL

April 8, 2026
HONG KONG (AP)

Hong Kong firm files arbitration against Maersk, claiming it schemed with Panama over port takeover

A subsidiary of a Hong Kong-based conglomerate started arbitration proceedings against Danish logistics and port group Maersk, accusing the company of aligning with Panama in a scheme to take over its port operations on the critical canal.

The Panama Ports Company, a unit of Hong Kong’s CK Hutchison Holdings, said that Maersk A/S had undermined a contract over the Hong Kong company’s operations of ports at either end of the Panama Canal in order to pave the way for a new operator affiliated with Maersk to take over the Balboa terminal.

Arbitration will be held in London, but didn’t explain what remedy it was seeking. Company arbitration is a dispute resolution process in which a neutral third party decides corporate conflicts.

In February, Panama’s government seized control of the Balboa and Cristobal ports after the country’s Supreme Court declared earlier that a concession allowing the Panama Ports Company to run the ports was unconstitutional.

The ruling drew backlash from China. The Panaman government later allowed subsidiaries of Maersk and the Mediterranean Shipping Company to take over operations at the two ports.

 

 

 

PRC detains Panama-flagged ships

April 2, 2026  WASHINGTON

U.S. Secretary of State Marco Rubio accused China of “bullying” by detaining or holding up dozens of Panama-flagged ships — though for a short period of time — after Panama seized control of two critical ports on the Panama Canal earlier this year from a subsidiary of a Hong Kong-based company .

“China’s decision to detain or otherwise impede Panama-flagged vessels engaged in lawful trade destabilizes supply chains, raises costs, and erodes confidence in the global trading system. The United States stands with Panama against any retaliatory actions against its sovereignty and will always support our partners in the face of bullying.”

China denies the allegations. Panama is caught in a broader rivalry between the USA and China after President Trump accused Beijing last year of running the Panama Canal.

The US administration sees the critical maritime trade route as strategically important, commercially and militarily, and Trump talked about retaking the Canal since his campaign. Of the 124 ships detained in Chinese ports for inspection in March, 92 — or nearly 75% — were Panama-flagged, according to public data from Tokyo MOU, a regional port state control organization comprising 22 member authorities in the Asia-Pacific region.

Panama-flagged ships were typically detained for a few days — as short as one day or as long as 10 days — before being released.   That is up drastically from the previous two months, when 19 out of 45 ships — or more than 40% — held in February were Panama-flagged, and 23 out of 71 — or over 30% — in January hung the Panama flag.

America’s “repeated wrongful allegations only reveal its attempt to take control of the canal,” said Liu Pengyu, spokesperson for the Chinese embassy in Washington. He did not address the uptick in the number of Panama-flagged ships held up in Chinese ports.

It comes amid the backdrop of Panama’s supreme court ruling in January that the concession held by a subsidiary of Hong Kong’s CK Hutchison Holdings over the Balboa and Cristóbal terminals was unconstitutional.   The U.S. has pressured Panama and other Latin American countries to curb China’s sway in the Western Hemisphere, where Trump said he would increasingly focus. The US administration is involved in Latin American affairs more aggressively than the U.S. government has in decades, most dramatically by capturing Venezuela’s leader Nicolás Maduro in a military raid in January.The Federal Maritime Commission in Washington has been tracking Panama-flagged vessels that are detained or held up in Chinese ports. Laura DiBella, chair of the commission, said,

“Secretary Rubio’s statement highlights the disruptive effects of the government of China’s actions against Panama-flagged vessels.” She said the commission “is not aware of any other country in recent history conducting vessel safety inspections and detentions in a punitive manner.”

Panama’s government said APM Terminals, a subsidiary of the Danish group A.P. Moller-Maersk, would temporarily assume the administration of the terminals while a new contract is awarded. DiBella said that the Chinese Ministry of Transport had summoned Maersk to Beijing for high‑level discussions. Panama’s government sought to minimize the wider geopolitical tensions surrounding the ships.

Officials did not respond to requests for comment about Rubio’s comments, but previously denied that the detentions had to do with disputes between China and Panama over the canal.  In March, Panama’s foreign minister, Javier Martínez, recognized that there had been an increase in detentions but said he believed they were

“part of routine maritime industry practices, because detentions also occur in other ports and to other flags.

We want to maintain a respectful relationship with China,” he added.

After the ruling from the Panama supreme court in January, Chinese Foreign Ministry spokesperson Guo Jiakun said China would “take all measures necessary to firmly protect the legitimate and lawful rights and interests of Chinese companies.”

José Digeronimo, former president of the Panama Maritime Chamber, said actions with the ships could have a “huge impact” on Panama, a world leader in ship registries. The registries generate around $100 million for the government every year.  Digeronimo compared such registries to shipowners choosing passports, with owners registering their boats in places that “allow you to travel to the greatest number of countries without restrictions.”

Harassment by Chinese authorities could put that in jeopardy. “If the world’s main exporter starts imposing restrictions for using the Panamanian flag, the last thing you’ll want is to have the Panamanian one.”

 

 

U.S. DEPARTMENT of STATE

Office of the Spokesperson

The text of the following statement was released by the Governments of the United States of America, Bolivia, Costa Rica, Guyana, Paraguay, and Trinidad and Tobago.

Joint Statement in Support of Panama’s Sovereignty Between the United States of America, Bolivia, Costa Rica, Guyana, Paraguay, and Trinidad and Tobago

Media Note:   April 28, 2026

We, the nations of Bolivia, Costa Rica, Guyana, Paraguay, Trinidad and Tobago, and the United States, standing together in our shared mission to secure our hemisphere, reaffirm that the freedom of our region is non-negotiable.

We are monitoring with vigilance China’s targeted economic pressure and the recent actions that have affected Panama-flagged vessels. These actions—following the decision of Panama’s independent Supreme Court regarding the Balboa and Cristóbal terminals—are a blatant attempt to politicize maritime trade and infringe on the sovereignty of the nations of our hemisphere.

Panama is a pillar of our maritime trading system, and as such must remain free from any undue external pressure. Any attempts to undermine Panama’s sovereignty are a threat to us all.

We stand in solidarity with Panama. Through our renewed commitment to peace, security, and Hemispheric cooperation, we remain dedicated to facing all threats to ensure the Americas remain a region of freedom, security, and prosperity.

 

 

 

Crypto, Cartels, Collusion 

Guyana, Lifeblood of Gold Underworld

April 05, 2026

An investigative report released in March 2026 by the Global Initiative Against Transnational Organized Crime (Link)(GI-TOC) has identified Guyana as a critical source for illicit gold currently flooding into Venezuela.

The report, authored by Marcena Hunter, Gabriel Funari, and Sophia Pickles, reveals an inversion of historical smuggling patterns. While gold once flowed from Venezuela into Guyana to evade international sanctions, the trend has reversed:

Guyanese gold is now being siphoned across the border to sustain a “structurally criminalized” Venezuelan ecosystem. This shift is being driven by Venezuelan military generals who are reportedly paying a premium of 8% above international market prices to lure Guyanese traffickers, effectively outbidding legal domestic markets and tightening their grip on the regional supply chain.   Crypto, Cartels, and Collusion: GI-TOC Exposes Guyana as the Lifeblood of Venezuela’s Gold Underworld  supply chain.

The report details how the removal of Nicolás Maduro in January 2026 by the US military operation Absolute Resolve failed to dismantle the criminal governance structures embedded in the gold sector. Instead, high-ranking military officials and transnational organised crime groups have consolidated their control.

These Venezuelan criminal syndicates have aggressively expanded into the Guyanese gold sector, particularly within the gold-rich northern midlands of the disputed western Essequibo region. The Cuyuní River, a major migration and transport artery, has been transformed into a corridor of extortion where guerrilla groups and criminal organisations now levy “rents” on Guyanese miners. This “well-oiled machine” leverages long-standing political backing and armed force to move gold seamlessly across borders, threatening Guyana’s territorial and economic sovereignty.

Logistically, the report identifies the city of Boa Vista in Brazil as the primary “aggregation hub” that facilitates the drainage of Guyanese wealth.

Gold is being transported by road from Lethem on the Guyanese border to Boa Vista, where it is consolidated with Brazilian gold and moved into Venezuela via long-haul trucks and small aircraft.

The use of private airstrips, including those located within Guyana, remains a critical vulnerability. These aircraft-based networks allow traffickers to adapt quickly to regional enforcement pressures and move large consignments of 20 to 100 kilograms without triggering community-level visibility.

This multimodal trafficking network ensures that even when one jurisdiction intensifies oversight, the illicit flow simply displaces to a more porous border, such as the one between Guyana and Venezuela.

“Illicit gold from Brazil and Guyana is increasingly moving into Venezuela, where military buyers are prepared to pay a premium. The city of Boa Vista, Brazil, has emerged as a central hub, aggregating gold and routing it through supply chains across the Amazon Basin,” the report said.

The financial mechanics of this trade are equally alarming, involving sophisticated money-laundering techniques designed to bypass international oversight. In addition to traditional smuggling, the report highlights that significant quantities of gold originating from Guyana are now being exchanged for Tether, a cryptocurrency stable coin pegged to the US dollar.

This “crypto-for-gold” pipeline allows military buyers and criminal brokers to settle transactions instantly and opaquely, evading the reach of the Guyanese financial system. Once this gold reaches Venezuela, its final destination becomes difficult to track, with evidence suggesting exports to Türkiye, Iran, and China, or its retention as domestic reserves by military officials who remain entrenched despite the recent political upheaval in Caracas.

In response to these regional threats, the US Senate is currently advancing the United States Legal Gold and Mining Partnership Act. This legislation proposes a multi-year strategy to disrupt these criminal networks through improved intelligence collection and stronger oversight of supply chains in the Western Hemisphere, with specific sections targeting the Venezuela-Guyana-Brazil nexus.

The report warns that without immediate, coordinated action and transparent monitoring of regional supply chains, the unprecedented rise in international gold prices will continue to fuel environmental destruction and human rights abuses across the Amazon.

For Guyana, the stakes are existential, as the country’s mineral wealth is increasingly used to finance the very criminalized structures that destabilize the region.

 

 

 

 

US lifts sanctions on Venezuela’s acting President

2026, 04/01 – WASHINGTON (AP)

The U.S. on Wednesday lifted sanctions on Venezuela’s acting President Delcy Rodríguez, according to an Office of Foreign Assets Control entry on the Treasury Department website. The newly announced sanctions relief represents a strong signal that the U.S. recognizes Rodríguez as a legitimate authority in Venezuela. Washington has already formally recognized her as the country’s head of state in legal and diplomatic settings.

Venezuela’s government did not immediately respond to a request for comment.

The lifted sanctions come as the Trump administration has been engaging with Venezuela’s interim government since the U.S. military captured Rodriguez’s predecessor, Nicolás Maduro, and his wife on Jan. 3 in Venezuela’s capital, Caracas.

Maduro legally is still Venezuela’s president. In the hours after the Jan. 3 operation, the country’s ruling party-loyal high court declared his absence “temporary,” effectively eliminating the need for a speedy election and keeping the protections the office grants him under international law. The court ordered Rodríguez to take office for up to 90 days with the possibility of extending it to six months if approved by the National Assembly, which is also controlled by the ruling party and presided over by her brother. The 90-day period ends Friday.

 

 

 

Machado in Madrid

declares: “Today we begin the journey home”

Sunday, April 19th 2026

Venezuelan opposition leader and Nobel Peace Prize laureate María Corina Machado  drew thousands of Venezuelans to Madrid’s Puerta del Sol, where she received the Gold Medal of the Community of Madrid from regional president Isabel Díaz Ayuso and proclaimed the start of a new phase in the push for free elections in Venezuela.

“Venezuela will be free,” Machado said from a stage adorned with the tricolor flag before a crowd chanting “freedom” and “elections.” “Today, from this Puerta del Sol, the journey home begins,” she added, addressing a diaspora that exceeds eight million people according to international estimates. “We now face a decisive phase. It falls to all of us to ensure we move toward clean and free elections.”

Machado appeared on the balcony of the Royal Post Office building alongside Ayuso, who introduced her as Venezuela’s future president. “I am convinced you will go down in history as the first female president of Venezuela,” the regional president said, calling Madrid “the capital of the free world” and describing the day as “the most important” since she took office. The Gold Medal was also awarded to president-elect Edmundo González, currently hospitalized in Madrid, whose daughter Carolina accepted the honor on his behalf.

Machado’s visit to Spain unfolded in parallel with the progressive summit in Barcelona, where presidents Pedro Sánchez, Lula da Silva, Gustavo Petro and Claudia Sheinbaum gathered under the “Democracy Always” banner.

Machado refused to meet with Sánchez and took veiled aim at the leaders assembled in Barcelona. “If you want to know who is with the regime or with us, just ask whether they want elections or not,” she said, referring to leaders she considers ambiguous toward Chavismo.

Instead, the opposition leader met with Spain’s two main opposition figures: Popular Party president Alberto Núñez Feijóo and Vox leader Santiago Abascal. On Friday she received the Golden Key to the city from Mayor José Luis Martínez Almeida. The Medal of Honor ceremony included pointed criticism of Sánchez, Petro, Sheinbaum and Lula.

Machado invoked the January 3 US intervention that resulted in the capture of Nicolás Maduro and referred to the government of Delcy Rodríguez as the “rodrigato.” “On January 3 a great burst of energy opened up and nothing can stop it now,” she said.

Madrid is home to some 200,000 Venezuelans, the largest concentration of the diaspora in Europe. According to Spain’s National Statistics Institute, 48.7% of Venezuelans over 15 in Spain hold higher education degrees, though 24% work in hospitality and 16% in retail. Half of those registered with Social Security are under 34.

She also visited González at the hospital. He won the July 2024 presidential election according to tally sheets compiled by the opposition, a result the Maduro government never recognized.

 

 

 

Oil executives, investors meet in Venezuela as sanctions easing revives interest

March 24, 2026  (Bloomberg) –

Hedge fund and oil company executives are gathering in Caracas this week, signaling renewed interest in Venezuela’s upstream sector as the government moves to reopen the economy and attract foreign investment. The meetings—organized by U.S.-based consultant Signum Global Advisors—mark one of the largest investor delegations to the country in years, following political changes and a shift in U.S. policy that has begun easing sanctions on Venezuela’s energy sector.

Acting President Delcy Rodríguez met investors at the presidential palace, outlining plans to restore economic activity and emphasizing the need for further sanctions relief to unlock capital flows into the oil industry. Government officials are also expected to engage with U.S. counterparts in the coming days as part of broader diplomatic efforts.

The outreach comes as Venezuela seeks to rebuild its oil sector, which has suffered years of underinvestment, operational decline and infrastructure deterioration under sanctions. The country holds some of the world’s largest crude reserves, but production remains well below historical levels.

Executives are holding additional meetings with officials from state oil company PDVSA and other government entities, as well as private-sector stakeholders, to assess potential opportunities across the energy value chain. At stake is not only future upstream investment, but also more than $100 billion in defaulted debt tied to the government and PDVSA—an issue that will need to be addressed to facilitate large-scale capital inflows.

While discussions remain exploratory, the return of organized investor visits underscores growing momentum toward reintegration of Venezuela into global energy markets, with potential implications for future oil supply if sanctions relief continues.

 

 

Venezuela law opens mining sector to private capital

amid rapprochement with US

 April 10th 2026 –

Venezuela’s National Assembly unanimously approved a new 131-article Organic Mining Law that opens the door to private and foreign investment in the mining sector. The law repeals the Mining Law in force since 1999, enacted by decree under then-President Hugo Chávez using special powers.

The text was referred to the Supreme Court for review of its organic status before promulgation by the executive branch. The reform, championed by acting President Delcy Rodríguez, comes in the context of a rapprochement . U.S. Interior Secretary Doug Burgum visited Caracas and expressed the interest of American companies in operating in Venezuela. The State Department estimates the value of gold extracted in the country averages $2.2 billion annually.

Among its central provisions, the law establishes concessions for 30 years, renewable for two consecutive periods of up to 10 years each. Royalties to the state will be up to 13% of gross production, calculated on the commercial value of the final product, payable in cash or in kind. The Central Bank of Venezuela retains a preferential right to purchase gold during the first five days after extraction.

The law also introduces mediation and arbitration mechanisms for resolving disputes with investors. Article 74 prohibits state officials and their family members from obtaining mining titles or participating as shareholders in sector-related companies until five years after leaving office.

Mining activities in areas under special environmental protection carry penalties of 10 to 15 years in prison. Parliament Speaker Jorge Rodríguez called the law “a vehicle for building future prosperity.” The mining reform follows the recent modification of the hydrocarbons law, as part of an economic opening strategy aimed at redefining the state’s role in extractive sectors.

 

 

 

Guyana’s Oil Boom Boosts Energy Security in the Americas

Matthew Smith March 31, 2026

Guyana produced 926,550 barrels per day by late February 2026, with 4 more projects under development expected to lift output to 1.7 million barrels per day by 2030. 8 offshore projects in Stabroek Block are at various stages of development, including the $12.7 billion Uaru facility due online later this year.

Iran’s closure of the Strait of Hormuz sharpened the strategic importance of rising exports — about a third of which already flow to the U.S. In a mere four years, the petrostate went from first discovery to first oil and is now pumping over 900,000 barrels per day.

There are signs of significant production growth ahead occurring at a crucial time for a world energy crisis after oil prices exceeded $110 per barrel after Iran closed the Strait of Hormuz in retaliation for U.S. and Israeli airstrikes.

Guyana’s bonanza is significantly reducing the Americas’ traditional dependence on Middle East petroleum. By February 28, 2026, Guyana secured its place as South America’s second largest oil producer behind Brazil and ahead of Venezuela, as a major non-OPEC contributor to global oil supply growth.

An ExxonMobil- led consortium made over 40 major discoveries in the prolific offshore 6.6-million-acre Stabroek Block, where the supermajor is operator holding a 45% working interest. Chevron, through its 2025 acquisition of Hess, controls 30% with the remaining 25% held by PRC- controlled CNOOC. To date Exxon’s discoveries are estimated to hold at least 11 billion barrels of crude oil.

The consortium has developed facilities in the block at Liza Phase 1, Liza Phase 2, Payara, and Yellowtail, with a further four projects in varying stages of development. The $12.7 billion 250,000 barrel per day Uaru facility is nearing the end of construction and is expected to come online late this year. This will lift petroleum output to over 1.1 million barrels per day. A sixth project, Whiptail, will commence operations in 2027 adding 250,000 barrels per day to production lifting output to nearly 1.4 million barrels daily.

The seventh development to be sanctioned in the Stabroek Block is the Hammerhead facility. If construction goes to plan, this project will come online in 2029 adding 150,000 barrels per day to output. An eighth major project Longtail is in the planning stage with Exxon recently submitting an environmental impact assessment study.

The Longtail development will receive a final investment decision (FID) this year with a planned start-up during 2030.

This operation is different from earlier projects because it is targeting natural gas and condensate reservoirs. Longtail will have capacity to lift 250,000 barrels of condensate and 1.2 billion cubic feet of natural gas per day. This is a crucial development for a region where natural gas supply is dwindling, particularly in Trinidad and Tobago, causing natural gas exports to plummet by 40%.

By 2030, it is anticipated Guyana will be pumping around 1.7 million barrels of oil per day which will go some way to addressing energy security risks to the USA and other countries, following strikes on Iran. Tehran in response closed the waterway, a major choke point for world energy supply with around a quarter of all oil consumed globally passing daily through the Strait of Hormuz.

Around a third of Guyana’s oil exports are destined for the U.S. with another two thirds bound for Europe. During 2025, the U.S. imported an average of 208,000 barrels per day from Guyana, which despite being the largest quantity from any South American country, only represents 3.4% of all petroleum imported that year. As production grows with the completion of the facilities currently under development Guyana will provide additional oil shipments to the USA, reducing dependence on the Middle East.

U.S. President Trump’s intervention in Venezuela, which ousted illegitimate Nicolas Maduro, eliminated the main threat to Guyana’s flourishing oil boom. During 2023 Maduro escalated his aggressive campaign against Guyana in an attempt to seize control of the Essequibo and threatened military force to annex the territory, endangering its thriving oil boom.

This dispute dating back to the 19th century, jeopardised Guyana’s territorial integrity as mineral- rich Essequibo accounts for around 70% of the landmass and its territorial waters contain the prolific Stabroek Block.

During aggressive saber-rattling, Venezuela’s coastguard made menacing incursions into the Stabroek Block, while land forces were amassing along the border with Guyana. The Commonwealth country of less than one million people is now one of the fastest growing non-OPEC contributors to global petroleum supply.

Most oil production, forecast to reach 1.7 million barrels by 2030, is destined for export. With Guyana less than 3,000 miles (4,828 kilometers) from U.S. Gulf Coast refineries, this will enhance energy security for the world’s largest economy by reducing dependence on oil shipped through the Middle East.

 

 

 

Russian Tanker Brings Oil to Cuba Despite U.S. Blockade

March 30, 2026  -ABOARD AIRFORCE ONE (AP) —

President Donald Trump said he has “no problem” with a Russian oil tanker off the coast of Cuba delivering relief to the island, which has been brought to its knees by a U.S. oil blockade.

“We have a tanker out there. We don’t mind having somebody get a boatload because they need … they have to survive. If a country wants to send some oil into Cuba right now, I have no problem whether it’s Russia or not.”

Russia’s Transport Ministry said the oil tanker Anatoly Kolodkin arrived at the Cuban port of Matanzas carrying “humanitarian supplies” of about 730,000 barrels of oil. Activists from the vessel Maguro, that arrived from Mexico, unload solar panels and other humanitarian aid from the “Nuestra America,” or Our America convoy, at the port in Havana Bay, Cuba, Tuesday, March 24, 2026. The vessel is sanctioned by the United States, the European Union and the United Kingdom following the war in Ukraine Kremlin spokesman Dmitry Peskov said that Russia had previously discussed its oil shipment to Cuba with the United States.

“Russia сonsiders it its duty not to stand aside, but to provide the necessary assistance to our Cuban friends,” he told reporters.

Trump, whose government has come at its Caribbean adversary more aggressively than any U.S. government in recent history, has effectively cut Cuba off from key oil shipments in an effort to force regime change.

The blockade has had devastating effects on the civilians Trump and Secretary of State Marco Rubio say they want to help, leaving many desperate.   Islandwide blackouts have roiled Cubans already grappling with years of crisis, and a lack of gasoline and basic resources has crippled hospital and slashed public transport. Experts say the anticipated shipment could produce about 180,000 barrels of diesel, enough to feed Cuba’s daily demand for nine or 10 days.

Cuba has long been at the heart of geopolitical tug-of-war between the U.S. and Russia, dating back decades. Trump on Sunday dismissed the idea that allowing the boat to reach Cuba would help Russian President Putin.

“It doesn’t help him. He loses one boatload of oil, that’s all it is. If he wants to do that, and if other countries want to do it, it doesn’t bother me much.

“It’s not going to have an impact. Cuba’s finished. They have a bad regime. They have very bad and corrupt leadership and whether or not they get a boat of oil, it’s not going to matter. I’d prefer letting it in, whether it’s Russia or anybody else because the people need heat and cooling and all of the other things.”

 

 

 

IMF/United States:

2026 Article IV Consultation-Press Release

Staff Report; and Statement by the Executive Director for the United States

April 2, 2026

download PDF (Link)

Summary

1. The U.S. economy performed well in 2025, quickly adapting to a significant shift in policies with growth reaching 2 percent (on a Q4/Q4 basis) even though the government shutdown took a bite out of activity in the fourth quarter. Strong, broad-based productivity growth over the past few years set the U.S. economy apart from its peers.
2. Growth is expected to accelerate modestly in 2026, supported by expansionary fiscal policy, a waning drag from tariffs, and the impact of policy rate cuts in 2025. As the passthrough of tariffs to consumer prices wanes, core PCE inflation is expected to fall to 2 percent by 2027H1, but headline PCE could be somewhat higher, impacted by world oil prices.
3. Risks around the near-term outlook for activity and unemployment are balanced while risks to inflation are to the upside. The external position in 2025 was moderately weaker than implied by medium-term fundamentals and desirable policies.

Subject:
Income, Inflation, Labor, Labor markets, National accounts, Prices, Public debt, Tariffs, Taxes

Keywords:
Income, Inflation, Labor markets, Tariffs

DOI  (Link):

 

OLACDE

Latin American and Caribbean Energy Organization

The Latin American and Caribbean Energy Organization (OLACDE) is an intergovernmental public body of cooperation, coordination and technical advisory, established on November 2, 1973 by signing the Lima Agreement, ratified by 27 countries in Latin America and the Caribbean, with the fundamental objective of promoting the integration, conservation, rational use, commercialization and defense of the region’s energy resources.

OLACDE, arises from the search for a new equitable economic relationship between Latin American and Caribbean countries, in a regional context marked by large imbalances between the structure of energy consumption and the ability to satisfy it with local resources.

At the beginning of the 1970s, during the oil price crisis, the energy authorities of Latin America and the Caribbean, as a result of two consultative meetings, valuing integration as an encouraging option for covering the energy needs of the region and a gradual solution to the large gaps in the trade balances of the oil importing countries, the establishment of a regional body dedicated to energy development was considered.

Aware of the need to coordinate actions for the development of energy resources and jointly address problems related to their efficient and rational use, the region’s energy ministers gathered in Lima, Peru to constitute an intergovernmental body aimed at promoting the use of energy resources as a factor of regional integration, reaffirming the importance of coordinating solidarity actions for their defense and preservation.

In this context, the plenipotentiaries designated by the founding Member States, on November 2, 1973, signed the Lima Agreement, an instrument that, at the forefront of its times, proposes, through the creation of a cooperation and advisory body, promoting energy integration based on solidarity of actions for the independent development of energy resources.

In order to achieve these ends, the OLACDE constitutive treaty proposes the promotion of effective national policies aimed at guaranteeing the rational use of energy resources, serving as a platform for the design and implementation of a regional energy policy that enables Member Countries to insert themselves as a block in the international scene.

In this sense, the Lima Agreement includes among the objectives and functions of OLADE, the coordination of interstate negotiations aimed at ensuring the stable and sufficient supply of the energy necessary for the integral progress of nations, tending industrialization and the corresponding development and the complementation of the infrastructure and means of transport.

OLACDE- 27 MEMBERS, 17 FROM LATAM, 10 FROM CARICOM – 2 OBSERVERS

BARBADOS, BELIZE, CUBA, GRENADA, GUYANA, HAITI, JAMAICA, DR, SURINAME, T&T

EU-OBSERVER

 

 

How will this end?

2026, 04/26  Mariano Browne,

Chief Executive Officer of the UWI Arthur Lok Jack Global School of Business

The US-Israel War on Iran is illegal and reckless. It is illegal because it violates the UN Charter’s prohibition on the use of force except in self-defence (UN Charter Article 2(4)).

It lacks Security Council authorisation. It is reckless, as it is a “war of choice”, based on unverified threats, does not have Congressional approval, and risks a catastrophic regional conflict with global repercussions.

The same is true of US actions against Venezuela and Cuba. The difference is that US and Israeli actions in the Gulf and Iran’s response are destabilising the world economy.

Iran is defending itself against external aggressors, though not all its actions qualify as self-defence. The difficulty is that in international law and politics, there is no international policeman to restore order.

Right is determined by the country with the strongest military. The IMF has sounded the alarm about the war’s impact on the global economy and commodity markets. It downgraded near-term growth forecasts, revised inflation forecasts upward, and calculated the likely effect of a longer war.

The longer the war, the lower the global growth, the higher the inflation, and the greater the chance of depression. Damage to oil and gas production capacity will take time to repair and rebuild.

Both the US and Iran are blocking the Gulf waterway, with few encouraging signs on the diplomatic front. Despite US claims that it had destroyed the Iranian navy, it seized two ships in the Gulf last week and damaged others. Three US carrier groups patrol 1000 kilometres away from the Iranian coast, blocking or seizing Iranian oil tankers, depriving its customers, mainly China, of millions of barrels of supply. There is a high probability of a military miscalculation that could lead to escalation.

US President Donald Trump says he will not lift the blockade until Iran agrees to a deal. Meanwhile, Iran says it has no plans to negotiate or reopen the strait while the US blockade remains. The ceasefire was going to end, but was extended. Furthermore, a second round of “talks” (sometimes labelled as negotiations) midwifed by Pakistan was scheduled, then postponed and now looks probable. As a result, the world is back where it was a week ago: a messy ceasefire that avoids full-scale war, allows low-level conflict, without any imminent solution.

How long will this situation continue, and how will it end? Furthermore, what is the outlook for the Trinidad and Tobago economy?

Every economic sector is adjusting. Supply chains are being reshaped, ships are being rerouted, and shipping costs are increasing, driving consumer and business prices higher. In the middle of global AI expansion, rising chip and computer equipment costs will limit investment. Similarly, more expensive inputs will add to inflationary pressures.

Airlines are reacting to the doubling of jet fuel costs, caused by the war in Iran and oil supply disruptions, by cutting back flights, raising ticket prices, and increasing baggage fees. Caribbean Airlines and major US carriers are affected. In Europe, Deutsche Lufthansa will scrap 20,000 short-haul flights from April 23 through May to save jet fuel. Broader cuts, some of the most drastic among global airlines, will be unveiled by early May for the summer season.

The T&T economy is in a fragile position with no substantive change since the election of a new government one year ago. It is well established that new economic policies may take years to have a positive effect. T&T’s economy is structurally dependent on energy. Growth is constrained as natural gas production remains unchanged.

Higher energy prices would generate additional revenue, not real growth. However, Shell’s Manatee field is expected to increase production in 2027, which would boost government income. Until the Manatee or other projects come on stream in 2027, the country’s economic position will likely remain challenging, with limited fiscal relief.

Increased energy prices will have a positive impact on the government’s fiscal position in 2026 and the near future. This benefit is limited because payments to public sector unions have first claim on any new revenue. For example, the PSA and NUGW settlements amount to $6.4 billion. This figure does not include increments due to teachers and other public sector workers.

Furthermore, even if these amounts are paid over 18 months, they cover only the period from 2014 to 2019. Settlements for 2020 to 2025 are still to be negotiated. Moreover, the finance minister also omitted higher NIS payments and the PSA settlement for 2014-19 from the 2026 budget. These increases will impact 2026 numbers.

T&T’s fuel supply is imported and is likely costing more, as in other countries. Despite this, pump prices have not increased, resulting in an unbudgeted fuel subsidy that will absorb any new revenue from higher energy prices. The ongoing forex difficulties, according to the governor, stem from reduced energy revenues, not distribution issues. Higher import prices will reduce the forex impact of higher energy prices.

These considerations complicate the budget process and stymie cash flow projections. Moreover, progressing economic diversification is uncertain because limited fiscal space restricts stimulus measures, thereby delaying growth and threatening public services.

The country cannot solve the crisis in the Gulf region or avoid its consequences, which complicates the global policy framework. The only choice is to manage the country’s revenue and expenditure judiciously and improve productivity and efficiency. That requires leadership and discipline.

 

 

 

King Charles arrives in the US for a state visit

April 27th 2026 –

The “special relationship” is going through what various analysts describe as its lowest point since the Suez Crisis of 1956

King Charles III and Queen Camilla landed on Monday at Joint Base Andrews in Maryland, beginning a four-day state visit to the United States — the most prominent of the current reign and the first by a British monarch in two decades.

The tour coincides with the 250th anniversary of the US Declaration of Independence and unfolds at a particularly delicate moment for the “special relationship” between London and Washington, sharpened by tensions stemming from the war against Iran and a series of diplomatic disagreements that have accumulated in recent months.

The royal couple was welcomed on the tarmac by diplomatic, state, and federal officials, as well as senior representatives of the British embassy, and accepted bouquets handed over by the children of British military personnel stationed in the United States.

They subsequently travelled to the White House, where they were greeted by President Donald Trump and First Lady Melania Trump in a cordial reception that included kisses on the cheek and a brief moment before photographers before a private tea inside the presidential residence.

The week’s agenda includes the King’s address to Congress on Tuesday — only the second time in history that a British monarch will speak before the US legislature — a state dinner at the White House, a stop in New York City with a commemorative act for the victims of the September 11, 2001 attacks ahead of the 25th anniversary, and a closing leg in Virginia centred on environmental conservation projects, an area in which the monarch has been an active campaigner for more than half a century. Charles III, 77, continues to undergo treatment for the cancer diagnosed in February 2024.

The visit unfolds against an unusually tense bilateral backdrop. The “special relationship” — the strategic, military, and intelligence cooperation bond between London and Washington forged during the Second World War — is going through what various analysts describe as its lowest point since the Suez Crisis of 1956, when British Prime Minister Anthony Eden saw his military intervention in Egypt blocked by pressure from Dwight Eisenhower’s White House.

Trump has repeatedly criticised Prime Minister Keir Starmer over Britain’s refusal to join the military offensive against Iran launched on February 28, calling him a coward and stating that he “is not Winston Churchill.” Starmer, for his part, has on several occasions defended his decision to keep the United Kingdom out of the conflict, arguing that he acts “in the British national interest.”

That friction was compounded last week by Reuters’ publication of an internal Pentagon memorandum that considered reconsidering US diplomatic support for the United Kingdom over the Falklands as retaliation for the lack of support over Iran, alongside other measures directed at NATO allies, including the potential suspension of Spain from the bloc.

The leak prompted a unanimous response from Britain’s ruling and opposition parties, and Downing Street reaffirmed that sovereignty over the islands “is not in question.” MercoPress previously covered that sequence, including the response from Argentine Foreign Minister Pablo Quirno reaffirming Buenos Aires’ claims over the islands.

British Ambassador to Washington Christian Turner summed up the British strategy with a classic formula: “Keep calm and carry on.”

For its part, White House spokesperson Anna Kelly told the AP that “President Trump has always had great respect for King Charles, and their relationship was further strengthened by the president’s historic visit to the United Kingdom last year.” Trump told the BBC in an interview last week that the visit could “absolutely” help repair transatlantic ties.

The backdrop to the trip includes an additional security element. The US capital remains on alert following the shooting on Saturday during the White House Correspondents’ Association dinner, in which US officials identified Trump and members of his administration as likely targets.

Following a security review, Buckingham Palace confirmed on Sunday that “the King is greatly relieved to hear that the president, first lady and all guests have been unharmed” and that the trip would proceed as planned.

Another sensitive issue the Royal Household is seeking to avoid during the visit is the scandal surrounding Jeffrey Epstein: royal sources ruled out any meeting between the royals and victims of the late sex offender, given that the King’s brother, Andrew Mountbatten-Windsor, is facing police inquiries over his ties to Epstein and denies any wrongdoing.

 

 

 

A speech by His Majesty The King to the Joint Meeting of Congress (Link)

29 April 2026

Mr. Vice President, Mr. Speaker, members of Congress, representatives of the American people across all states, territories, cities and communities.I would like, if I may, to take this opportunity to express my particular gratitude to you all for the great honour of addressing this joint meeting of Congress, and on behalf of the Queen and myself, to thank the American people for welcoming us to the United States to mark this semi-quincentennial year of the Declaration of Independence. And for all of that time, our destinies as nations have been interlinked. As Oscar Wilde said, we have really everything in common with America nowadays, except, of course, language.

We meet in times of great uncertainty, in times of conflict, from Europe to the Middle East, which pose immense challenges for the international community and whose impact is felt in communities the length and breadth of our own countries. We meet too in the aftermath of the incident not far from this great building, that sought to harm the leadership of your nation and to foment wider fear and discord. Let me say, with unshakeable resolve, such acts of violence will never succeed.

Whatever our differences, whatever disagreements we may have, we stand united in our commitment to uphold democracy, to protect all our people from harm, and to salute the courage of those who daily risk their lives in the service of our countries. Standing here today, it is hard not to feel the weight of history on my shoulder, because the modern relationship between our two nations and our own peoples spans not merely 250 years, but over four centuries.

It is extraordinary to think that I am the 19th in our line of sovereigns to study with daily attention the affairs of America. So I come here today with the highest respect for the United States Congress, this citadel of democracy created to represent the voice of all American people, to advance sacred rights and freedoms.Speaking in this renowned chamber of debate and deliberation, I cannot help but think of my late mother, Queen Elizabeth, who in 1991 was also afforded this sacred honour and similarly spoke under the watchful eye of the Statue of Freedom above us.

Today, I am here on this great occasion in the life of our nations to express the highest regard and friendship of the British people to the people of the United States. Now, as you may know, when I addressed my own parliament at Westminster, we still follow an age-old tradition and take a member of Parliament hostage, holding him or her at Buckingham Palace until I am safely returned.

These days we look after our guest rather well, to the point that they often do not want to leave.  I don’t know, Mr. Speaker, if there are any volunteers for that role here today. As I look back across the centuries, Mr. Speaker, there emerged certain patterns, certain self-evident truths from which we can learn and draw mutual strength. With the spirit of 1776 in our minds, we can perhaps agree that we do not always agree, at least in the first instance.Indeed, the very principle on which your Congress was founded, “no taxation without representation,” was at once a fundamental disagreement between us and at the same time, a shared democratic value which you inherited from us.

Ours is a partnership born out of dispute, but no less strong for it. So perhaps in this example, we can discern that our nations are, in fact, instinctively like-minded, a product of the common democratic, legal and social traditions in which our governance is rooted to this day.  Drawing on these values and traditions time and again, our two countries have always found ways to come together. And by Jove, Mr. Speaker, when we have found that way to agree, what great change is brought about — not just for the benefit of our peoples, but of all peoples.

This, I believe, is the special ingredient in our relationship. As President Trump himself observed during his state visit to Britain last autumn, the bond of kinship and identity between America and the United Kingdom is priceless and eternal. It is irreplaceable and unbreakable.

Mr. Speaker, this is by no means my first visit to Washington, D.C., the capital of this great republic. It is, in fact, my 20th visit to the United States, and my first as King and head of the Commonwealth. This is a city which symbolizes a period in our shared history, or what Charles Dickens might have called A Tale of Two Georges: the first president, George Washington, and my five times great-grandfather, King George III.

King George, as you know, never set foot in America. And please rest assured, ladies and gentlemen, I am not here as part of some cunning rearguard action. The Founding Fathers were bold and imaginative rebels with a cause. Two-hundred-and-fifty years ago — or, as we say in the United Kingdom, just the other day — they declared independence by balancing contending forces and drawing strength into diversity. They united 13 disparate colonies to forge a nation on the revolutionary idea of life, liberty, and the pursuit of happiness. They carried with them and carried forward the great inheritance of the British Enlightenment, as well as the ideals which had an even deeper history in English common law and Magna Carta.

These roots run deep, and they are still vital.Our Declaration of Rights of 1689 was not only the foundation of our constitutional monarchy, but also provided the source of so many of the principles reiterated, often verbatim, in the American Bill of Rights of 1791. And those roots go even further back in history. The U.S. Supreme Court Historical Society has calculated that Magna Carta is cited in at least 160 Supreme Court cases since 1789, not least as the foundation of the principle that executive power is subject to checks and balances.

This is the reason why there stands a stone by the River Thames at Runnymede, where Magna Carta was signed in the year 1215. This stone records that an acre of that ancient and historic site was given to the United States of America by the people of the United Kingdom to symbolize our shared resolve in support of liberty and in memory of President John F. Kennedy.

Distinguished members of the 119th Congress, it is here in these very halls that this spirit of liberty and the promise of America’s founders is present in every session and every vote cast not by the will of one, but by the deliberation of many, representing the living mosaic of the United States in both of our countries. It is the very fact of our vibrant, diverse and free societies that gives us our collective strength, including to support victims of some of the ills that so tragically exist in both our societies today.

And Mr. Speaker, for many here and for myself, the Christian faith is a firm anchor and daily inspiration that guides us not only personally, but together as members of our community. Having devoted a large part of my life to interfaith relationships and greater understanding, it is that faith in the triumph of light over darkness which I have found confirmed countless times.Through it, I am inspired by the profound respect that develops as people of different faiths grow in their understanding of each other.

It is why it is my hope, my prayer, that in these turbulent times, working together and with our international partners, we can stem the beating of ploughshares into swords. I am mindful that we are still in the season of Easter, the season that most strengthens my hope. It is why I believe with all my heart that the essence of our two nations is a generosity of spirit and a duty to foster compassion, to promote peace, to deepen mutual understanding, and to value all people of all faiths and of none.  The alliance that our two nations have built over the centuries, and for which we are profoundly grateful to the American people, is truly unique, and that alliance is part of what Henry Kissinger described as Kennedy’s soaring vision of an Atlantic partnership based on twin pillars: Europe and America.

That partnership, I believe, Mr. Speaker, is more important today than it has ever been.The first reigning British sovereign to set foot in America was my grandfather, King George VI. He visited in 1939 with my beloved grandmother, Queen Elizabeth, the Queen Mother. The forces of fascism in Europe were on the march, and some time before, the United States had joined us in the defence of freedom. Our shared values prevailed.Today we find ourselves in a new era, but those values remain. It is an era that is in many ways more volatile and more dangerous than the world to which my late mother spoke in this chamber in 1991.

The challenges we face are too great for any one nation to bear alone. But in this unpredictable environment, our alliance cannot rest on past achievements or assume that foundational principles simply endure.  As my prime minister said last month, ours is an indispensable partnership. We must not disregard everything that has sustained us for the last 80 years. Instead, we must build on it.

Renewal today starts with security. The United Kingdom recognizes that the threats we face demand a transformation in British defence.That is why our country, in order to be fit for the future, has committed to the biggest sustained increase in defence spending since the Cold War — during part of which, over 50 years ago, I served with immense pride in the Royal Navy, following in the naval footsteps of my father Prince Philip, Duke of Edinburgh, my grandfather King George VI, my great uncle Lord Mountbatten, and my great grandfather King George V.

This year, of course, also marks the 25th anniversary of 9/11. This atrocity was a defining moment for America, and your pain and shock were felt around the whole world. During my visit to New York, my wife and I will again pay our respects to the victims, the families, and the bravery shown in the face of terrible loss.We stood with you then, and we stand with you now in solemn remembrance of a day that shall never be forgotten. In the immediate aftermath of 9/11, when NATO invoked Article Five for the first time, and the United Nations Security Council was united in the face of terror, we answered the call together, as our people have done so for more than a century, shoulder to shoulder through two world wars, the Cold War, Afghanistan, and moments that are defined our shared security.

Today, Mr. Speaker, that same unyielding resolve is needed for the defence of Ukraine and her most courageous people. It is needed in order to secure a truly just and lasting peace.  From the depths of the Atlantic to the disastrously melting ice caps of the Arctic, the commitment and expertise of the United States Armed Forces and its allies lie at the heart of NATO — pledged to each other’s defence, protecting our citizens and interests, keeping North Americans and Europeans safe from our common adversaries.

Our defence, intelligence and security ties are hardwired together through relationships measured not in years, but in decades. Today, thousands of U.S. service personnel, defence officials and their families are stationed in the United Kingdom, as British personnel serve with equal pride across 30 American states. We are building F-35s together, and we have agreed on the most ambitious submarine program in history, AUKUS. And we are doing it in partnership with Australia, a country of which I am also immensely proud to serve as sovereign. We do not embark on these remarkable endeavours together out of sentiment. We do so because they build greater shared resilience for the future, so making our citizens safer for generations to come.

Our common ideals were not only crucial for liberty and equality, they are also the foundation of our shared prosperity. The rule of law, the certainty of stable and accessible rules, an independent judiciary, resolving disputes and delivering impartial justice: these features created the conditions for centuries of unmatched economic growth in our two countries. This is why our governments are concluding new economic and technology agreements to write the next chapter of our joint prosperity, and ensure that British and American ingenuity continues to lead the world. Our nations are combining talent and resources in the technologies of tomorrow. Our new partnerships in nuclear fusion and quantum computing, and in AI and drug discovery, holding the promise of saving countless lives.

More broadly, we celebrate the $430 billion in annual trade that continues to grow. The $1.7 trillion in mutual investment that fuels that innovation, and the millions of jobs on both sides of the Atlantic, supported across both economies. These are strong foundations on which to continue to build for generations yet unborn. Our ties in education, research and cultural exchange empower citizens and future leaders of both countries. The Marshall Scholarship, named after the great General George Marshall and the association of which I am so proud to be patron, are emblematic of the connection between our two countries. Since its founding, more than 2,300 scholarships have been awarded, opening doors for Americans from all walks of life to study at the United Kingdom’s leading universities.

So as we look toward the next 250 years, we must also reflect on our shared responsibility to safeguard nature, our most precious and irreplaceable asset.For millennia, millennia before our nations existed, before any border drawn, the mountains of Scotland and Appalachia were one. A single continuous range forged in the ancient collision of continents.

The natural wonders of the United States of America are indeed a unique asset, and generations of Americans have risen to this calling. Indigenous, political and civic leaders, people in rural communities and cities alike, have all helped to protect and nurture what President Theodore Roosevelt called the “glorious heritage” of this land’s extraordinary natural splendour, on which so much of its prosperity has always depended.Yet, even as we celebrate the beauty that surrounds us, our generation must decide how to address the collapse of critical natural systems, which threatens far more than the harmony and essential diversity of nature.

We ignore at our peril the fact that these natural systems — in other words, nature’s own economy — provide the foundation for our prosperity and our national security.The story of the United Kingdom and the United States is, at its heart, a story of reconciliation, renewal, and remarkable partnership. From the bitter divisions of 250 years ago, we forged a friendship that has grown into one of the most consequential alliances in human history. I pray with all my heart that our alliance will continue to defend our shared values with our partners in Europe and the Commonwealth and across the world, and that we ignore the clarion calls to become ever more inward looking.

Mr. Speaker, Mr. Vice President, distinguished ladies and gentlemen, America’s words carry weight and meaning, as they have since independence. The actions of this great nation matter even more.

President Lincoln understood this so well with his reflection in the magisterial Gettysburg Address, that the world may little note what we say, but will never forget what we do. And so to the United States of America, on your 250th birthday, let our two countries rededicate ourselves to each other in the selfless service of our peoples and of all the peoples of the world.

God bless the United States and God bless the United Kingdom.

 

 

President Donald J. Trump and First Lady Melania Trump hosted His Majesty King Charles III and Her Majesty Queen Camilla at the White House this week for the first state visit by a British monarch in nearly two decades.

The state visit featured a historic arrival ceremony, substantive bilateral discussions, and a grand state dinner that highlighted the enduring cultural, historical, and strategic partnership between the United States and the United Kingdom.In remarks at the arrival ceremony, President Trump reflected on the deep bonds uniting the two nations as America approaches the 250th anniversary of its founding:

“Honoring the British King might seem an ironic beginning to our celebration of 250 years of American independence — but in fact, no tribute could be more appropriate. Long before Americans had a nation or Constitution, we first had a culture, a character, and a creed. Before we ever proclaimed our independence, Americans carried within us the rarest of gifts — moral courage — and it came from a small but mighty kingdom from across the sea.” (Watch)

“For nearly two centuries before the Revolution, this land was settled and forged by men and women who bore in their souls the blood and noble spirit of the British. Here, on a wild and untamed continent, they set loose the ancient English love of liberty and Great Britain’s distinctive sense of glory, destiny, and pride… The American Patriots who pledged their lives to independence in 1776 were the heirs to this majestic inheritance. Their veins ran with Anglo-Saxon courage. Their hearts beat with an English faith in standing firm for what is right, good, and true.” (Watch)

“In recent years we have often heard it said that America is merely ‘an idea’ — but the cause of freedom did not simply appear as an intellectual invention of 1776. The American founding was the culmination of hundreds of years of thought, struggle, sweat, blood, and sacrifice on both sides of the Atlantic. Fate drew a long arc from the meadow at Runnymede to the streets of Philadelphia that ran through the lives of people born and bred on the British code that ‘no man should be denied either justice or right.’ American Patriots today can sing ‘My Country ‘Tis of Thee, Sweet Land of Liberty’ only because our colonial ancestors first sang ‘God Save the King.’” (Watch)

“In the centuries since we’ve won our independence, Americans have had no closer friends than the British. We share that same root, we speak the same language, we hold the same values, and together, our warriors have defended the same extraordinary civilization under twin banners of red, white, and blue.”

“Throughout His Majesty’s life, the world has witnessed that same thoughtfulness which first struck Britain’s greatest prime minister. His Majesty’s intellect, passion, and devotion have been a long — really, long a blessing… Not only to his own country, but to the cherished bond between the United States and the United Kingdom.”

“If they could see us today, our ancestors would surely be filled with awe and pride that the Anglo-American revolution in human freedom was never, ever extinguished, but carried forward across centuries, across oceans, and across history until it became a fire that lit the entire world.”

At the state dinner, President Trump toasted the unbreakable friendship between the two nations:

“We’re preparing to celebrate the 250th anniversary of our Declaration of Independence… It’s only natural that Americans begin this commemoration by paying tribute to the transcendent bond we share with the nation that Thomas Jefferson himself called our ‘mother country.’”
“The first Americans saw themselves as free men, carrying forward the ancestral liberties and ancient rights of the Anglo-Saxons into this new and beautiful world. In the eyes of America’s founders, our war for Independence was fought not to reject this heritage, but to reclaim it and perfect it. As the Founding Father George Mason wrote, ‘We claim nothing but the liberty and privileges of Englishmen in the same degree as if we had still continued among our brethren [in] Great Britain.’”
“Today, most of Britain’s former colonies have no idea what they truly owe to this towering legacy of law, liberty, and British custom that they were given… Tonight, on the eve of our 250th year of cherished independence, we turn to the sovereign embodiment of our British heritage and say sincerely: thank you to our friends, the United Kingdom, for the richest inheritance that any nation has ever given to another. May our two countries stand together forever — for liberty, for justice, and for the glory of God.”

During the dinner, His Majesty King Charles III presented President Trump with a personal gift:

“There was one particular AUKUS predecessor launched from a UK shipyard in 1944 that served for the majority of her life attached to the 4th Submarine Squadron in Australia playing a critical role during the war in the Pacific. Her name? HMS Trump. So tonight, Mr. President, I am delighted to present to you, as a personal gift, the original bell which hung on the conning tower of your valiant namesake. May it stand as a testimony to our nation’s shared history and shining future.”