CNOOC Offshore Awards Risk Classic Conundrum
March 5, 2026
Amid ongoing tension, T&T Minister of Energy Dr. Roodal Moonilal told media that the Cabinet approved the award of two Production Sharing Contracts for offshore Blocks 24 and 25 to PRC state-owned CNOOC. The blocks are situated about 45 to 50 miles off the North Coast of Trinidad.
“CNOOC is the third largest national oil company of China and the largest producer offshore of oil and gas in China. They expressed an interest in participating, and today, Cabinet considered and agreed to the award of Production Sharing Contracts for Blocks 24 and 25, in response to our bid round.”
The Government will now move into another round of negotiations before the contracts are finalised.
CNOOC is a major global player in the energy industry.
“As some of you may know, CNOOC has also been with ExxonMobil in Guyana in that massive oil find and production initiative in Guyana. We are very happy that ExxonMobil has entered our energy industry, and now CNOOC is on the verge of entering as well.”
At recent meetings with officials and energy companies during the Energy Conference and Supply Chain Expo in Guyana, discussions focused on strengthening cooperation between Trinidad and Tobago, Guyana and Suriname.
[ CAVEAT EMPTOR- GOODBYE TO CNOOC FOR TRINIDAD FIRST
Experienced, professional industry stakeholders strongly advise a moral decision to HALT contract negotiations with CNOOC, following closure of the strait of Hormuz, with world energy supply a casualty of war between Iran and Israel. ]
USA is a long-standing ally of Gulf petrostates, economic powerhouses and significant players in the global economy as the largest single source of petroleum worldwide, because of stability and security underwritten by the USA, which maintains military bases in Qatar, UAE, Kuwait and Bahrain, attacked by Iran.
Following participation in the democratic Americas Counter Cartel Coalition on 7 March, T&T cannot possibly proceed with negotiations to allow entry of totalitarian PRC state explorer to offshore energy with access to democratic government and business.
In a state of emergency consuming resources, the awards obviously compromise security of energy exploration investment by Exxon and EOG, refinery revival by Chevron and gas projects with Venezuela where PRC formed an “all-weather strategic partnership,” a high-level diplomatic designation signalling long-term cooperation across politics, trade, energy and other areas.
PRC remains a primary buyer of Venezuelan oil and holds significant assets in energy, mining and infrastructure, through over $100 billion in loans for oil deals since 2000. Partnerships in Orinoco Belt oil projects and significant oil import infrastructure are key assets.
PRC constructed, controls and retains access to two critical satellite tracking ground stations in Venezuela, the largest purchaser of PRC military equipment in Latin America.
Cabinet has the moral choice to withdraw the award of the Blocks 24 and 25 as PRC does not need energy from T&T, having ample domestic resources and energy deals with Iran and Venezuela.
A deadly war rages around the Strait of Hormuz, the beleaguered chokepoint where ships are allowed if declared as owned, operated or crewed by Chinese and some may claim links to PRC, real or fake, to avoid attack. PRC and Iran may have struck a deal to guarantee safe passage for PRC ships, on account of their friendly ties, because PRC is the largest buyer of Iranian crude oil.
Vessels under different flags adopted a tactic of signalling links with PRC, long reliant on Iran’s “shadow fleet” for delivery of crude oil. Tankers sailing through the strait were linked to the U.S.sanctioned vessels. PRC depends on energy imports of 40 percent of its oil and 30 percent of its LNG via the Strait of Hormuz where clusters of vessels are stranded. Iranian drones or missiles struck 19 ships since February 28 and traffic continues to be severely disrupted.
On 18 March 2026, Lloyd’s List reported that Iran created a de facto ‘safe’ shipping corridor through its territorial waters in the Strait of Hormuz, offering vetted vessels passage in exchange for approval — and in one case, a reported $2m payment.
Iran establishes ‘safe’ shipping corridor for approved and paid for transits Governments including India, Pakistan, Iraq, Malaysia and China are in direct talks with Tehran, coordinating vessel transits via an emerging IRGC registration and vetting system.
At least 9 ships used the corridor, routed close to Iran’s Larak Island for visual checks by IRGC Navy and port authorities. A formalised approval process is expected , requiring extensive disclosure of vessel ownership and cargo destination, often via Iran-linked intermediaries abroad. Security experts warn Iranian approval does not guarantee safety, noting IRGC factions could still delay or seize vessels despite clearance.
The scheme still attempts to assert complete Iranian control over the strait via individual diplomatic carve-outs rather than blanket permission but the US is unlikely to acquiesce to this scheme for long after allowing Iranian tankers to transit the strait “to supply the rest of the world”
“Western-affiliated ship owners and operators are unlikely to send vessels into Iranian territorial waters voluntarily but others are likely to tolerate the risk this entails. US forces will likely specifically target individuals, facilities or IRGC-N maritime assets involved in the scheme.”
PRC seeks a stranglehold over the world’s supply chains and a military advantage. ByteDance can use the TikTok algorithm to track and influence users with selective content promoted by PRC, amid warnings against the addictive, destructive nature of the platform.
Refinery restart sparks excitement & hope
2026, 03/22
Residents of Marabella are eagerly anticipating the reopening of the Pointe-a-Pierre refinery as the Government advances talks with international and regional investors, raising cautious optimism that South Trinidad could be on the cusp of long-awaited economic revival.
Energy Minister Dr Roodal Moonilal revealed negotiations are underway with major players, including Chevron of the United States, the China National Offshore Oil Corporation, Nigeria-based Oando, Indian Oil Corporation and the Oilfield Workers Trade Union’s Patriotic Energies and Technologies, which submitted a new proposal for consideration.
The refinery, shuttered in 2018, is now targeted for a phased restart later this year, with Moonilal signalling that at least two plants will come on stream before the end of the year. For residents and business owners in Marabella, Pointe-a-Pierre and San Fernando, the development represents more than an industrial restart—it is a chance to restore communities that have struggled for nearly a decade.
As word of the proposed reopening spread, Marabella entrepreneurs said they were looking forward to renewed business activity in areas that once thrived on refinery operations.
One lady who runs a store, described the years since closure as deeply challenging. “The past eight years have been difficult. Businesses closed along Southern Main Road and hundreds of people were thrown on the breadline. We want to see Marabella get life again, so we welcome the refinery reopening.”
Her experience mirrors that of many small business operators who depended on steady refinery traffic and spending. Since 2018, sections of the once-bustling commercial strip have seen reduced foot traffic, shuttered storefronts and declining economic activity.
Others concerned about governance and oversight said the closure left a void that has yet to be filled. “Since Petrotrin closed, the young people cannot find jobs. I am very happy that this refinery is being reopened.”
Former refinery workers, displaced when operations ceased, support for the initiative, though some remain wary.
One former senior refinery operator who spent 28 years at Petrotrin, said the transition after retrenchment was difficult. Loss of access to healthcare under a contributory plan had lasting consequences, especially with ongoing health challenges. After eight years of hardship, he was excited for the reopening.
“It was extremely difficult. When I got laid off, I had to work as a supervisor at a security firm. The worst part was losing the medical care. In the public health system, there are delays in getting care.
Our medical plan in Petrotrin was a contributory plan, but it stopped after the company closed. I want to go back to work. I am 55, but I can still make a contribution. I hope when the refinery is reopened, they will ensure that the pension plan will benefit all the retirees and those who contributed to the pension plan in the past.”
Negotiations underway
Energy Minister Moonilal said the Government, under Prime Minister Kamla Persad-Bissessar, is pressing ahead with plans to restart the refinery before the end of the year. In 2025, when the Government took office, it appointed a Refinery Restart Committee.
It has since been concluded that reopening the facility is technically, commercially and financially viable, particularly in light of current global demand for refined products. It recommended a four-phase restart strategy. Moonilal confirmed it would be done in four phases. He said the interest from potential investors has been strong and widespread.
“We have been happily and kindly overwhelmed by expressions of interest in the refinery from companies near and far, domestic, local companies, as well as important actors in Europe, in Africa, from Asia, from the Caribbean and at home here.”
He confirmed that a recent virtual meeting was held with Chevron officials, describing the engagement as productive.
Moonilal said the Government has since provided the company with technical documents and research materials, as discussions continue on possible collaboration with State entities Heritage Petroleum and Paria Fuel Trading Company.
He pointed to ongoing discussions with regional partners, including Guyana, following meetings with Prime Minister Persad-Bissessar and Guyanese President Irfaan Ali. He said further engagements are expected in the coming weeks as Trinidad and Tobago seeks to deepen energy cooperation with its neighbours.
In addition, interest has emerged from Europe, including Italy-based investment firm Technimont, which is currently in T&T for discussions on potential financing arrangements. “We are now looking at the commercial structure to go forward with the refinery. I expect that all of that will take place within the next month or two, and we should have an agreement and a partnership fixed commercially, legally and contractually.”
Moonilal stressed that time is a critical factor, warning that prolonged inactivity could increase costs and pose risks to plant integrity and safety. Experts who recently assessed the facility rated its condition at between five and six on a scale of ten, suggesting that while some degradation has occurred, the refinery remains in a workable state.
Chairman of Guaracara Refinery Company Ltd, Gowtam Maharaj, said the level of global interest reflects T&T’s strategic position within the regional energy landscape. Proximity to major oil producers Guyana and Venezuela, coupled with the country’s long-standing refining expertise, makes it an attractive investment destination.
“There’s a significant amount of interest in the world market in terms of investment due to the political stability of Trinidad and Tobago and also now the geographic location to where the action is in terms of petroleum,” Maharaj said.
He explained that the refinery’s business model—tailoring fuel blends to meet the specific needs of markets—sets it apart from larger international refineries, which typically operate on bulk production systems.
This flexibility allows T&T to serve smaller markets that require customised fuel specifications. However, while a full restart of all refinery units could take up to 39 months, a phased approach would allow for earlier production.
Under such a model, initial operations could begin within a year of finalising commercial agreements, with some plants coming online ahead of others to generate early output.
Beyond production, Maharaj underscored the significant employment potential associated with the restart. Thousands of workers could be engaged during the repair and refurbishment phase, with over 1,000 permanent jobs expected once full operations are achieved.
“ Marabella post shutdown, it’s a ghost town,” Maharaj said, describing the visible decline in commercial activity since 2018. “People are in need of this type of sustenance.”
History of refinery
Established in 1917, the Pointe-a-Pierre Refinery was once the largest refinery in the British Empire and played a critical role during World War II as a supplier of high octane aviation fuel for Allied forces.
In 1956, US company Texaco acquired the refinery, and in 1985, the government, through Trintoc (1974), bought Texaco’s assets except Trinmar. In 1993, Trintoc and Trintopec were incorporated into the Petroleum Company of Trinidad and Tobago Limited (Petrotrin). Petrotrin operated the refinery until it was closed in November 2018. The refinery is critical to national energy security, industrial development, employment generation, regional supply chain resilience and improved GDP to the government. Over 40 per cent of Trinidad GDP and 80 per cent of its exports come from oil and gas.
Magnificent 7 Energy assets secure
2026, 03/17
Energy Minister Roodal Moonilal said energy installations remain secure despite rising global tensions and removal of a US radar system from Tobago. Government has taken steps to protect critical offshore and onshore infrastructure amid instability in the Middle East.
He held discussions with Defence Minister Wayne Sturge on energy sector security with critical installations. Government engaged multinational energy companies to assess security readiness. The Magnificent 7 from Democratic states are Shell, bp, Perenco, Touchstone, EOG, EXXON and Woodside.
“ I’ve met Minister Sturge to discuss energy sector security. As you know, we have energy installations in the Gulf, offshore and onshore.
We have met the multinational corporations, concerning their security measures and the state of readiness there in terms of security threats. And we are assured that all is in place to secure all our energy installations offshore in our maritime space and onshore.
Matters involving national security are not under my purview. Those are matters that Minister of Defence Wayne Sturge and the Prime Minister, Chairman of the National Security Council, may share, depending on the nature of those issues. So I prefer not to comment on that as well.”
Approved- 3 month extension of State of Emergency
March 14, 2026
The House of Representatives approved the Government’s bid to extend the State of Emergency by another three months. 12 Opposition members voted against. There were no abstentions.
The first motion asked that the House take note of the statement issued by President Christine Kangaloo under Section 9(1) of the Constitution, outlining the grounds on which the decision to declare the state of public emergency was based.
Leave was then sought to debate a related motion calling for the extension of the Proclamation issued on March 2 declaring that a state of public emergency exists in Trinidad and Tobago The House granted leave and proceeded to debate both motions together.
Opposition MPs Marvin Gonzales, Stuart Young, Keith Scotland and Colm Imbert contributed to the debate, along with Government MPs Energy Minister Roodal Moonilal, Homeland Security Minister Roger Alexander and Defence Minister Wayne Sturge.
[ ECO-Addition of more police posts and patrols in hotspots may deter outlaws. ]
T&T & US advance energy cooperation
2026, 03/14
Addressing participation in the Americas Counter Cartel Coalition, Prime Minister Kamla Persad-Bissessar yesterday told Parliament that meetings with US Secretary of State Marco Rubio and Deputy Secretary of State Christopher Landau in Florida last weekend discussed further engagement in the region – including developments involving “our neighbour next door, Venezuela. “
“We also met US Secretary of Energy Chris Wright to discuss energy sector cooperation, including gas fields in Venezuela, as well as interest in refinery and tank farm infrastructure. Our meeting with Secretary Wright produced immediate results. Within hours, energy giant Chevron reached out expressing interest in doing business in T&T.
“We also held productive talks with US Secretary of Commerce Howard Lutnick regarding US-based companies interested in infrastructure and rehabilitation projects in TT. And with US Trade Representative Jamieson Greer, we discussed tariffs and their potential impact on energy commodities.”
Bilateral discussions were held with 5 Latin American presidents.
“We spoke with Paraguay’s leadership regarding T&T’s application for associate membership in Mercosur. We also held talks with leaders from Argentina, Chile, the Dominican Republic and Panama on trade and national security cooperation.”
Members of Mercosur are Argentina, Brazil, Bolivia, Paraguay, Uruguay and Venezuela, currently suspended.
Associate members are Chile, Colombia, Ecuador, Guyana, Panamá, Perú and Suriname.
Motion to extend SoE for the House
March 13, 2026
Prime Minister Kamla Persad-Bissessar will be in the Parliament today where motions to extend the state of emergency (SoE) by three months are listed on the Order Paper for debate.
Of two motions in the name of the Attorney General, the first is to note the basis for the decision to declare the existence of a state of public emergency. The AG will also move a motion that the Proclamation made by the President on March 2, 2026 declaring that a state of public emergency exists in the Republic of Trinidad and Tobago with effect from March 3, 2026, be extended for a further period of three months.
Three days after the SoE was declared, Persad-Bissessar departed for Miami to attend the Shield of the Americas Summit hosted by US President Donald Trump. The Prime Minister yesterday stated that business of the people of Trinidad and Tobago remains her priority. She described the summit as “historic” and “highly successful”.
Persad-Bissessar yesterday chaired the weekly Cabinet meeting at the Diplomatic Centre, adding that her Government “continues to focus on people-centred policies and delivering for our nation”.
PM Defends T&T’s Decision To Join Americas Counter Cartel Coalition
March 13, 2026 Sunil Lalla
Prime Minister Kamla Persad-Bissessar SC is defending the decision to join the Americas Counter Cartel Coalition, insisting Trinidad and Tobago cannot solve the domestic crime crisis on its own.
A couple of days after leaving the US, where she participated in the Shield of the Americas Summit, the Prime Minister made her case for T&T signing on to the Americas Counter Cartel Coalition in the Lower House. She noted that transnational drug cartels, illegal firearms and organised gangs continue to pose an unprecedented threat to small island states like Trinidad and Tobago.
“You know an expression, ‘no man is an island’ and therefore our crime crisis cannot be solved in isolation, cannot be solved alone. So these networks move cocaine, heroin, synthetic drugs called fentanyl, through our waters and ports. And what happens? In return, while these are moving, illegal firearms, arms trafficking, illicit money flow back into our communities.”
The Prime Minister outlined key commitments agreed by coalition members when the proclamation was signed on March 7. She assured that T&T stands to benefit directly, particularly through intelligence sharing and strengthened border security.
“Criminal cartels and foreign terrorist organisations in our Western Hemisphere must be fully dismantled. The USA and its allies, including T&T, will coordinate to deprive these organisations of financing, resources and territory.
Through this coalition that we formed, law enforcement agencies will share real-time intelligence on trafficking, trafficking routes, gang leaders, financial networks and weapons shipments.
And so, with better intelligence sharing, our forces here in security can act faster and more effectively.”
The Prime Minister addressed concerns raised by those who fear closer cooperation with the United States would erode national sovereignty and ‘concerns’ from the Opposition on whether she met the US President.
“Our participation in America’s counter-cartel coalition reflects our commitment to regional cooperation in tackling transnational crime, whilst at the same time, we maintain full control over our national decisions and policies. During the summit, I had the honour of speaking directly with President Trump and thanking him for his support of Trinidad and Tobago and the region.”
The Prime Minister noted that this was the first time in 50 years that a Prime Minister of Trinidad and Tobago was invited by the President of the United States.
$2.8b withdrawn from HSF in 2025
March 10, 2026
A total of US$410 million (TT$2.8 billion) was withdrawn from the Heritage and Stabilisation Fund (HSF) for the year ended September 30, 2025, according to the Auditor General’s report on the fund’s financial statements.
There were no contributions to the fund during the year, with the Auditor General calling for an amendment to the act to “provide greater clarity” regarding deposits.
In its previous financial statements for the first three quarters of the year, the HSF stated that US$150 million ($1 billion) was withdrawn during the quarter ended December 31, 2024. That indicates that a further US$260 million ($1.8 billion) was withdrawn in the final quarter of the fiscal year ended September 30, 2025.
“Withdrawals from the Fund are made in accordance with the criteria set out under Section 15 and 15A of the Act. For the financial year ended September 30, 2025, the amount of US$410,775,703 was withdrawn from the Fund under Section 15,” the Auditor General’s report stated.
Signed by Jaiwantie Ramdass on November 27, 2025, the report was laid in Parliament yesterday. At the end of the year the HSF balance stood at US$6.34 billion, the highest annual portfolio valuation the HSF has ever achieved since its inception in 2007.
At the end of the previous fiscal year, September 30, 2024, the balance was US$6.08 billion. There recorded US$663.9 million in total comprehensive income for the year ended September 30, 2025. The Auditor General’s report stated there were no capital contributions during the year ended September 30, 2025. Section 13 (1) of the HSF Act states:
“Where petroleum revenues collected in each quarter of any financial year
(a) exceed the estimated petroleum revenues for that quarter of the financial year by more than ten per cent, the currency of the United States of America equivalent of the excess revenue shall be withdrawn from the Consolidated Fund and deposited to the Fund in accordance with section 14(1);
or (b) exceed the estimated petroleum revenues for that quarter of a financial year but do not exceed such estimated revenues by at least 10%, the Minister may direct that the currency of the United States of America equivalent of all or part of the excess revenue shall be withdrawn from the Consolidated Fund and deposited to the Fund in accordance with section 14(1).”
Section 14 (1) of the HSF Act states, “A minimum of 60% of the aggregate of the excess revenues shall be deposited to the Fund during a financial year.”
The Auditor General’s report stated that those sections of the act are open to interpretation.“It is recommended that suitable amendments be made to the Act to provide for greater clarity with regard to deposits to the Fund.”
Section 5(1) of the HSF Act states that “the board shall meet at such times and places as may be necessary or expedient for the efficient performance of its functions save that the board shall meet at least once in every two successive months.”
The Auditor General’s report stated that the absence of a constituted board between May 17, 2025, and August 19, 2025, led to “non-compliance with the statutory meetings obligation”.
The HSF board that signed the financial statements on November 21, 2025, were chairman Ewart Williams, Central Bank Governor Larry Howai, Suzette Taylor-Lee Chee, Arjoon Harripaul and Dr Karen Smith.
HSF advance to US$6.6B after $410M debit
2026, 03/11
Government Senate Leader Darrell Allahar laid the Report of the Auditor General on the Heritage and Stabilisation Fund for the fiscal year ending September 2025 in the Senate yesterday. The HSF recorded a slight increase in total assets for the fiscal year ending September 30, 2025, after withdrawal of over US$410 million during the period. The report stated that the Auditor General submitted the document to the Minister of Finance and the Central Bank on November 27, 2025.
The fund’s total assets stood at US$6.445 billion as at September 30, 2024.
By September 30, 2025, the fund’s assets had risen to US$6.608 billion.
US$410,775,703 was withdrawn from the fund during the financial year ended September 30, 2025, under Section 15 of the HSF Act. The report did not specify which administration authorised the withdrawal and noted that no capital contributions were made to the fund during the period under review.
Auditor General Jaiwantee Ramdass said the financial statements had been audited and were fairly presented. “In my opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the fund as at September 30, 2025, and its financial performance and cash flows for the year then ended in accordance with International Financial Reporting Standards.”
However, the Auditor General highlighted a compliance issue involving the fund’s Board of Governors. She noted that Section 5(1) of the HSF Act requires the board to meet at least once every two successive months.
“The absence of a constituted Board of Governors from May 17, 2025 to August 19, 2025 led to non-compliance with this statutory obligation.”
The Auditor General recommended amendments to the legislation to provide greater clarity regarding deposits to the fund.
The report was laid amid a legal dispute over the timing of its presentation to Parliament.
On February 11, attorneys Randall Mitchell and Stuart Young, SC, representing a Congress of the People (COP) official , in a letter to Finance Minister Dave Tancoo, claimed he had failed to meet the January 31, 2026 deadline stipulated by law for laying the report in Parliament.
The attorneys requested that the minister provide, within 30 days of receiving the letter, an explanation for the delay and indicate when the report would be presented to Parliament. They warned that failure to do so could result in legal action, a request for judicial review and a court order compelling the report to be laid.
The Opposition was silent on the Government’s decision to lay the report in the Senate yesterday—a day before the deadline set by the attorneys.
2025 gains in Condensate, crude oil and natural gas production
Energy Ministry, March 25, 2026
Trinidad and Tobago’s condensate output is on track for its highest level in five years, averaging 8,257 barrels per day from January to November 2025, according to data from the Ministry of Energy.
In 2024, condensate production averaged 7,117 barrels per day, compared with 6,344 in 2023 and 6,409 in 2022. bpTT recorded the highest average condensate production during the first 11 months of 2025, at 4,782 barrels per day.
Overall, Trinidad and Tobago’s crude oil and condensate output is on track for its strongest performance in three years, averaging 53,666 barrels per day over the first 11 months of 2025, according to the Energy Ministry’s Consolidated Monthly Bulletins published on March 19.
Although the 2025 figures cover only January through November, crude oil and condensate output has already surpassed the full-year average of 50,870 barrels per day in 2024 and is approaching the 53,726 barrels per day recorded in 2023. According to 2025 crude oil and condensate production data, October recorded the highest output over the first 11 months, with 55,541 barrels per day produced. Of this, 16,751 barrels came from onshore operations, while 38,790 barrels were from offshore production.
March recorded the lowest output over the first 11 months, with 51,098 barrels per day produced. Of this total, 17,302 barrels came from onshore operations, while 33,796 barrels were from offshore production.
The first four months of 2025 all recorded production below the 11-month average.
State-owned Heritage Petroleum’s offshore operations posted the highest average over the 11-month period, producing 16,917 barrels per day.
Trinidad and Tobago exported a total of 18.03 million barrels of crude oil between January and November 2025, down from 18.7 million barrels for the full year in 2024.
Paria Fuel Trading imported 2.6 billion litres of refined products in the first 11 months of 2025, down from 2.9 billion litres in 2024.
Local sales for the same period totalled 1.10 billion litres in 2025, compared with 1.19 billion litres in 2024.
Exports reached 1.31 billion litres, slightly lower than the 1.37 billion litres recorded in 2024.
Natural gas production also saw a modest increase between 2025 and 2024, the data has shown.Output averaged 2,547 million standard cubic feet per day (MMscf/d) over the first 11 months of 2025, up from the 2024 full-year average of 2,539 MMscf/d, but still slightly below 2,590 MMscf/d recorded in 2023.
BpTT recorded the highest average natural gas production at 1,023 MMscf/d, while the LNG sector consumed the largest share of the country’s natural gas.
Ammonia production in 2025 totalled 4,033,820 metric tonnes, slightly down from 4,071,283 metric tonnes in 2024. Exports reached 3,266,864 metric tonnes in 2025, up from 3,232,525 metric tonnes the previous year, with Nutrien remaining the country’s largest producer and exporter.
Production of downstream ammonia and methanol products between January and November 2025 totalled 1,743,376 metric tonnes, down from 1,845,039 metric tonnes in 2024. This included UAN at 1,181,274 tonnes, urea at 538,340 tonnes, and melamine at 23,761 tonnes.
Exports of these products reached 1,674,527 metric tonnes in for the first 11 months of 2025, compared with 1,824,065 metric tonnes in 2024. Breakdown of exports shows UAN at 1,162,357 tonnes, urea at 488,739 tonnes, and melamine at 23,431 tonnes.
In 2025, methanol production totalled 4,128,062 metric tonnes, down from 5,389,129 metric tonnes in 2024. Exports for the year were 3,962,726 metric tonnes, compared with 5,553,892 metric tonnes in 2024.
Liquefied natural gas (LNG) production from Atlantic LNG in 2025 reached 363,171,340 MMBTU, slightly below the 371,747,438 MMBTU recorded in 2024.
The increases in output coincide with heightened exploration activity, according to data from the Energy Ministry. 2025 recorded the highest number of rig days in seven years. A total of 1,472 rig days were recorded in the first 11 months of 2025, up from 1,234 in 2024 and 1,227 in 2023.By comparison, rig days were 1,044 in 2022, 1,116 in 2021, 822 in 2020, and 1,445 in 2019.
Between January and November 2025, a total of 348,680 feet were drilled, up from 271,463 feet for the full year in 2024. For the first 11 months of 2025, there were 38 well completions, compared to 40 in 2024.
From January to November in 2025, the Ministry of Energy approved 76 workovers, totalling 14,468 winch hours, down from 108 workovers and 17,746 winch hours in 2024.
Moonilal: ‘More projects in the pipeline, as efficiency gains boost current operations’
Minister of Energy Roodal Moonilal has shared:
“On assuming office in May 2025, one of the immediate concerns was the declining levels of hydrocarbon production.
“Both natural gas as well as crude oil and condensate production had declined significantly, and reversing this trend became a priority item for this administration.
“We are proud to say that we have reversed the declining trend, particularly in respect of crude oil and condensate, where we have achieved on average 2,800 barrels per day more in 2025 as opposed to 2024 production levels. With respect to natural gas, we have stabilised production with rates holding steady for 2025 when compared to 2024.
“To achieve these improvements in production in the short term, we sought to accelerate projects by liaising with relevant stakeholders to attain earlier first-production dates and improving the efficiency in our operations.“
This was, and continues to be, a short-term measure. For the medium to long term, we have engaged the upstream producers on the implementation of multiple projects over the next four years and I am pleased to say that we expect further increases in natural gas production as major projects such as Manatee Plus, an improvement on the Manatee project, are brought online. With respect to crude oil and condensate production, significant increases are projected as liquids-rich projects are in the pipeline.”
T&T NGL leads volume
26 MARCH
Overall stock market activity yesterday resulted from trading in 15 securities of which three advanced, four declined and eight traded firm.Trading activity resulted in the following movements of the TTSE Indices: The All T&T Index declined by 5.09 points (0.38%) to close at 1,337.97.
The Composite Index declined by 1.73 points (0.19%) to close at 931.49.
The Cross-listed Index advanced by 0.27 points (0.39%) to close at 69.51.
The SME Index remained at 91.16.
Trading activity on the First-Tier Market registered a volume of 167,005 shares crossing the floor of the Exchange valued at $2,960,063.52.
Trinidad and Tobago NGL Ltd was the volume leader with 40,411 shares changing hands for a value of $325,109.81.The Second Tier Market did not record any activity.
Endeavour Holdings Ltd was the only active security on the SME Market, posting a volume of ten shares valued at $184.30.
The USD Equity Market did not record any activity.
The Mutual Fund Market did not record any activity.
When Gulf risk rises, T&T must move!
Rushton Paray, CEO, Paray Group, (Mayaro MP 2015-2025) 24 March
The Gulf crisis creates a business opportunity for Trinidad and Tobago.
Investors, traders, and industrial buyers are shifting from a price-first mindset to a reliability-first mindset. For decades, Gulf energy came with an assumption of stability. That assumption is now weaker. Shipping risk has increased. Insurance premiums are rising. Infrastructure is exposed.
Companies are not abandoning the Gulf, but they are reducing dependence. That creates space for stable Atlantic producers. Trinidad and Tobago sits directly in that lane.
The first opportunity is positioning T&T as a reliability jurisdiction. Buyers now want supply diversity. A slightly higher cost from a stable country is becoming acceptable compared to cheaper supply that carries disruption risk. T&T already exports LNG, produces ammonia and methanol, and supports a trained energy workforce.
These assets are not new. What has changed is their strategic value. The country should actively market itself as outside the conflict arc, Atlantic-facing, and energy experienced. Reliability itself has become a product.
The second opportunity is accelerating gas supply. T&T cannot benefit without molecules. Idle plants cannot serve new markets. Dragon, Manatee and other developments must now be treated as economic positioning tools.
More gas means stronger LNG output, higher petrochemical production and credibility with buyers seeking alternatives to Gulf concentration. This is not simply energy policy. It is trade policy. Without gas, T&T cannot respond to shifting demand.
A third opportunity lies in downstream exports. Supply risk pushes industrial buyers to diversify fertiliser, chemicals, and gas-based inputs. T&T already produces ammonia and methanol at scale. With stable feedstock, the country can lock in medium-term contracts with buyers seeking geographic balance.
This moves the country away from opportunistic spot sales toward structured industrial relationships. That improves revenue stability and strengthens the industrial base.
The fourth opportunity is logistics and marine services. When global corridors become risky, companies build redundancy. That means storage, bunkering, fabrication, maintenance and regional distribution. Industrial ports, fabrication yards and offshore support experience.
Point Lisas, La Brea, Galeota, and Point Fortin all support this role. The country can position itself as an Atlantic basin operations base for energy contractors, traders and service companies. This creates employment across engineering, transport, warehousing and technical services while reducing reliance on commodity exports.
The fifth opportunity is investment diversification. Not all capital will leave the Gulf. But some firms will rebalance. Trading desks may split operations. Procurement offices may establish secondary bases. Inventory hubs may shift closer to Atlantic markets. T&T does not need to replace Dubai or Doha. It only needs to attract business seeking geographic balance. Even a small share of this movement can support industrial growth and foreign investment. To capture these opportunities, Government must act in three phases.
In the short term, approvals must move faster. Investors will not wait months for permits. A fast-track desk for energy, logistics, storage, and export projects is necessary. Gas supply negotiations must be treated as urgent.
Exporters need predictable foreign exchange access and faster port clearance. Government should define a commercial path for refinery and storage assets, including bunkering, blending, and strategic inventory services. These actions signal that T&T is ready to operate as a reliability hub.
In the medium term, T&T must strengthen its logistics platform. Port digitisation, faster turnaround, improved customs processing and guaranteed industrial cargo windows are essential. Government should introduce a targeted investment package for energy-adjacent manufacturing, storage and marine services.
Incremental gas should support downstream expansion in ammonia, methanol and specialty chemicals. A dedicated marine services cluster should be developed around fabrication, repair, offshore logistics, and vessel support. These steps convert opportunity into sustained industrial activity.
In the long term, T&T should position itself as a resilience hub. That means expanding fuel and industrial storage, strengthening logistics infrastructure, and building regional distribution capability. The country can serve as a supply buffer for energy, fertilisers, and industrial inputs across the region.
Long-term competitiveness also requires contract certainty, digital approvals, stable policy and efficient dispute resolution. Investors diversifying away from geopolitical risk will demand predictable governance.
The shift away from concentrated Gulf exposure will not happen overnight. But it has started. Reliability is now valuable. Stability carries a premium. Geographic diversification is part of corporate strategy.
T&T already has the energy base, industrial capacity and location to benefit. The opportunity is real, but it depends on speed. If the country moves decisively, it can position itself as the Atlantic alternative in a more uncertain global energy system.
[ ECO- ADD
1. Replacing TTD with USD to end FOREX challenges. Countries can unilaterally adopt USD as primary currency. The USA supports dollarization initiatives in strategically important nations, to counter efforts to reduce dependence on the US dollar.
Following alignment with US for security and regional examples petrostates Trinidad & Tobago and Guyana would benefit from adoption of USD as official currency, to limit volatility, reduce currency risk, driven by the USD stability, global trade dominance (oil price in USD) and economic strength, promoting confidence and building trust by importing credibility of the U.S. financial system to attract investment.
Official dollarization will reduce currency fluctuations, making trade and investment predictable and signaling stability to foreign investors in energy and tourism, key economic drivers, while boosting the SIngle Market, still on the ropes.
Unofficial Dollarization is widespread as USD circulates with local currency as legal tender, for buying power and as a store of value. Black market thrives in Trinidad where the FOREX challenge moved beyond technical debate to economic urgency, with consequences for business continuity, investment confidence and long-term diversification. March 7 confirmed the AUTHORITY of the AMERISPHERE.
2. SECURITY from CHACACHACARE
LEASE FORTRESS CHACACHACARE to USA for A NAVAL BASE and RADAR for SECURITY. US MARINES will remove rubbish and restore this idyllic, impregnable NATURAL CITADEL and SUPREME SENTINEL defending the REVITALISED PORT.
T&T, a new geopolitical force, can house a US Sentry on this island , leveraging unsurpassed US bravado during the most consequential use of U.S. military power in the western hemisphere, to overcame UN-OAS stasis with world-class choreography of assets. TT can navigate the new era with strategic priority for its champion.ally, aligning policy to jolt negotiations with the western mainland and the northern archipelago. This will bring tangible benefit to TT, in the throes of erasure by Caricom, luxuriating in the security of USA. in a new EMPIRE of PEACE.
3. DIVEST
Divestment of Angostura and other state assets will create a shareholding democracy and fund development. ]
US military radar removed from Tobago airport…
Farley: Never a permanent fixture
17 March
The controversial United States military radar installed at the ANR Robinson International Airport in Crown Point last year has been dismantled. No sign of the system was observed at the site yesterday. The removal came as no surprise to Chief Secretary Farley Augustine as the Office of the Chief Secretary was informed of the equipment’s removal beforehand.
“The radar system that was temporarily installed in Tobago has now been dismantled and preparations are under way for the equipment and associated (US military) personnel to leave the island. The office of the Chief Secretary was certainly made aware prior, so it’s no surprise that the equipment and the personnel….are preparing to leave.”
He said this served as a lesson that T&T must invest in its own national security infrastructure.
“This episode reminds us that T&T must find a way to invest in its own national security infrastructure. We cannot permanently rely on the capabilities of other countries; we have to make our own investments into our own national security infrastructure in a way to strengthen our own surveillance, maritime and air defence systems,” he said.
Tobago remains a safe place, the Chief Secretary stated.
“And I think that is essential, if we are to properly protect our borders and our people. Tobago remains safe, Tobago remains focused on its development,” he added.
Prime Minister Kamla Persad-Bissessar in February said it was costing the United States US$3 million daily to operate the military radar system in Tobago. She could not confirm the total number of US troops at the Grafton Beach resort but said their exit from Tobago would be in phases towards the end of this month. She described intelligence-sharing between US forces and the local Police Service as instrumental in recent operations.
National Quarries Operating At Severe Loss
March 4, 2026
Chairman Ashmead Ghany confirmed National Quarries Company Limited is operating at a major financial loss, before the Parliament’s Public Accounts (Enterprises) Committee on Wednesday. He revealed that the company is operating “in the red.”
“2020 to 2025, National Quarries recorded a total loss of $135.8 million. National Quarries received government subventions from years ending September 2022 to September 2025 to the sum of $154.57 million.”
Chairman Ghany, whose board has been in place for only the past two months, said the company is currently selling its products at a loss.
“So we are producing at around $397 and selling it between $135 and $152, somewhere between there. The average cost of producing aggregate at our limestone quarry, where we use material for construction of roads . The average cost is around $325. Our selling price of limestone, which is crushed, is between $150 and $155 per tonne.”
Meanwhile, the Director of Minerals, Monty Beharry, addressed questions on the lifespan of the company’s operating quarries.
“I have met with National Quarries prior to them being transferred to the Ministry of Works, and I have advised them on several occasions as part of their licensing process to conduct the necessary studies to determine their mineral resources and mineral reserves. Those figures would then determine the remaining life of the quarries and will be factored into all of their financial investment decisions.”
The Public Accounts (Enterprises) Committee’s inquiry focused on National Quarries’ audited accounts, balance sheets, and other financial statements for the period 2016 to 2020.
[ ECO-Time to divest this loss-making state asset to generate revenue amid geopolitical conflict. ]