Touchstone revives Gas drilling in Central Block Well Carapal Ridge-3

2025, 12/01

Development drilling for natural gas officially resumed in the Central Block following the spudding of the Carapal Ridge-3 Development Well – the first such operation in the area since 2006.

The Ministry of Energy confirmed the restart of activity, describing the milestone as a significant boost for the onshore energy sector. Energy Minister Roodal Moonilal, with Minister Ernesto Kesar, congratulated Touchstone Trinidad Central Block on the achievement.Touchstone assumed operatorship of the Central Block under an Exploration and Production Licence following a successful transfer from Shell Trinidad Central Block Limited on May 16, 2025. The block currently produces approximately 21 million cubic feet of natural gas per day (mmscf/d).

Since acquiring the asset, Touchstone assessed the remaining gas resources and outlined plans for a four-well development drilling programme. Production from Carapal Ridge-3, the first well in the campaign, is forecast to begin in February 2026. If all four wells are successful, output from the Central Block is projected to exceed 50 mmscf/d.

As part of its drive to accelerate activity across the energy sector, the ministry collaborated with the operator to enable drilling to commence three weeks ahead of schedule and looks forward to continued collaboration with operators to revitalise the sector for the benefit of the citizens.

“These investments in drilling are welcomed, as they help bring much-needed natural gas to market.”

 

 

 

TOUCHSTONE EXPLORATION ANNOUNCES THIRD QUARTER 2025 RESULTS

CALGARY, ALBERTA (November 13, 2025) –

Touchstone Exploration Inc. (“Touchstone”, “we”, “our” or the “Company”) (TSX, LSE: TXP) reports its financial and operating results for the three and nine months ended September 30, 2025.

Selected financial information is outlined below and should be read in conjunction with Touchstone’s September 30, 2025 unaudited interim condensed consolidated financial statements and related Management’s discussion and analysis, both of which are available online on the Company’s profile on SEDAR+ (www.sedarplus.ca) and website (www.touchstoneexploration.com). Unless otherwise stated, all financial amounts presented herein are in United States dollars.

Third Quarter 2025 Highlights

1. · Production: Averaged 5,141 boe/d in the third quarter of 2025 (71 percent natural gas), compared to 4,399 boe/d (69 percent natural gas) in the second quarter of 2025 and 5,211 boe/d (75 percent natural gas) in the third quarter of 2024. Central volumes contributed approximately 2,217 boe/d during the third quarter.
2. · Petroleum and Natural Gas Sales: Totaled $12.70 million, a 4 percent decrease from $13.25 million recorded in the comparative prior year quarter.
3. – Crude oil sales: $5.84 million from average production of 1,051 bbls/d at an average realized price of $60.30 per barrel.
4. – NGL sales: $1.34 million from average production volumes of 436 bbls/d at an average realized price of $33.41 per barrel.
5. – Natural gas sales: $5.52 million from average production of 21.9 MMcf/d (3,654 boe/d) at an average realized price of $2.74 per Mcf.
6. · Operating Netback: Generated $5.86 million in operating netback, a 21 percent decrease from the third quarter of 2024, primarily due to decreased petroleum and natural gas sales and related royalties and increased natural gas operating expenses.
7. · Funds Flow from Operations: Declined to $0.74 million from $3.02 million in the prior year equivalent quarter, largely driven by lower operating netbacks, higher cash finance expenses, and increased current income taxes, partially offset by lower transaction costs.
8. · Net Loss: Recorded a net loss of $2.06 million ($0.01 per share) compared to net earnings of $1.85 million ($0.01 per share) in the third quarter of 2024. The variance was primarily driven by the decrease in year-over-year funds flow from operations, $1.50 million in additional depletion and depreciation expense, and the absence of a $0.78 million gain on asset disposition recognized in the prior year.
9. · Capital Investments: Invested $9.60 million with the majority of expenditures focused on Cascadura drilling operations and the procurement of compression equipment for the Cascadura natural gas processing facility.
10. · Convertible Debt Financing: Issued a three-year secured convertible debenture (the “Debenture”) on August 8, 2025, bearing interest at 5 percent per annum to a private investor. The Debenture is convertible at approximately US$0.22 (C$0.30) per share and the investor received 6,250,000 warrants exercisable at C$0.40 per share for two years. Proceeds from the financing supported the completion of the Company’s Cascadura development drilling activities.
11. · Financial Position: Net debt increased to $77.75 million at September 30, 2025, reflecting the issuance of the Debenture.
12. · Strategic Disposition: Entered into an agreement to divest the non-core Fyzabad property to a Trinidad-based third party for consideration of three turnkey drilling wells on the Company’s WD-8 and WD-4 blocks. The property contributed average production of 49 bbls/d during the third quarter of 2025, with $2.59 million in net liabilities classified as held for sale at September 30, 2025. The transaction remains subject to customary regulatory approvals

Post Period-end Highlights

1. Private Placement: On October 30, 2025, Touchstone raised gross proceeds of approximately $9.1 million (£7 million) from the issuance of 63,636,363 common shares at 11 pence sterling (approximately C$0.205) per share.
2. Bank Waiver Obtained: Following completion of the October private placement, Touchstone received a waiver from its lender, which waives the testing of the debt service coverage financial covenant under its loan agreement for the year ended December 31, 2025.
3. Production Update: Field-estimated production for October 2025 averaged 4,691 boe/d, a 3.3 percent decrease from 4,852 boe/d in September. The decline primarily reflected approximately two days of planned maintenance at the Central facility. Estimated October production volumes comprised 19.7 MMcf/d of net natural gas production (3,289 boe/d) and 1,402 bbls/d of net crude oil and liquids production.
4. Drilling Update: The drilling rig is currently being mobilized to the newly constructed Central block location to drill a well targeting a previously identified natural gas zone with bypassed pay potential. Any successful results are expected to be tied into the Company’s existing natural gas processing facility in the first quarter of 2026.

Paul Baay, Chief Executive Officer, commented:

‘Third quarter production reflected strong performance from the Central field and the stabilization of existing wells at both Cascadura and Coho, with legacy oil production continuing to underpin our low decline rates.

The Cascadura-5 well commenced production on November 1, 2025, as planned; however, initial rates did not exhibit the high flush production observed in previous wells. Notably, for the first time, we encountered 26-degree API gravity crude oil from Cascadura. This represents an important new data point, adding further complexity to our understanding of the field’s structure.

While oil produced at Cascadura is approximately four times more valuable than natural gas on a per-boe basis at current pricing, initial production rates were below expectations. However, based on newly acquired data, we have identified additional reservoir intervals for perforation in both the Cascadura-2ST1 and Cascadura-5 wells. Encouragingly, these zones are capable of producing water-free oil and can be accessed at minimal cost without the use of a service rig.

We now have an opportunity to re-evaluate and refine our reservoir model at Cascadura as we advance drilling at the Central block and proceed with the compression installation at Cascadura, which remains on schedule to commence operations in the second quarter of 2026. All Cascadura wells, including Cascadura-2ST1 and Cascadura-5, are expected to benefit from compression. In addition, we have completed reprocessing of the three-dimensional seismic data, which will be integral to ongoing field evaluation.

The Central asset continues to outperform the estimates established at the time of acquisition. As we enter the next phase of development, we plan to drill up to four additional development wells and may conduct fracture stimulations on two existing wells.

The drilling rig is currently mobilizing from Cascadura to the Central field, where it is expected to remain for the next year as we optimize production and prepare for the anticipated natural gas price increase stipulated in our marketing contract in May 2027. We also continue to work constructively with the National Gas Company of Trinidad and Tobago on revising gas pricing at Cascadura, as current pricing does not adequately reflect the capital intensity of development or align with that received by other producers in the country.’

Source: Touchstone Exploration

TOUCHSTONE EXPLORATION RESULT OF RETAIL OFFER

CALGARY, ALBERTA (October 29, 2025) –

Touchstone Exploration Inc. (“Touchstone” or the “Company”) (TSX, LSE: TXP) is pleased to announce that, following the closing of the Retail Offer on the BookBuild platform on October 28, 2025, 6,181,818 new common shares with no par value (“Common Shares”) in the capital of the Company (the “Retail Offer Shares”) will be issued at an issue price of 11 pence per Retail Offer Share, to raise the maximum gross proceeds available under the Retail Offer of £0.68 million.

Accordingly, the aggregate gross proceeds raised from the Retail Offer and the private placement announced by the Company on October 24, 2025 is £7.0 million (approximately US$9.33 million) (the “Placing”).

Capitalised terms used in this announcement, unless otherwise defined in this announcement, have the meaning given to them in the Retail Offer launch announcement released by the Company at 7.05 a.m. on October 24, 2025. References to times are to London times unless otherwise stated.

Admission, settlement and total voting rights

Application has been made for 63,636,363 new Common Shares (comprising the Retail Offer Shares and 57,454,545 new Common Shares to be issued pursuant to the Placing) to be admitted to trading on the Toronto Stock Exchange (“TSX”) and AIM (“Admission”). Subject to the receipt of required approvals from the TSX and AIM, admission to AIM will take place at or around 8.00 a.m. on October 30, 2025. Admission to the TSX will take place upon settlement of the Placing, on or around October 30, 2025.

The Placing and Retail Offer are conditional on, among other things, Admission becoming effective (including final approval for the listing of the new Common Shares on the TSX) and the placing agreement entered into between the Company and Shore Capital in connection with the Placing not being terminated in accordance with its terms. Completion of the Retail Offer is conditional, inter alia, upon the completion of the Placing.

The Company currently has 261,097,246 Common Shares in issue. Following Admission, the Company’s issued share capital will consist of 324,733,609 Common Shares. The Company does not hold any Common Shares in treasury and, therefore, following Admission, the total number of voting rights attributable to the common shares in the capital of the Company will be 324,733,609. This figure may be used by shareholders to determine if they are required to notify their interest in, or a change to their interest in, the Company.

 

TOUCHSTONE EXPLORATION ANNOUNCES MANAGEMENT CHANGE

CALGARY, ALBERTA (November 10, 2025) – .

Touchstone Exploration Inc. (“Touchstone” or the “Company”) (TSX, LSE: TXP) announces that Mr. James Shipka, Executive Vice President, Asset Development and HSE, has departed the Company effective November 7, 2025.

Mr. Shipka’s responsibilities will be permanently reassigned among existing members of the executive leadership team. The Company thanks Mr. Shipka for his contributions and wishes him success in his future endeavours.

Touchstone Exploration Inc.

Touchstone Exploration Inc. is a Calgary, Alberta-based company engaged in the business of acquiring interests in petroleum and natural gas rights and the exploration, development, production and sale of petroleum and natural gas. Touchstone is currently active in onshore properties located in the Republic of Trinidad and Tobago. The Company’s common shares are traded on the Toronto Stock Exchange and the AIM market of the London Stock Exchange under the symbol “TXP”. For further information about Touchstone, please visit the Company’s website at www.touchstoneexploration.com or contact:

Paul Baay, President and Chief Executive Officer Tel: +1 (403) 750-4487

Scott Budau, Chief Financial Officer

 

 

PM unveils Revitalisation plan

2025, 11/07

Prime Minister Kamla Persad-Bissessar met ANSA McAL Group Chief Executive Officer Anthony N Sabga III and ANSA McAL Executive Chairman A Norman Sabga, during the Trinidad and Tobago Revitalisation Blueprint, at the Diplomatic Centre,

Prime Minister Kamla Persad-Bissessar is promising 50,919 jobs on the way as she unveiled an ambitious Revitalisation Blueprint with a wave of infrastructure projects. Some projects will include the repurposing of the Carrera Island and Port-of-Spain prisons into event halls and resorts.

While the Prime Minister declared “T&T is open for business and everyone is welcome,” her Works Minister, Jearlean John, said aside from jobs, the projects will make T&T “unrecognisable” in five years.

Addressing the launch yesterday, Persad-Bissessar called for collaboration among international organisations, private sector firms, and the public service as Government embarks on major upgrades to Port-of-Spain, San Fernando, Galeota Point, Invaders Bay, and the prison system.

“In the coming years, you will see cranes piercing the skylines of Port-of-Spain. In San Fernando, you will see dredges carve new horizons along the coast. You will see bulldozers ready to go up to Tamana, Golden Grove, and along the San Fernando to Mayaro to Galeota Highway,” Persad-Bissessar said.

Citizens had long been calling for jobs and the ongoing National Recruitment Drive attracted more than 110,000 applications. While some applicants applied for multiple positions, she said interviews for public sector jobs will begin next week, with private sector opportunities to follow.

Acknowledging that foreign investment will be critical to the transformation, Persad-Bissessar said the Government would partner with foreign governments, international banks, regional development institutions and private investors.

Plans for Tobago will be announced soon. Confident in the country’s strengths, she cited T&T’s location outside the hurricane belt, its strategic position bridging the Americas, a skilled workforce, affordable energy supply and stable democracy.

“We are the only country in the Caribbean with an investment-grade sovereign rating. It means we can retain strong borrowing and strong investors in our country.”

T&T intends to model its growth on Singapore, Saudi Arabia, the United Arab Emirates, Bahrain and Kuwait: countries that once depended heavily on energy but successfully diversified their economies.

She held productive discussions with the Kuwait Crown Prince and Saudi representatives in the United States, making it clear that “T&T is open for business.” While the country seeks to enter Latin and South American markets, it must also strengthen ties with traditional trading partners.

Persad-Bissessar announced the creation of oversight and governance committees, the first of which will be chaired by the Office of the Prime Minister to monitor projects and capital allocation. The public service must play a central role in improving the ease of doing business and removing unnecessary bureaucracy through modernised governance and revised administrative systems.

Minister of Works Jearlean John said the projects would make T&T “unrecognisable within the next five years. If we do this the way we’re laying it out today, by 2030 you will not recognise the country and by 2035, you’ll be in a whole different space.”

Expressions of Interest were invited yesterday and would remain open until mid-January, with Requests for Proposals (RFPs) to be evaluated by April. Some projects are expected to break ground by August 2026.

Among the major initiatives is the repurposing of the Carrera Island, Port-of-Spain, and Golden Grove prisons. The Port-of-Spain Prison will be transformed into an exhibition and events hall featuring creative spaces, classrooms and a rooftop restaurant, while the Carrera Island Prison will become Isla Carrera Resort, a 75-room boutique hotel.

“We are consolidating these into a major facility, one where we will truly have justice on time,” John said, referring to the proposed Tamana Prison Campus, which will house all correctional and training facilities on one 500-acre site.

John also outlined plans for a National Security Campus, unifying various agencies for rapid, coordinated responses to local and international threats.

San Fernando waterfront development will feature 1,800 residences, shops, cafés, a 50-berth marina, a five-star hotel and conference centre and the restored Plaza San Carlos.

The Health City South project will convert the legacy hospital into a medical school. The San Fernando to Mayaro Highway, a 100km route, is already in motion, with the first phase out for tender.

Additional phases and upgrades to the Port of Galeota will follow.
Government plans to reclaim 40 acres at Invaders Bay to create 300 luxury waterfront apartments, a 400-berth marina, four five-star hotels, a 25,000-seat convention centre and an international financial tower.

Other initiatives include redevelopment of the Sea Lots Industrial Park and Free Trade Zone, upgrades to the Public Transport Service Corporation with a multi-modal inter-island hub and expanded health facilities to support medical tourism.

Minister of Planning, Economic Affairs and Development Kennedy Swaratsingh announced that the Cabinet had approved a Priority Project Desk to expedite approval for projects valued above $50 million within 90 days.

Master plan: PM launches blueprint agenda, job creation

7 November

Prime Minister Kamla Persad-Bissessar launched an ambitious national infrastructural development plan which will create over 50,000 jobs while transforming TT.

Outlining the details, Works Minister Jearlean John said, once successful, it will make TT unrecognisable in ten years. The TT Revitalisation Blueprint includes 129 construction projects to revamp and upgrade key areas including the Port of Spain and San Fernando waterfronts, Invaders Bay and Queen’s Park Savannah, while the Port of Spain port will undergo a massive expansion.

The plan entails demolishing the prisons in Port of Spain, Golden Grove and Carrera Island and rehousing prisoners in a massive “justice centre” in Tamana, linked to a sprawling national security complex in Mt Hope. An arts and cultural centre will be built on the Port of Spain site, Golden Grove’s 250 acre compound will be turned into a new housing community while Carrera Island will become an offshore luxury resort.

In an elaborate presentation, John revealed a 100-mile-long road network, complete with highways, connecting San Fernando to communities such as Mayaro on the south-east coast.

“This is a chance to reintroduce TT to the world! Go big or go home”.

Highlighting projects at Invaders Bay, John anticipated the development of 4 five-star hotels, a 400-berth marina and a convention centre. Improvement to Downtown Port of Spain will include introduction of a multi-modal transportation hub linking the capital to the rest of the country.

With dozens of titans of industry, foreign diplomats and business moguls in the room, John announced the simultaneous launch of Urban Development Company of TT’s (Udecott) electronic tender portal which went live at the time of the presentation. Businesses will be allowed to bid on projects until January, when it will be closed and bids evaluated. Contracts will be awarded shortly after and with construction set to begin in mid-2026, she expects 50,919 jobs to be eventually delivered.

“If we work hard, all goes well, and you work with us, by August 2026 projects will have started. If things go as planned, the country will be unrecognisable by 2035.”

Invaders Bay to be revamped as a economic and leisure waterfront. – ttglobalhub.gov.tt
Persad-Bissessar praised the blueprint as diversification had been an elusive dream for TT for decades, and “too often a talking point with no real action.”

She committed to completing the projects by 2035.

“We have been planning and planning, today we have stopped talking… Our projects will not be white elephants or illusions of grandeur. They will be grounded in purpose and built to produce real results.”

The blueprint was “not just another development initiative,” and will reinvigorate and re-imagine what TT can become.

“It is not a vision. It is a declaration of intent to build iconic enduring structures that will define our national landscape. These projects are designed to last and inspire. They will stand as unshakable symbols of progress and permanence… We are not merely designing spaces, we are shaping the future of TT.”

She claimed the projects will become part of TT’s extraordinary legacy.

Persad-Bissessar addressed the question on journalists’ lips, “Where will the money come from?”

The government intends to work closely with investors to “find the money,” so that both TT and the private sector can see returns. John acknowledged the ambitious plan will not be cheap. Asked why the projects were not included in the recent national budget given the anticipated August 2026 start date, she said the government was pursuing multiple financing avenues.

“There are different models of financing. Public, private and government to government. We can’t put everything against the public purse. That doesn’t make sense.”

The government was looking for as much private-sector participation as possible and was not limiting itself to only local investment.

“If you notice that room had a mix of people, bankers, captains of industry and so on. But the presentation was also live streaming across the globe. The corporate class were in that room. There’s a reason for that.”

She had already received positive feedback from the business community regarding the plans.

“They said it was a very exciting presentation. So I expect that (investment).”

Persad-Bissessar highlighted TT’s strategic advantages which are attractive to investors including its location outside the hurricane belt and in a timezone that bridges the Americas.

TT’s highly educated and skilled workforce, reliable energy supply, stable democracy and strong legal system were huge advantages.

“TT is open for business and everyone is welcome,” she declared.

John remained optimistic when asked if ongoing tensions between the US and Venezuela could derail hopes for foreign investment in the projects.

“Today is a good day… Come with your plan and we are ready for you. That’s all we are interested in.

“We are about peace and love.”

 

 

Phoenix Park Gas Processors president retires suddenly

2025, 11/22

Yet another senior executive attached to a state-owned energy company has departed his office.

In an internal memo yesterday, Phoenix Park Gas Processors Ltd (PPGPL) indicated that its president, Dominic Rampersad, had taken early retirement with effect from November 21, 2025, (yesterday).

The memo to staff, which was signed by National Gas Company (NGC) chairman Gerald Ramdeen, outlined that “Colin Ramesar will assume the role of Acting President until further notice.”

Ramesar took up the role with immediate effect.

Rampersad, who had spent 25 years at the company, was packing his belongings yesterday. Sources stated Rampersad was asked to proceed on pre-retirement leave despite not intending to leave the company at this time. NGC officials noted his departure is significant given his wealth of knowledge in the organisation.

Phoenix Park Gas Processors Limited is a local company, formed in May 1989, owned by NGC NGL Company (51 per cent), Trinidad and Tobago NGL (39 per cent) and Pan West Engineers & Constructors LLC (10 per cent).

Earlier this week, TTNGL, which is publicly listed, announced a profit after tax of TT$99.6 million for the third quarter of the financial year, a significant improvement over the TT$63.5 million profit reported for the same period last year.

The quarterly report stated, “Profit from TTNGL’s investment in PPGPL for the quarter was positively impacted by the reversal of recognised impairment charges of TT$85.3 million. This treatment is supported by the reinstatement of the licence issued by the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) for natural gas collaboration regionally.”

TTNGL has not paid dividends to its shareholders for several years because the company has been required by accounting regulations to impair its balance sheet.

Rampersad’s sudden departure comes just under two months since National Energy president Dr Vernon Paltoo proceeded on early retirement leave from that company. Ramdeen was a replacement in July for Dr Randy Ramadhar Singh, who had been appointed NGC chairman in June before his appointment was revoked a month later.

 

 

 

Ramnarine: T&T can survive without Venezuela gas

2025, 11/27

Former energy minister Kevin Ramnarine does not believe that Trinidad and Tobago’s energy sector will crumble if it does not get gas from Venezuela and is confident that gas reserves in T&T waters could maintain the sector.

“I am of the view, and people may choose to disagree with me, which is something we do in democracies, that if we don’t get gas from Venezuela, it is not the end of the world for Trinidad.

There still resides within our geography, within our geology, significant reserves of natural gas which we have yet to discover, or which have been discovered and have to be developed. And I think that if we double down and focus on developing our own resources and reserves, then it’s not the end of the world, and our natural gas sector will continue to move forward.”

Ramnarine pointed to the deal signed by the Government with American multinational Exxonmobil in August as an indicator that there were other options available.

“The signing in August by ExxonMobil of acreage in the ultra-deep water, is a potential project which could potentially bear fruit. We have new projects coming on stream in the next 18 months to two years.

Namely, the Coconut project, the Ginger project, the (Shell) Cypre project is currently (ongoing). Cypre phase two is currently being put online. So, there are resources. If we get gas from Venezuela, great, but if we don’t , it’s not the end of the world for Trinidad and Tobago.”

Manatee is a natural gas field in T&T waters. Trinidad and Tobago has had a successful oil and gas industry for over a century without Venezuela’s involvement.

Ramnarine acknowledged that some concerns that significant conflict between the US and Venezuela could negatively impact T&T were warranted given proximity to the South American state.

He supported Prime Minister Kamla Persad-Bissessar’s statement that T&T was not being used as a base by the US for any action against Venezuela. Based on the timeline for most onstream projects, T&T could see an improvement in natural gas production by 2027.

 

 

 

Manatee gas safe

1 November 2025

Energy Minister Dr Roodal Moonilal said that, notwithstanding pronouncements by Venezuelan officials, the Manatee gas project is….

“safe and will proceed. There are some infrastructure developments related to that project that are ongoing. Those projects continue and we will continue to speak with Shell and other stakeholders concerning an expansion in gas production from Manatee.”

Asked which Venezuelan officials mentioned the project, he said, “We conduct our business through all our stakeholders and in our diplomatic state-to-state relations, we work through the Foreign and Caricom Ministry and that continues.”

He reiterated previous statements by Prime Minister Kamla Persad-Bissessar.

“We are not dependent on Venezuelan gas. We have a robust plan for oil and gas exploration, production and development onshore with Heritage in particular and offshore projects with several multinationals.”

“In place now we have absolutely no commercial relations with Venezuela as it relates to gas. We do not produce anything at this point. We have plans, we have projects and cross-border fields but we are not losing a dollar at this moment “

Government would continue along its “diplomatic lines” despite “echoes” in Venezuela. In 2019, the governments of TT and Venezuela reached an agreement allowing each country to independently develop its share of the Loran-Manatee field. Manatee is expected to start production in 2027 and is expected to produce 104,000 barrels of oil equivalent per day at peak.

Moonilal said Nutrien, which shut down TT operations, still had interest in further investments in TT.

“They have expressed some interest in other lines of business and deeper integration with our agricultural sector… and we’re hoping in the coming days we will discuss some of their future plans with them.”

 

 

 

bpTT safely completes Cypre project

20 November 2025

bp Trinidad and Tobago (bpTT) announced today that it has safely completed the Cypre seven-well drilling programme following delivery of first gas in April 2025.

The Cypre development is made up of seven wells tied back into bpTT’s existing Juniper platform. Four wells were drilled and completed at the end of 2024 with the first gas delivered in April this year.

The project team has now drilled, completed and commissioned the remaining three wells. At peak, Cypre is projected to deliver approximately 45,000 barrels of oil equivalent per day (approximately 250 million standard cubic feet of gas a day). Cypre is bpTT’s third subsea development.

David Campbell, bpTT president, said: “Completion of these wells and the gas delivered mark a safe and successful delivery for bp and Trinidad and Tobago. This achievement underscores our commitment to maximizing production from the Columbus Basin and reflects a significant investment and bpTT’s continued dedication to the country’s energy sector.

“This is the latest achievement in a year of strong delivery for bpTT, including the bp-operated Frangipani gas discovery and working with our joint venture partner, EOG, to deliver first gas from the Mento major project. We look forward to continuing our collaboration with the Government and other stakeholders to unlock Trinidad and Tobago’s energy future.”

The Cypre gas field is located 78 kilometers off the southeast coast of Trinidad within the East Mayaro Block, in water depth of approximately 80 metres. Cypre is 100% owned by bp Trinidad and Tobago, which is owned by bp (70%) and Repsol (30%)

bp’s key operations in Trinidad are located off Trinidad’s south-east coast. bp Trinidad and Tobago currently operates 12 offshore platforms, 3 subsea installations and two onshore processing facilities.

Further enquiries:bptt@bp.com

Cautionary statement

In order to utilize the ‘safe harbor’ provisions of the United States Private Securities Litigation Reform Act of 1995 (the ‘PSLRA’) and the general doctrine of cautionary statements, bp is providing the following cautionary statement.

This press release contains certain forecasts, projections and forward-looking statements – that is, statements related to future, not past events and circumstances – with respect to the financial condition, results of operations and businesses of bp and certain of the plans and objectives of bp with respect to these items.

These statements are generally, but not always, identified by the use of words such as ‘will’, ‘expects’, ‘is expected to’, ‘targets’, ‘aims’, ‘should’, ‘may’, ‘objective’, ‘is likely to’, ‘intends’, ‘believes’, ‘anticipates’, ‘plans’, ‘we see’ or similar expressions.

By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will or may occur in the future and are outside the control of bp.

Actual results or outcomes, may differ materially from those expressed in such statements, depending on a variety of factors, including the risk factors discussed under “Risk factors” in bp’s most recent Annual Report and Form 20-F as filed with the US Securities and Exchange Commission and in any of our more recent public reports.

Our most recent Annual Report and Form 20-F and other period filings are available on our website at www.bp.com, ‎or can be obtained from the SEC by calling 1-800-SEC-0330 or on its website at www.sec.gov

 

 

 

 

bpTT safely completes 7-well Cypre project

22 November 2025

The Cypre development is made up of 7 wells tied back into bpTT’s existing Juniper platform. Four wells were drilled and completed at the end of 2024 with the first gas delivered in April this year.

The project team has now drilled, completed and commissioned the remaining three wells. At peak, Cypre is projected to deliver approximately 45,000 barrels of oil equivalent per day (approximately 250 million standard cubic feet of gas a day). Cypre is bpTT’s third subsea development.

David Campbell, bpTT president, said: ‘Completion of these wells and the gas delivered mark a safe and successful delivery for bp and Trinidad and Tobago. This achievement underscores our commitment to maximizing production from the Columbus Basin and reflects a significant investment and bpTT’s continued dedication to the country’s energy sector.

‘This is the latest achievement in a year of strong delivery for bpTT, including the bp-operated Frangipani gas discovery and working with our joint venture partner, EOG, to deliver first gas from the Mento major project. We look forward to continuing our collaboration with the Government and other stakeholders to unlock Trinidad and Tobago’s energy future.’

The Cypre gas field is located 78 kms off the southeast coast of Trinidad within the East Mayaro Block, in water depth of approx. 80 metres.

Cypre is 100% owned by bp Trinidad and Tobago, which is owned by bp (70%) and Repsol (30%)

 

 

bpThird quarter 2025 results

https://www.bp.com/en/global/corporate/news-and-insights/press-releases/third-quarter-2025-results.html?utm_source=PC%26C%20%7C%20C%26EA%20%7C%20External%20%7C%20Global%20%7C%20bp.com%20news&utm_medium=email&utm_campaign=15237285_3Q25%20Reminder&dm_i=1PGC,92L5X,MCU7XE,11XTHY,1  [ Link ]

4 November 2025

Strong operations and strategic progress

1. Good earnings and cash generation: 3Q25 operating cash flow $7.8bn; stronger underlying earnings across the operating segments supporting 3Q25 underlying RC profit $2.2bn.
2. Significant progress in upstream*: 3Q25 upstream plant reliability* 96.8% supporting underlying production* +3% quarter-on-quarter; six major projects* started up in 2025, FID taken on Tiber-Guadalupe in the Gulf of America; 12 exploration discoveries year-to-date.
3. Improved reliability and profitability in downstream*: 3Q25 refining availability* increased to 96.6%; around half of Customers & products’ share of the group’s 2027 structural cost reduction* target now delivered.
4. Continued progress on divestments; disciplined capital allocation: Now expect divestment and other proceeds received in 2025 to be above $4 billion.
5. Full year capital expenditure guidance continues to be around $14.5bn with organic capital expenditure* remaining on track to be below $14bn; net debt broadly flat versus prior quarter despite redemption of $1.2bn hybrid bonds.

 

 

 

 

Nutrien chiefs meet PM amid uncertain future

2025, 11/22

Nutrien president and chief executive officer Ken Seitz, Nutrien Trinidad VP and managing director Edmond Thompson, and Nutrien senior vice president (Nitrogen Operations) Dean Perkins met Prime Minister Kamla Persad-Bissessar at the Red House yesterday. Nutrien executives met the Prime Minister and other members of Government in do-or-die talks on the company’s future in T&T.

“The discussions were productive, and the Prime Minister reaffirmed the Government’s commitment to protecting jobs and ensuring continued investment in Trinidad and Tobago’s energy sector.”

Nutrien CEO Ken Seitz and senior vice president for nitrogen operations Dean Perkins, flew in from Canada to join Edmond Thompson, vice president and managing director of Nutrien Trinidad.

NGC and National Energy chairman Gerald Ramdeen joined the talks with Seitz, Perkins, Thompson, and Nneka Mentore, manager of government and industry affairs.

The talks followed serious concerns from Nutrien that it had not received a Government response on the state of ongoing negotiations. Radio silence from the Government to Nutrien followed a meeting on October 30 between company representatives and Energy Minister Dr Roodal Moonilal.

On October 31, Moonilal said there had been “no new headway” in discussions, adding that Nutrien was “taking steps, on a temporary shutdown.”

Nutrien has remained firm that it will not pay retroactive port fees imposed by Chairman Gerald Ramdeen. The plant remains temporarily shut down, and yesterday’s meeting with the Prime Minister was seen as a final engagement before the company decided whether to make the shutdown permanent and leave Trinidad and Tobago altogether.

As Seitz left the Parliament after the meeting, he told Media the talks were “good” and “the meeting went very well.”

Moonilal said “So, we did have a very good meeting with Nutrien. Discussed some of the ongoing matters, and in the coming days, more will be spoken about that. But we are in discussions and as you can see, the Nutrien group came today and had a very healthy meeting with us. So, we are very happy that, the talks are ongoing at this stage. But it will not be proper of me to discuss any matter that was discussed.”

Moonilal was asked why the president and CEO of Nutrien were forced to fly in from Canada.

“All I can say is the high-ranking officers of the global company Nutrien, were here along with others, including the country manager, and we had a very good discussion. The Prime Minister was chairing the meeting and took control of the meeting. Myself, the Prime Minister, Mr Ramdeen, chairman of NGC and the Nutrien team.”

Canadian High Commissioner Michael Ryan Callan arrived at Parliament to meet the Prime Minister. His visit was separate from the Nutrien meeting but he was expected to be apprised of the outcome.

Nutrien, a Canadian company, confirmed that its 2025 nitrogen sales forecast assumes “no additional sales volumes from our Trinidad operations for the remainder of 2025.”

The disclosure was included in the company’s third-quarter earnings report, released yesterday, which marked the first official filing to reference the October 23 controlled shutdown of its Trinidad Nitrogen facility.

The company said the “controlled shutdown,” followed a prolonged period in which gas constraints had reduced the plant’s free cash flow contribution.

It said it continues to engage with stakeholders and is assessing “options to enhance the long-term financial performance” of its Trinidad operations.

 

 

 

Open door to Nutrien and others

21 November

Energy Minister Dr Roodal Moonilal says government is maintaining an open-door policy with respect to the future of Nutrien in TT.

Over the last two weeks the ministry has been in touch with the company. Moonilal told media , “We continue to have an open-door policy as it relates to the petrochemical sector and all players, including Nutrien. We are quite prepared to discuss at an appropriate time, future investment and future projects involving Nutrien and others in the downstream sector. So the doors remain open and we will continue to work with all players in the downstream sector.

Prime Minister Kamla Persad-Bissessar said TT is open for business. Moonilal said a key focus of the Revitalisation plan which was recently unveiled “is of course the energy sector and the energy hub.”

On October 23, Nutrien announced it shut down its Trinidad operations, with the loss of 600 jobs, after collapse in last-minute negotiations with the National Energy Corporation of TT (National Energy) over port and pier facility fees.

Responding to former energy minister, MP Stuart Young in the House of Representatives on October 25, Moonilal said government is in discussions with global nitrogen and agro chemicals producer Nutrien with a view to “revitalising our strategic partnership.”

Moonilal repeated his statement about the successful completion of bpTT Cypre project and its ability to foster energy sector growth. He predicted natural gas production could increase by a significant amount in light of other projects expected to come online.

“The benefit is this is an ongoing project. This brings much needed gas to TT.

The gas would be distributed “to our customer base from the perspective of the NGC (National Gas Company).” Moonilal hoped the gas from Cypre would “ensure that we have a boost in our revenues as well. It will mean extra revenue.”

bpTT said four wells were drilled and completed at the end of 2024, with first gas delivered in April .

“The project team has now drilled, completed and commissioned the remaining three wells. At peak, Cypre is projected to deliver about 45,000 barrels of oil equivalent per day (about 250 million standard cubic feet of gas a day). Cypre is bpTT’s third subsea development.”

The statement quoted David Campbell, bpTT president, as saying the completion of these wells and the gas delivered mark a safe and successful delivery for bpTT. The Cypre gas field is about 78 kilometres off the southeast coast of Trinidad, within the East Mayaro Block, at a water depth of about 80 metres. Cypre is 100 per cent owned by bpTT, which is owned by bp (70 per cent) and Repsol (30 per cent).

Former energy minister Stuart Young congratulated bpTT on the success of this project.

“This augurs well for TT’s gas production, replacing some of the ongoing natural gas decline taking place. As can be seen from the independent timeline, this was negotiated and a final investment decision taken between 2017-2023. We negotiated this project with bp, and thankfully, we were able to ensure it with first gas production starting on April 3, 2025. It was a proud day when we visited the ships that came to lay the pipelines for Cypre in November 2024.”

 

 

Moonilal upbeat about gas supply

21 November

Safe completion of bpTT’s Cypre seven-well drilling programme prompted congratulations from the current and former Energy ministers, both of whom highlighted the project’s significance to the country’s energy future.

On November 20, bpTT announced the completion, saying it was after the delivery of first gas in April 2025. After the announcement, Energy Minister Dr Roodal Moonilal congratulated the bpTT team on the successful completion of the Cypre subsea development, comprising seven wells. He recalled that bpTT announced first gas from Cypre in March 2025, after completing phase one with 4 wells.

“Today we are glad to see the additional three wells for Phase 2 are now online, significantly ahead of schedule. In fact, ahead of schedule is the new norm under this second administration of Prime Minister Kamla Persad-Bissessar,”

The ministry shared the statement. These wells were initially planned to come online in 2026. However, in collaboration with the ministry, bpTT was able to accelerate first gas for Phase 2 to 2025.

“This efficiency augurs well for our natural gas supply. At peak production, Cypre is expected to deliver 45,000 barrels of oil equivalent per day (~250mmscf/d).”

The Cypre project was the result of policies introduced by the UNC-led People’s Partnership (PP) government in 2014.

“Cypre is based on natural gas discovered by the Macadamia-1 well, drilled in 2017, combined with the South East Queens Beach (SEQB) gas reservoirs.

Significant volumes of natural gas that will be produced from Cypre are from the Macadamia discovery. Drilling of Macadamia-1 commenced on March 25, 2017.

BP investment in the Macadamia-1 exploration well arose because of the accelerated capital allowance for exploration, passed into law in April 2014 by the passage of the Finance Bill 2014.”

He pointed out that this exploration incentive had a sunset clause, meaning that it expired on December 31, 2017. It was for that reason BP drilled the Macadamia exploration well in March 2017 and the Savannah exploration well (started on December 28, 2016).

The Savannah well resulted in the Matapal project, which has been in production since September 2021. Without these incentives projects like Cypre and Matapal would not have materialised, and natural gas production would be in an even worse state.

The energy sector remains integral to the economy and resources from the Cypre project play an important role in strengthening natural gas supply. Moonilal said,

“We look forward to continued investment as we advance our energy sector together.”

He had also taken note of “the statement of the former Minister of Energy. When we speak of establishing the legal framework for attracting and incentivising investment, his claim to fame to this project is that he went to visit the pipes.”

Moonilal was referring to the former energy minister Stuart R Young who earlier in the day had congratulated bpTT on the successful completion of the Cypre project.

“This augurs well for TT’s gas production, replacing some of the ongoing natural gas decline taking place,” he said.

“As can be seen from the independent timeline, this was negotiated and a final investment decision taken between 2017 and 2023. We negotiated this project with BP, and thankfully, we were able to ensure it with first gas production starting on April 3, 2025.”

The post was accompanied by photos showing Young with energy officials aboard a vessel.

“It was a proud day when we visited the ships that came to lay the pipelines for Cypre in November 2024.”

BpTT’s statement highlighted that the Cypre’s seven wells are tied to bpTT’s existing Juniper platform.

“The project team has now drilled, completed and commissioned the remaining three wells,” the statement said.

The statement quoted David Campbell, bpTT president, as saying the completion of these wells and the gas delivered mark a safe and successful delivery for bpTT.

“This achievement underscores our commitment to maximising production from the Columbus Basin and reflects a significant investment and bpTT’s continued dedication to the country’s energy sector,” Campbell said.

“This is the latest achievement in a year of strong delivery for bpTT, including the bp-operated Frangipani gas discovery and working with our joint venture partner, EOG, to deliver first gas from the Mento major project.”

He added that bpTT looks forward to continuing to collaborate with the government and other stakeholders “to unlock TT’s energy future.”

The Cypre gas field is about 78 kilometres off the southeast coast of Trinidad, within the East Mayaro Block, at a water depth of about 80 metres. Cypre is 100 per cent owned by bpTT, which is owned by bp (70 per cent) and Repsol (30 per cent).

Former Prime Minister Dr Keith Rowley recently raised concerns about the future of s natural gas production. On November 17, he warned that despite having ten to 12 trillion cubic feet of gas reserves, TT faces a downward trend in production and consumption.

He pointed to a significant reduction in daily usage, from 4.3 billion cubic feet to 2.6 billion cubic feet, with further declines possible in the future. His comments were made in response to Persad-Bissessar, who last month said that TT does not need Venezuela’s gas, following Venezuela’s decision to suspend gas agreements with TT.

 

 

NGL turns around with $99m profit

20 November

‘RECOGNISED IMPAIRMENT CHARGES’: TTNGL chairman Gerald Ramdeen.

For the nine months ending September 30, 2025, Trinidad and Tobago NGL Ltd (TTNGL) recorded profit after tax of $99.6 million, an increase of $63.5 million over the comparative period in 2024. This translated into earnings per share of $0.64, up from $0.23 in 2024.

The company said in its financial statements posted on the T&T Stock Exchange that the turnaround was driven largely by the reversal of previously recognised impairment charges at its joint venture, Phoenix Park Gas Processors Ltd (PPGPL).

TTNGL chairman Gerald Ramdeen stated, “Profit from TTNGL’s investment in PPGPL for the quarter was positively impacted by the reversal of recognised impairment charges of $85.3 million.

This treatment is supported by the reinstatement of the license issued by the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) for natural gas collaboration regionally. Profit after tax was $63.8 million to September 2025, compared to $82.8 million in 2024.”

The statement added that PPGPL delivered profit after tax of $169.8 million compared to $214.9 million in 2024.

“That was underpinned by continued generation of solid margins in its core operations. However, the company continues to be adversely impacted by the operations of its foreign investments. The board of PPGPL is currently undertaking a careful examination of these operations,” Ramdeen stated.

The statement further noted that as part of “ongoing risk management, TTNGL continues to assess its investment in the PPGPL group, taking account of continuing uncertainty around regional gas developments”.

“TTNGL will continue to monitor market conditions and the performance of PPGPL subsidiaries. Should there be a sustained improvement in forecasted domestic gas supply or asset values, the Company will consider further reversing impairment charges in accordance with applicable accounting standards,” Ramdeen stated.

TTNGL promised to be consistent with its duties under the Companies Act and its focus on long-term value.

“The company continues to actively evaluate options to responsibly restore distributions to Shareholders.”

 

 

 

Moonilal welcomes tariff removal

19 November

Energy Minister Dr Roodal Moonilal yesterday welcomed the U S decision to remove the reciprocal tariffs on fertilisers, potentially strengthening T&T’s manufacturers of ammonia, urea and Urea Ammonium Nitrate (UAN).

On November 14, 2025, US President Trump signed an executive order to reverse his April 2 directive that had imposed a 15 per cent tariff on nitrogen and phosphate fertilisers previously listed under Annex II of Executive Order 14257. This would allow T&T to once again benefit from duty-free access for key fertiliser products, including anhydrous ammonia, urea, and UAN.

Trump signed an executive order that also removes tariffs on tea, fruit juice, cocoa, spices, bananas, oranges, tomatoes and certain fertilisers.

Dr Moonilal said, “The decision to remove US import tariffs on nitrogen fertilisers, specifically ammonia, urea and UAN is a significant win for Trinidad and Tobago. As we know, earlier this year, a tariff of 15 per cent had been placed on these exports, and the elimination of these duties marks an important reversal with major economic benefits.”

The Energy Minister said the news was a good boost for the economy, as ammonia exports had been a constant source of foreign exchange.

“This move not only secures one of Trinidad and Tobago’s most important foreign exchange earning industries, but also reinforces our country’s position as a reliable supplier within the global fertiliser supply chains.

This is a welcome move by the United States government, and Trinidad and Tobago will certainly benefit on a broader level. It strengthens Trinidad and Tobago’s exports, underscoring the nation’s natural gas-based fertiliser production capacity, which remains competitive and critical to key international marketing.”

Nutrien, T&T’s second-largest ammonia plant operator, shut down its operations in T&T on October 23, 2025, citing…

“uncertainty with respect to port access and a lack of reliable and economic gas supply that has reduced the free cash flow contribution of the Trinidad Nitrogen operations over an extended period of time.”

Negotiations were said to be ongoing between the government and Nutrien concerning the restart of operations, but no agreement with regard to the payment of retroactive port fees had been reached between the parties to date.

In the company’s financial report for 2025 released earlier this month, the company said it did not expect additional sales volumes from its Trinidad operations in 2025.

According to Nutrien’s 2024 fact book, T&T was Nutrien’s top ammonia export region for 2021, 2022 and 2023.The fact book also stated the US was the company’s second-highest import region, trailing only India. T&T was the second-highest source for US ammonia imports via Nutrien, behind only Canada.

 

 

 

TRINIDAD AND TOBAGO BENEFITS FROM ZERO TARIFFS ON KEY AGRICULTURAL EXPORTS TO USA

16 November 2025

The Ministry of Foreign and CARICOM Affairs is pleased to advise that Trinidad and Tobago will benefit from zero reciprocal tariffs on several qualifying agricultural products, including critical nitrogen and phosphate fertilizers entering the United States market.

On 14th November, 2025, President Donald J. Trump signed an Executive Order modifying the scope of reciprocal tariffs applied under the U.S. tariff regime.

This decision reverses the earlier action of 2nd April, 2025, when these items were removed from Annex II of Executive Order 14257 and subjected to a 15% tariff.

Under the leadership of the Honourable Kamla Persad-Bissessar S.C. M.P., Prime Minister of the Republic of Trinidad and Tobago, the Ministry of Foreign and CARICOM Affairs has engaged in sustained, high-level diplomacy with the United States to secure relief for Trinidad and Tobago’s exporters.

President Trump’s decision represents a major win for the global agricultural sector and broader manufacturing industries, as nations worldwide, including Trinidad and Tobago, have been engaged in strategic negotiations surrounding the imposition of increased U.S. tariffs.

Trinidad and Tobago will be among the beneficiaries, as the United States will now impose zero tariffs on key nitrogen and phosphate fertilizers, including Anhydrous Ammonia, Urea, and Urea-Ammonium Nitrate (UAN). Trinidad and Tobago maintains a multi-billion-dollar export relationship with the United States, its single largest trading partner for both imports and exports.

In 2024, Trinidad and Tobago exported approximately TT$3 billion in Anhydrous Ammonia, Urea, and UAN – under tariff codes 2814.10.00, 3102.10.00, and 3102.80.00 – to the United States. These products will now enter the U.S. market duty-free, enhancing the competitiveness of Trinidad and Tobago’s exporters and protecting jobs across the national value chain.

Since the imposition of global U.S. tariffs earlier this year, Trinidad and Tobago has adopted a comprehensive strategy to mitigate negative impacts on both energy and non-energy exports. Over the past four months, several high-level engagements were held to address the issue directly with senior U.S. officials.

In August 2025, the Ministers of: Foreign and CARICOM Affairs; Energy and Energy Industries; Finance, Planning, Economic Affairs and Development; and Trade, Investment and Tourism met

1. • Ambassador Daniel Watson, United States Trade Representative (USTR) for the Western Hemisphere;
2. • Mr. William Kimmitt, Under Secretary of Commerce for International Trade; and
3. • Ambassador Jamieson Lee Greer, United States Trade Representative(USTR).

In September 2025, the Honourable Prime Minister, Kamla Persad-Bissessar (S.C. M.P) was invited by U.S. Secretary of State, Marco Rubio to high-level discussions in Washington, D.C.

During this visit, the Honourable Sean Sobers (M.P.), Minister of Foreign and CARICOM Affairs, and Mr. Randall Karim, Permanent Secretary and Head of the Foreign Service, engaged senior officials within the Office of the USTR to reinforce Trinidad and Tobago’s strategic importance to U.S. energy and food security.

Minister Sobers welcomed the U.S. decision, stating that he is encouraged and grateful for this outcome, which will bring meaningful relief to exporters.

: “The Government of Trinidad and Tobago understands the serious impact of increased tariffs. We will continue to work tirelessly with the United States, pursuing a multipronged negotiation strategy to achieve further relief and sustained success.”

Minister Sobers reaffirmed that the Government, led by the Ministry of Foreign and CARICOM Affairs in collaboration with partner Ministries, will continue strengthening engagement with the United States to secure even more favourable market access for Trinidad and Tobago’s energy and non-energy exports into the world’s largest economy.

 

 

 

Proman welcomes tariff removal on fertiliser

2025, 11/19

Trinidad and Tobago’s largest ammonia producer, Proman, yesterday welcomed news that the US government removed the 15 per cent tariffs previously imposed on imports of fertilisers into the USA.

“The removal of the tariffs supports one of Trinidad and Tobago’s leading exports, and further reinforces the country’s position as a stable, reliable supplier within the global fertiliser and energy value chains.

As the largest tenant and employer on the Point Lisas Industrial Estate, Proman is among the world’s top 10 leading fertiliser producers, supplying products essential to farmers worldwide to ensure the healthy plant growth and crop yields needed to feed a growing global population.”

On November 14, 2025, United States President Donald Trump signed an executive order to reverse his April 2 directive that had imposed a 15 per cent tariff on nitrogen and phosphate fertilisers previously listed under Annex II of Executive Order 14257. This has allowed T&T to benefit from duty-free access for key fertiliser products, including anhydrous ammonia, urea, and Urea Ammonium Nitrate.

Proman, which is the sole producer of UAN in Trinidad and the world’s second-largest exporter of UAN to the United States, stressed that the US is T&T’s single largest trading partner and the company’s largest export market for UAN.

Anand Ragbir, managing director, Proman Trinidad, said: “This is a significant boost for Trinidad and Tobago’s UAN export market and reinforces the critical role of competitively priced fertilisers in global food security. The removal of these tariffs supports price stability and affordability for farmers, while safeguarding critical export revenues for our country”.

Ragbir also hailed the government’s push for the turnaround, stating, “We look forward to continued collaboration with the Government, our US partners and industry stakeholders as we seek to address further barriers to trade, including the tariffs imposed on methanol and ammonia, to ensure the long-term resilience, sustainability, and global competitiveness of the sector.”

Proman is responsible for 38 per cent of ammonia production, followed by Nutrien’s 31 per cent output.

Nutrien shut down its Trinidad operations on October 23, due to “uncertainty with respect to port access and a lack of reliable and economic gas supply that has reduced the free cash flow contribution of the Trinidad nitrogen operations over an extended period of time.”

The government is still in talks with Nutrien concerning the possible resumption of operations. Nutrien’s departure threatened to disrupt carbon dioxide distribution to other industries, but Proman stepped in on October 28 to deliver an alternative supply of carbon dioxide (CO2) to Massy Gas, to ensure no disruption to customers across Trinidad and Tobago.

 

 

 

i

TOFCO advances Manatee jacket

2025, 11/04

Trinidad Offshore Fabricators Company LTD (TOFCO) has announced the successful float-off of the Manatee jacket – Row C which occurred on October 1, marking a major milestone in the execution of this offshore project.

T&T Energy Chamber explained this float-off represents a critical step toward completing the largest jacket ever fabricated at TOFCO, underscoring technical strength, local capacity, and commitment to delivering excellence safely and on schedule.The Manatee Gas Field, located in T&T’s east coast marine area (ECMA), is one of the country’s most significant new gas developments.

The Manatee project achieved a final investment decision (FID) in July 2024.   According to Shell, Manatee would allow the company to competitively grow its integrated gas business by building on development efforts in the ECMA, one of the country’s most prolific gas-producing areas.

ECMA holds Shell’s largest gas-producing fields in the country including Dolphin, Starfish, Bounty and Endeavour. Manatee gas field would provide backfill for Atlantic LNG facility. Increasing utilisation at existing LNG plants is an important lever to maximise potential from Shell’s existing assets. Manatee is slated to start production in 2027. Once online, Manatee is expected to reach peak production of approximately 104,000 barrels of oil equivalent per day (boe/d) (604 MMscf/d).

TOFCO is a joint venture company formed in 2003 by Weldfab Ltd of Claxton Bay, Trinidad and Chet Morrison Contractors Inc. of Houma, Louisiana, USA. It specialises in fabrication, construction, and offshore services for the oil and gas industry, and has been involved in several significant projects, including the landmark Juniper project.The company is recognised for its world-class performance, commitment to local content, and safety standards, making it a key player in the energy sector in T&T.

 

 

 

 

UNC halts 10-year decline in oil output

11 November 2025

Energy Minister Dr Roodal Moonilal says the Government halted the decade-long decline in oil and gas output and is now recording steady growth, with plans to transform Trinidad and Tobago into the premier energy logistics hub of the Americas.

At the American Chamber of Commerce HSSE Conference and Exhibition, Moonilal reported that crude oil production rose by 5.5% between April and October 2025. Natural gas output increased from 2.41 to 2.63 billion cubic feet per day over the April-June period.

“After ten years of decline in the energy sector I am pleased to report that we stopped the decline and registered a 5.5% increase in oil production from 52,357 barrels per day in April 2025 to 55,271 barrels per day by October 2025.

Gas production also rose from 2.41 to 2.63 billion cubic feet per day between April and June 2025. We are moving steadily in the right direction. While President Donald Trump exhorts his industries to ‘Drill, baby, drill’, in T&T we say: ‘Keep it pumping.’”

Moonilal said the past six months have seen significant developments, including ExxonMobil’s return to T&T after 22 years—a move he described as a vote of confidence in the country’s investment climate. The company reportedly referred to the pace of negotiations as the “gold standard”.

Citing Rystad Energy, the minister said that ExxonMobil could unlock up to US$20 billion in new deepwater investment opportunities locally.

“As Minister of Energy, I have also directed our public sector teams and international partners to advance expansion of facilities at Point Lisas and Galeota, while working with the Ministry of Finance on Special Economic Zones legislation to attract investment and ensure global Environmental, Social and Governance compliance.

With our proven talent, infrastructure and commitment to excellence, T&T is not just prepared to ride the wave of nearshoring—we are ready to lead it.”

The San Fernando–Mayaro highway is an “intelligent energy spine” designed to link industrial and offshore zones through advanced logistics and automation. To fast-track project implementation, the ministry plans to launch an Energy Accelerator Hub by mid-2026 to streamline Government approvals.

“In this industry, time equates to money. Research conducted estimated that a one-year reduction in time to first gas for a typical offshore field could add US$120 million in net present value. We intend to establish the Energy Accelerator Hub by the second quarter of 2026.”

Moonilal underscored the ministry’s focus on innovation and safety, highlighting advances such as 3D seismic imaging, horizontal drilling, and automation to improve productivity and environmental performance.

The ministry will commission its first facilities audit since 2014 to assess asset integrity and safety standards.

“It has been nearly ten years since the evaluation of critical energy infrastructure was last performed,” he said, noting that reported incidents declined from 58 in 2016 to 20 so far this year.

 

 

Oil output up 5.5%

Trinidad and Tobago reported rises in oil and gas production, with renewed investor confidence from the return of ExxonMobil after more than two decades.

At the American Chamber of Commerce Health, Safety, Security and Environment (HSSE) Conference on November 11, Moonilal announced a 5.5 per cent boost in output from 52,357 barrels per day in April to 55,271 barrels per day in October and a jump in natural gas production from 2.41 to 2.63 billion cubic feet per day between April and June.

“After ten years of decline in the energy sector, I am pleased to report that we have stopped this decline. We are moving steadily in the right direction. While (US) President Donald Trump exhorts his industry to ‘drill, baby, drill,’ we say, ‘keep it pumping!’”

Tthe new UNC administration has made aggressive policy interventions and fast-tracked negotiations that reignited exploration activity and strengthened investor trust.

He cited the government’s success in finalising ExxonMobil’s re-entry, which the company described as achieving “the gold standard for the pace of negotiations. In six short months, we have been able to negotiate the return of energy giant ExxonMobil after 22 years away from TT. In that time, we have redrawn the (national) energy map.”

Exxon’s comeback marks the beginning of a new deep-water phase for TT’s upstream industry. Production levels, however, remain well below historical highs. Sustained growth will depend on the successful execution of new exploration projects, regulatory stability and market conditions.

On November 6, Norwegian consultancy Rystad Energy reported that ExxonMobil’s ultra-deepwater campaign – spanning 7,765 square kilometres in the Eastern Tobago Basin – could unlock more than US$20 billion in potential investment.

The project targets one of the region’s least-explored frontiers at depths exceeding 2,000 metres, mirroring the exploration model that delivered major discoveries in Guyana’s Stabroek Block. Moonilal framed the development as a signal that TT’s energy reputation is regaining international weight.

“We are bringing change with optimism and hope. And with that optimism will come results. After years of contraction, the data now shows that we are once again moving in the right direction. The challenge ahead is to maintain the pace – and keep it pumping.”

The ministry advanced talks with Shell on the Manatee Plus project to boost gas production and secured a new Office of Foreign Assets Control licence from the United States to facilitate work on the Dragon gas field in Venezuela. On October 27, Venezuelan President Nicolas Maduro suspended all energy deals claiming TT sided with the US in an aggressive campaign against the South Americans.

[Editor: After escalating PRC espionage against the UK, Exxon and Chevron can acquire PRC stake in Stabroek Block to foster US presence in the region as a deterrence.]

 

 

 

 

Refinery report

2025, 11/12

geisha.kowlessar@guardian.co.tt

The long-anticipated restart of T&T’s refinery operations is inching closer to reality, with Minister Roodal Moonilal confirming that the Government remains on schedule to receive a critical report by the end of November. The report, which will guide Cabinet-level decisions, is expected to outline the technical, financial, and safety requirements necessary for resuming operations.

Moonilal, who spoke to media at Amcham T&T’s 2025 Health Safety Security and Environment (HSSE) conference yesterday, said the Prime Minister expressed a strong interest in the matter, and the committee has conducted a detailed technical and financial assessment of the refinery’s various units.

Moonilal emphasised that the committee tasked with evaluating the refinery has conducted a “thorough, comprehensive inspection and assessment” of all units, including the unutilised $3 billion ultra-low sulphur diesel plant built during the Manning administration. Despite historical design issues, the government is exploring options to bring the facility online.

“We are very positive. If all goes well in the new year, we can lay out the options quickly, given what would be required technically and financially.”

The minister underscored the importance of international safety standards and certification, noting that any restart must meet rigorous health and safety protocols.

“It has to be safe from the start,” he said, pointing to the global standards that must be adhered.

Oilfields Workers’ Trade Union (OWTU) has submitted a bid and is represented on the restart committee.

“They are already involved in shaping the report. Their future role will be determined by the contents of that report.”

Moonilal confirmed that the matter of quarry licence remains active.

“We have been in touch with a new association to us. We have been looking at their members and some of the issues. And in the coming days, I would not rebel to the idea of having discussions with persons given their concerns… we are looking at their concerns.

Some of the statements in the press, I am not sure they are completely accurate but having said that, we are not risk-averse.”

In his address, the minister announced a significant turnaround in the energy sector, ending a decline in production.

“…Our short journey so far has been challenging. After ten years of decline in the energy sector I am pleased to report that we stopped the decline and registered a 5.5 per cent increase in oil production from 52,357 barrels per day in April 2025 to 55,271 barrels per day by October 2025.

Gas production also rose from 2.41 to 2.63 billion cubic feet per day between April and June 2025. We are moving steadily in the right direction.”

Ancel Roget, President General OWTU responded with strong support to Minister Moonilal’s recent remarks on the future of the Pointe-à-Pierre refinery and the broader energy sector.

Roget described the Minister’s comments as “aligned with the shared vision” of the OWTU, emphasising the union’s readiness to collaborate with the government on restarting the refinery and revitalizing the national energy landscape.

Roget acknowledged that the refinery restart remains in the draft stage but stressed that the OWTU has long advocated for its revival.

“We have been dealing with this issue for quite a while. The Minister’s statement was very comprehensive in dealing with the entire energy sector, and we embrace his vision—it is one and the same with ours.”

He reiterated the union’s position that the refinery should never have been shut down, blaming the previous administration under former energy minister Stuart Young for “abject neglect” of energy assets, particularly within Heritage Petroleum.

“This country lost billions in foreign exchange due to that bad decision.”

Oil spills and leaks represent a significant percentage of the reportable incidents in the upstream both on land and in marine areas. From 2016 through the first half of 2025, T&T experienced 1,858 oil spills, with 71 per cent occurring on land.

There were 51 spills in 2016, 302 spills in 2023 and 180 spills to June 2025. In total, 92,335 barrels were spilled, with 83,569 barrels recovered.

Heritage and its predecessor Petrotrin were responsible for 80 per cent of the number of oil spills and 94 per cent of the barrels of oil spilled. Of significance was the 2017 Pointe-a-Pierre Refinery Tank #70 leak which resulted in a spill of 79,547 barrels, most of which was contained onsite.

These figures do not include oil spilled from the Gulf Stream vessel incident in Tobago in 2024. The quantity of oil recovered from the vessel was in the range of 31,000 to 32,000 barrels and the quantity of liquid waste recovered was 60,000 barrels of oil and water.

“There was an unaccountable quantity of oil absorbed by sand along the shoreline and some drifted out of our territorial waters.”

Increase in the number of oil spills is a cause for concern as oil spills have devastating effects on local economies, land and marine ecosystems and disrupts economic activity.

 

 

 

 

Moonilal welcomes report of US$20b in possible Exxon investments

11 November

Energy Minister Dr Roodal Moonilal welcomed analysis by Rystad Energy which stated that ExxonMobil’s latest offshore campaign in Trinidad and Tobago could yield over US$20 billion in new investment opportunities. There is “excitement” in the air and in the energy industry following Prime Minister Kamla Persad-Bissessar’s launch of a Revitalisation blueprint .

A report published by Rystad Energy on November 6 stated that the US oil major is targeting one of the least-explored ultra-deepwater frontiers with a proven exploration model that delivered transformative results in the region.

The report stated that Rystad Energy explained that ExxonMobil “aims to replicate the exploration approach that identified over 13 billion barrels of recoverable resources in Guyana’s Stabroek Block.”

The consultancy noted this strategy underscores ExxonMobil’s confidence in frontier basins and the long-term profitability of deepwater oil. If new discoveries are made, the company could invest more than $20 billion.

The 7,765-square-kilometre concession in the Eastern Tobago Basin in water depths exceeding 2,000 metres, consolidates six acreage areas that previously went unawarded. The production-sharing contract marked Exxon’s return to Trinidad after a 22-year absence. Success would lift Trinidad with a much needed breakthrough.

Moonilal said that they are not surprised that internationally reputable research and energy intelligence are refocusing on Trinidad and Tobago and the excitement that is taking place now in the business community in terms of the greater investment and potential in doing business in Trinidad and Tobago.

“I believe this is also linked to the revitalisation plan of the Prime Minister announced last week.”

“We are very happy that ExxonMobil and others have shown interest in Trinidad and Tobago and I’ve taken note of this report and it gives us increased optimism as we deal with other oil majors at this time, to ensure that we have much greater investment in the energy sector to sustain our development as we go forward.”

Minister in the Ministry of Energy Ernesto Kesar met Yara Trinidad Ltd and Trinidad Nitrogen Company Limited (Tringen) executives on November 5. They had a very effective and productive meeting at the Tringen Yara facilities at Point Lisas.

“It was very important at this phase in our transition that Minister Kesar and myself go out into the field to actually look at the production processes, to speak with the workers, to understand the challenges faced by the various downstream entities.

We continue to work with Tringen and others to ensure that we participate fully in their objectives.”

The minister said they were interested in discussing their investment plans and the future of the downstream sector, notwithstanding the challenges faced by gas supply and curtailment.

“We are very optimistic about the future, given our initiatives in the upstream sector. So all in all, this is part of our ongoing initiative to familiarise ourselves with plans, with production processes and most important, with the workforce, to understand some of the challenges faced and how there’s a human impact from business and industrial policy.”

 

 

Upgrading Trinidad’s rigs for tomorrow’s challenges

Drilling dynamics and economics in Trinidad

Anthony-BRASH
October 28, 2025

Anthony Brash, managing director of Well Services Petroleum Company, talks to The Energy Year about transitioning from ageing offshore rigs to newer units and the outlook for deep drilling and rig demand in Trinidad and the region.

The company provides onshore and offshore drilling services with a diversified fleet operating across the Caribbean region.

Well Services Petroleum Company’s current rig fleet and recent milestones
We’ve had a few critical updates. Our MOPU, Rig 152, has been on contract with Petrotrin and now Heritage for about five to six years and recently secured a two-year extension to continue operations in the Soldado field.

Rig 50, an offshore production jackup, is currently being recertified by ABS and is expected to begin operations for Heritage during the fourth quarter of 2025. That process includes a five-year recertification.

On the land side, Rig 60 – our largest land rig – will soon begin drilling for Heritage in Barrackpore. It can drill to 15,000 feet [4,572 metres]. Right now, we have seven land rigs, although only three were drilling as of [September 2025]. Rig 80 came back into the yard, and we’re preparing Rig 60 now.

We’ve made the difficult decision to scrap Rig 110, our flagship offshore unit. It was ABS-certified with over a year and a half left on the certification, which makes the incident all the more shocking.

Rig 110 will be replaced with Rig 53. This rig drilled 5 exploration wells offshore Suriname in 2014, and will be used initially for shallow drilling in Brighton, Guapo and Point Ligoure.

Lessons from incident with Rig 110
Rig 110 was ABS-certified, and ABS is rigorous – they won’t let a unit operate without fixing every flagged issue. The rig was around 40 years old.

This incident forced us to confront the economics of refurbishment versus replacement. Bringing 110 back into service would be too expensive. So instead, we’ll transition to Rig 53, which can’t drill as deep but is serviceable for shallower operations.

While it won’t fully replace the capabilities of Rig 110, it allows us to continue working within our technical limits.

Demand for deep drilling
Trinidad still has deep reserves, but the geology makes them difficult to reach. Seismic data suggests there’s something sizable around 20,000 feet [6,096 metres] down, but the complexity of the formations makes that depth elusive. Even ExxonMobil, when they tried, did not drill beyond 18,000 feet [5,486 metres].

To unlock that potential, we’d need much stronger rigs and possibly new technologies. ExxonMobil may revisit onshore deep drilling once their offshore developments mature, but for now, accessing that depth remains a technical and financial challenge. Our land rigs, such as Rig 60, can drill down to 15,000 feet, which keeps us competitive, but the ultra-deep targets still lie out of reach of any local operators.

Options for deepwater expansion?
We’re certainly interested, but it’s about cost and timing. Acquiring a semi-submersible or drillship would require a long-term contract to make the investment viable. In 2019-2020, there were 7 drillships stacked off Trinidad that were about to be scrapped.

Had we acquired one then, we could’ve entered the arena alongside the big players. But now, the environment is different. The market is increasingly monopolised by large producers absorbing smaller ones, service giants buying out competition.

And then there’s the issue of oil prices. Even if you find reserves, if oil is trading at USD 60 when it should be USD 80 or 90, it changes the entire equation. So, deepwater is on our radar, but we’d need the right opportunity and partner to justify that kind of capital risk.

Competitive landscape

There isn’t much competition here. Most other companies have small rigs that operate only within their own blocks. A&V has a couple, and TotalEnergies has one, but we’re the only ones with a diversified offshore and onshore rig fleet.

Others may attempt entry, sometimes with political backing, but the lack of continuity in contracts keeps them from lasting.
Today’s contracts are for 3 years but often only guarantee a few months of work per year. That’s not enough to support ongoing operations or justify capital investment.

You maintain equipment year-round, only to work five months. This makes it very unattractive for new entrants and limits real competition.

Commitment to training in the region
Post-2008, we shifted strategy after the global crash and began to focus more on national development. We established our own drilling school with simulators, in 1985, which is still operational today, to train our workforce.

We’ve recently partnered with In-Depth Drilling, which trains oilfield personnel in Guyana and Suriname as well. Our legacy includes not just operational expertise but training and knowledge transfer. These are things that will continue supporting the industry even as the market fluctuates.

Technology in operations
The biggest upgrade we made is the adoption of top drive systems. They’ve replaced the older rotary systems and made our rigs safer and more efficient. We’ve also added new flowline cleaners to improve mud quality during drilling.

However, Al hasn’t really impacted our space yet – not even on the analytics side. We still need the same number of people on the rig floor, manually handling pipe and equipment. That’s mainly because our contracts are short three to five months – so there’s no incentive to automate further without continuity.

Operations in Suriname compared to Trinidad and Tobago
In Suriname, we drilled 5 exploration wells offshore in 2014 with Rig 53. The sands were found, but they were small and uneconomical at that time.

Today, we’re drilling onshore using one of our smaller rigs, Rig 70. Staatsolie’s goal is to maintain their refinery throughput at 16,000 bpd. They need to keep drilling new wells to sustain that output.

The geology is different – more sand, smaller formations – so production volume per well is lower. But Suriname is expected to take off in the next five years. If we had a deepwater rig, we’d be well-positioned for that. They are following Guyana’s path, just a few years behind.

Key objectives for the next 2 to 3 years?
Our first priority is securing longer-term contracts. That would enable us to invest in newer equipment and keep up with technology. We want to continue upgrading our rigs: adding more top drives, better mud cleaning systems and improved mobility equipment such as cranes and trucks.

Offshore, we plan to reactivate Rig 53 and WH1V to drill our own wells under Trinity E&P.     Sustainability for us also means continued training – both men and women – so we can maintain our workforce. We have the only API-certified rig shop in Trinidad, which is critical for rebuilding and maintaining our rigs. Without that, survival in this market is basically impossible.

 

 

 

CDB, World Bank, OECS Build Capacity in Procurement in Eastern Caribbean

NOVEMBER 4, 2025

Close to 600 persons from the Organisation of Eastern Caribbean States (OECS) and beyond participated in the latest procurement fair hosted by the Caribbean Development Bank (CDB, the Bank), the World Bank and the OECS Commission.

This initiative is part of an ongoing drive to increase accessibility to public procurement opportunities by regional businesses. The event also provided invaluable information to potential bidders to ensure they better understand and can easily access available opportunities while satisfying the requirements in public procurement under projects financed by the respective institutions.

William Ashby, Portfolio Manager, Economic Infrastructure Division, CDB, told the opening session of the 2025 OECS Procurement Fair, “Our goal is clear: to demystify procurement and broaden access to public procurement opportunities.

When businesses – large, small, women led and youth owned – can confidently engage in procurement processes, we stimulate job creation, foster innovation, and ensure that development projects reflect the diversity and talent of our region.

By doing so, we strengthen transparency, competitiveness, and inclusivity in the way projects are delivered.”

On October 28 and 29 in St Vincent and Grenadines, the fair exposed participants to a variety of project opportunities in:

1. 1. 1. infrastructure,
      2. health,
      3. green energy,
      4. education,
      5. gender,
      6. youth empowerment,
      7. digital transformation,
      8. solar energy,
      9. mangrove restoration,
      10. sargassum strategies,
      11. skills and innovation and
      12. environmental development.

In person sessions examined:

1. 1. 1. common pitfalls and errors from bidders,
      2. the rights of bidders,
      3. available complaints mechanisms,
      4. distinguishing quality submissions and
      5. the costing of bids.

The Bank sought to emphasise its commitment to inclusion by ensuring that women-owned and controlled businesses and enterprises from underrepresented groups, had equal access to procurement opportunities on hand.

This event follows the recent Procurement Fair held in Belize earlier this year. It expands on CDB’s ongoing response to private sector requests for greater assistance manoeuvring bidding and proposal processes.

 

 

 

 

T&T, UAE sign MoU on digital transformation

November 23, 2025

 

Minister of Public Administration and Artificial Intelligence Dominic Smith has officially signed a Memorandum of Understanding (MoU) with the United Arab Emirates government-linked technology entities to accelerate National Digital Transformation.

According to the ministry in a release on November 17, the agreement creates a framework for cooperation on national digital-transformation projects, drawing on the UAE’s expertise in digital identity, border management, interoperability and smart-government systems.

The ministry said the partnership is a major step toward modernising public services, strengthening technological infrastructure and positioning Trinidad and Tobago as a regional digital leader.

“We are committed to advancing digital transformation and AI integration in alignment with the Government of the Republic of Trinidad and Tobago’s Official Policy Framework and the National Digital Transformation Strategy 2025–2028. This initiative strengthens our pursuit of a digitally empowered society, enhances public sector service delivery and deepens citizen engagement,” Smith said.

“The MoU will enable the MPAAI to accelerate the delivery of national digital-transformation projects, facilitate direct technical cooperation with UAE government-linked entities, and establish a structured mechanism for knowledge transfer, capacity building, and sustainable financing,”

The ministry stated that the partnership represents a significant opportunity for Trinidad and Tobago to leverage the UAE’s global leadership in digital governance, cloud infrastructure and artificial intelligence.

“The Government of Trinidad and Tobago is energised by the opportunities ahead as we advance our national digital roadmap. We are charting a bold path toward a smarter, more connected society,” Smith said.

According to the ministry the partnership solidifies the three-pillar approach that anchors the Digital Transformation Agenda vision for Trinidad and Tobago: Citizen Services, Smart Government and Future Nation.