Exxon wins EMA approval

red tape costs  TT US$120m  annually

30 December 2025

 

The contract covers drilling of 2 exploration wells, with one well in each of the optional second and third phases of the exploration period. The company agreed to administrative charges, minimum payment, technical assistance, equipment bonus, scholarships and contributions to training, research and development.

The value of financial obligations amounts to US$12.8 or TT$87 million in Phase One of the project. Successful development of the block could result in investment up to US$21.7 billion.

When a production-sharing contract for TTUD-1 was initially awarded on August 12, Prime Minister Kamla Persad-Bisessar said assessments indicate that around a third of the world undiscovered hydrocarbons lie in deep water basins.

TTUD-1 is said to have a depth of over 2,000 metres (approximately 6,560 feet). Moonilal said since ExxonMobil’s return, TT has worked with other major operators, paying particular attention to fast-tracking TTUD-1 development. The CEC for TTUD-1 was delivered long before its January 26 due date and faster pace will stimulate the industry.

“Data that came to me very early suggested that if we just take decisions faster, we can actually earn, as a country, US$120 million per year. Our ministry works across the board with 16 state agencies and ministries for licences for approvals, amendments, legal orders, so there is an enormous amount of coordination that we do.

One of the problems over the years is related to the EMA and the length of time some processes take. So, this morning, we are particularly pleased that we can sign a production-sharing contract in August and before the end of December, we can be here to collect our CEC… enormous matters before us will require fast pace.”

To encourage speed, the ministry is developing an energy hub to ease logistical processes in the sector. With Cabinet approval, the hub will include entities within and outside of the ministry.

“This will coordinate problems and complaints in real time to sort out some of the problems. The energy sector has a myriad of challenges: it could be a lease operator on land waiting too long for a particular bureaucratic process ; it can be an international oil and gas company waiting a long time for legal matters to be sought out…for example, work permits.

It will shock you to know that whether you are cooking at a restaurant or you are the president of BP or Shell, you still need to line up and get your permit. Those things take time and that creates a problem along the way.”

In facilitating energy and non-energy activity, Economics Minister Dr Kennedy Swaratsingh announced that his ministry’s Priority Projects Portal is now live. Part of the Revitalisation Blueprint, the portal is intended to offer clearer insight into progress of national initiatives.

 

 

Exxon ultra deep block seismic survey in February 2026

17 December

The Ministry of Energy received an update by a high-level delegation from the US Embassy and ExxonMobil on the TT Ultra Deep 1 (TTUD 1) block. Work is on schedule, with the seismic survey expected to begin in about two months.

“ExxonMobil indicated that operations projected for TTUD 1 are on schedule and confirmed that the company selected a seismic acquisition vendor and expressed gratitude for the support and cooperation of the Government thus far as the company proceeds to ambitiously begin seismic acquisition within six (6) months of the Production Sharing Contract signing in August 2025. The anticipated first shot window is projected for February 2026,”

The MEEI said during the meeting, Energy Minister Dr Roodal Moonilal and Minister Ernesto Kesar reiterated the government’s commitment to support the project by optimising the necessary permitting and approvals processes to ensure minimal delays on the State’s end to achieve the accelerated timeline for the execution of the minimum work committed by ExxonMobil.

The ministers and officials from the US Embassy reaffirmed their mutual commitment to the collaboration between both countries, particularly on energy sector matters. All parties remain committed to the accelerated and successful development of TTUD 1, committing to continued open dialogue and communication. Joining the meeting on behalf of the MEEI were acting permanent secretary Karinsa Tulsie and acting senior chemical engineer Terrence Ali.

The US Embassy delegation included Chargé d’affaires Dr Jenifer Neidhart de Ortiz and deputy Chief of Mission Charlie J Franta III.ExxonMobil’s team included South America exploration manager Paul Riley, upstream commercial manager Gboyega Ayeni and senior director, international government relations Ambassador Craig Kelly (retired).

One day before the update, the Venezuelan government immediately terminated all energy ties with TT, accusing the government of knowing about the US military’s interception of an oil tanker reportedly headed to Cuba from Venezuela on December 10.

Responding to the announcement from Caracas, Prime Minister Kamla Persad-Bissessar said she was not bothered by the cancellations.

“We have never depended on Venezuela for natural gas supplies. We have adequate reserves within our territory. We are aggressively working to reduce bureaucratic barriers to speed up approvals for energy companies.”

 

 

 

 

Energy ministers receive TTUD-1 operations update

Ryan Bachoo 2025, 12/16

Minister of Energy Dr Roodal Moonilal and Minister Ernesto Kesar met representatives of the U.S. Embassy and ExxonMobil for updates on operations at the ultra-deep block TTUD-1. .

The Embassy delegation included Dr Jenifer Neidhart de Ortiz, Chargé d’Affaires and Deputy Chief of Mission and Mr Charlie J. Franta III. The ExxonMobil delegation included Mr Paul Riley, South America Exploration Manager, Mr Gboyega Ayeni, Upstream Commercial Manager and Ambassador Craig Kelly (retired), Senior Director, International Government Relations.

ExxonMobil reported that operations for TTUD-1 remain on schedule and confirmed selection of a seismic acquisition vendor. Seismic acquisition is expected to begin within six months of the Production Sharing Contract signing in August 2025.

The first shot window is projected for February 2026. The Ministers stated that the Government will support the project through permitting and approvals processes. Focus will be on timelines linked to execution of the minimum work programme under the contract.

Ministers and Embassy officials reaffirmed commitment to collaboration between Trinidad and Tobago and the USA in energy matters. All parties stated their intention to continue dialogue and communication to support development of TTUD-1.

 

 

 

Energy Chamber applauds accelerated approvals

2025, 12/31

The Energy Chamber hailed the intention to expedite approval of energy projects, cheering the announcement by Energy Minister Dr. Roodal Moonilal to significantly reduce the time taken to approve energy sector projects through creation of a hub to fast-track decisions.

“We fully support the Minister of Energy’s focus on removing red-tape in the energy sector. Accelerating the pace of approvals is the first item in the Energy Chamber’s six-point plan to increase gas supply and maximise energy exports.”

Moonilal noted the EC report indicating that improving the approvals process would lead to a significant boost in revenue by US$120 million.

“A study commissioned by the Energy Chamber delivered at the T&T Energy Conference in 2020 found that there were 33 major approvals needed for each upstream gas project, across 8 different agencies and Ministries. 16 major decisions are outside the Ministry of Energy direct control. “

On average it took 12 years from the decision to hold a bid round to first gas for a typical shallow water gas field.

“The study calculated that if this cycle time could be shortened by just one year, there would be an estimated US$120 million increase in the Net Present Value (NPV) of a typical Trinidad & Tobago shallow water gas field. This could significantly improve the chances for a final investment decision being taken for a gas development.”

The study created for the first time a detailed process map of all the steps in an approval process. At the 2024 Energy Conference, the Chamber created a task force of industry volunteer leaders to work with Energy Ministry staff to understand and find improvements in workflows to hasten the pace of decision making.

At the 2025 Energy Conference, the Ministry of Energy and the Taskforce reported on how they had successfully worked together to improve the processes to launch the 2025 deepwater bid round.

The Chamber is keen to continue to cooperate with the Ministry and other key agencies to find ways to advance decision making, while ensuring the independence of the regulators and robust decisions.

“Digitisation has a crucial role to play in the approvals process, but there also needs to be improvements in workflows for the full benefits to be realised. This requires close stakeholder engagement.

The Energy Chamber looks forward to engaging with the Ministry of Energy as we seek to accelerate the approvals processes and bring more oil and gas to market at a faster pace.”

 

 

 

S&P downgrades methanol, nitrogen producer CEL

2025, 12/28

Global rating agency S&P downgraded its long-term issuer credit and issue-level ratings on Consolidated Energy Ltd (CEL), a subsidiary of the largest operator on the Point Lisas Industrial Estate, from B to ‘CCC+’, placing the company deeper into junk-bond status.

S&P describes CEL as one of the largest producers of methanol and nitrogen worldwide, with a presence in the Americas, Europe, and Asia. The company owns 5 methanol plants, 1 nitrogen facility, and a minority interest in 2 ammonia plants in T&T, as well as two methanol plants in the US- including a 50 per cent controlling interest in a Texas methanol joint venture, Natgasoline, along with natural gas reserves and production on the US Gulf Coast.

Switzerland-headquartered Proman, parent of CEL, owns or operates 14 petrochemical facilities on Point Lisas Industrial Estate, comprising 5 methanol plants, 2 ammonia plants and a 7-plant AUM complex, producing Ammonia, Urea Ammonium Nitrate (UAN) and Melamine.

Proman is thus among the top 5 foreign exchange earners in T&T said a company or country that is rated CCC is “currently vulnerable to non-payment and is dependent upon favourable business, financial and economic conditions for the obligor to meet its financial commitments on the obligation.”

In a rating report of November 3, 2025, S&P said that CEL’s short-term liquidity position is strained by upcoming debt maturities, a situation further complicated by weaker-than-expected operating cash flow.

“CEL faces a $224 million (as of June 30, 2025) 6.5 per cent senior unsecured note maturity in 2026 (within the next 12 months).

We assess CEL’s liquidity as weak, given its current cash position, partially drawn committed credit lines and decreased cash flow from operations in Trinidad and Tobago and Oman.

Year to date, CEL’s adjusted methanol sales (excluding Natgasoline) decreased by 13 per cent, primarily due to production interruptions, highlighting the planned and unplanned outages of the T&T and Oman operations.

While insurance has covered some plant disruptions in the past, recovery amounts have not adequately compensated for the EBITDA (earnings before interest, taxation, depreciation and amortisation) the company could have otherwise generated.”

Natgasoline is a Beaumont, Texas joint venture between Proman USA and Vancouver, Canada based, Methanex, operator of Titan methanol plant at Point Lisas.

S&P said its revised 2025 adjusted forecast indicates that EBITDA will be constrained by lower methanol production in T&T, while prices remain at lower levels.

“We estimate CEL maintaining utilisation rates at its methanol facility in T&T at about 65 per cent of the reported 4.1 million tonnes capacity (or 75-80 per cent without idle capacity) and at 90 to 95 per cent at its Oman plant of the 1.1 million tonne capacity for the next couple years.”

The S&P ratings report indicated that CEL lent Proman, US$360 million in the first half of 2024 for general corporate purposes of the parent, which included funding the acquisition of an additional stake in Oman Methanol Company (OMC).

In December 2023, Proman paid T&T Government (through Clico) US$347 million to acquire all the insurance company’s shareholding in Methanol Holdings (International) Ltd, with the Swiss company becoming the 60 per cent shareholder of the Oman-based methanol company. The expectation was that the US$360 million loan would have been repaid by the end of 2025, according to S&P.

“The company’s prioritisation of its parent’s (Proman AG) interests, over its deleveraging and reduction of refinancing risks, has eroded its financial policy. We previously expected the December 2025 repayment of an approximately US$360 million loan from its parent to drive a rapid improvement in CEL’s debt to EBITDA.

“However, the extension of this loan’s repayment to 2031 has significantly reduced our expectation of CEL’s deleveraging in the near term. This increases the risk of unpredictable credit metrics and weaker performance than in our prior projections.”

As of June 30, 2025, S&P estimated that CEL’s total adjusted gross debt was US$2.8 billion, mainly comprising the company’s and subsidiaries’ senior unsecured notes (60 per cent),

The rating agency gave a stable outlook to CEL’s CCC+ rating, which “reflects our expectation that the company will navigate industry and economic challenges while refinancing upcoming maturities, though it continues to depend on favourable conditions.”

CEL’s formal response
“CEL can confirm that the debt and interest numbers quoted are broadly accurate, as this is public information that has been shared with the investor community. CEL’s debt levels have been largely consistent over the past years and reflect the company’s funding of capital expansion in the US, Mexico, Oman and investments in Trinidad and Tobago. The recent S&P report refers to historic outages in 2023 and 2024. It does not reflect current operating rates or performance. CEL achieved a solid performance in Q4 2025 and is optimistic for 2026 and continued good performance going forward.”

Asked whether Proman T&T received more natural gas as a result of the closure of Nutrien’s nitrogen facilities at Point Lisas on October 23, Giselle Thompson, Proman T&T’s deputy managing director, said, “Proman has seen some minor improvements in the allocation of natural gas to its facilities over the last two months, but we do not know if that is in any way related to Nutrien.”

In its first annual return in 2001, CL Financial was listed as CEL’s sole shareholder with 1 share. On March 4, 2002, Duprey ceased to be a director and was replaced by Erwin Keutner. By September 12, 2003, CL Financial had no shares in CEL and the 3 shareholders of the company were Proman, Ferrostaal and Helm.

In 2025-6, CEL’s sole shareholder is Consolidated Energy AG, a private Swiss company in Wollerau, Switzerland, according to CEL’s 2025 annual report filed with the T&T Companies Registry and stamped on October 3, indicating that CEL with no employees is not required to have an NIS employer registration number.

CEL directors are: Themo Lambert, a business economist with a German address; Claus Cronberger, a process engineer with a Valsayn address; Nicole Wickham, an accountant with a Barbados address and Richardo Mohammed, managing director with a Switzerland address.

Beneficial owners are listed as Joseph Cassidy, CEO David Cassidy, Herman Kaestner, Stephan Schnabel, Daniel Beck and Heinz Juergen Frommelt.

For over 16 years, CEL’s main shareholding was its 43.47 per cent stake in Methanol Holdings (International) Ltd, which jointly owned a methanol plant in Oman with a local company. Clico was the majority shareholder of MHIL with 56.53 per cent stake.

The previous PNM administration planned to acquire Clico’s shares in MHIL equal to 36.63 per cent. Its initial plan was to use the shares in MHIL as assets to secure NIF (National Investment Fund) 2 and, at the same time, reduce part of Clico’s $18 billion debt to the State for the 2009 bailout, leaving the insurer with 19.90 per cent in MHIL, in conformity with T&T’s Insurance Act. In January 2024, former finance minister Colm Imbert said on 12 occasions CEL (Proman) refused the government’s offer to sell the MHIL shares but Proman threatened legal action to stop the arrangement, when the government announced its intention to use some of Clico’s shares in the methanol producer in the NIF.

 

 

Point Lisas firms need new gas contracts

…Proman cannot assure rating agencies on supply

2025, 12/31

State-owned National Gas Company is yet to negotiate new natural gas supply contracts with operators on the Point Lisas Industrial Estate essential for their credit ratings and other stakeholders.

Former minister of energy, Stuart Young, commented on the S&P Global downgrade of Consolidated Energy Ltd (CEL), the petrochemical producer in Point Lisas and in Oman owned by Swiss company, Proman AG.

The Global rating agency downgraded its long-term issuer credit and issue-level ratings on CEL from B to ‘CCC+,’ placing the company deeper into junk-bond status. S&P said a company or country that is rated CCC is “currently vulnerable to non payment and is dependent upon favourable business, financial and economic conditions for the obligor to meet its financial commitments on the obligation.”

In a rating report dated November 3, 2025, S&P said that CEL’s short-term liquidity position is strained by upcoming debt maturities, a situation further complicated by weaker-than-expected operating cash flow.

As of June 30, 2025, “CEL faces a $224 million 6.5 per cent senior unsecured note maturity in 2026 (within the next 12 months). We assess CEL’s liquidity as weak, given its current cash position, partially drawn committed credit lines and decreased cash flow from operations in Trinidad and Tobago (T&T) and Oman.”

S&P said that year to date, CEL’s adjusted methanol sales (excluding Natgasoline) decreased by 13 per cent, primarily due to production interruptions, highlighting the planned and unplanned outages of the T&T and Oman operations.

While insurance covered some plant disruptions in the past, recovery amounts have not adequately compensated for the EBITDA (earnings before interest, taxation, depreciation and amortisation) the company could have otherwise generated.

“Our revised 2025 adjusted forecast indicates that EBITDA will be constrained because of lower methanol production in T&T, while prices remain at lower levels. Consequently, we now anticipate adjusted EBITDA margins of 18 to 22 per cent over the next 24 months, down from our previous estimates of approximately 30 per cent. Although asset retirement obligations (AROs) have decreased significantly, from US$240 million to US$70 million, we now anticipate that CEL’s adjusted debt will remain at US$2.8 billion, as the reduction in AROs was offset by the exclusion of Natgasoline’s cash balance.”

On the current situation of Proman and other petrochemical operators on the Estate, Young said, “Proman, like all others who rely on gas from Trinidad and Tobago, will be unable to provide the rating agencies and their stakeholders with any assurance of certainty of gas supply contracts for longer than a few months, due to the failure of NGC to negotiate and settle these contracts and its operations can be affected.”

2026 will be a very difficult year in the energy sector with significant loss of forex earnings if plants remain closed. Proman’s investments are significant and when taken together it is the largest customer of gas supply from NGC.

All natural gas supply contracts from NGC expired by the end of December 2025.
Nutrien state-of-the-art plants have been shut for months, with loss of valuable forex earnings

 

 

 

Proman reaffirms commitment to T&T amid challenges

December 16, 2025

Proman Trinidad managing director Anand Ragbir said actions of Proman, the anchor tenant at the Point Lisas Industrial Estate, demonstrate commitment, even as gas-supply constraints and other challenges weigh on the energy sector. When Nutrien shut its nitrogen plant at Point Lisas in October, Proman filled the gap.

“We stepped in , not only to be present but to make sure that downstream industries like carbonated beverages, the medical field, didn’t suffer because of CO2 nonexistence. And we stepped up big time in quick time—within 48 hours we were able to step into the fray and say we are going to be the partner of choice.”

“What you are seeing is a firm commitment to Trinidad and Tobago, but you are also seeing a demonstration of resilience. A demonstration that we know how to be a shrewd operator, a safe operator, and a reliable partner. So you are seeing resilience, commitment, and a force that is known as Proman.”

Ragbir joined Proman Trinidad as managing director on May 26 from Atlantic LNG, where he was vice president of Commercial and Finance. Asked what success would look like in 3 to 5 years , Ragbir said Proman aims to leverage its reliability and partnerships to tackle key challenges in the energy sector.

“I would love to see the continuation of the company along the lines, building on safety, on people development and working with the stakeholders collaboratively to find a mechanism on how we deal with gas curtailment and gas supply and continuity of supply over that period of time.

We have a number of structural matters to address within the downstream sector—gas supply, port usage. We have a number of things related to tariffs which are outside of our control, but we could be a key stakeholder and a key collaborator with it.”

The anchor tenant, Proman expanded its presence in Trinidad and Tobago over the years, starting as a construction company and now operating 14 of the 17 plants at Point Lisas Industrial Estate.

“ Proman is the largest tenant, the biggest employer in Pt Lisas. It is the largest producer of petrochemicals in Trinidad. It is the second-largest producer of methanol in the world, and all that is being said is that my admiration is how this small company over four decades has grown into massive Proman, existing and having a footprint across the world.”

“We have used Trinidad as a footprint, not only to say we are the biggest in Trinidad, but we have actually grown that competence into Mexico, Oman, into Abu Dhabi to come and into parts of the US . We have taken the skillsets, the competencies of people from Trinidad and used that as the launching pad for some of these things.”

Proman is invested in upstream and downstream energy sectors. In 2015, Proman invested US$250 million in DeNovo, the first downstream group to invest in the upstream sector of Trinidad and Tobago.

“I wish people understood the size, scale and importance of Proman. Being the second-largest methanol producer in the world is a big thing. This is Trinidad and the footprint we have here makes us the second-largest producer of methanol globally and that says something. It says something not only about Proman, but also about Trinidad. I wish people understood the footprint of Trinidad and Proman, and how important we are not only to the T&T economy.

Being the second-largest producer of methanol means we are providing energy security to the world. We are also a major producer of ammonia, which helps feed the world. Ammonia is the feedstock for fertilizer and demand grows about 3.5% every year. The purpose of Proman in T&T is therefore significant not only for the Trinidad economy but also for the global economy,” he said.

Of Proman’s 1,200 employees, 98% are local, with nearly half enrolled in the company’s graduate training programme. Alongside investment in human capital, Proman s also made significant contributions to Trinidad and Tobago’s economy.

“We are a big earner of foreign exchange for Trinidad because everything we do is in US dollars. We are a net importer of US,” he said.

Tackling tariffs and CBAM

Proman is the sole producer of urea ammonium nitrate (UAN) in Trinidad and Tobago and the world’s second-largest exporter of UAN to the USA and welcomed the US government’s November decision to lift the 15% tariff previously imposed on fertilizer imports.

“A lot of stuff happened behind the scenes that nobody knows about. How we have worked with our local Ministry of Foreign Affairs. How we have led that force in trying to demonstrate why these are unfair tariffs and why these tariffs should be removed. Since then, the UAN tariff has been lifted but we still have the tariff on ammonia into the US.

Now, truth be told, the US is not one of our major ammonia markets…the reason being that the US is self-sufficient with ammonia. But we do have some boardings going into the US.”

“So we are continuing to work with what we need to do to remove that tariff or to reduce the tariff on ammonia . We demonstrated over the year that, with our global footprint and a full value chain in the Proman group across the world—because we do our own shipping and marketing —we have built a wide market for our products. So if we can’t land all of our products in one region, we can land them in another region.

We have built up that muscle across the group, working with Trinidad, with our marketing arm, to find alternative markets in case one dries up and in case there are tariffs that make it unreasonable for us to continue to ship 50% of our production in.”

Proman is still assessing the potential impact of the Carbon Border Adjustment Mechanism (CBAM), a European Union policy that places a carbon tariff on imported goods to encourage lower emissions.

“Europe is a key market for us for all of our products and CBAM kicks in on January 1. The strange thing is that CBAM is not well defined, so if you ask the market or the EU, the impact on products coming in is not an absolute answer .

So we are making certain assumptions but CBAM will negatively impact the cost of our landed product into the EU.”

“Whether some, all, or none of that additional cost will be absorbed by the final buyer is still being worked out. What the final cost will be, we are not fully sure. We made some assumptions on how we are going to run our business and that is where resilience comes in; we have built in contingencies. CBAM will have an impact, even though the exact effect is not yet well defined.”

 

 

 

 

NGC ends supply contract with Nutrien

2026, 01/01

The National Gas Company (NGC) issued a formal notice to fertiliser giant Nutrien indicating that all gas meter runs to the Point Lisas facility will be isolated from today, effectively severing supply and access to port operations.

The notification could effectively mark the end of the Canadian-owned producer’s 45-year presence in Trinidad and Tobago. However, Nutrien management yesterday did not close the door completely on T&T operations.

“We have engaged in discussions in good faith and with integrity to find a comprehensive long-term solution and sustainable path forward. Our Trinidad and Tobago nitrogen operations remain shut down and all options remain under consideration. We will provide further updates as appropriate.”

The gas supply contract expires today (January 1, 2026), after which valves will be fully shut. Nutrien will lose access to the port, removing any remaining ability to operate. NGC had warned that failure to submit a proposal to settle “outstanding port user fees” by December 31 would be treated as confirmation the company no longer wished to operate in T&T.

The letter indicated Nutrien would be barred from accessing National Energy facilities at the Savonetta Pier once the deadline passed and advised the company to take steps to safeguard its plant, equipment and personnel ahead of the cut-off. NGC claims Nutrien owes US$28 million in backdated port fees.

Nutrien, however, rejected claims of unpaid fees, saying it had settled all port user invoices issued to it, despite the port contract having expired in 2019.

National Energy continued invoicing Nutrien at the same rates applied under the expired agreement and accepted payment each year, which the company maintains constituted an ongoing contractual arrangement. For months, Nutrien maintained that the fees were a unilateral attempt to retroactively apply a new payment formula. Previous correspondence gave Nutrien the option to essentially pay fees they felt were appropriate. Nutrien maintained there were no “outstanding” invoices despite the chairman’s public statements, which created an impression Nutrien had failed to pay its obligations.

Workers are expected to be formally advised of their termination beginning next week. 400 permanent staff and about 100 contractors remain attached to the operation. About 350 contract workers left on October 25. For months, Energy Minister Dr Roodal Moonilal publicly maintained talks were ongoing to resolve the issue.

“We are still in touch with the Nutrien people concerning Trinidad & Tobago. They have still expressed a commitment to work with us and to invest in Trinidad and Tobago,”

While talks had not collapsed, Nutrien cited long periods with no contact from the Government, prompting the company’s top brass to visit the country to talk directly to Prime Minister Kamla Persad-Bissessar, who instructed the minister and chairman to settle negotiations.

Saskatoon StarPhoenix reported the controlled shutdown of Nutrien Trinidad ammonia and urea operations in October marked a turning point in its retreat from nitrogen production, prompting the company to accelerate asset sales, generating nearly US$900 million and redirect capital towards potash and other core priorities.

Moonilal said Nutrien is now in the process of diversifying its production base. They have taken decisions in relation to global markets and” we wish them all the best.”

Former energy minister Stuart Young said that because Nutrien spent about US$130 million on T&T operations in 2024, if shutdown of its ammonia and urea plants leads to a withdrawal, it would be “a disaster.”

 

 

 

Timeline of Nutrien exit

October 21, 2025

Nutrien announced it would begin a controlled shutdown of Trinidad Nitrogen operations from October 23, citing port access restrictions by National Energy, unreliable gas supply and rejecting debt for retroactive port fees.

October 23, 2025

Despite reports of a resolution, internal company communications confirmed Nutrien had already shut down operations.

October 25, 2025

About 350 contract workers were sent home as the shutdown continued; carbon dioxide supplies were disrupted nationwide.

October 28, 2025

Massy Gas secured an alternative CO₂ supply from Proman, with government agencies confirming the new arrangement was commissioned on schedule and at no added cost to customers.

October 31, 2025

Proman confirmed it would continue supplying CO2 to Massy Gas for the foreseeable future following Nutrien shutdown.

November 11, 2025

Nutrien confirmed in its third-quarter earnings report that its 2025 sales forecast assumed no further output from its Trinidad operations, formally acknowledging the October 23 controlled shutdown.

November 21, 2025

Senior Nutrien executives met Prime Minister Kamla Persad-Bissessar and government officials in a decisive meeting, following weeks of limited engagement and stalled negotiations.

December 27, 2025

International reporting described the Trinidad shutdown as a turning point in Nutrien’s retreat from nitrogen production, linking the exit to port restrictions, gas supply issues and political challenges under the new administration.

 

 

 

Nutrien pivots to asset sales and potash expansion

2025, 12/27

Saskatoon StarPhoenix reported shutdown of its ammonia and urea operations in Trinidad has become a turning point in Nutrien’s retreat from nitrogen production, as it sells off overseas assets and redirects capital toward potash. It notes that in October, Nutrien “commenced a controlled shutdown” of its Trinidad operations, which produced ammonia and urea used in nitrogen fertiliser.

The company said the decision came “in response to port access restrictions imposed by Trinidad and Tobago’s National Energy Corporation”, along with a lack of reliable and economic natural gas supply that affected financial performance.

Devan Mescall, Edwards Enhancement Chair in Business at the University of Saskatchewan, said the challenges in Trinidad went beyond economics.

“I think that there were political challenges in the Trinidad and Tobago operation, where a new government there was trying to squeeze Nutrien and restrict its access to ports and force it into an unfavourable renegotiation of their agreements.Nutrien realized that was not in their best interest and so ceased those operations.”

Mescall said the company now views the timing as an opportunity to sell assets and refocus its business.

Nutrien sees this as a good time to sell and use the income to focus on areas where they expect more economic strength in the years ahead.

Since the Trinidad shutdown, Nutrien accelerated divestment of non-core assets. Over the past year, the company generated close to US$900 million through asset sales. Nutrien sold its 50 per cent stake in an Argentina-based fertiliser producer Profertil S.A. for US$600 million.

Nutrien president Ken Seitz said the divestment was part of a move to simplify the company’s portfolio and boost earnings.

Earlier , it finalised sale of its ownership stake in Sinofert Holdings Ltd., a fertiliser producer of PRC state-owned Sinochem Group. Profertil and Sinofert were acquired through the 2018 merger of Agrium and the former Potash Corporation of Saskatchewan.

In its first-quarter results, Nutrien said the proceeds would be directed toward “priorities that are core to our long-term strategy.”

 

 

 

 

Door open for Nutrien to resume fertiliser production

2025, 12/07  radhica.sookraj@guardian.co.tt

Energy Minister Dr Roodal Moonilal says negotiations are ongoing with Canadian fertiliser producer Nutrien Ltd., and there is optimism that urea production could resume by the end of the year.

At a toy distribution drive at Funsplash Waterpark for 600 children in his constituency, Dr Moonilal said the government expects clarity soon on the future of local urea production.

He confirmed that discussions with Nutrien remain active.
“We met a couple of weeks ago with Nutrien—the Prime Minister, myself, and the Chairman of NGC.

We expect NGC will be in discussions with Nutrien before Christmas to see how best we can move forward. The doors are open. The options are on the table.”.

Earlier issues with CO2 supply, which affected local bottling plants, have since been resolved.

“We are hoping that before Christmas, we can have some movement forward as to how they intend to move forward with future investments in the country.”

The closure of Nutrien plants last month alarmed farmers. Agricultural Society president Daryl Rampersad warned that the absence of domestically produced urea is impacting farmers.

Increased cost of imported fertiliser raised production expenses, reduced yields, and disrupted planting schedules. Rice farmers in Mayaro, Sangre Grande, and Caroni now have to buy more expensive substitute fertilisers. Pineapple farmers in Rio Claro and Princes Town warned their crops are at risk due to inconsistent access to urea, vital for leaf health.

Dr Moonilal explained that the Nutrien plant’s closure was influenced by broader international issues, including market conditions, tariffs and trade barriers. Nutrien had signalled operational difficulties even before the current administration took office.

“Negotiations are ongoing regarding outstanding matters, including debts and operational issues, with the goal of resuming production by year-end.”

Nutrien Trinidad operations typically produce around 85,000 tonnes of ammonia and 55,000 tonnes of urea per month. On October 23, Nutrien shut all four of its ammonia plants and its urea plant, axing 600 staff, citing port restrictions imposed by the National Energy Corporation and a lack of reliable, economically priced natural gas supply, which reduced the free cash flow of its Trinidad operations over an extended period.

 

 

 

 

NEL reports $15.3m profit

29/12/2025

NATIONAL Enterprises Ltd (NEL) recorded 104 percent increase in profit after tax of $15.3 million, recovering from the $349 million in unrealised fair value losses in 2024.

For this period, NEL was not only able to maintain operating expenses but decrease them by 9 per cent while dividend income also rose by 14 per cent to $129 million from $113 million.

Cashflow remains buoyant with $172 million in cash and cash equivalents.

NEL noted return of positive performance by NGC and TTLNG, which previously comprised Atlantic LNG train one and is now part of the restructured unified ALNG that includes trains two, three and four.

Praising the company’s growth, director David Robinson said, “NEL has kept an unwavering focus on delivering value to our shareholders even in the face of chronic uncertainty in global and local markets, geopolitical threats and forecasting challenges with uneven gas supplies.

“This resilience in the face of multiple challenges underscores not just the sustainability of our underlying assets but also the ability to seize new opportunities to add value and position our portfolio of companies and investments for profitable growth. NEL is confident that this turnaround in performance is the platform where our shareholders can consistently receive sustained value for short and long-term horizons.

The company also noted its corporate social responsibility efforts in education, youth development, social welfare, arts and culture.

“NEL supported programmes such as financial literacy, school fundraisers and entrepreneurship incubator programmes, underscoring our strategic focus on empowering future generations and contributing to cultural and social enrichment in our communities.”

The statement noted NEL’s 2024 total dividend payments of $156 million or $0.26 per share.

“NEL’s trailing dividend yield of 7.3 per cent for fiscal 2024 is one of the highest on the local stock market and compares favourably to other market returns.”

 

 

The energy sector

December 26, 2025

The lifeblood of the economy, the energy sector experienced major turbulence, marked by Venezuela suspending gas agreements and the departure of global nitrogen producer Nutrien. Yet amid the uncertainty, discoveries and investments reshaped the landscape.

Dragon gas in 2025

In April, the United States revoked its OFAC licence to T&T to develop the Dragon gas field with Venezuela. Former prime minister Stuart Young said then that the revocation was not unexpected and he had requested a bilateral meeting with Secretary Rubio who later assured, “We are not going to harm Trinidad and Tobago.”

He described the discussions as “frank and detailed”. Rubio reiterated the project’s strategic value for T&T and for Caricom states reliant on its downstream products.

Prior to the revocation, BP, Shell and the National Gas Company (NGC) held OFAC licences to explore and develop cross-border gas fields along the Trinidad-Venezuela maritime boundary.

BP had been pursuing the Manakin-Coquina field, while Shell focused on Dragon, with both positioned to supply gas for LNG and petrochemicals. The licences were valid for two years, during which time the companies engaged Venezuela and advanced development plans.

Young disclosed in May 2024 that T&T was paying over US$1 million per year in taxes to Venezuela as part of the arrangement, including royalty, a 5% special commission, surface tax, social contributions, and a confidential signing bonus. The gas lay just 15 kilometres of pipeline away from Trinidad.

After the April 28 general election, newly appointed Energy Minister Dr Roodal Moonilal said in early October that the Dragon deal could resume “peacefully” once the US reissued the OFAC licence. He argued the project was back on track despite regional geopolitical tensions. “We have secured the support at the highest level of the US government.”

Moonilal stressed the field’s importance as a major resource that could bring significant benefits to T&T.

“We want to assure you that while the Dragon was dead…the project has been resurrected in record time for the benefit of the people of T&T.”

He disclosed that the ministry had been quietly engaging US and Venezuelan officials and he had visited Washington for high-level energy discussions.

On October 7, Attorney General John Jeremie announced that T&T secured a new OFAC licence following a request submitted on May 19 by the new Government. One week earlier, Prime Minister Kamla Persad-Bissessar had said the licence was expected shortly.

“This is one step in a two-step process. The second step would be our licence with Venezuela,” she said, noting that existing arrangements required renegotiation and that Shell remained involved.

Later in October, Venezuelan Vice President and Energy Minister Delcy Rodriguez sharply criticised the developments, accusing Persad-Bissessar of leading T&T “off a cliff”. At the Venezuela Productiva 2030 forum, she insisted that Venezuela must be paid “for any molecule that is exported” and claimed Rubio had misled the Government.

“They need the oil of Venezuela and the only way is through the government of Venezuela.”

Tensions escalated on October 26 when the USS Gravely docked in Port of Spain. The following day, Venezuelan President Nicolas Maduro ordered the suspension of all energy-development cooperation with Trinidad, including joint gas projects, pending review by his oil ministry and PDVSA.

Nutrien exits T&T

On October 23, Nutrien shut down nitrogen operations at Point Lisas, one day after being granted temporary port access until year-end. The company confirmed that it had “safely shut down its nitrogen operations in T&T,” citing unresolved issues including US$28 million in retroactive port access fees and the lack of a reliable, economically sustainable natural gas supply.Vice-president and managing director Edmond Thompson told employees that discussions with National Energy failed to produce a viable solution.

Despite the port-access extension, “the key issues remain unresolved”, he wrote, noting the continuing dispute over retroactive fees and the wider question of the operation’s financial viability. Nutrien had met with NGC leadership on October 22 following its earlier notice of a controlled shutdown due to the US$28 million port fee dispute.

The announcement affected nearly 600 workers and contractors, with the company instituting short-term layoffs. Ammonia and urea from its Point Lisas operations—85,000 and 55,000 tonnes per month—were exported to 30 markets. National Energy said it was owed over $612 million by port users and insisted it had taken “reasonable steps” to support Nutrien’s continued operations.

On November 21, Prime Minister Kamla Persad-Bissessar met Nutrien president and CEO Ken Seitz, accompanied by Moonilal and NGC chairman Gerald Ramdeen. The Office of the Prime Minister said discussions were productive and reaffirmed the Government’s commitment to protecting jobs and securing continued energy-sector investment. Nutrien later confirmed that no additional sales volumes would come from its Trinidad operations for the rest of 2025.

Oil and gas investments and discoveries

Despite the year’s turbulence, several major developments advanced. In May, EOG Resources announced a shallow-water offshore oil discovery, with its chairman and CEO Ezra Yacob describing the Beryl well as the culmination of “a successful 2024 drilling campaign”.

The well, located in 170 feet of water, encountered over 125 feet of oil-bearing net pay.

EOG has operated in Trinidad for over 30 years, producing 1.2 Mbod of crude and condensate, and 246 MMcfd of gas during the first quarter.

In August, Persad-Bissessar reported that ExxonMobil could invest up to US$21.7 billion in T&T if exploration in the eastern deepwater proves successful. The first phase requires US$42.5 million in expenditure, with the company agreeing to drill two exploration wells in subsequent optional phases. Moonilal outlined the project’s obligations, valued at US$12.8 million in phase one and noted the scale of the acreage, which spans 7,165 square kilometres.

Less than a month later, ExxonMobil projected a 20% rise in global natural gas demand over the next 25 years.

By November, bpTT announced the safe completion of its 7-well Cypre programme following first gas 7 months earlier. The development, tied back to the Juniper platform, is expected to deliver roughly 250 million standard cubic feet of gas per day at peak.

bpTT president David Campbell said the project underscored the company’s commitment to maximising production in the Columbus Basin. He highlighted other 2024–2025 successes, including the Frangipani gas discovery and first gas from the Mento project with EOG.

Moonilal praised the accelerated timeline, saying the additional Phase 2 wells came online “significantly ahead of schedule,” noting they were originally expected in 2026. bpTT fully owns Cypre, its third subsea development.

 

 

 

125 graduate from NESC-Perenco partnership

9 December

Perenco Trinidad partnered with the NESC-Technical Institute on an initiative to deliver customised training programmes for residents of Mayaro and surrounding communities. Through this partnership, eight programmes were delivered at NESC Mayaro Campus from June to October 2025

 

 

Tobago Support office for US RADAR

2025, 12/22

Military base is “support office” for the RADAR system .

A drone photograph showed trucks, utility vehicles, a tent and another structure within the restricted area near ANR Robinson International Airport in Crown Point, Tobago.

Chiding the Opposition and media for obsession with the RADAR and US presence , PM Kamla Persad-Bissessar said, “The picture is self-explanatory. RADAR with the support offices to operate it.”

Arguing that only drug traffickers would benefit from its absence, she said “Keep going, when people show you who they are, believe them.”

She again accused media of assisting the PNM bid for the Tobago House of Assembly elections, as she dismissed the question.

“Please stop wasting my time with this nonsense. Feel free to send any questions on sensible issues in the future.”

The presumptuous Opposition leader urged the Government to state what was in the photo and the extent of the US presence .   She said the Opposition will be responsible in addressing the issue until Government conclusively confirms or denies whether the facility was a base, which she said further highlighted the importance of transparency on the matter.

“Now that this has been exposed, this situation, the question still arises insofar as what the Government has to say as it relates to the radar? It cannot be that on every occasion we get a different story. If we have to respond appropriately and accurately, we do not want to risk off-the-cuff responses.”

In Tobago, several persons appeared uneasy with the installation of a radar , as the fear of conflict unfolding prompted some people to cancel visits to the island. This was further need for the Government to speak out on the matter.

Dindial anticipates more military facilities
Retired Coast Guard Lt Cmdr and National Transformation Alliance (NTA) leader Norman Dindial was not surprised by US military in Tobago, as he believed personnel would be present on-site to assist in repairs, maintenance and upkeep of the RADAR.

He believes the US military “footprint” in T&T will grow, noting that this should be a concern to the public, as it places the country at risk of being a target of military aggression.

“We’re going to see the Government justifying and saying, ‘Because we have this radar and because we are in this position, we are exposed and Venezuela is threatening us, we need the US to defend us, so we need the US to come into Trinidad and have a base’.

There will be more military exercises and the footprint will increase in the coming months, unless President Donald Trump says there is a total de-escalation.

We have brought the US in our territories, so we are going to see a long-term stationing of the US military, maybe like in Chaguaramas days .”

Dindial was concerned a further escalation of military activities would put T&T in danger of being “collateral damage” if any conflict arose.

He acknowledged that while Government would be limited in what it can divulge, it was necessary to explain the nature of US involvement .

“Strategic messaging and strategic communication is very important for any government to maintain stability. We have people looking for people to give them that guidance, to calm them and that’s why you voted people in governance to do that, so it’s very important they get their acts together with that strategic communication and say something to the public.”

Former National Security minister Gary Griffith also felt Government should adopt a more transparent approach to the presence of a possible US military installation. He noted that the absence of clear messaging from Government would give rise to panic and allow persons “with an agenda” to undermine any security mission in the region.

Griffith, however, disagreed that the US presence would endanger T&T, noting it would act as a deterrent to any attacks on the country. Referring to remarks by Venezuelan officials, who accused T&T of cooperating with US forces to plan attacks on their country, Griffith said such a military presence was timely and necessary given the tension.

“Without the US, Venezuela can actually implement what they have been threatening to do for the past few months, which is to invade Trinidad and Tobago.

Venezuela said in the last few months that we (T&T) were harbouring terrorists and persons bent on destabilising Venezuela and they will hunt these persons down wherever they are, that was a sign that they wanted to enter Trinidad and Tobago.

They have made several threats that they intend to attack Trinidad and Tobago, so we should welcome any US presence to protect Trinidad and Tobago.”

Another possible benefit of having a US military base was T&T’s economy being enhanced with foreign exchange.

 

 

 

BP replaces chief executive Murray Auchincloss

18 December 2025 Bloomberg

1. Woodside Energy boss Meg O’Neill will become the UK major’s new top manager
2. Murray Auchincloss had refocused on BP’s core oil and gas operations
3. BP replaces chief executive Murray Auchincloss after less than two years

BP chief executive Murray Auchincloss is being replaced after less than two years in the role, with the major appointing Woodside Energy boss Meg O’Neill as his successor.

Auchincloss will relinquish the top manager job immediately but remain at BP in an advisory capacity until the end of 2026. O’Neill, a former ExxonMobil executive, will start on April 1. Carol Howle, BP head of trading, will run the company in the interim. Auchincloss’s departure follows the appointment in July of Albert Manifold to lead the BP board.

“When Albert became chair, I expressed my openness to step down were an appropriate leader identified who could accelerate delivery of BP’s strategy,” he said.

US-born O’Neill will become BP’s fourth chief executive in just over six years, during which time the company launched an unsuccessful and value-destroying attempt to transform into a green energy giant. Auchincloss reversed the strategy pursued by his predecessor Bernard Looney, following pressure from activist investor Elliott Management and refocused on BP’s core oil and gas operations.

BP’s share price has risen around 8 per cent this year, despite a 20 per cent fall in the oil price, making it the second best performing oil major behind Exxon. BP shares were slightly higher at 426p on Thursday. Since he joined BP, Manifold has met top investors and instigated a strategic review and he is expected to unveil his findings in February.

Hedge fund Elliott Management was pleased with the appointment of O’Neill and took it as a sign that the company was executing its turnaround plan under Manifold. As the first outsider to lead BP in its 116-year history, the arrival of O’Neill was an indication that the company was pressing ahead with efforts to cut costs and reduce debt through asset sales.

O’Neill has been chief executive of Woodside, Australia’s largest oil and gas company, since 2021.

Manifold described her as having a “relentless focus on business improvement and financial discipline”.

He said her appointment would give BP an opportunity to become a “simpler, leaner, more profitable company”, suggesting that it may significantly change shape over the coming years.

O’Neill masterminded Woodside’s expansion in the US, acquiring struggling liquefied natural gas developer Tellurian last year for $1.2bn and declaring an ambition to make the company a “global LNG powerhouse”.

In April she approved a $17.5bn investment in LNG terminal Louisiana LNG and months later clinched a deal with private equity firm Stonepeak to help fund the development on the Gulf Coast.

BP turns to outsider Meg O’Neill to simplify sprawling empire
During O’Neill’s tenure, Woodside’s share price was flat, compared with a 47 per cent rise for BP during the same period. The US oil executive, who was raised in Boulder, Colorado, began her career at Exxon in Houston, Texas, worked for the company in Norway, Indonesia and Australia and was an adviser to then Exxon chief executive Rex Tillerson.

O’Neill left Exxon in 2018 to join Woodside as chief operations officer, overseeing production assets. Woodside said it had appointed Liz Westcott as acting chief executive, effective December 18. Westcott has led Woodside’s Australian operations since joining in 2023 from Energy Australia.

 

 

 

BP leadership transition

18 December 2025

BP announced that the Board appointed industry veteran Meg O’Neill as chief executive officer (‘CEO’), effective 1 April 2026. Murray Auchincloss decided to step down from his position as CEO and director of the Board, effective 18 December and will serve in an advisory role until December 2026 to ensure a smooth transition. Carol Howle, current executive vice president, supply, trading & shipping of bp, will serve as interim CEO until Meg joins as CEO.

Meg O’Neill currently serves as CEO of Woodside Energy. Since her appointment as CEO in 2021, Meg has grown Woodside Energy into the largest energy company listed on the Australian Securities Exchange.

Among her many accomplishments at Woodside Energy, she oversaw the transformative acquisition of BHP Petroleum International, creating a geographically diverse business with a portfolio of high-quality oil and gas assets. Before joining Woodside Energy in 2018, Meg spent 23 years at ExxonMobil in technical,operational and leadership positions around the world.

The appointment of Meg O’Neill follows a search process overseen by a search committee of the Board, assisted by an independent recruitment firm, as part of the Board’s long-term succession planning.

Albert Manifold, Chair of bp, said: ‘We are delighted to welcome Meg O’Neill to the bp team. Her proven track record of driving transformation, growth, and disciplined capital allocation makes her the right leader for bp.

Her relentless focus on business improvement and financial discipline gives us high confidence in her ability to shape this great company for its next phase of growth and pursue significant strategic and financial opportunities.

Following a comprehensive succession planning process, the Board believes this transition creates an opportunity to accelerate our strategic vision to become a simpler, leaner, and more profitable company.

Progress has been made in recent years, but increased rigor and diligence are required to make the necessary transformative changes to maximise value for our shareholders.

‘On behalf of the Board, I want to thank Murray for his many contributions to bp and for his commitment to our people and our business. We wish him every success in his next chapter.

The Board is grateful for Carol’s willingness to serve as interim CEO. With 25 years at bp, she has a deep knowledge of the company and will ensure strategic continuity until Meg joins.’

 

Meg O’Neill said: ‘bp plays a critical role in delivering energy to customers around the world. I am honoured to serve as the company’s next CEO. With an extraordinary portfolio of assets, bp has significant potential to reestablish market leadership and grow shareholder value. I look forward to working with the bp leadership team and colleagues worldwide to accelerate performance, advance safety, drive innovation and sustainability and do our part to meet the world’s energy needs.’

Murray Auchincloss said: ‘After more than three decades with bp, now is the right time to hand the reins to a new leader.

When Albert became Chair, I expressed my openness to step down were an appropriate leader identified who could accelerate delivery of bp’s strategy. I am confident that bp is now well positioned for significant growth and I look forward to watching the company’s future progress and success under Meg’s leadership.’

Source: bp

 

 

 

O’Neill Exits Woodside to Be BP CEO

Jov Onsat|Rigzone | December 18, 2025

BP PLC on Wednesday announced the resignation of Murray Auchincloss as chief executive and the appointment of Meg O’Neill as his replacement, in the oil and gas giant’s second CEO change in two years.

BP opened higher on the London Stock Exchange at GBX 426.15 on the day after the confirmation of the fresh leadership shakeup.

Woodside Energy Group Ltd separately confirmed O’Neill’s resignation as CEO and announced Liz Westcott, the Australian company’s current executive vice president and chief operating officer for domestic activities, as acting CEO.

BP published an online statement by Auchincloss, who also resigned as BP board director on Tuesday.

“When Albert [Manifold] became chair [in October], I expressed my openness to step down were an appropriate leader identified who could accelerate delivery of BP’s strategy. I am confident that BP is now well positioned for significant growth and I look forward to watching the company’s future progress and success under Meg’s leadership”.

Auchincloss took over as BP CEO January 2024. He initially served in that position on an interim basis when he replaced Bernard Looney, who resigned in the third quarter of 2023.

In October 2025 BP appointed a new chair in Manifold following the resignation of Helge Lund.

O’Neill’s appointment will take effect April 1, 2026. Carol Howle, BP’s current executive vice president for supply, trading and shipping, has been named interim CEO. Auchincloss will serve in an advisory role until December 2026 to ensure a smooth transition

BP said O’Neill’s appointment followed a search process overseen by a search committee at its board with help from an unnamed independent recruitment firm,“as part of the board’s long-term succession planning.

Since her appointment as CEO in 2021, Meg O’Neill has grown Woodside Energy into the largest energy company listed on the Australian Securities Exchange.

Among her many accomplishments at Woodside Energy, she oversaw the transformative acquisition of BHP Petroleum International, creating a geographically diverse business with a portfolio of high-quality oil and gas assets.

Before joining Woodside Energy in 2018, Meg spent 23 years at ExxonMobil in technical, operational and leadership positions around the world”.

 

Manifold said of O’Neill, “Her proven track record of driving transformation, growth and disciplined capital allocation makes her the right leader for BP. Her relentless focus on business improvement and financial discipline gives us high confidence in her ability to shape this great company for its next phase of growth and pursue significant strategic and financial opportunities.

Following a comprehensive succession planning process, the board believes this transition creates an opportunity to accelerate our strategic vision to become a simpler, leaner and more profitable company. Progress has been made in recent years, but increased rigor and diligence are required to make the necessary transformative changes to maximize value for our shareholders”.

On February 26 BP announced a strategy “reset” to increase investment in oil and gas, lower investment in the energy transition and cut costs.

Under the new plan, BP expects to grow oil and gas investment to about $10 billion a year while cutting transition investment to $1.5-2 billion per annum, lower by around $5 billion a year than the previous guidance. The new strategy targets to raise fossil fuel production to 2.3-2.5 million barrels of oil equivalent a day in 2030, with plans for further growth through 2035.

O’Neill said, “BP plays a critical role in delivering energy to customers around the world. I am honored to serve as the company’s next CEO. With an extraordinary portfolio of assets, bp has significant potential to reestablish market leadership and grow shareholder value”.

Woodside chair Richard Goyder congratulated O’Neill on her appointment at BP.

, “Meg leaves Woodside in a strong position, having led the company through the merger with BHP Petroleum, final investment decision on the Scarborough Energy Project, startup of the Sangomar Project, final investment decision for the Louisiana LNG Project, the Beaumont New Ammonia acquisition, introduction of a number of high quality partners in those projects and continued high performance across Woodside’s global operations portfolio.

Liz’s appointment as acting CEO provides strong continuity for our business and its people. The board’s ongoing focus on CEO succession planning means Woodside is fortunate to have a number of highly qualified internal candidates as we also assess external talent options to ensure the best possible CEO appointment.”

Woodside expects to announce a CEO appointment in the first quarter of 2026.

 

 

 

Fourth BP CEO in 6 years

December . 18, 2025

In a shakeup taking place at the helm of oil giant BP, CEO Murray Auchincloss is being replaced just two years into the position, months after Albert Manifold took over as BP Chair, underscoring how quickly the board is now moving to reset strategy. Woodside Energy (WDS) head Meg O’Neill, who spent over two decades at Exxon Mobil (XOM), is set to take over the top job, with Carol Howle serving as BP’s interim CEO until O’Neill starts in April.

The revolving door in the C-suite started with the appointment of Bernard Looney in 2020, who joined the ESG bandwagon and attempted to pivot the company toward climate priorities.

At the time, BP pledged to become the first oil major to reach net-zero emissions by 2050 and subsequently scaled up its investment in renewables. That all changed following Russia’s invasion of Ukraine, when the conversation rapidly shifted to energy security. CEO Auchincloss eventually reset the corporate vision earlier this year, but the company was already undergoing “strategic drift,” losing its identity and causing confusion among investors.

All the developments prompted takeover speculation, while the company continued to pay for past misdeeds and turbulence. BP shells out around $1B per year for damages stemming from its Deepwater Horizon drilling disaster in 2010, and it still heavily feels the abandonment of its stake in Russia’s Rosneft, which supplied about a third of its production. BP now confronts  challenges of lower crude prices under the “drill, baby, drill” mantra in the U.S. and OPEC+ continuing to ramp up supply abroad.

O’Neill became the CEO of Woodside in 2021, where she led the mega acquisition of oil and gas assets from BHP, as well as other strategic M&A and investments. She’s a big proponent of the use of fossil fuels for decades to come, especially LNG.

While being mindful of capital deployment and expenditures. O’Neill will also become BP’s first outsider CEO in its 116-year history, which can change things spanning culture and investment to portfolio strategy.

It might also help pacify activist shareholder Elliott Investment Management, which has a 5% stake in the company and complained that strategy has not moved fast enough.

 

 

Massy Wood wins EPC for BP’s Ginger project offshore Trinidad

December 2, 2025 –

Massy Wood, a joint venture between UK engineering contractor Wood and Trinidad and Tobago’s Massy Holdings, secured an EPC and commissioning contract from BP Trinidad and Tobago (bpTT) for the offshore Ginger gas project.

The scope for the brownfield project covers engineering and topsides work on the Juniper platform, including integration of methanol injection systems and improvements to the corrosion protection for subsea pipelines. The contract follows Massy Wood’s completion of the pre-FEED and FEED phases in March 2025 and will be executed by a team based in Trinidad.

“bpTT is one of Trinidad & Tobago’s leading energy producers, and we are proud to have supported their operations for nearly two decades. This latest contract award is a testament to the strength of our long-standing partnership,” said Massy Wood CEO Mala Baliraj.

Massy Wood is a joint venture between UK-headquartered engineering and consulting firm Wood and Trinidadian energy services provider Massy Holdings. The company delivers EPC, operations and maintenance services across Trinidad and Tobago’s energy sectors.

 

 

 

Wood awarded brownfield EPC scope at bpTT Ginger gas project

2 December 2025

Wood’s joint venture company, Massy Wood, has been awarded the engineering, procurement, construction (EPC) and commissioning contract associated with the topsides brownfield development of bp Trinidad and Tobago’s (bpTT) Juniper platform, as part of the Ginger development located off the coast of Trinidad.

Massy Wood will deliver detailed brownfield engineering and execute critical topside upgrades on the Juniper platform. The scope includes enhancements to subsea pipeline corrosion protection and the integration of methanol injection systems – key enablers for safe well startup and flexible operations.

This execution phase follows Massy Wood’s completion of the pre-front end engineering design (pre-FEED) and FEED phases in March 2025.    The contract is being delivered by a team of experts in-country.

Massy Wood’s CEO, Mala Baliraj, said: ‘bpTT is one of Trinidad & Tobago’s leading energy producers and we’re proud to have supported their operations for nearly two decades.

This latest contract award is testament to the strength of our long-standing partnership and our proven ability to safely and reliably deliver critical EPC projects. We’re honored to play a role in advancing the country’s energy resilience and contributing to its economic growth.’

 

 

 

 

New EMA board gives CEC for 2 EOG wells

18 December

The Environmental Management Authority issued a Certificate of Environmental Clearance (CEC) to EOG Resources for the offshore exploration of two gas wells, TG1 and TG2, within the NCMA 4(a) Unlimited Block, located off the North Coast of Trinidad.

The US-based exploration and production company has operated in Trinidad and Tobago since the 1990s. The EMA said this is the first CEC issued by the authority under its new board of directors, for the energy sector.

EMA chairman Doolar Ramlal said the approval was granted well within its statutory timeframe, underscoring commitment to efficient, transparent and timely decision-making processes.

“The Board is fully committed to supporting the honourable Prime Minister’s vision of advancing sustainable development across TT, while ensuring that regulatory processes are streamlined for greater efficiency, all without compromising our rigorous standards for environmental protection.”

The application for the CEC, submitted to the EMA on March 5, underwent a comprehensive review process, which included an extensive technical assessment of the proposed drilling activity.

The EMA’s assessment considered several factors, before the CEC was granted. This included a hydrocarbon spill and drill cuttings dispersion modelling, based on similar offshore projects and an emergency response plan addressing potential accidents, natural disasters and other hazards.

In November, at a meeting with Energy Minister Dr Roodal Moonilal, Ezra Yacob, chairman and CEO at EOG Resources said the company’s long-term commitment to TT is demonstrated by significant presence and investment in the upstream sector. The company continues to focus steadily on the necessary actions required to increase oil and gas production in its operating assets.

Moonilal said the UNC government is committed to maintaining strong, collaborative relationships with upstream partners such as EOG Resources. He praised the company’s consistent contributions to oil and gas production in TT.

Both expressed a shared interest in deepening cooperation as work progresses. They emphasised the importance of continued alignment to advance TT’s hydrocarbon development agenda, enhance value creation, and support the country’s broader energy objectives.