Venezuelan Minister warns of fake attack on USS Gravely

As warship remains docked in T&T waters

Oct 27, 2025

Venezuelan Foreign Affairs Minister Yvan Gil Pinto claimed that a fake attack on US warship USS Gravely docked in Trinidad may be incoming as part of a “false flag” operation (the Venezuelan government alleges)  by the US.

His statement comes less than a day after Venezuela accused Trinidad and Tobago and the US of facilitating an alleged attack on its territory, according to information it claims to have gathered from mercenaries with information from the US Central Intelligence Agency (CIA).

Pinto today doubled down on the claim, making reference to an attack of an “American Military ship” in Trinidad and Tobago, which he said would be used to blame Venezuela and justify aggression against Venezuela.

“It’s the same imperial script of the ship Maine and the Gulf of Tonkin: fabricate conflict to impose interests outside our region.”

According to the Hoover Institution, the term “false flag” dates back to the age of piracy when pirate ships would raise a deceptive flag to lure in prey within striking distance before attacking them.

In modern usage, a ‘false flag operation’ refers to a deliberately planned ruse to make it seem as though a state has been attacked, and justifying operations against the purported offender.

Last night in a communique, Venezuela said such an attack would constitute hostile provocation against Venezuela and generate a full military confrontation. It also directly criticised Prime Minister Kamla Persad-Bissessar, whom it claimed had renounced the sovereignty of the country to act as a military subordinate to the US.

This turned T&T territory into a ‘US aircraft carrier’ for a war throughout the Caribbean against Venezuela, Colombia and all of South America. Pinto today expanded, claiming that the group dismantled was a criminal cell, funded by the CIA and linked to a covert operation. It urged Trinidad and Tobago to do the right things and not allow its territory to be used to threaten Caribbean peace.

“We respect the people of Trinidad and Tobago and trust their conscience to prevent their country from being dragged into a dirty war operation.’

“Venezuela will not fall into provocations, but no one is confused: we will defend our sovereignty without hesitation. Prime Minister Kamla Persad-Bissessar must take responsibility for the Caribbean and for history: either sides with peace or sink into the CIA agenda,” he wrote.

The Gravely, an Arleigh Burke class guided missile destroyer docked in the Port of Port of Spain yesterday morning, amid escalating tensions, and at least 10 lethal kinetic strikes carried out by the US military in Caribbean waters since September 2, that have now killed at least 43.

It will remain for the next four days as part of a military to military exchange, according to the Ministry of Foreign Affairs. The Gravely is equipped with the Aegis weapon system and uses a high-powered radar system to search and track incoming enemy missiles.The ship is armed with weapons that can deliver both anti-submarine and long-range strikes.

As the United States began expanding its military presence in the southern Caribbean months ago, Persad-Bissessar had openly aligned her government with Washington’s security agenda. She had then promised US forces unflinching access to Trinidad and Tobago’s territory in the event of a Venezuelan attack on Guyana.

Venezuela’s Defence Minister Vladimir Padrino Lopez earlier warned that T&T would receive a response, legitimate under international law, in the event of an attack carried out in its territory.

Last night as Venezuela’s communique was disseminated, the Trinidad and Tobago government released a statement taking note of it and emphasizing that the Gravely’s visit ‘aims to bolster the fight against transnational crime and build resilience through training, humanitarian activities and security cooperation. It will also strengthen the long-standing partnership between both countries which has provided enhanced medical care and disaster preparedness, improved lives, and strengthened communities in Trinidad and Tobago.’

The Ministry’s release said the Government has ‘repeatedly made it clear that it values this country’s relationship with the people of Venezuela given our shared history and close fraternal relations’

 

 

Venezuela proposes suspension of gas agreements with T&T

October 27, 2025

Venezuela has proposed that all of its gas agreements with Trinidad and Tobago be immediately suspended. The decision was made citing tensions with Prime Minister Kamla Persad-Bissessar, her previous statements and the country’s welcoming of US forces in the region. Vice President Delcy Rodriguez told a press conference today the proposal was being made by the board of the Venezuelan State-owned company Petróleos de Venezuela, S.A. (PDVSA), to President Nicolas Maduro.

Venezuela accused Trinidad and Tobago of collaborating with the United States on a false-flag operation as the US warship USS Gravely docked in Port of Spain yesterday. Venezuela has long denounced the ramped up military presence and ten lethal boat strikes which killed 43 and alleged that Gravely’s presence in T&T, was part of an act of hostile aggression against the country.

“We have just concluded a meeting of the leadership of the Ministry of Popular Power for Petroleum — all vice ministers present — together with the Board of Directors of PDVSA, accompanied by its president, vice presidents, and the Minister of Economy and Finance, who is also a member of this board. The leadership of both the Ministry and PDVSA has decided to propose to President Nicolás Maduro the immediate denunciation of the Framework Agreement on Energy Cooperation between the Republic of Trinidad and Tobago and the Bolivarian Republic of Venezuela, signed in 2015 for ten years and automatically renewed this February for another five.

Article 13, paragraph 3, gives either party the authority to terminate it. This agreement covered broad areas of energy cooperation — joint gas field development, infrastructure projects, hydrocarbon initiatives, and monetization of shared resources. It is a comprehensive framework, but we are now responsibly proposing that the President terminate it immediately. As a result, all gas agreements between Venezuela and Trinidad and Tobago will be suspended.”

US requested docking of warship USS Gravely

26 October

Defence Minister Wayne Sturge told media the US government requested the battleship USS Gravely’s mooring in the capital. The visit scheduled for today had been pre-planned but he could not confirm when this had been done. Sturge said ten lethal strikes by the US were all in international waters and not in T&T territory.

“If the US had deemed a country or persons to be operating as narco-traffickers and they are waging a war on terror, then it is up to them to come to that conclusion. As we understand it, law is basically all about interpretation. You might not agree with their interpretation, but if their interpretation is that they deem these people to be narco-traffickers and terror organisations and they are waging war at them, that is their prerogative.”

When the military ship Gravely enters the Gulf of Paria today, it will be the closest that the formidable American naval assets will be to Venezuela since the US administration began targeting what it claims are narco-terrorists traversing the region by boat. When it docks at the Port of Port of Spain, it will be located 24 miles from the Venezuelan coast.

The Gravely is equipped with the Aegis weapon system, which uses a high-powered radar system to search and track incoming enemy missiles. It is a highly advanced integrated weapons system that can engage multiple aerial threats in seconds.

The vessel is armed with Standard Missiles (SM-2MR)—late Cold War-era surface-to-air missiles developed specifically for the Aegis combat data system; Tomahawk long-range, subsonic cruise missiles, for both land attack and anti-ship missions; and Evolved Sea Sparrow Missiles (ESSM)—medium-range, surface-to-air interceptors designed to counter high-speed anti-ship cruise missiles. According to the Foreign Ministry, the 22nd US Marine Expeditionary Unit will conduct joint training with Trinidad and Tobago Defence Force.

It will strengthen US-Trinidad and Tobago military-to-military cooperation through expert exchanges focused on core infantry tactics, maintenance procedures and advanced medical capabilities, leveraging TTDF facilities to enhance tactical proficiency and enhance mutual trust.

Its presence also follows an order by US Secretary of War Pete Hegseth to deploy the Gerald R Ford strike group, an aircraft carrier, to the southern Caribbean Sea.

Pentagon Press Secretary Sean Parnell indicated this was done under the President’s directive to dismantle transnational crime organisations. He said its presence will bolster US capacity to detect, monitor and disrupt illicit actors and activities that compromise the safety and prosperity of the US and the security in the Western Hemisphere.

“These forces will enhance and augment existing capabilities to disrupt narcotics trafficking and degrade and dismantle TCOs,” Parnell wrote.

Prime minister Kamla Persad-Bissessar has been a vocal supporter of the U.S. military presence and the deadly strikes on suspected drug boats in international waters.

 

 

 

 

Lower House passes 2025/2026 budget

26 October

After five days of scrutiny by the Standing Finance Committee in Parliament the House of Representatives passed the 2025/2026 national budget on October 25. 28 government members voted to pass the $59.2 billion budget, while 12 Opposition members voted against it.  Opposition MP Camille Robinson Regis, is ill.

The budget debate began with a 3-hour presentation by Opposition Leader Pennelope Beckles in the House on October 17 following the budget presentation by Finance Minister Davendranath Tancoo on October 13, The debate, which usually lasts four to five days, ended a few hours later at 2 am on October 18, when no opposition or government representative rose to speak.

The Speaker of the House called on the Finance Minister to wrap up the debate.The Standing Finance Committee, where the line items of estimated expenditure of each ministry were dissected by the opposition, began on October 21. On the fifth day, the ministries of Culture and Community Development; Energy and Energy Industries; Foreign and Caricom Affairs; and the offices of the Prime Minister; the President and the Parliament were discussed.

Prime Minister Kamla Persad-Bissessar was present to head the discussion about her office, the first PM to do so. She said $553 million allocation for her office was a 66 per cent reduction from the previous year’s $1.266 billion. Recurrent expenditure was cut by 42 per cent, the consolidated fund by 10 per cent and the infrastructure development fund by 92 per cent. The reduction was due to the removal of certain divisions with a focus on eliminating waste and mismanagement.

“As a government, we are acutely aware that beyond policy, design, implementation, efficiency and delivery remain areas where citizens expect improvement. It is for this reason that the OPM has been deliberate in shaping our proposals for fiscal 2026 to strike through execution capacity to modernise systems, to eliminate inefficiencies and ensure that government services reach people in a timely and meaningful manner.”

She was cut off as her allocated five minutes ran out, with Speaker Jagdeo Singh offering her two extra minutes, to the complaints of the opposition who questioned what Standing Order allowed the extension.

MP for Port of Spain North/St Ann’s West Stuart Young questioned the doubled allocation of contract employment under general administration to $22 million. Persad-Bissessar responded that 117 of 205 contract positions were to be filled in divisions added to the OPM,

“In order to fill these positions, given our national recruitment drive, we have to put more money. You spent days asking the Minister, ‘Where’s the money?’ There is money to fill these positions in the OPM.”

He asked what the $9 million rise to $10 million, in allocation for official overseas travel was for. Couva South MP Barry Padarath, Minister in the Office of the Prime Minister replied it was to pay outstanding bills left by the previous government which were “still coming in” to the OPM. He could not state the total of those arrears, the cabinet would have to travel and staff would be sent abroad for training.

After the vote, Padarath, Leader of Government Business, moved the motion to pass the Appropriation Bill in the House.

He congratulated the PM for “holding herself accountable to the people of TT” and Tancoo for his budget presentation”. He was interrupted by the opposition with Young shouting, “ It’s an adjournment of the House. Stop sucking up.”

Padarath complained the opposition voted against public servants and the people to shouts of “no” and “yes” from both sides of the House. Following the vote , Persad-Bissessa praised the budget.

“The PNM has betrayed the people once again. Today, the UNC government passed its first national budget, a progressive budget for rebuilding our nation, despite the disgraceful behaviour of the Opposition. I condemn in the strongest terms the shameful conduct of the Opposition , who once again stood against the people of Trinidad and Tobago by voting against the Appropriation (Financial Year 2026) Bill, 2025 – the people’s budget. The budget my government has presented is real, responsible, and progressive. It lays the groundwork for the rolling out of our plans and policies to improve the quality of life for every citizen of this nation.”

Senators will begin debate on the budget at 10 am on October 27.

 

 

 

 

Canadian giant Nutrien shuts operations

as NEC hikes fees

24 October

Dispute over port charges jeopardizes ammonia & methanol exports, reflecting challenges to the petrochemical sector, confronting gas-supply shortfalls and declining investment in recent years.

Global nitrogen and agro- chemicals producer Nutrien closed Trinidad operations following a collapse in last-minute negotiations with the National Energy Corporation over port and pier facility fees.

NEC is responsible for the Savonetta Piers, the Ports of Galeota and Brighton and specialised tugs and workboats and claimed its clients, including Nutrien, had been paying fees grossly below market value for decades.

On assuming office, NEC board realised users of pier and port facilities were paying “peppercorn legacy rates” for decades. Previous boards failed to trigger escalation of rates for which some Pier User Agreements (PUAs) provided. Neglect, omission and recklessness of previous boards and managers, deprived the country of over $500m in port and pier fees.

When its 2006 PUA expired on December 31, 2020, Nutrien demanded a rate lower than that which they enjoyed for the previous 15 years. NEC board took immediate steps to implement a fair rate for users and invoiced Nutrien and other users a fair rate for use of the pier and port facilities for the periods after the PUAs of the companies had expired.

NEC said that the increase in port and pier fees for Nutrien ranged from US$0.02-$2 per metric ton of product, when ammonia prices are the highest they have been, over the last 5 years, at approximately US$545 per metric ton. Nutrien responded to the proposal with threats to shut down operations and a PR campaign to portray NEC as forcing Nutrien to close plants by attempts to recover fees retroactively, with the loss of 600 jobs.

In an emergency meeting with Nutrien, NEC agreed to permit continued use of port and pier facilities until December 31, at the same legacy peppercorn rates Nutrien paid for the past 19 years. NEC proposed negotiation of a new PUA and submitted the proposal in writing. Nutrien made an urgent application for an interim injunction to allow access to pier facilities for shutdown operations but withdrew the application on disclosure of the proposal in the court. NEC said it made the proposal in good faith to secure 600 jobs and provide parties with a suitable foundation to engage in and agree on new terms and conditions. Nutrien demanded that the National Gas Company settle the issue of future gas supply, even with the benefit of an existing gas supply contract. Neither NGC nor NEC is responsible for subsidising operations of other companies to secure their economic viability.

“Despite our best efforts, Nutrien has taken the decision to shut down its operations. This decision will adversely affect over 600 employees and their families.“

Nutrien’s decision is not a responsibility that can be ascribed to the NEC or NGC.

NEC and NGC will work to minimise disruptions from this decision. Gas supplied to Nutrien is being reallocated to other downstream plants on the estate.

Nutrien shutdown begins

2025, 10/24

Nutrien Ltd safely shut down its 4 ammonia plants and 1 urea plant, ending talks to resolve the port fee dispute, marking a significant blow to the impaired energy landscape, with implications rippling across interconnected industries. Nutrien’s 4 ammonia plants have a capacity of 1.79 million metric tonnes per annum.

Vice-president and managing director Edmond Thompson issued a memo to staff confirming the closure and expressing regret over the outcome of talks with NEC. Acknowledging NEC agreement to provide port access through the end of the year, Thompson emphasised that core challenges remain. The company maintained its position that no viable solution was reached to resume operations, citing the same economic challenges.

“We had hoped for a more productive outcome, however, we have not reached an economically viable solution that would allow us to restart operations. The millions of dollars of retroactive and unilaterally imposed fees have not been rescinded and the overall economic viability of operations has not been addressed. These challenges include US$28 million in unilateral and retroactive port access fees, as well as the absence of a reliable and economically sustainable natural gas supply.”
.

He noted that the decision was not taken lightly, stressing Nutrien’s longstanding presence and the contributions of its local workforce, saying the company values its over 40 years of operations. He claimed media reports misrepresented aspects of the situation and reaffirmed the company’s commitment to transparent communication.

Despite the shutdown, Nutrien expects to remain within its 2025 nitrogen sales volume guidance, supported by reliable production from North American facilities.

Nutrien could have shut down long ago because high natural gas prices in Trinidad made its products uncompetitive and operations financially unsustainable. The company and others in the industry remained open mainly due to their commitment to staff, not because the business environment was favourable.

NEC is defending its decision to impose new port access fees on Nutrien which benefited for years from outdated, below-market rates for port access. NEC board inherited a situation in which users of key infrastructure—including the Savonetta Piers and the Ports of Galeota and Brighton—had been paying “peppercorn legacy rates” for decades.

NEC invoiced Nutrien and other users a fair rate for the use of the pier and port facilities for periods after their respective PUAs expired. Some users made good faith payments and accepted the invitation of National Energy to meet and negotiate a mutually acceptable way forward. Nutrien demanded that the invoiced sum of US$28 million be withdrawn as a precondition to any negotiation.

NEC said the hike in port and pier fees ranged from US 2 cents to US$2 dollars per metric ton of product, when ammonia prices are the highest for five years at approximately US$545 per metric ton.

Nutrien responded to new rates with a threat to close its plants. In an emergency meeting with Nutrien to avert this threat, NEC agreed to permit Nutrien continued use of the port and pier facilities until December 31, at the same legacy rates for the past 19 years.

“This proposal was met with a demand by Nutrien that NGC settle the issue of future gas supply, to secure the overall economic viability of Nutrien, even though Nutrien currently enjoys the benefit of an existing gas supply contract. Neither NGC nor NEC has a responsibility to subsidise operations of other companies to secure their economic viability.”

Minister of Energy Dr Roodal Moonilal said Nutrien and other downstream operators have been in discussions with NEC regarding port access and the need to update longstanding agreements. He confirmed that discussions with Nutrien are ongoing and stressed the Government’s commitment to regularising and updating port-related contracts.

“We are meeting various entities and users of the port to do what the former administration failed to do.”

Massy Gas Products (Trinidad) Ltd relies on Nutrien for raw materials used in CO2 production and the shutdown had an immediate downstream effect. Massy announced a temporary suspension of all carbon dioxide-related products including dry ice, cylinders, dewars and ISO tanks, until further notice.

Massy highlighted the essential role CO2 plays across multiple sectors, including food and beverage production, healthcare and industrial processing. The company assured customers that it is actively working to mitigate the impact. Massy is in direct communication with Nutrien and other key stakeholders to gain clarity on the expected duration of the shutdown and to assess alternative supply solutions where feasible

“We understand the critical role our products play in your operations and want to assure you that Massy Gas Products is actively exploring all possible options to minimise the disruption to our customers.”

Beyond industrial supply chains, the agricultural sector is also bracing for impact. Agricultural Society president Daryl Rampersad warned that e disruption could lead to higher prices for local produce, compounding concerns about food security and cost of living.

Former energy minister Stuart Young criticised Government’s handling of the energy sector, saying e breakdown in negotiations with Nutrien led to a looming shortage of CO2, for a wide range of manufacturing processes, specifically production of carbonated beverages—a major export product.

“The mismanagement of the energy sector and the Pt Lisas Estate is having serious negative effects on Trinidad and Tobago’s global and domestic standing. The impasse between National Energy and Nutrien has not been resolved and this is now having a knock-on effect on the provision of CO₂ to manufacturers and other users in Trinidad and Tobago and the region.”

He described the wider petrochemical sector, which includes ammonia, methanol, and urea production, as “very marginal” and vulnerable to policy missteps. Global energy companies are reassessing local operations due to “unilateral increases in electricity rates” and “aggressive, possibly illegal demands for retroactive port fees.”

The energy sector is the largest foreign exchange earner and a significant employer and T&T must work hard to keep foreign investment in a globally competitive environment.

 

 

Shutdown averted then resumed

On 23 October NGC chairman Gerald Ramdeen said nitrogen producer Nutrien Ltd was granted permission to continue using the ports at Point Lisas through the end of the year, at the same rates as before.

The agreement paved the way for Nutrien to avert a controlled shutdown it had planned. The approval followed a meeting with NGC acting president Edmund Subryan, Nutrien managing director Edmond Thompson and senior vice-president of nitrogen operations Dean Perkins after Nutrien Ltd announced that it had commenced a controlled shutdown of its Trinidad Nitrogen operations at Point Lisas from today.

A dispute with the NEC over $190 million (US$28 million) in alleged retroactive port fees dating back to January 2021 sparked the planned shutdown.

Nutrien challenged the fees and NEC, part of the NGC Group, announced it would limit port access. Nutrien had informed nearly 600 employees and contractors of plans for “temporary workforce adjustments”, including short-term layoffs. NEC manages tugs, port and pier infrastructure.

Ramdeen said Nutrien’s original pier user agreement granted in 2006 had expired in 2021.

“We will continue to attempt to manage these assets to secure satisfactory terms for the country. At the same time, we acknowledge that we provide an essential service to businesses on the Point Lisas Estate.

And for that reason, we met Nutrien’s management and allowed them to continue using the facilities on the same terms as before. We are prepared to sit and negotiate what will be fair terms for the use of the pier and port facilities going into the future.”

Ammonia and urea sales from Nutrien’s operations respectively total roughly 85,000 and 55,000 tonnes per month and are exported to 30 countries. Last month, NEC said it was owed over $612 million (US$90 million) by port and pier users and warned that those with significant arrears could face suspension of access if their accounts were not settled.

When Nutrien announced its controlled shutdown on Tuesday, Energy Minister Dr Roodal Moonilal blamed the former administration for the ongoing dilemma. Some arrangements have been in place for many years.

“The National Energy Corporation, under the former administration of Mr Stuart Young at the Ministry of Energy, failed over four years to negotiate new contractual arrangements with several of the downstream operators. This fell to us as we entered office.

Again, to confirm that this is a matter that is ongoing, we are meeting with the various entities and users of the port to do what the former administration failed to do, to regularise and update contractual arrangements surrounding the use of the port and related matters.

The former government failed to meet and treat with the downstreamers to rectify some of the archaic and outdated conditions by which operations took place.”

Former prime minister and energy minister Stuart Young described the shutdown as :

“the first sign of collapse of the energy sector under the UNC Government.  The new NGC and NEC boards are driving the Pt Lisas Estate into a crisis.

This comes after they forced the President of NEC and executive officers of NGC out of office.

Citizens, the management of stakeholder relationships and the confidence of foreign investors in our energy sector is critical and should be carefully handled. Unfortunately, it is clear that the Prime Minister and her two Ministers of Energy are destroying our energy sector and this will affect investment and also our ­revenue.”

Young warned that T&T should be “very concerned about the level of incompetence that has been appointed to manage our energy sector”.

Nutrien stated its complex plays “an important role” in the economy and the company’s goal is to resolve the matter with NEC.

“For over four decades, Nutrien has operated the Point Lisas complex, which comprises four ammonia plants and one urea plant, with product shipped to global markets. Nutrien’s operations contribute significantly to the national economy through plant upgrades, annual taxes, employment, and procurement.”

Last year, Nutrien’s nitrogen facility completed two major planned turnarounds at its urea plant and its largest ammonia plant with a combined investment of about US$130 million. One of the world’s largest Nitrogen complexes, operating four ammonia plants and one urea plant Nutrien occupies 165 acres of Trinidad’s sheltered west coast.

Energy Chamber wants swift action to protect jobs, investment
The Energy Chamber acknowledged Nutrien’s announcement, noting the company’s importance as a major investor and exporter of ammonia.

“While we do not comment on commercial negotiations, this development underscores the importance of ensuring that Trinidad and Tobago remains an attractive, world-class destination for energy investment. We acknowledge that the Government is working hard to address long-standing gas supply and infrastructure challenges, and we are encouraged by the progress in new upstream projects.”

The chamber said it stands ready to help find a swift resolution that protects jobs, investment, and the future of Point Lisas.

AMCHAM T&T urges stakeholder collaboration
AMCHAM T&T acknowledged Nutrien’s controlled shutdown at the Point Lisas facility, saying the development highlights the need for continued collaboration among stakeholders to ensure a stable and competitive investment environment and constructive dialogue to address operational and infrastructural constraints.

Due to the current uncertainty, Nutrien has informed the Nutrien Silver Stars Steel Orchestra  that it cannot commit to a new contract or sponsorship scheduled to be signed next week.

About Nutrien
* Nutrien is a Canadian fertiliser company headquartered in Saskatchewan. It was formed through the merger of PotashCorp and Agrium, in a transaction on January 1, 2018.

The company has a market capitalisation of US$27.8 billion. It is one of the largest producers of fertilisers, with sizeable production of potash and nitrogen fertiliser (ammonia and urea).

It manufactures ammonia and urea from its operations on the Point Lisas Industrial Estate. Nutrien’s 2024 annual report states that the annual capacity from its T&T operations is 2.2 million tonnes. It produced 1.27 million tonnes in T&T in 2024. Last year, vice-president and managing director Edmond Thompson said the company operates five plants at Point Lisas: four ammonia and one urea.

“In a large-scale manufacturing operation like ours, we wish to run our plants 24 hours a day, seven days a week. That’s what they’re designed to do. In some cases, we’re not able to run all our plants all the time. That impacts our overall efficiency.

“We’re able to run three of the four plants comfortably right now. Once we finish Train IV, we will have to make a decision about how to combine; which three of the four plants we will run. We only have gas to run three out of the four ammonia plants.”

It was obvious that natural gas supply is a challenge. “Like many of the other producers here , we don’t have an abundant supply of gas, so we face certain restrictions in natural gas supply. We’re not able to run our facilities full out. That is a significant challenge for us. We manage within those constraints, but it does continue to be a challenge.”

Nutrien, Government to ‘revitalise strategic partnership’
Responding to Port of Spain North/St Ann’s West MP Stuart Young on October 25 Energy Minister Dr Roodal Moonilal says the government is in discussions with global nitrogen and agro chemicals producer Nutrien on “revitalising our strategic partnership.”

During the Standing Finance Committee sitting to examine expenditure at the Energy Ministry and other ministries and offices, he told the former energy minister,

“I just want to tell the member because it may come back again later in the proceedings that we are in discussions with Nutrien. It is very sensitive and we expect that we will get a great opportunity to revitalise our strategic partnership not only in one area but in several areas pursuant to our diversification agenda.”

Young wondered how Moonilal intended to deal with the industry “because the whole country is seeing one of our largest producers at Point Lisas pick up their bags and leave because of his mismanagement of the industry.”

On October 23 Nutrien shut down Trinidad operations after last-minute negotiations with NEC over port and pier facility fees foundered. NEC claimed its clients, including Nutrien, had been paying fees which were grossly below market value for decades.

NEC is responsible for the Savonetta Piers, Ports of Galeota and Brighton and specialised tugs and workboats. On assuming office, the board realised users of pier and port facilities were paying “peppercorn legacy rates” and they had been for decades.

 

 

 

Tancoo urges more equity investment from citizens

2025, 10/25

Observers hail long-awaited action to create wealth for a shareholding democracy. Banks can employ stock brokers in communities with many professionals beyond the capital such as UWI St Augustine, Point Lisas and other industrial estates.

The government can immediately begin to divest 30 state companies to stimulate trading. Profitable Angostura is ripe for divestment which will enhance the ethical image of the government as it confronts the Drug-Arms-Migrant challenge.

Divestment of Energy companies will boost revenue to cut the deficit, fund development and free authorities to focus on law and order and improve governance. Taxation of corporate income will generate revenue to support government and public expenditures collectively or to regulate and reduce negative externalities including pollution.

Trinidad and Tobago Stock Exchange CEO Eva Mitchell rang the Stock Exchange bell alongside, Minister of Planning, Economic Affairs and Development Kennedy Swaratsingh, Minister of Finance Davendranath Tancoo and TTSE chairman Ian Narine during the Trinidad and Tobago Stock Exchange Capital Markets and Investor Conference 2025 at the Hyatt Regency. Under the theme “Future Proofing Capital Markets in an Era of Transformation,”

Finance Minister Davendranath Tancoo emphasised that fortifying the capital market is the cornerstone of a sustainable response to pressing fiscal and demographic challenges—chief among them, the looming strain on the National Insurance System (NIS).

He cautioned that without intervention, the NIS fund could be exhausted by 2033 – 2034. Rather than relying on increased state spending or subsidies, he advocated for a shift toward greater citizen investment, wealth generation and inclusive economic participation.

A vibrant capital market empowers individuals to secure their own financial futures through retirement planning and investment, fostering resilience and reducing dependence on state support as the population ages. In giving insights about the aging population, Tancoo said:

“In 1980, only about five per cent of our citizens were aged sixty-five or older. Today, that number stands at over 11 per cent. By the year 2060, it is expected to more than double to 26 per cent … In the year 2000, we had about ten working-age people for every senior citizen. By 2030 —just five years from now—that ratio will fall to four to one. By 2060, it will be two to one. Two workers supporting every retiree. That is not a distant concern. That is a challenge unfolding right before us.”

Emphasising the answer cannot be more Government spending, Tancoo said more citizen investment means more wealth creation and more participation in the economy.

“A strong and dynamic capital market is at the heart of the transformation that we envision for Trinidad and Tobago. It is one of the most powerful mechanisms we have for mobilising savings, directing investment, and generating wealth.

A modern, deep and liquid stock market provides the foundation for business expansion, innovation, and long-term economic growth.”

It gives citizens a direct stake in national progress, allows individuals to save, invest and build their own personal wealth and retirement security, independent of Government and channels domestic savings into productive ventures that create jobs and stimulate growth.

“Most importantly, it allows ordinary citizens to share directly in the wealth of their nation.”

Around the world, countries that developed strong capital markets early created wealth for their citizens and built buffers against aging populations and fiscal pressure. Noting that T&T has some of these elements, Tancoo urged that they must be strengthened and expanded.

Stock Exchange CEO Eva Mitchell, outlined new plans aimed at deepening market participation, enhancing digital infrastructure and aligning Caribbean capital markets with global best practices. Mitchell announced forward-looking developments, beginning with the stock exchange’s application to extend trading hours—a strategic move to support the transition to a T+1 settlement cycle by 2026.

“This will not only increase our competitiveness but bring us closer to the standards of the world’s most advanced exchanges.”

Another major milestone is the creation of a spot market for derivatives trading—the first of its kind in the region. With draft rules under review by the TTSE, this market promises to unlock new investment opportunities and deepen liquidity. To further support liquidity, the TTSE is exploring a market-maker framework. Two models are under consideration: a centralised, capitalised entity or a decentralised approach where companies make markets in their own shares.

“Either way, it’s a big step toward a more dynamic and resilient market,” she noted.

 

 

 

State enterprise revenue to rise 350% in 2026

2025, 10/21

Draft Estimates of Revenue 2026, released with other budget documents show that the Government expects revenue of $5.03 billion from profits earned by non-financial state enterprises in the 2026 financial year. This is a 350 per cent increase compared to the revised estimate of $1.11 billion in profits of state enterprises in the 2025 financial year ending on September 30 and 413 per cent more than the $981 million the Government gained in 2024.

The $5.03 billion in revenue from the non-financial state enterprises constitutes 9.50 per cent of the total revenue estimate for 2026 of $52.97 billion.

In delivering the 2026 Budget, Minister of Finance Davendranath Tancoo estimated that T&T’s total revenue in 2026 would be $55.32 billion.

In the budget document, Review of the Economy 2025, the Ministry of Finance highlighted the better performance of the non-financial public sector in the 2025 financial year.

“Operations of the rest of the non-financial public sector strengthened over the period October 2024 to June 2025, resulting in a positive overall balance of $4.65 billion, a $2.88 billion improvement compared to the positive 0verall balance of $1.77 billion recorded over the corresponding period of fiscal 2024.

A $1.06 billion increase in the current balance of state enterprises during the fiscal 2025 review period was the primary reason for improvement in the overall balance of the sector.”

The Ministry of Finance said the overall balance “refers to the operating surplus/deficit plus transfers from central government, other income and capital revenues and grants minus other operational costs and capital expenditure.”

In the Review of the Economy 2025 22 companies are defined as state enterprises:

1. Agricultural Development Bank (ADB);
2. Caribbean Airlines Ltd (CAL);
3. Evolving TecKnologies & Enterprise Development Company (eTecK);
4. Export-Import Bank of Trinidad and Tobago (Eximbank);
5. Heritage Petroleum Company Ltd (HPCL);
6. Lake Asphalt of Trinidad and Tobago (1978) (LATT);
7. National Energy Corporation of Trinidad and Tobago (National Energy);
8. National Gas Company of Trinidad and Tobago (NGC);
9. National Maintenance, Training and Security Company (MTS);
10. National Helicopter Services Ltd (NHSL);
11. National Infrastructure Development Company (Nidco);
12. Paria Fuel Trading Company (Paria);
13. Petroleum Company of Trinidad and Tobago (Petrotrin);
14. Trinidad and Tobago National Petroleum Marketing Company (NPMC);
15. Point Lisas Industrial Port Development Corporation (Plipdeco);
16. Solid Waste Management Company (SWMCOL);
17. Trinidad Generation Unlimited (TGU);
18. Trinidad Nitrogen Company (Tringen);
19. Trinidad and Tobago Mortgage Bank (TTMB);
20. Trinidad and Tobago Mortgage Finance Company (TTMF);
21. Urban Development Corporation of Trinidad and Tobago (UDeCOTT);
22. The Vehicle Management Corporation of Trinidad and Tobago (VMCOTT)

The 2025 Review of the Economy divides state enterprises into those in the energy sector and those in the non-energy sector.

The energy sector state enterprises comprise: Heritage Petroleum, Lake Asphalt, National Energy, NGC, NPMC, Paria, Petrotrin, TGU and Tringen.

“Driving this outturn in the rest of the non-financial public sector was state enterprises, which generated an operating surplus of $2.10 billion, an 18 per cent increase from the $1.78 billion recorded during the preceding comparative fiscal period.

The consolidated activities of energy sector state enterprises, which returned an operating surplus of $2.60 billion, in comparison to an operating surplus of $2.20 billion during the first nine months of fiscal 2024, was the main contributor.

This surplus offset the operating deficit of $501.1 million generated by non-energy sector state enterprises, which include ADB, CAL, eTecK, Eximbank, MTS, NHSL, Nidco, Plipdeco, SWMCOL, TTMB and TTMF.”

 

 

Gas Price Volatility

October 21, 2025

November natural gas contract closed at $3.397 per million British thermal units (MMBtu) yesterday. This marked a 38.9 cent, or 12.9 percent, increase from Friday’s close.

Yesterday’s 38.9¢/MMBtu price spike was the largest single-session gain for a NYMEX natural gas front-month contract since the rampant price volatility of 2022.

The big move in natural gas yesterday came on the heels of forecasts for much colder weather and higher heating demand.  On 13 October, the Budget was pegged against an oil price of US$73.25 a barrel and a gas price of US $4.35 per mmbtu. Oil prices are currently roughly US$60 a barrel for WTI crude and US$63.50 for Brent crude while natural gas prices are currently US$3.09 per mmbtu.

However, oil demand persists with the onset of cold weather. On 24 October oil prices rose as gas prices fell.

Brent Crude Oil 65.99 / BBL 5.15%
Light Crude Oil 61.79 / BBL 5.32%
Natural Gas 3.344 / MMBtu -3.17%

 

 

 

NEC board directs USD payment for tug boat services

…Shipping agents insist TTD is legal tender

2025, 10/26

The National Energy Corporation (NEC) -a wholly owned subsidiary of The National Gas Company (NGC), which holds a virtual monopoly over tugboat services at key ports including Point Lisas, issued a board mandate requiring local shipping agents to pay for towage services exclusively in US dollars.

This policy overturns a long-standing practice of facilitating payments in TT dollars. While aimed at bolstering NEC’s foreign exchange (forex) reserves, some shipping agents claim this unilateral decision imposes severe operational and cash flow burdens on local agents, risks trade friction by forcing importers to pay in US currency and establishes a dangerous precedent for other state-controlled port service providers.

Communicated formally by memo from NEC acting president Marcia Maynard, it marks a significant shift in how shipping agents and import-export businesses manage operations and cash flow.

The memo of September 30, 2025 addressed to all towage and harbour users regarding payment of tariffs for towage services stated,

“Please be advised that effective October 1, 2025, the National Energy Corporation of Trinidad and Tobago (National Energy) will be accepting payment of the service tariff in United States currency ONLY.

As you are aware, the tariffs are quoted in United States dollars (USD), inclusive of the sum for the advanced deposit. However, in the past, agents have converted the said figures to (TTD) and made the payments in TTD.”

The new board of directors of National Energy “has given strict instructions that we are to accept payment in USD only. Going forward, National Energy will be submitting tariff quotations and accepting payment in USD only.”

NEC urged users to relay this position and advise agents that payment of tariffs in TTD will no longer be accepted .

Shipping agents said for over ten years, NEC allowed customers the flexibility to settle towage tariffs in either USD or TTD—a practice that helped ease the burden of sourcing scarce foreign currency and supported smoother trade facilitation. Now, with the new US$ policy in effect, agents who previously operated under TTD arrangements must secure US currency in advance to meet their obligations.

This raised alarm among stakeholders, particularly those whose principals or shipping lines do not pre-fund local operations in foreign currency.

In many cases, agents rely on TTD freight collect charges to settle local invoices, and the sudden requirement to convert or source US$ adds a new layer of financial and logistical complexity. These concerns were raised on Tuesday when the Shipping Association met with members of the NEC. Shipping agents argued that a one-size-fits-all approach fails to account for the diverse financial structures and client arrangements within the industry.

“Some agents will have challenges because of different arrangements with their shipping lines or their principals. It could be that not all the time they are pre-funded. It could be that one of the main cases was some container lines allow customers to pay freight charges in TTD and they use those freight to collect charges to settle local invoices.

So there’s really not a whole lot of USD transferring throughout and it facilitates trade, facilitates importers to pay in TTD. Now if that is not allowed and they have to pay in USD, they’re going to have to be pre-funded. They have to go and get the principal to pre-fund them and so forth.”

Instead, agents are advocating for a more flexible framework  —one that allows agents who are net earners of US$ to continue paying in that currency, while permitting others to maintain TT-dollar payments where necessary. This appeal is not merely administrative;  it is rooted in the practical realities of trade facilitation.

Shipping lines that currently accept TTD payments from customers do so with the understanding that local expenses—such as towage services—could also be paid in TTD.
If these expenses must now be settled in US$, those lines may be forced to revise their billing practices, passing the forex burden onto importers and exporters.

This could lead to increased costs, delayed shipments, and reduced competitiveness for local businesses.

“It seems that with the new board, there are new rules,” one agent said.

The concern extends beyond National Energy.
Industry players fear that if this policy sets a precedent, other state-owned entities, such as the Port Authority, may follow suit, demanding USD payments for port services that are currently billed in TTD. Such a shift would further strain the already limited supply of foreign currency in the market and could discourage shipping lines from accommodating TTD transactions altogether.

Shipping agents further stated that at the heart of the issue is a broader economic principle: the TTD is the legal tender of T&T. They believe that businesses operating in the country should retain the option to transact in the national currency, especially in light of persistent forex shortages.

National Energy, as a forex earner, historically balanced its revenue streams between TTD and USD. Shipping agents question the rationale behind disrupting this balance now, particularly when the existing system has functioned effectively for years.

They shared, at the close of Tuesday’s meeting, that discussions are ongoing with hopes of a favourable outcome for all. The Shipping Association acknowledged that it received expressions of concern from some members who are users of NEC towage services, regarding the implications of the notice on its operations.

Its primary objective is to facilitate a resolution that is acceptable to all parties, noting, “National Energy is also a member of our association. There is nothing further to add beyond the statement on October 8. We remain engaged in ongoing dialogue with all stakeholders.”

Finance Minister Davendranath Tancoo said he has not received “any request from any entity representing tug boat operators for a meeting or intervention.” He added perhaps they engaged the line minister, the Minister of Energy under whom National Energy falls. Energy Minister Dr Roodal Moonilal said he is willing to meet with concerned parties but he has not received official correspondence from anyone to date .

 

 

 

Gas producer DeNovo rebrands to align with Proman

October 3, 2025, by Melisa Cavcic

DeNovo Energy, changed its name to Proman Energy to align its identity with the integral role of the parent company’s upstream business, ensuring greater visibility across its integrated value chain.

Zandolie RE platform; Proman Energy
Revealing the name change to Proman Energy, the company explains that the move, which reflects its continued investment in Trinidad and Tobago, showcases its focus on building stronger partnerships and creating new opportunities.

Following its establishment in 2015, Proman Energy became Proman’s first foray into hydrocarbon extraction in the archipelagic petrostate, with a focus on monetizing proven natural gas reserves for the domestic energy sector.

After commercial gas output from the Iguana field within Block 1a began in 2018, easing supply constraints for petrochemical plants, it followed the start-up in 2022 with the launch of the Zandolie field, an unmanned, renewables-powered offshore facility built with high local content and designed to minimize methane slips.

The gas player claims that this project demonstrates Proman’s strategy of integrating upstream development with sustainable innovations and local capacity-building to strengthen the regional gas supply chain.

“For more than 40 years, Proman has been a committed partner in Trinidad and Tobago’s energy sector. This rebrand marks the next chapter in that journey – aligning our upstream business more closely with the wider Proman family, while maintaining our steadfast focus on HSSE, operational excellence, and reliable service.”

 

 

Tariffs distorting trade for developing economies

October 15, 2025

Central Bank Governor Larry Howai led the T&T delegation at the 2025 Annual Meetings of the World Bank Group and the International Monetary Fund and the Annual Meeting of the G-24 on International Monetary Affairs and Development.

The team included Delvin Cox, adviser to the Executive Director, World Bank Group; Kimberly Roberts, Trinidad and Tobago’s IMF representative; Zarah Mohammed, manager, Debt Management; and Stephanie Toolsie, assistant manager, Debt Management—both of the Ministry of Finance.

In his statement to the Ministers and Governors Meeting of the G-24 group , Howai urged “concerted international action to roll back tariff and non-tariff barriers that distort trade and disproportionately affect developing economies.

“Restoring confidence in a fair and transparent multilateral trading system is essential to revitalising global demand, encouraging investment, and supporting diversification in all regions.”

Trinidad and Tobago aligns fully with the G-24 Communiqué and supports its call for renewed multilateralism and collective action.

“Emerging markets and developing economies across the world face common challenges, including persistent geopolitical tensions, uneven growth, rising debt burdens, and new trade barriers that are fragmenting the global economy. The recent rise in protectionist policies risks further undermining confidence and constraining global growth. For small, open economies like Trinidad and Tobago, these tariffs and other distortive measures directly affect competitiveness, fiscal space, and the pace of economic transformation.”

In this environment, maintaining macroeconomic stability remains “our strongest line of defence. Many of our economies have strengthened monetary frameworks, improved debt management and pursued fiscal reforms to preserve resilience. For these policies to resonate, macroeconomic stability is a necessary ingredient as it serves as the foundation for transformation by enabling investment in productivity, innovation, and sustainable growth. When reforms are thoughtfully sequenced, stability becomes a catalyst for transformation and transformation, in turn, drives growth and resilience. “

 

 

Upstream taxation

2025, 10/16

The energy sector is the major contributor to the taxation revenue stream.  Over time, the sector’s contribution as a percentage of the total has been falling due to declining production and volatility in international pricing.

Nevertheless, the sector is the highest taxed sector in the economy. Operations of upstream companies result in over 30 different taxes, levies, and fees. Taxes unique to the sector are the Petroleum Profit Tax (PPT), Supplemental Petroleum Tax (SPT) and royalties. Companies engaged in upstream operations in are subject to a special fiscal regime, principally governed by the Petroleum Taxes Act (PTA).

The primary tax paid is the PPT, 50 per cent of taxable profits, whereas other companies in the country pay 30–35 per cent corporation tax. SPT is chargeable on the gross income (derived from the sale of crude oil) less royalties and overriding royalties paid on the crude oil sold. The tax is computed separately in respect of land and marine operations and is a quarterly tax based on the actual gross income for each quarter.

The royalty tax on energy producers is a flat rate of 12.5 per cent of the total quarterly revenue for crude oil, condensate and natural gas, based on production volume rather than profit.

These three taxes make up the majority of the taxes earned by the government from the energy sector. PPT, on average over the past 10 years, made up about 43 per cent of the taxes paid each year by upstream companies. SPT accounted for about 23 per cent and royalties were about 33 per cent.

In 2015, a major shock to the energy sector was from booming shale oil production, which caused a glut in the market that drove prices down. This resulted in profitability in the energy sector falling dramatically; this was a major contributor to the fall in revenue from the sector in 2015 and 2016. In addition, several major upstream companies benefited from the application of capital allowances during this period, which reduced PPT.

Historically, royalty payments were made by crude oil producers. This was changed in 2017 when royalties were applied to natural gas producers as well. This, along with price recovery, aided in stabilizing the tax collection from the energy sector. During the period 2015 to 2020, PPT payments fell, for the first time, below 50 per cent of the total tax collected from these three items. It fell to 12 per cent in 2017. Royalty payments played a more important role in the tax structure during those years.

SPT is a tax measure introduced as a windfall tax in the 1980s to enable the Government to share in revenues accruing from spikes in the international oil price. It no longer operates in that vein, representing simply a further tax charge on income of upstream producers. It also has a direct impact on the commerciality of an upstream project in a licensed area. Today, the tax does not serve the purpose for which it was originally intended since price and cost structures changed substantially since the 1980s. It now contributes to around 23 per cent of tax from the sector.

While these taxes contribute substantially to government revenue and are a benefit to the state, they create an issue for upstream producers to re-invest into capital projects, since margins are squeezed tightly. These taxes, along with other tax challenges like VAT refunds owed to the major oil and gas producers, create significant problems. The VAT refunds owed to individual companies are in excess of the cost of drilling new wells.

Drilling an onshore well costs between $1.5 million and $5 million.  An offshore well costs over $50 million. An onshore producer indicated that 3 wells could be drilled with the VAT refund owed to the company.

The challenge is that T&T is a mature oil and gas producer and does not offer attractive propositions for investment. Other countries with more exciting and attractive subsurface potential are gaining increased inflows of capital. These new energy jurisdictions also offer more competitive fiscal and commercial terms, which makes it easier to attract investments.

Future investments are critically needed at this juncture in T&T. Production is still falling and growth of production is unlikely to materialise in the short term, so the impetus must be to stabilise domestic production.

The Energy Chamber maintains its position that while cross-border gas creates an exciting value proposition in the short term, it needs to be done at the same time as creating a better fiscal environment for improving future domestic production.

 

 

TOUCHSTONE EXPLORATION RETAIL OFFER

CALGARY, ALBERTA (October 24, 2025)

Touchstone Exploration Inc. (“Touchstone” or the “Company”) (TSX, LSE: TXP) announces a retail offer to raise up to £0.68 million via BookBuild (the “Retail Offer”) by way of the issue of up to 6,181,818 new common shares with no par value (“Common Shares”) in the capital of the Company (the “Retail Offer Shares”) at an issue price of 11 pence per Retail Offer Share (the “Issue Price”).

In addition to the Retail Offer, the Company is also conducting a placing of new Common Shares (the “Placing Shares” and together with the Retail Offer Shares, the “New Common Shares”) at the Issue Price (the “Placing” and together with the Retail Offer, the “Issue”). A separate announcement has been made regarding the Placing and its terms.

For the avoidance of doubt, the Retail Offer is not part of the Placing.

The Issue Price represents a discount of approximately 2.2 per cent to the closing share price of 11.25 pence per existing Common Share on October 23, 2025, being the last practicable date prior to the announcement of the Placing.

The proceeds of the Retail Offer will be utilised in the same way as the proceeds of the Placing, as set out in the separate announcement of the Placing released by the Company at 7.00 a.m. on October 24, 2025.

The Retail Offer is conditional on the New Common Shares to be issued pursuant to the Retail Offer being admitted to trading on the Toronto Stock Exchange (“TSX”) and the AIM market (“AIM”) operated by the London Stock Exchange (“Admission”). Admission of the New Common Shares pursuant to the Retail Offer is expected to take place on or around 8.00 a.m. (London time) on October 30, 2025. Completion of the Retail Offer is conditional, inter alia, upon the completion of the Placing.

 

 

 

 

TOUCHSTONE EXPLORATION ANNOUNCES 2024 YEAR-END RESERVES

CASCADURA-4ST2 X WELL DRILLING RESULTS AND OPERATIONS UPDATE

 

CALGARY, ALBERTA (September 29, 2025)

Touchstone Exploration Inc. (“Touchstone” or the “Company”) (TSX, LSE: TXP) provides an operational update on its Ortoire block activities, including drilling results from the Cascadura-4 development well (“Cas-4ST2X”).

Cas-4ST2X Well Results

Operations at Cascadura-4ST2 resumed on August 16, 2025, utilizing Star Valley Drilling Rig #205, and the well reached a total depth of 5,896 feet on September 22, 2025. The well, now designated Cascadura-4ST2X, was originally programmed to evaluate the Herrera Gr7bc sands to a depth of approximately 6,100 feet. However, after encountering gas-charged sands in the lower portion of the well, circulation was lost, leading the Company to conclude drilling operations earlier than planned.

During the pull-out, the drill string became stuck and, despite extensive recovery efforts, could not be freed. The Company has elected to complete the well for production using a combination of casing and the drill string, enabling access to the gas-charged intervals identified while drilling. Although open-hole logs could not be acquired, offset well data and real-time drilling information confirm that the well intersected Herrera Gr7bc sands consistent with the Company’s geological model.

The primary objective of the well was the Herrera Gr7bc sands, which are widespread across the Cascadura structure. Cascadura-4ST2X represents the third well drilled into the “A” block of Cascadura to encounter sands within the targeted reservoir.

Cascadura Development

Completion operations on the Cascadura-5 well will immediately commence. All tie-in equipment is on location and the well will be tested directly through the Cascadura natural gas facility following completion. Cas-4ST2X will undergo final completion and tie-in once equipment and a service rig are on site. Following completion of Pad B operations, the drilling rig will move to the Central block location identified as Carapal Ridge-3 (“CR-3”), where site construction is approximately 60 percent complete. The location is expected to be drill-ready by the end of October.

In parallel, the Company has secured a compressor for the Cascadura facility to further enhance natural gas processing. The project is currently expected to be completed in the second quarter of 2025.

Paul R. Baay, President and Chief Executive Officer, commented:

“With drilling complete on Pad B at Cascadura, we are moving rapidly into the completion and tie-in phase. While Cas-4ST2X presented challenges due to re-entering a previous wellbore, the systems implemented on the Cas-5 well have proven effective. We remain confident in our ability to drive repeatable cost and efficiency gains at Cascadura and across our Central block program.”

Production update

Production volumes averaged 5,152 boe/d in August 2025, compared with 5,300 boe/d in July and 5,088 boe/d in June. August volumes comprised 21.7 MMcf/d of net natural gas production (3,623 boe/d) and 1,529 bbls/d of net crude oil and liquids production.

Strategic Divestiture

Touchstone has entered into a sale and purchase agreement to dispose of its non-core Fyzabad oil property to a third-party Trinidad-based company. Fyzabad averaged 37 bbls/d of net production in August 2025 and had limited scalability within the Company’s portfolio.

Transaction consideration consists of three turnkey drilling wells to be drilled across Touchstone’s WD-8 and WD-4 blocks. Under the agreement, the purchaser will drill the wells while Touchstone supplies certain ancillary drilling and completion equipment.

Two wells are currently scheduled for drilling before year-end 2025, with the third well planned for the first quarter of 2026. Closing of the Fyzabad disposition is expected in the fourth quarter of 2025, subject to customary regulatory approvals

 

 

 

Touchstone to sell Fyzabad non-core assets

1 October

In its latest operations update TOUCHSTONE Exploration announced it intends to sell its non-core Fyzabad oil property by the end of 2025 as part of its strategy to focus on core assets.

“Touchstone has entered into a sale and purchase agreement to dispose of its non-core Fyzabad oil property to a third-party Trinidad-based company.”

The Fyzabad property averaged 37 barrels per day (bbls/d) of net production in August 2025 and offered limited scalability within the company’s portfolio.

“Transaction consideration consists of three turnkey drilling wells to be drilled across Touchstone’s WD-8 and WD-4 blocks. Under the agreement, the purchaser will drill the wells while Touchstone supplies certain ancillary drilling and completion equipment. Two wells are currently scheduled for drilling before year-end 2025, with the third well planned for the first quarter of 2026. Closing of the Fyzabad disposition is expected in the fourth quarter of 2025, subject to customary regulatory approvals,”

In its 2024 annual report, Touchstone stated that its non-core Fyzabad exploration and production licence contained no minimum work obligations and expires in August 2032. In addition to its non-core Fyzabad assets, Touchstone has exploration and production licences with the Ministry of Energy covering its Fyzabad producing property and the Charuma, Cipero, Ortoire, and Rio Claro exploration fields..

“The licences typically are for an initial six-year term, with the option to extend certain acreage a further 19 years upon an approved commercial discovery,”

Touchstone’s decision to sell the assets aligns with its 2024 annual report, which outlined plans to divest non-core holdings

“Touchstone continually assesses the value and mix of its assets in light of the company’s business plans and strategic objectives. In this regard, at times, non-core assets may be periodically disposed of, so the company can focus its efforts and resources more efficiently,. Depending on the state of the market for such non-core assets, certain non-core assets of the company may realise less on disposition than its related carrying value on the consolidated financial statements of the company,”

In June last year, Touchstone exchanged its working interests in various private leases in the non-core San Francique property for the counterparty’s 100% working interest in a licence with Heritage governing the Balata East block.

 

 

 

LEGAL VULTURES

$16m paid for Paria CoE

October 22, 2025

Expressing outrage and heartbreak over revelations that over $16 million was paid for the Commission of Enquiry (CoE) into the deaths of his four colleagues, sole survivor of the 2022 Paria diving tragedy, Christopher Boodram said he felt “disgusted” and “betrayed” after the Office of the Prime Minister released the long-awaited details following a court-ordered disclosure.

Commissioners, attorneys & consultants for the enquiry and Paria Fuel Trading Company Ltd’s legal defence team received multi-million-dollar payments.

The OPM spent approximately $9,871,496.66 million on fees for Commissioners and the CoE’s legal team. Correspondence from Paria showed it paid $6,460,732.73 up to August 17, 2023, to its attorneys, Gilbert Peterson, Jason Mootoo, Gretel Baird, Thane Pierre and Sebastian Peterson. Combined payments amounted to $16,332,229.39.

Following disclosure, Boodram condemned a “feeding frenzy” among lawyers under the last government, led by then prime minister Dr Keith Rowley, when the CoE was established.

“I am disgusted with the latest disclosure of legal fees paid by former prime minister Dr Keith Rowley to the Commissioners and their lawyers in the Commission of Enquiry into the Paria diving tragedy.

When one bears in mind the millions of dollars in legal fees paid to its lawyers, it is clear that this Commission was nothing more than a political excuse for PNM lawyers to engage in a feeding frenzy at our expense.”

Disclosure confirmed his worst fears about how the tragedy had been used for political and financial gain.

“I feel as though legal vultures swooped down to feed and pick at the corpses of my brothers who died in that pipeline. I bared my soul and told my story to the nation for free and it is grievous and painful to learn about the millions spent on lawyers when not one red cent has been paid to the families.”

The Paria tragedy occurred on February 25, 2022, when five divers attached to LMCS Ltd were conducting maintenance on a 30-inch underwater pipeline at Paria Pointe-à-Pierre.

The divers were suddenly sucked into the pipeline due to a pressure differential, trapping them deep within. Fazal Kurban, Kazim Ali Jr, Rishi Nagassar and Yusuf Henry were left inside the pipeline for hours as rescue efforts were delayed.

Their bodies were recovered several days later. Boodram was the lone survivor, managing to escape after hours of struggling through darkness and contaminated water.

His first-hand account became a key part of the subsequent commission of enquiry. The CoE, chaired by King’s Counsel Jerome Lynch, found that Paria’s management was negligent and that its decision not to immediately authorise a rescue operation may have contributed to the divers’ deaths. The commissioners recommended that corporate manslaughter charges be considered.

While Boodram long expressed frustration over the lack of progress on those recommendations, charges under the Occupational Health and Safety (OSH) Act have been filed against Paria, its terminal operations manager Colin Piper, LMCS, and its director Kazim Ali Snr, stemming from the CoE’s findings.

Still, the families of the deceased divers have not received compensation or closure. He questioned why recommendations of the enquiry have not yet been implemented.

“Sometimes I wonder if the Commission of Enquiry was a PNM political gimmick because none of the Lynch recommendations have been implemented. I feel forgotten and betrayed because the matter was referred to the DPP, but to date there is no word on whether the recommendation for persons to be charged with corporate manslaughter will ever become a reality. Poor people have no justice in this country.”

The disclosure of the multi-million-dollar payments came after a High Court ruling on October 14 by Justice Joan Charles, who ordered the OPM to release the names and amounts paid by it to all individuals and entities who worked on the CoE.

The order came in response to a judicial review claim filed by activist Marsha Walker, represented by senior counsel Anand Ramlogan and his legal team from Freedom Law Chambers.

Justice Charles rejected the ousted regime’s arguments for secrecy, stating that where public funds are spent on public business, the presumption must always favour transparency. The court found that the OPM’s refusal under then-prime minister Rowley to disclose the names had been “illegal and in breach” of the Freedom of Information Act and ordered the State to pay Walker’s legal costs.

Following the judgment, the OPM, now under Prime Minister Kamla Persad-Bissessar SC, complied with the court’s directive, leading to the release of the information. Boodram publicly thanked Persad-Bissessar for not appealing the ruling, saying he was hopeful her government would also ensure that justice and compensation finally reach the victims’ families.

“My last hope is to appeal to the Honourable Prime Minister, Mrs Kamla Persad-Bissessar SC and humbly beg her intervention so that we can hopefully get some relief. I know that she has a kind and compassionate heart and genuinely believe she will try her best for us.”

On October 9, the OSH charges against Paria, LMCS, Piper and Ali Snr came up for hearing before Deputy Chief Magistrate Brian Dabideen at the San Fernando Court. The matters reached a critical juncture given the possibility that the entire prosecution may be halted based on a recent landmark ruling by the U K Privy Council.

The magistrate stated that the Privy Council decision “goes to the root of this matter” because it determined that all OSH Act criminal prosecutions must be filed within six months of the breach coming to the knowledge of an OSH inspector. In this case, the criminal complaints were not filed until December 2023—almost two years after the Paria incident in February 2022. The court has prioritised resolving this limitation issue before proceeding further.

The matter has been adjourned to December 12 for magistrate Dabideen to deliver a decision on whether the six-month limitation period has expired, which will determine if the case moves forward or is stopped “in its tracks.”

Commission of Enquiry payments to commissioners and attorneys (TTD)

1. Jerome C.A Lynch Commissioner $2,334,274.31
2. Gregory Wilson Commissioner $1,100,000.00
3. Ramesh Lawrence Maharaj Senior Legal Counsel $3,245,000.00
4. Ronnie Bissessar Junior Legal Counsel $2,210,000.07
5. Vijaya Maharaj Instructing Attorney $982,222.28

Sub-Total $9,871,496.66

Sums provided by Paria in August 2023 over payments it made to its attorneys up to April 24, 2023:

Paria’s Commission of Enquiry legal team:

Gilbert Peterson, SC, Jason Mootoo, Gretel Baird, Thane Pierre, Sebastian Peterson.

Payments:

1. 11th August, 2022 – $1,189,163.13
2. 10th November, 2022 – $1,558,971.69
3. 22 February, 2023 – $1,724,845.78
4. 24th April, 2023 – $1,987,752.13

Total as at April 24, 2023 – $6,460,732.73

 

 

 

Cabinet portfolio changes

2025, 10/06

Finance Minister, Davendranath Tancoo
Minister of Justice, Devesh Maharaj
Minister in the Office of the Prime Minister and Minister of Public Utilities, Barry Padarath
Attorney General, John Jeremie
Minister of Labour, Small and Micro Enterprise Development, Leroy Baptiste
Legal Affairs Minister, Saddam Hosein
Minister of Planning, Economic Affairs and Development, Kennedy Swaratsingh
Minister of the People, Social Development and Family Services, Vandana Mohit
Minister of Energy and Energy Industries, Dr Roodal Moonilal
Minister of Homeland Security, Roger Alexander

Now responsible for the following:

Prime Minister Kamla Persad-Bissessar, SC – Heritage Buildings, Constitutional Reform, National Trust, National Commission for Self-Help Limited, National Library Services and the National Library and Information System Authority, Home Improvement Grants Policy, Housing and Village Improvement Programme (HVIP), and Government Aided Self-Help Housing Programme (GASHHP).

Attorney General John Jeremie, SC – the Criminal Justice Unit.

Finance Minister/Minister in Planning, Economic Affairs and Development, Dave Tancoo – National Health Insurance System and Export-Import Bank of Trinidad and Tobago Limited (Eximbank).

Homeland Security Minister Roger Alexander – the Prison System.

Justice Minister/Minister in the Attorney General’s Office Devesh Maharaj – Electronic Monitoring, Environmental Commission, Equal Opportunity Commission, Equal Opportunity Tribunal, Tax Appeal Board, Criminal Injuries Compensation Board, Council of Legal Education, and Hugh Wooding Law School.

Labour Minister Leroy Baptiste – National Entrepreneurship Development Company (NEDCO).

Legal Affairs Minister Saddam Hosein – Legal Affairs, now reclassified as the Ministry of Land and Legal Affairs.

The title of Minister in the Ministry of Agriculture, Land and Fisheries is now reclassified as the Ministry of Agriculture and Fisheries.

Responsibility for matters relating to Lands and Surveys, Land Management, Regularisation of Tenure / Housing for Squatters, Surveys and Mapping, Valuation, Land Settlement Agency, Land Survey Board of Trinidad and Tobago, and Estate Management and Business Development Company. Planning, Economic Affairs and Development Minister Kennedy Swaratsingh/Minister in Finance – Social Planning, Development and Monitoring.

Minister of the People, Social Development and Family Services Vandana Mohit – Geriatric Adolescent Partnership Programme.

Public Utilities Minister / OPM Minister Barry Padarath – power generation, Trinidad Generation Unlimited, and PowerGen.

Unchanged ministries:

Works and Transport – Jearlean John.
Defence – Wayne Sturge.
Rural Development and Local Government – Kadijah Ameen.
Education – Dr Michael Dowlath.
Tertiary Education and Skills Training – Dr Prakash Persad.
Foreign and Caricom Affairs – Sean Sobers.
Transport and Civil Aviation – Eli Zakour.

 

 

 

Chaguaramas Development Authority

October 6

Planning, Economic Affairs and Development Minister Kennedy Swaratsingh appointed a new board of directors at the Chaguaramas Development Authority (CDA). Letters of appointment were presented to the nine-member board specialising in the legal, industry, business, HR and medical sectors.
The new board members include chairman Calise Narinesingh-Martin, deputy chairman Kirby Joseph and:    Manmohan Balkaran; Dr Louis Percival Anthony Nurse; Jamie Sarah Edwards; Nalini Goindoo; Shelly Balkissoon; Dr Nalini Kokaram and Felicia Holder.

Swaratsingh thanked new members for their acceptance of the appointments and reminded them of the importance of the Chaguaramas peninsula to Trinidad and Tobago from an economic, historical, environmental and cultural perspective.

While development has been on auto-pilot for the past ten years, master plans for Chaguaramas exist and can be sources of ideas for the enhancement of the space.

Key items of attention include a review of the facilities and amenities under the CDA’s remit; ad hoc property development; the abandonment of derelict vessels in the surrounding waters; the pollution of the ocean and the current state of leases.

The minister discussed the enhancement of tourism and entertainment on the peninsula, revitalisation of the hotel school and the exploration of other ideas to contribute to economic enhancement and opportunities for citizens.

The board was reminded of the agricultural designation of parts of the Chaguaramas peninsula and its potential to be a foreign exchange generator to build the economy through the development of entrepreneurs.The need for a policy for the minor islands in the west, referred to as “Down the Islands” and revitalisation of the yachting sector were also outlined as important items for consideration.

The new board was encouraged to enjoy the appointment and partake in the natural wonders of Chaguaramas to inspire ideas for development that also take into consideration the care of natural features such as the beaches, trails, capuchin and howler monkeys and historical features and infrastructure.

Swaratsingh implored members to keep the history of the peninsula in mind while focusing on making it an amazing place for the heritage, citizens and future well-being of Trinidad and Tobago.

The Authority was established by an Act of Parliament in 1972 to administer and co-ordinate the development of the northwestern peninsula. The CDA is vested with all the land of the north west peninsula of the island of Trinidad, including the five islands.
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[  ECO Note: With a parliamentary majority, the government must propose the sale of uninhabited Chacachacare Island to the USA for a Naval Base and Radar Station to defend the region from an existential threat of Drugs, Arms and Migration (DAM).

The westernmost of the Bocas Five Island of 900 acres, Chacachacare is a natural impregnable fortress, 7 miles from Paria Peninsula in Venezuela. The sale will generate revenue to cut the budget deficit. The project will create jobs in construction and operations while providing security from DAM. T&T must offer this wasted resource while the US forces are in the harbour, a heaven-sent opportunity to rescue T&T.

In 2022 Operation Trigger of INTERPOL and the Caribbean Community (CARICOM) Implementation Agency for Crime and Security (IMPACS) led to seizure of 350 weapons, 3,300 rounds of ammunition and record drug hauls of 10.1 tonnes of cocaine and 2.5 tonnes of cannabis, highlighting convergence of trafficking routes and use of firearms to control illegal drug trade across the Caribbean. Daily reports confirm the spread of this menace.
https://www.interpol.int/en/News-and-Events/News/2022/Hundreds-of-firearms-and-12.6-tonnes-of-drugs-seized-in-Caribbean-operation

These actions support Prime Minister Kamla Bissessar who told UNGA that the notion of the phantom Caribbean “zone of peace” was outdated. The 200-year internecine conflict in Haiti is clear evidence of a Deadly Zone of War where Caricom troops joined US-led peacekeeping since 1994. Riots, revolts and rebellions since 1970 hindered progress in the sub-continent of the Antillean archipelago and adjacent mainland of the Americas. Caricom lacks the capacity, resources and cooperation to challenge traffickers endangering life. Sanctimonious opponents to US action should cease and desist criticism of the solution to guarantee security. Escalation of geopolitical deterioration and insecurity meant the region is no longer peaceful or secure due to self-inflicted criminality . Exxon is exploring TT offshore block UD1 adjacent to Stabroek Block and there is reason to hope for another oil and gas field in the petroliferous Atlantic Hydrocarbon Province. Cold weather and new sanctions on warriors boosted the oil and gas price. Caricom airports, NEC and other companies reject TTD and demand USD for payments, proving the key role of USA in the region. ]

 

 

 

Historic energy achievement

October 2.

NGC congratulated Persad-Bissessar on her “historic achievement” in securing the support of US Secretary of State Marco Rubio for the approval of the relevant Office of Foreign Asset Control (OFAC) licences.

National Gas Corporation (NGC) chairman Gerald Ramdeen praised Prime Minister Kamla Persad-Bissessar for securing US backing for the cross-border Dragon gas project,

“the single most important and significant achievement by a sitting prime minister towards providing energy security to this nation and the region.

Our Prime Minister, against all odds, delivered on her promise to return Trinidad and Tobago to its rightful position as this region’s energy hub and leader in the development of hydrocarbon resources throughout the Caribbean and wider region.”

These licences will enable the development of cross-border hydrocarbon projects with Venezuela, including the Dragon gas field. Persad-Bissesar met Rubio on Tuesday at the State Department in Washington DC. After the meeting, principal deputy spokesperson Tommy Pigott said that Secretary Rubio acknowledged the importance of energy security for Trinidad and Tobago’s economic prosperity and regional stability.

“He outlined US support for the Government’s Dragon gas proposal and steps to ensure it will not provide significant benefit to the Maduro regime. The Secretary emphasised that deepening US–Trinidad and Tobago cooperation will be critical to disrupting narco-trafficking networks, strengthening regional security, and safeguarding our region.”

The Office of the Prime Minister stated that the Government was informed that the US Secretary of State supports approving the relevant OFAC licences to initiate discussions on developing cross-border hydrocarbons. NGC stated,

“The approval of these licenses will open the door for this country, in conjunction with our international partners and the Venezuelan government, to explore and bring to market gas from the Dragon and Manakin-Cocuina gas fields.

This provides NGC with the foundation that it requires to now advance other projects in conjunction with the Venezuelan government that will increase this country’s gas supply and rejuvenate this country’s energy sector. These projects will bring benefits to our country, the Venezuelan people and indirectly, the United States of America.”

 

 

 

 

Two Shell NXplorers scholarships

2025, 10/06

Shell Trinidad and Tobago Limited, in partnership with the National Institute of Higher Education, Research, Science and Technology (NIHERST), presented two students with the 2025 Shell NXplorers Energy & Innovation Academic Scholarships, valued at TT$35,000 each for their academic achievement, pursuit of STREAM-related studies, and participation in the Shell NXplorers Programme.

The scholars are Fariba Bhaggan, who is pursuing undergraduate studies in Computer Science, and Mya Abbott, who is pursuing undergraduate studies in Agri-Food Safety and Quality Assurance.

The NXplorers Programme is implemented in 18 countries, and seeks to equip young people with problem-solving tools and encourage solutions to challenges linked to the Food-Water-Energy nexus.

The scholarship, launched in 2023, supports tuition and educational expenses for students at local or regional tertiary institutions in STREAM disciplines.   Through the NIHERST-Shell partnership, recipients also access mentorship and capacity-building opportunities.

NIHERST acting president, Julie David, congratulated the scholarship recipients. Fariba’s pursuit of Computer Science supports digital transformation, while Mya’s studies in Agri-Food Safety contribute to stronger food systems and public health. The awards represent confidence in the potential of youth and affirm that their ideas and voices matter.

Country Chair & English Caribbean and Corporate Relations Head for Shell Trinidad and Tobago Limited, Candice Clarke-Salloum, said the scholarships “reflect Shell’s belief in young people’s potential and its commitment to supporting their development alongside families and mentors.”