Emergency to be extended by six months

2025, 10/28

Prime Minister Kamla Persad-Bissessar  confirmed the extension  of the State of Emergency (SoE) well into 2026.  The United National Congress (UNC) Government will head to Parliament on Friday to extend the SoE for six months until May 2026 and  does not require Opposition  votes in the Lower House to pass the extension.  It will be the second SoE that will run during a Carnival period. This year’s Carnival also took place under an SoE.

The SoE was instituted on July 18. Following debate in Parliament on July 28, it was extended for three months. That period expires today.

The measure was announced amid escalating murders and what authorities said were planned attacks by a criminal network of  ex-prisoners on   targets  in the judiciary, Government, law enforcement agencies, officers in the office of the Director of Public Prosecutions and prison officials. Police Commissioner Allister Guevarro had recommended the SoE, based on intelligence concerning the existence of a sophisticated criminal network operating from within the prison system.

Subsequently,  inmates were removed from the Maximum Security Prison in Arouca to  Chaguaramas  with others under detention orders.

PM  Persad-Bissessar,  head of the National Security Council,  met security heads last weekend  and  revealed that CoP Guevarro recommended the SoE extension. AG John Jeremie will present reasons and a motion to Parliament  for approval of the extension.

Government officials cited continuing home invasions, armed robbery, violent crime,  heightened US-Venezuela tension and rising friction between Venezuela and T&T,  with  the possibility of fallout on T&T from either situation, if US-Venezuela hostilities erupt in  confrontation.

“…That means war,” they clarified.

The first extension was passed with a simple majority of the Government’s votes and  passage   did not require votes from the   Opposition which  had abstained.

Under law, further extension of the SoE will require a three-fifths special majority vote in the House of Representatives and the Senate. Passage in the House requires 25 votes and  Government  had 26 UNC MPs and the two Tobago People’s Party MPs sitting on the Government side who

“routinely vote with Government. So PNM votes are not needed.”

Once passed in the House, the motion will  be debated  in the Senate. The Government has 16 senators and  will need at least two more votes as  the Opposition has 6 and   Independent Senators have 9 .

Opposition officials said, ”The Government has to come clean and come good to justify the extension.”   A 6-month extension will make it almost a year that T&T has been under SoEs.

The previous regime announced an SoE on December 30, 2024, following surging  criminal activities threatening public safety. No curfew was implemented. On January 13, 2025, Parliament extended the SoE to April 13. Three months after, the UNC took office in April, an SoE was announced in July.

Government officials did not believe an extended SoE would affect T&T’s investment profile. Carnival 2025 took place successfully. The SoE can  be halted at any point in the six months.

 

 

T&T  BUDGET  2025-26

Finance Minister Davendranath Tancoo announced planned expenditure of $59.232 billion with total revenue of $55.367 billion and a fiscal deficit of $3.865 billion, pegged against an oil price of US$73.25 a barrel, currently US$60 and a gas price of US $4.35 per mmbtu, currently US$3.09 per mmbtu.

ALLOCATIONS

1. 1. 1. • Education and Training: $8.766B
      2. • Health: $8.214B
      3. • National Security: $6.366B
      4. • Public Utilities: $3.395B
      5. • Infrastructure: $1.943B
      6. • Rural Development & Local Government: $1.807B
      7. • Transport: $1.840B
      8. • Agriculture: $1.130B
      9. • Housing: $0.662B

JANUARY 1 2026  FISCAL MEASURES

1. 1. 1. * 0.25 per cent Levy on Assets of Commercial Banks and Insurance Companies
      2. * Penalties on offences from $2,000 to $4,000
      3. * Driving while disqualified from holding or obtaining a driving permit – $5,000
      4. * Careless driving – $15,000
      5. * Driving or being in charge of a vehicle while blood alcohol levels exceed prescribed limit – $15,000
      6. * Subsidy on Liquified Petroleum Gas-cylinders of 100 pounds and above by $0.50 per pound. The price of cylinders below 100 pounds, including the standard 20-pound cylinders, will continue to be subsidised at the same rate.
      7. * Increase in the permissible age of import of private cars powered by gasoline, diesel or CNG from 3 years and under, to 6 years and under, from date of manufacture; and (ii)an increase in the permissible age of importation of light commercial vehicles from 7 years and under, to 10 years and under, from the date of manufacture.
      8. * Increased container processing fees $525, $1,050 Customs Declaration Transaction User Fee Environmental Tyre Tax and on Wild Animals and Birds.
      9. * Customs Duties on Luxury Electric Cars – tiered rate of Motor Vehicle Tax applicable to the Electric Motor Size will be applied on vehicles whose CIF value exceeds $400,000.
      10. *5 per cent tax on CIF values of Single-Use Plastics which contribute to pollution.
      11. * Establishment of a Real Estate Investment Trust where high-value income-generating properties will be transferred into a professionally managed REIT. Shares will be listed on the T&T Stock Exchange
      12. * The National Investment Fund Holding Company Limited will launch a $1 billion NIF Bond in Fiscal 2026.
      13. * Removal of Motor-Vehicle Tax Concessions for returning nationals after the Financial Intelligence Unit report.
      14. * $10m Research and Development Impact Fund (UWI) for researchers and innovators to focus on climate resilience, citizen security, sustainable agriculture and health innovation.
      15. * $15m National Innovation and Incubator Programme to strengthen the innovation ecosystem and entrepreneurship.
      16. * eLEVATE Programme to upskill 15,000 educators, incorporate and modernise teaching methodologies.
      17. * NEXTCLASS programme to create an AI-powered user interface platform that empowers teachers with the resources to enhance their teaching effectiveness and foster a more personalised learning environment.
      18. * PEARL Project: Promoting early universal screening in schools for children to ensure that challenges in vision, hearing, growth, and development are detected and addressed before they become barriers to learning.
      19. * Tax concession for corporate and individual contributions to registered animal shelters.
      20. * Agricultural Incentives – removal of VAT on items for the sector.
      21. *Reduction in the cost of construction materials.

tps://www.finance.gov.tt/wp-content/uploads/2025/10/Budget-Statement-FY-2026-2.pdf

Securing the Future of Energy and Energy Industries Strengthening Crude Production

Mr Speaker, energy remains the backbone of our economy. In April 2025, crude and condensate output averaged 52,357 barrels per day, rising to 55,257 by August — an increase of nearly 3,000 barrels. Gains came from bpTT, EOG Resources, and Heritage Petroleum, supported by the Mento Development project that achieved first production in May.

Heritage is expanding its drilling campaign, and Perenco’s acquisition of shallow-water assets from bpTT and Woodside is expected to boost mature-field output. Natural Gas Expansion Gas production rose from 2.41 to 2.73 billion cubic feet per day between April and May 2025, driven by bpTT’s Cypre Phase 1 and the Mento field. Phase 2 of Cypre will further strengthen supply. Foreign investment in upstream remains robust — US$2.2 billion projected in 2025, rising to US$2.5 billion in 2026.

The Deepwater Bid Round offering 26 blocks closed with four bids, and a US$42.5 million PSC was signed with ExxonMobil for TTUD-1, marking renewed international confidence. We are advancing energy cooperation with Grenada, Suriname, and Guyana on exploration, renewable energy, and capacity building. Negotiations with the Trinidad Steel Company for a new gas contract will restart steel production, creating jobs and reviving exports.

Renewable Energy: Transitioning to a Low-Carbon Future
Mr Speaker, as we maximise oil and gas returns, we remain committed to renewables.
Our goal is a 15% emissions reduction by 2030. The 92.2-megawatt Brechin Castle solar plant began delivering green power in July 2025 and will be the largest in the English-speaking Caribbean when completed. We are finalising a Renewable Energy Policy and progressing toward wind development — with 2.75 gigawatts onshore and 32 gigawatts offshore identified. The Offshore Wind Resource Assessment Programme, expanded in July 2025, will provide bankable data by 2026. We are also laying the foundation for a Green Hydrogen Economy, aiming to scale to 25 gigawatts of offshore wind and 1.5 million tonnes of hydrogen by 2044, reaching 4 million tonnes by 2065. This Government is not merely managing the sector; we are shaping its future.

Economic Diversification: A New Reality – Agriculture, Manufacturing and Tourism Encouraging Agriculture
Mr Speaker, agriculture is central to diversification and food security. It currently contributes less than 1% of GDP — a strategic vulnerability we must reverse. We will align with CARICOM’s “25 by 2025” initiative to reduce food imports by at least 25% by 2030 while promoting agro-exports. Key measures include:

1. 1. 1. A 3-Year Priority Commodities Programme for 15 high-demand products, with annual focus on three crops and one livestock category.
      2. • Climate-resilient farming and crop insurance, greenhouse incentives, and water-harvesting systems.
      3. • Integration of agriculture into schools and youth entrepreneurship through the Youth Agricultural Fund.
      4. • Export growth in fine-flavour cocoa, Moruga pepper, and aquaculture, doubling agro-exports by 2028. $793.7 million will be invested in infrastructure, irrigation, fisheries, land development, and agri-tech initiatives. Smart Agriculture and AI Farming will increase efficiency and self-sufficiency, targeting $1 billion in exports next fiscal year. We are distributing long-promised land leases to former Caroni workers and developing residential lots at Caroni and Orange Grove.

Link to a full report  in  .pdf

 

 

 

Dragon licence in hand

T&T outlines terms of OFAC agreement with US but yet to initiate talks with Venezuela on gas deal

2025, 10/10

Attorney General John Jeremie told media that the US awarded an OFAC licence to T&T for the development of the Dragon gas field after an application was made by Government and the NGC on May 19. T&T has been granted a six-month window under a newly issued Office of Foreign Assets Control (OFAC) licence from the United States Treasury Department, to allow Government and the National Gas Company (NGC) to formally engage in negotiations with Venezuela on the development of the Dragon gas project.

Describing it as the result of strategic diplomacy led by Prime Minister Kamla Persad-Bissessar and her administration, he read what the licence entails.

It was “issued under certain executive orders and it authorises US persons, including employees, affiliates, contractors and service providers employed by or acting on behalf of or for the direct or indirect benefit of the Government of the Republic of Trinidad and Tobago, the National Gas Company of Trinidad and Tobago Ltd, Shell, PLC, Futura Clara Limited, and their subsidiaries and their affiliates and contractors to engage in transactions ordinarily incident and necessary to negotiations with the government of Venezuela and Petroleos de Venezuela executives in connection with the Dragon gas project.”

Stating what the granting of the licence meant for T&T, the AG said, “First of all, it allows us to enter into negotiations with Venezuela, which at the present time would be prohibited under sanctions. We have six months to negotiate. Within parameters.”

The six-month period is valid until April 2026. He declined to share details about the commercial terms, as Government has begun to take the permitted steps pursuant to the licence to advance the project.

“We have a window of opportunity and the Government is moving assiduously to exploit that.”

Declaring that Dragon is “alive” the AG assured, “You have to hit commercial targets for US companies. We don’t think those targets are hard to meet. They are reasonable .. It’s a commercial win-win for all of the parties. The United States benefits from this arrangement. There are terms and conditions in the licence which ensure that US companies benefit and there are tiers as to exactly how they should benefit. Trinidad obviously stands to benefit and to a certain extent, the people of Venezuela will benefit.”

Pressed on those commercial targets , Jeremie maintained he could only state that these “benefit US entities within the arrangement that we now have,” adding he could not say more, including what the dollar figures would look like.

Jeremie acknowledged Shell, a key stakeholder in the project, was s an “invaluable partner” , though he refrained from elaborating on its role in the licence being granted.
The AG declined to state whether Government has been in contact with the Venezuelan government to start those negotiations.

On transparency and public, in light of past criticisms that negotiations under the previous administration lacked openness, Jeremie responded with more details.

“Three days ago, there was no licence. Today, there is,” he said, declaring the Dragon gas project is “alive.”

The licence followed talks between the Prime Minister and US Secretary of State Marco Rubio in Washington on September 30. On whether these statements may be pre-emptive, given the tension between Venezuela and the US, and presence of US warships in the Caribbean Sea, Jeremie insisted he had reason for saying the deal is alive.

“I might not have said that we have begun negotiations with Venezuela… What I mean by that is that we might not have sat around a table. No one has gone to Caracas…But that does not mean to say that there has been radio silence between Trinidad and Venezuela.”

On compensation to Venezuela, Jeremie said the licence does speak to that matter “obliquely,” adding this is something to be borne in mind in the course of the negotiations.

On December 21, 2023, the Venezuelan government issued a 30-year licence to the NGC and Shell to develop and export natural gas from the Dragon gas field to T&T. The OFAC played a key role in granting this licence under the then Joe Biden administration.

Chambers optimistic
The American Chamber of Commerce of T&T (AMCHAM T&T) said it believed the Dragon gas project would enhance the medium-term economic outlook and strengthen T&T position as a leading and reliable hemispheric partner in energy development. This was another positive affirmation of this country’s symbiotic relationship with the US, as the licence paved the way for legally compliant cross-border collaboration on the Dragon gas project.

“This licence is more than a regulatory milestone; it is a vote of confidence in T&T and our energy future.”

The Energy Chamber also extended congratulations to the Government on the OFAC licence, saying it allows T&T, along with state entities and private companies, to engage with Venezuela without being affected by sanctions.

This meant the involved entities may resume work on commercial and technical terms over the next six months.

 

Venezuela Gas Projects With Trinidad Win Rubio’s Backing

Bloomberg News, October 1, 2025 at 1:08 AM GMT+1

Trinidad and Tobago won support from US Secretary of State Marco Rubio to resume talks with the sanctioned government of Venezuela to develop gas projects.

Rubio told Prime Minister Kamla Persad-Bissessar that her country would need to ensure Venezuelan President Nicolas Maduro’s regime would not benefit from the relationship. The US plans to issue new licenses through the Treasury Department’s Office of Foreign Assets Control to allow the development of gas projects between Trinidad and Tobago and Venezuela

Trinidad and Tobago won support from US Secretary of State Marco Rubio to resume talks with the sanctioned government of Venezuela to develop gas projects.

After meeting Rubio, Trinidad and Tobago Prime Minister Kamla Persad-Bissessar said in a statement she obtained US support “for the development of this country’s hydrocarbon cross border resources”.

Rubio told Persad-Bissessar that her country would need to ensure Venezuelan President Nicolas Maduro’s regime would not benefit from the relationship, according to a State Department statement.

The two countries and Shell Plc had planned for years to develop a pipeline to export natural gas from Venezuela’s Dragon offshore gas field to Trinidad.

As originally envisioned, the West Indies nation would be able to use the gas for its petrochemical industry or process it as LNG for export to the international markets. Rubio’s statement specifically mentioned Trinidad’s “Dragon gas proposal,”  while Persad-Bissessar’s didn’t.

The US accused Maduro’s government of involvement in the narcotics trade and positioned Navy ships in the Caribbean Sea, bombing three boats from Venezuela that it alleges were transporting drugs. Tensions made it all the more difficult for companies seeking to do business in Venezuela to get exemptions to US sanctions.

Trinidad, once a pioneer in liquefied natural gas, is in a desperate search to find partners to tap new reserves in the region as output from its aging fields dwindle. Persad-Bissessar, a former prime minister who returned to power in April, positioned herself as a staunch ally of the US, praising the boat bombings.

“I have no sympathy for traffickers – the US military should kill them all violently,”  she said earlier this month.

Venezuelan and Shell officials had been pushing to ready gas exports to Trinidad by 2026 after receiving a waiver from the US in 2022 to allow work on the Dragon project.

But the US revoked that licence in April, two weeks ahead of Persad-Bissessar’s inauguration. She had said during the campaign that she opposed reopening talks with Venezuela for the Dragon pipeline.

Trinidad’s Energy Chamber and Shell, a partner in the project, worked to persuade her to back it. In addition to Shell, BP Plc and Chevron Corp. are among international companies tied to undeveloped offshore gas between Venezuela and Trinidad.

The Energy Chamber lauded Persad-Bissessar, saying that the US plans to issue new licenses through the Treasury Department’s Office of Foreign Assets Control.

The licenses are expected to be similar to those issued to Chevron for oil drilling in Venezuela. The Chevron deal allows for Venezuela’s state energy company to be compensated in-kind with a share of the production, rather than with cash.