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The lifeblood of the economy—the energy sector—experienced major turbulence in Trinidad and Tobago this year, marked by Venezuela suspending gas agreements with this country and the departure of global nitrogen producer Nutrien. Yet amid the uncertainty, several new discoveries and investments also reshaped the landscape.
Dragon gas in 2025
In April, T&T learned that the United States had revoked its OFAC licence to develop the Dragon gas field with Venezuela. Former prime minister Stuart Young said at the time that the revocation was not unexpected and said he had requested a bilateral meeting with Secretary Rubio.
Young later said Rubio assured him, “We are not going to harm Trinidad and Tobago.”
He described the discussions as “frank and detailed”, adding that Rubio reiterated the project’s strategic value for T&T and for Caricom states reliant on its downstream products.
Prior to the revocation, BP, Shell and the National Gas Company (NGC) held OFAC licences to explore and develop cross-border gas fields along the Trinidad-Venezuela maritime boundary. BP had been pursuing the Manakin-Coquina field, while Shell focused on Dragon, with both positioned to supply gas for LNG and petrochemicals.
The licences were valid for two years, during which time the companies engaged Venezuela and advanced development plans. Young had also disclosed in May 2024 that T&T was paying over US$1 million per year in taxes to Venezuela as part of the arrangement, including royalty, a 5% special commission, surface tax, social contributions, and a confidential signing bonus. The gas lay just 15 kilometres of pipeline away from Trinidad.
After the April 28 general election, newly appointed Energy Minister Dr Roodal Moonilal said in early October that the Dragon deal could resume “peacefully” once the US reissued the OFAC licence.
He argued the project was back on track despite regional geopolitical tensions, saying, “We have secured the support at the highest level of the US government.”
Moonilal stressed the field’s importance as a major resource that could bring significant benefits to T&T.
“We want to assure you that while the Dragon was dead…the project has been resurrected in record time for the benefit of the people of T&T,” he said.
He also disclosed that upon assuming office, his ministry had been quietly engaging US and Venezuelan officials and that he had travelled to Washington for high-level energy discussions.
On October 7, Attorney General John Jeremie announced that T&T had secured a new OFAC licence following a request submitted on May 19 by the new Government.
One week earlier, Prime Minister Kamla Persad-Bissessar had said the licence was expected shortly.
“This is one step in a two-step process. The second step would be our licence with Venezuela,” she said, noting that existing arrangements required renegotiation and that Shell remained involved.
Later in October, Venezuelan Vice President and Energy Minister Delcy Rodriguez sharply criticised the developments, accusing Persad-Bissessar of leading T&T “off a cliff”.
At the Venezuela Productiva 2030 forum, she insisted that Venezuela must be paid “for any molecule that is exported” and claimed Rubio had misled the Government.
“They need the oil of Venezuela, and the only way is through the government of Venezuela,” she said.
Tensions escalated further on October 26 when the USS Gravely arrived in Port of Spain. The following day, Venezuelan President Nicolas Maduro ordered the suspension of all energy-development cooperation with Trinidad, including joint gas projects, pending review by his oil ministry and PDVSA.
Nutrien exits T&T
On October 23, Nutrien shut down its nitrogen operations at Point Lisas, one day after being granted temporary port access until year-end.
The company confirmed in a statement that it had “safely shut down its nitrogen operations in T&T,” citing unresolved issues including US$28 million in retroactive port access fees and the lack of a reliable, economically sustainable natural gas supply.
Vice-president and managing director Edmond Thompson told employees that discussions with National Energy had failed to produce a viable solution.
Despite the port-access extension, “the key issues remain unresolved”, he wrote, noting the continuing dispute over retroactive fees and the wider question of the operation’s financial viability.
Nutrien had met with NGC leadership on October 22 following its earlier notice of a controlled shutdown due to the US$28 million port fee dispute. The announcement affected nearly 600 workers and contractors, with the company instituting short-term layoffs.
Ammonia and urea from its Point Lisas operations—85,000 and 55,000 tonnes per month—were exported to 30 markets. National Energy said it was owed over $612 million by port users and insisted it had taken “reasonable steps” to support Nutrien’s continued operations.
On November 21, Prime Minister Kamla Persad-Bissessar met Nutrien president and CEO Ken Seitz, accompanied by Moonilal and NGC chairman Gerald Ramdeen. A release from the Office of the Prime Minister said the discussions were productive and reaffirmed the Government’s commitment to protecting jobs and securing continued energy-sector investment. Nutrien later confirmed that no additional sales volumes would come from its Trinidad operations for the rest of 2025.
Oil and gas investments and discoveries
Despite the year’s turbulence, several major exploration and production developments advanced.
In May, EOG Resources announced a shallow-water offshore oil discovery, with its chairman and CEO Ezra Yacob describing the Beryl well as the culmination of “a successful 2024 drilling campaign”.
The well, located in 170 feet of water, encountered more than 125 feet of oil-bearing net pay. EOG has operated in Trinidad for over 30 years, producing 1.2 Mbod of crude and condensate, and 246 MMcfd of gas during the first quarter.
In August, Persad-Bissessar reported that ExxonMobil could invest up to US$21.7 billion in T&T if exploration in the eastern deepwater proves successful. The first phase requires US$42.5 million in expenditure, with the company agreeing to drill two exploration wells in subsequent optional phases. Moonilal outlined the project’s obligations, valued at US$12.8 million in phase one, and noted the scale of the acreage, which spans 7,165 square kilometres.
Less than a month later, ExxonMobil projected a 20% rise in global natural gas demand over the next 25 years.
By November, bpTT announced the safe completion of its seven-well Cypre programme following first gas seven months earlier. The development, tied back to the Juniper platform, is expected to deliver roughly 250 million standard cubic feet of gas per day at peak.
bpTT president David Campbell said the project underscored the company’s commitment to maximising production in the Columbus Basin. He highlighted other 2024–2025 successes, including the Frangipani gas discovery and first gas from the Mento project with EOG.
Moonilal praised the accelerated timeline, saying the additional Phase 2 wells came online “significantly ahead of schedule,” noting they were originally expected in 2026. Cypre is bpTT’s third subsea development and is fully owned by the company.
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