The lifeblood of the economy\u2014the energy sector\u2014experienced 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.<\/p>\n
Dragon gas in 2025<\/p>\n
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.<\/p>\n
Young later said Rubio assured him, \u201cWe are not going to harm Trinidad and Tobago.\u201d<\/p>\n
He described the discussions as \u201cfrank and detailed\u201d, adding that Rubio reiterated the project\u2019s strategic value for T&T and for Caricom states reliant on its downstream products.<\/p>\n
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.<\/p>\n
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.<\/p>\n
After the April 28 general election, newly appointed Energy Minister Dr Roodal Moonilal said in early October that the Dragon deal could resume \u201cpeacefully\u201d once the US reissued the OFAC licence.<\/p>\n
He argued the project was back on track despite regional geopolitical tensions, saying, \u201cWe have secured the support at the highest level of the US government.\u201d<\/p>\n
Moonilal stressed the field\u2019s importance as a major resource that could bring significant benefits to T&T.<\/p>\n
\u201cWe 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,\u201d he said.<\/p>\n
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.<\/p>\n
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.<\/p>\n
One week earlier, Prime Minister Kamla Persad-Bissessar had said the licence was expected shortly.<\/p>\n
\u201cThis is one step in a two-step process. The second step would be our licence with Venezuela,\u201d she said, noting that existing arrangements required renegotiation and that Shell remained involved.<\/p>\n
Later in October, Venezuelan Vice President and Energy Minister Delcy Rodriguez sharply criticised the developments, accusing Persad-Bissessar of leading T&T \u201coff a cliff\u201d.<\/p>\n
At the Venezuela Productiva 2030 forum, she insisted that Venezuela must be paid \u201cfor any molecule that is exported\u201d and claimed Rubio had misled the Government.<\/p>\n
\u201cThey need the oil of Venezuela, and the only way is through the government of Venezuela,\u201d she said.<\/p>\n
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.<\/p>\n
Nutrien exits T&T<\/p>\n
On October 23, Nutrien shut down its nitrogen operations at Point Lisas, one day after being granted temporary port access until year-end.<\/p>\n
The company confirmed in a statement that it had \u201csafely shut down its nitrogen operations in T&T,\u201d citing unresolved issues including US$28 million in retroactive port access fees and the lack of a reliable, economically sustainable natural gas supply.<\/p>\n
Vice-president and managing director Edmond Thompson told employees that discussions with National Energy had failed to produce a viable solution.<\/p>\n
Despite the port-access extension, \u201cthe key issues remain unresolved\u201d, he wrote, noting the continuing dispute over retroactive fees and the wider question of the operation\u2019s financial viability.<\/p>\n
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.<\/p>\n
Ammonia and urea from its Point Lisas operations\u201485,000 and 55,000 tonnes per month\u2014were exported to 30 markets. National Energy said it was owed over $612 million by port users and insisted it had taken \u201creasonable steps\u201d to support Nutrien\u2019s continued operations.<\/p>\n
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\u2019s 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.<\/p>\n
Oil and gas investments and discoveries<\/p>\n
Despite the year\u2019s turbulence, several major exploration and production developments advanced.<\/p>\n
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 \u201ca successful 2024 drilling campaign\u201d.<\/p>\n
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.<\/p>\n
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\u2019s obligations, valued at US$12.8 million in phase one, and noted the scale of the acreage, which spans 7,165 square kilometres.<\/p>\n
Less than a month later, ExxonMobil projected a 20% rise in global natural gas demand over the next 25 years.<\/p>\n
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.<\/p>\n
bpTT president David Campbell said the project underscored the company\u2019s commitment to maximising production in the Columbus Basin. He highlighted other 2024\u20132025 successes, including the Frangipani gas discovery and first gas from the Mento project with EOG.<\/p>\n
Moonilal praised the accelerated timeline, saying the additional Phase 2 wells came online \u201csignificantly ahead of schedule,\u201d noting they were originally expected in 2026. Cypre is bpTT\u2019s third subsea development and is fully owned by the company.<\/p>\n<\/p><\/div>\n