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In the previous edition we shared information on benchmark prices in three key natural gas markets internationally and some of the factors which impact the price of gas internationally and the potential for impacts in T&T.
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Cypre is one of bp’s 10 major projects expected to start up worldwide between 2025 and 2027, announced as part of bp’s reset strategy to grow the upstream. Production from Cypre will make a significant contribution towards the 250,000 barrels of oil equivalent per day (boed) combined peak net production expected from these 10 projects.
Perenco has entered into an agreement with Woodside Energy to acquire its Greater Angostura producing oil and gas assets located in the northeast, shallow water offshore Trinidad, its onshore oil terminal and associated production and transportation facilities. Upon completion of a share sale, Perenco will assume control of two Woodside entities, their working interest and operatorship of the 2(C) and 3(A) Production Sharing Contracts.
bp Trinidad and Tobago has achieved two major milestones, sanctioning the Ginger gas development and exploration success at its Frangipani well.
This is the first installment of a two-part series examining natural gas prices. In this segment, we focus on the international pricing benchmarks for natural gas across three key markets: the Netherlands Title Transfer Facility (TTF), the U.S. Henry Hub, and the Japan/Korea Marker (JKM). These markets play a critical role in determining natural gas prices globally and are particularly relevant to Trinidad and Tobago (T&T). In the past the price for LNG being exported from T&T was linked to Henry Hub prices, however the revised pricing formula for T&T LNG exports is now based on one third JKM, one third TTF and one third the Brent oil price benchmark.
The British High Commission and the Proman Foundation are pleased to announce the signing of a Memorandum of Understanding (MoU) to increase the number of prestigious Chevening Scholarship awards offered to Trinidad and Tobago nationals.
Rum and Sargassum Inc. presented their innovative solution for a low cost, sustainable transportation fuel source at the T&T Energy Conference 2025
In Trinidad and Tobago, we’ve often hear the statement “there are over 1 million cars on the road”. This refers to the number of registered cars in the country and does not take into account deregistration or inoperable vehicles. Over the last decade however, over 213,000 vehicles have been registered and yet fuel sales have declined.
Three years ago, the Energy Chamber established the Innovation and Technology Challenge, a segment at its T&T Energy Conference which spotlights innovative projects, services or technologies which can expedite and improve the way things are done within the sector. The Challenge attracts submissions from T&T and the region, and this year 17 submissions were received. Of these, 5 finalists were selected by an expert panel of judges prior to the start of the conference, and each presented their projects to delegates attending the event.
The divestment of SPDC aligns with Shell’s intent to simplify its presence in Nigeria through an exit of onshore oil production in the Niger Delta and a focus of future disciplined investment in its Deepwater and Integrated Gas positions.
bp has announced the successful completion of drilling operations at the El Fayoum-5 gas discovery well in the North Alexandria Offshore Concession, marking the final well in its four-slot drilling campaign in the West Nile Delta.
JERA Co. Inc. and bp have announced the leadership team of their planned 50-50 offshore wind joint venture, JERA Nex bp. The new entity will be a leading global offshore wind developer, owner and operator and will be led by CEO Nathalie Oosterlinck, currently serving as CEO of JERA Nex
For the past decade, declining oil and gas production has been a key economic challenge for Trinidad & Tobago. Reversing this trend requires increased upstream investment, which is currently underway. Significant investments are being made in the upstream oil and gas sector, as well as in renewable energy.
Construction is advancing steadily in Dominica on a 10-megawatt geothermal power plant to become the second in the OECS and the first in the Caribbean Community (CARICOM), with a targeted completion date of Christmas Day–December 25, 2025.
The Energy Chamber of Trinidad & Tobago has long supported the privatization of the Guaracara/Pointe-a-Pierre refinery to put the asset to productive use. Significant capital investment is required to bring the refinery’s assets back into productive and profitable operation. This investment must be carefully deployed and managed, as it involves substantial risk. For this reason, the Energy Chamber has consistently maintained that no additional taxpayer funds from Trinidad & Tobago should be allocated to this investment; instead, the required capital should come from the private sector. Given the scale of the investment needed, the majority of this capital was always expected to originate from international sources, though the Energy Chamber has strongly supported and encouraged local private sector participation as well.
The Energy Chamber is pleased to learn that an investor has been identified to lease the refinery assets from Trinidad Petroleum Holdings Ltd (TPHL) with the objective of restarting refining operations. Reviving operations at the Guaracara refinery will generate new jobs, create business opportunities, and increase tax revenue for the government. Additionally, foreign direct investment in these assets will contribute to greater foreign currency circulation within the local economy. South Trinidad is home to many skilled workers and experienced contractors, who will play a crucial role in safely and efficiently restarting operations.
The Energy Chamber of Trinidad & Tobago is prepared to collaborate closely with Oando Trading to ensure the safe resumption of refinery operations, and we warmly welcome them to the Trinidad & Tobago energy industry. We are confident that this marks the beginning of a long and mutually beneficial relationship.
Note:
Before its closure, the Guaracara/ Pointe-a-Pierre refinery was a significant source of business for many members of the Energy Chamber, including smaller member companies. In an August 2018 survey of our 400 member companies, 59% of the 75 respondents reported having provided goods and/or services to the refinery over the preceding five years. At the time of its closure, 39% of them were actively engaged in supplying goods and/or services to the refinery. On average, these companies derived 25% of their business from refinery-related work, with four member companies indicating that the refinery was their sole customer. The total value of goods and services provided by these 75 companies to the refinery in the preceding year amounted to TTD 72 million.
The annual Trinidad & Tobago Energy Conference is the biggest and best attended energy sector event held locally. Companies and individuals from Trinidad & Tobago and around the world invest in the event to share information, seek insights, network, promote their businesses and influence the energy sector advocacy agenda.
For the third consecutive year, the Innovation and Technology Challenge winner presented their innovative project to delegates and was voted the winner at the T&T Energy Conference 2025. This challenge is designed to recognize groundbreaking and innovative solutions that address key challenges within the energy sector.