ECNETNews, February 24, 2025: Trinidad and Tobago’s energy sector is poised for significant advancement, fueled by an impressive US$1.08 billion investment from newly awarded contracts in the latest upstream licensing round.
During a recent industry event, the Energy Minister of Trinidad and Tobago, Stuart Young, underscored the importance of this substantial capital expenditure, forecasting a robust increase in domestic upstream activities over the next five years.
Shallow Water and Onshore Investments Set to Transform Energy Sector
The majority of this extensive funding—exceeding US$1 billion—will be allocated from the shallow water licensing round, with initial gas production anticipated between 2029 and 2036, as stated by Minister Young.
Production sharing contracts (PSCs) for several offshore blocks have been awarded, including:
✅ EOG Resources Trinidad – Blocks NCMA 4(a) and Lower Reverse L
✅ BP Exploration Operating – Block NCMA2
✅ BG International – Block U(c)
An additional US$84.3 million will support onshore developments, with contracts awarded for the Aripero, Buenos Ayres, Charuma, Cipero, and St. Mary’s blocks.
Expanding Horizons: Deepwater Licensing and Collaborative Ventures
To further enhance energy production, the Trinidad and Tobago government has initiated a new bidding round for 26 deepwater blocks, part of a strategic plan to attract foreign interest.
Minister Young also highlighted advancements in cross-border projects with Venezuela, focusing on the Dragon and Manakin-Cocuina fields.
“Efforts are underway to finalize decisions for the Dragon gas project, with a target first gas delivery in 2027. Additionally, the seismic data review for Manakin-Cocuina is expected to wrap up by the third quarter of this year,” stated Young.
Prime Minister Dr. Keith Rowley reaffirmed the government’s dedication to advancing these initiatives in collaboration with Venezuela and key energy stakeholders, underlining their vital role in regional energy security.
A Bright Future for Trinidad and Tobago’s Energy Sector
With over $1 billion in new energy investments, expansive deepwater exploration prospects, and cross-border partnerships, Trinidad and Tobago is strategically positioning itself for a transformative era in its energy sector. These developments promise to elevate domestic production and solidify the nation’s standing as a key energy supplier in the Caribbean and beyond.
