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Opposition Leader Pennelope Beckles dances on stage to make her address at the PNM public meeting at Pleasantville Community Centre on August 12. - Photo by Innis FrancisOPPOSITION LEADER Pennelope Beckles says the People’s National Movement (PNM) should be credited for the new exploration agreement the Government has signed with multinational oil and gas giant ExxonMobil.
She accused the current administration of claiming credit for groundwork laid by the PNM in the energy sector, which she said the UNC government is now relying on to drive its economic plans.
Speaking on August 12 at the Pleasantville Community Centre during her first address as PNM leader under the theme In Defence of the People, Beckles referenced the production sharing contract (PSC) for the TTUD-1 Block, signed earlier that day between ExxonMobil and the Government.
The signing took place at the Diplomatic Centre, St Ann’s, with Prime Minister Kamla Persad-Bissessar and Exxon’s vice president of global exploration John Ardill formalising the agreement. It marks the first partnership between TT and ExxonMobil in 23 years.
Persad-Bissessar said the deal “underscores our government’s commitment to strengthening national energy security and to unlocking the full value of TT’s hydrocarbon resources through discipline, policy, competitive terms and trusted partnerships.” ExxonMobil is set to spend about US$42.5 million ($288 million) in the project’s first phase, with total development projected between US$16.4 billion ($111.4 billion) and US$21.7 billion ($147 billion).
Beckles criticised the absence of acknowledgement for her party’s role in initiating the deal. “That ExxonMobil deal they signed they so bold face they would not give Stuart Young (former energy minister and prime minister) and former prime minister Dr Keith Rowley not a single credit.”
She said negotiations began in December 2024 under the PNM. “Don’t forget within the first two weeks (of the UNC in government) they jump up and tell you they going Guyana. They going to sign an agreement with Guyana for oil. Going to sign an agreement with Grenada.
“Well, the Guyana prime minister get up and say he eh have no oil for all you. None. Likewise, Grenada. So, Guyana and Grenada done. They have no shame whatsoever.
“That negotiation was started in December 2024 when the PNM was in office. The same Stuart Young did the negotiations. They now want to give the impression that Stuart did not know what he was doing.”
She said the PNM’s energy vision has spanned decades, citing leaders from Dr Eric Williams to Dr Keith Rowley. “The PNM had a vision for the energy sector, for the housing sector, for the health sector, for the education sector and the agricultural sector. That has always been PNM policy. That has always been PNM policy.”
The Energy Chamber also praised the deal, commending the Ministry of Energy and Energy Industries for the speed and success of the award. In a statement, it noted that combining blocks TTDA 17 to 23 into a single UD-1 Block reduces risk, simplifies ministry engagement, and improves prospects for deepwater and ultra-deepwater exploration.
“The Energy Chamber is excited to hear of Exxon’s intention to shoot 5,500 km² of 3D seismic in this block in the next six to twelve months and the commitment to drill two exploration wells.
“The more projects that become viable in the energy sector, the more opportunities there will be for local content development and for contractors,” the chamber said.
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