6 days ago
1
OWTU president general Ancel Roget, left, hugs Energy Minister Dr Roodal Moonilal outside the Red House on October 13. - File photo ENERGY Minister Dr Roodal Moonilal says Trinidad and Tobago has reported a rise in oil and gas production, claiming renewed investor confidence, notably with the apparent return of ExxonMobil after more than two decades.
Speaking at the American Chamber of Commerce TT’s Health, Safety, Security and Environment (HSSE) Conference at the Hyatt Regency Trinidad, Port of Spain, on November 11, Moonilal announced a 5.5 per cent rise in output from 52,357 barrels per day in April to 55,271 barrels per day in October, and an increase of natural gas production from 2.41 to 2.63 billion cubic feet per day between April and June.
“After ten years of decline in the energy sector, I am pleased to report that we have stopped this decline,” he told the audience.
“We are moving steadily in the right direction. While (US) President Donald Trump exalts his industry to ‘drill, baby, drill,’ in TT we say, ‘keep it pumping!’”
Moonilal said the new UNC administration has made aggressive policy interventions and fast-tracked negotiations that have reignited exploration activity and strengthened investor trust.
He cited the government’s success in finalising ExxonMobil’s re-entry, which the company described as achieving “the gold standard for the pace of negotiations.”
“In six short months, we have been able to negotiate the return of energy giant ExxonMobil after 22 years away from TT,” he said.
“In that time, we have redrawn the (national) energy map.”
Exxon’s comeback, he added, marks the beginning of a new deep-water phase for TT’s upstream industry.
Production levels, however, remain well below historical highs. Sustained growth will depend on the successful execution of new exploration projects, regulatory stability, and market conditions.
On November 6, Norwegian consultancy Rystad Energy reported that ExxonMobil’s ultra-deepwater campaign – spanning 7,765 square kilometres in the Eastern Tobago Basin – could unlock more than US$20 billion in potential investment.
The project targets one of the Caribbean’s least-explored frontiers at depths exceeding 2,000 metres, mirroring the exploration model that delivered major discoveries in Guyana’s Stabroek Block.
Moonilal framed the development as a signal that TT’s energy reputation is regaining international weight.
“We are bringing change with optimism and hope,” he said.
“And with that optimism will come results.”
The minister also noted that his ministry has advanced talks with Shell on the Manatee Plus project to boost gas production and secured a new Office of Foreign Assets Control licence from the United States to facilitate work on the Dragon gas field in Venezuela.
On October 27, Venezuelan President Nicolas Maduro suspended all energy deals with TT, claiming this country has sided with the US in an aggressive campaign against the South Americans.
Moonilal added, “After years of contraction, the data now shows that we are once again moving in the right direction,” he said.
“The challenge ahead is to maintain the pace – and keep it pumping.”
English (US) ·