Prime Minister Kamla Persad-Bissessar has pledged that Trinidad and Tobago will take a proactive role in shaping the future of its energy sector, stating, “Trinidad and Tobago will not wait for the end of any energy age. We will lead the next chapter by innovating, investing and expanding into new frontiers.”
Speaking at the signing of an ultra deep water Production Sharing Contract between the government and ExxonMobil, the Prime Minister outlined policies to strengthen national energy security and unlock the full value of hydrocarbon resources.
She said the government will maintain “an attractive fiscal framework aligned to risk and reward”, enhance operational efficiency, reduce production costs through technology, and streamline regulatory oversight without compromising standards.
Trinidad and Tobago’s oil and gas production has been in long-term decline, with natural gas output averaging about 2.5 billion cubic feet per day in 2024. The country’s basins are mature, and the government is trying to attract new investment and boost production, particularly in the gas segment.
Trinidad’s 2024 gas output averages 2.537 bscf/d – Energy Ministry | OilNOW
Persad-Bissessar stressed the need to modernize the country’s outdated energy laws, remove administrative bottlenecks, and improve transparency at all stages of the value chain. “A piece of paper from one desk to another takes two months. That can’t be real. We’re on these devices in one second,” she noted.
The project with ExxonMobil, involving an estimated US$42.5 million in initial expenditure and projected development costs of up to US$21.7 billion, targets Trinidad and Tobago’s extensive unexplored deep water acreage.
Now that Dragon’s ‘dead’, TT eyes other sources to fill gas gap | OilNOW
The Prime Minister has directed the Ministry of Energy to accelerate exploration, improve acreage award processes, and review the oil and gas taxation regime to ensure competitiveness.
“This agreement sets a very strong precedent for the next phase of our energy future,” Persad-Bissessar said, adding that investor confidence “must be the signature of our stewardship”.
