Offshore oil exploration in the Caribbean is generating renewed investor interest, with Guyana leading the surge and opportunities emerging across the region, according to Canadian energy strategist Steven Rowles.
Rowles, senior portfolio manager at TriVest Wealth Counsel, Wellington-Altus Private Counsel, spoke extensively on the January 7 edition of BNN Bloomberg.
When questioned about new opportunities for offshore investment in the region, Rowles noted that while Guyana remains the focal point for immediate production growth, broader Caribbean nations are attracting attention from international investors exploring new offshore fields.
“The entire [Caribbean] region, Trinidad and Tobago there’s some opportunities there for more offshore discoveries, the entire region is quite buzzing right now,” he stated.
Guyana currently produces 900,000 barrels per day, following the ramp-up of the Yellowtail project to full capacity.
Yellowtail, Guyana’s fourth offshore development, has achieved its designed production rate of 250,000 barrels of oil per day (bopd). This, combined with strong operational performance from Liza Phase 1, Liza Phase 2, and Payara, has propelled national output to this record level.
Exxon hits 900,000 barrels of oil per day in Guyana as Yellowtail reaches full capacity | OILNOW
Meanwhile, in Trinidad and Togabo, two projects – bpTT’s Cypre and the EOG/bpTT-operated Mento – recently delivered first gas, moving them firmly into the execution phase. Other projects like Shell’s Manatee and Aphrodite (formerly Black Jack) have secured FID, with both expected to start production in 2027.
Additionally, ExxonMobil’s return to Trinidad’s waters, through a production sharing contract for the ultra-deepwater UD-1 Block, complements future offshore activities.
T&T’s offshore map redrawn: New projects push energy pipeline forward | OILNOW
Against this backdrop, Rowles stressed the importance of regulatory clarity, building refineries, and a necessary complement to pipelines, and raising additional investment, not only for countries in the Caribbean but also for Canada.
With this in mind, he reminded Caribbean nations advancing offshore exploration that global investors are watching closely. He highlighted that the combination of untapped reserves, new partnerships, and geopolitical stability could make the region a growing hub for energy investment in the coming years.
