Turnaround of energy industry

THE EDITOR: TT’s energy sector is experiencing its most dynamic resurgence in nearly a decade, driven by the decisive leadership of Prime Minister Kamla Persad-Bissessar and Energy Minister Dr Roodal Moonilal. In a short span of time, the country has begun reversing years of stagnation, securing major foreign investment, expanding regional influence, and restoring confidence in our energy future.

One of the clearest signs of renewed momentum is the acceleration of natural gas development. bpTT’s Cypre project, projected to deliver up to 250 million cubic feet of gas per day at peak, came online ahead of schedule, reflecting strengthened collaboration between the government and upstream operators.

Onshore, development drilling has resumed in the Central Block for the first time since 2006, signalling investor confidence and unlocking the possibility of doubling onshore gas output in the near term. These gains bolster the national gas supply at a critical moment for the downstream and LNG sectors.

Foreign investment, long seen as a measure of national credibility, has surged. The deep water bid round attracted bids from major international players including CNOOC International and STIT Energy, while ExxonMobil signed a landmark production-sharing contract for the ultra deep Block TTUD-1.

Global interest is returning to our basin, reaffirming confidence in TT’s regulatory stability and geologic potential. Equally significant is the government’s diplomatic success in securing high-level US support for cross-border hydrocarbon development, an essential step toward unlocking future offshore resources.

Under Moonilal’s stewardship, TT has also reasserted itself as the Caribbean’s energy hub. Strategic engagement with Grenada has opened new avenues for shared hydrocarbon development, positioning TT’s infrastructure and expertise as the backbone for regional growth.

At the same time, strengthened ties with India have expanded co-operation on biofuels and solar technologies, supporting an energy diversification agenda that balances traditional strengths with new opportunities.

Domestically, the ministry has finally placed renewable energy on a competitive and credible footing. Wind energy has been elevated as a national priority, supported by the EU-funded Wind Resource Assessment Programme and an upcoming offshore wind RFP designed to produce bankable data by 2026. This complements the rise in upstream FDI and the steady improvement in natural gas output, both of which are easing pressure on petrochemical and LNG revenues.

In a remarkably short period, the new government has delivered achievements many believed would take years. Moonilal’s proactive diplomacy, strategic vision, and ability to engage both long-standing and emerging international partners have repositioned TT as a serious player in regional and global energy discussions.

The message is unmistakable: TT’s energy sector is once again moving forward; confidently, aggressively, and with renewed purpose. If this momentum continues, 2025 will be remembered as the year the nation’s energy industry began its true resurgence.

NICHOLAS HOSEIN

Caroni