Trinidad 2025 upstream hydrocarbons spend forecast to top US$2bn

Companies are expected to invest around US$2.3 billion in Trinidad and Tobago’s upstream oil and natural gas sector next year.

The Caribbean nation’s finance minister Colm Imbert provided the outlook during his 2025 budget speech to parliament.

He said that spend this year is forecast to reach US$2bn following US$1.2bn and US$1.4bn in 2023 and 2022, respectively.

Imbert highlighted that authorities have been in talks with upstream operators to fast-track final investment decisions.

He pointed to projects which are expected to dispatch new gas in the near term, including BPTT's Cypre project, BPTT-EOG Resources’ Teak, Samaan and Poui, Mento and Reggae areas, and Touchstone Exploration’s Cascadura field.

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In addition, the minister mentioned cross-border opportunities with Venezuela, such as Dragon, Loran Manatee and Cocuina-Manakin.

Furthermore, the government plans to launch a deepwater competitive bid round by year-end.

Meanwhile, Imbert announced that together with the energy minister he will meet with the local energy chamber in the coming months to discuss how to further promote exploration and production through potential changes to the oil and gas tax regime.

Nevertheless, the official added that "because oil and gas are diminishing resources, and commodity prices are volatile, we must continue to support, build and strengthen the non-energy sector, while simultaneously reinforcing the resilience and sustainability of our energy industries."

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