Dr. Roodal Moonilal: Energy Sector Records Steady Gains Across Key Indicators #TTTLiveOnline

Dr. Roodal Moonilal: Energy Sector Records Steady Gains Across Key Indicators
Minister of Energy and Energy Industries, Dr Roodal Moonilal, has confirmed a 5.5% increase in oil production in less than a year – a development he described as a significant achievement.

Outlining the energy sector’s performance over the past year, he said the industry has recorded steady growth following its stabilisation phase.

“We can now confirm that we have increased oil production from roughly 52,000 barrels to about 55,000 barrels. And that is a significant increase.”

Among the key milestones, the Minister highlighted the National Gas Company’s payout of more than $158 million in dividends to shareholders, along with progress on projects aimed at strengthening gas production.

He also announced the advancement of what he described as the largest seismic data acquisition project ever undertaken in T&T.

“We are extremely pleased with that. We are informed that almost 60% of that work has finished. And indeed, we would like to ensure that that finishes in good time by, let’s say, August 2026.”

Dr Moonilal also pointed to renewed regional energy cooperation with Guyana and Suriname, noting growing collaboration and future opportunities.

“With the recent visit of Excellency Mohamed Irfaan Ali and their commitment to Trinidad and Tobago and our collaboration, that is taking many forms and some exciting news will come forward on that. There’s a Suriname Energy Festival, Energy Week coming up, and we expect some more interaction with the government and people of Suriname.”

Another major initiative highlighted was the establishment of the Energy Accelerator Hub, a Cabinet-approved mechanism designed to fast-track approvals for energy projects.

“In fact, the companies are now shocked by the speed at which we receive work permits, given the accelerator hub and its worth.”

Policy changes have also been implemented to encourage activity in mature maritime fields, with incentives approved by Cabinet to stimulate exploration and production.

“We have altered the policy to deal with what is called mature maritime fields, where we have actually given certain incentives to those companies that will work on exploration and production in mature fields.”

Looking ahead, Dr. Moonilal said Government expects continued growth, with further increases in oil output, greater gas availability, and progress on large-scale developments such as the Manatee Project.

“We expect oil production will increase again by hopefully 5,000 to 7,000 barrels of oil per day. We also expect that we will have an expansion in gas availability in the next year. And certainly the Manatee Project is on the move in terms of its construction side. So that we expect that that will be a big lift for the sector.”

These developments, coupled with the expected installation of a new compressor at Touchstone Exploration in Rio Claro, are expected to drive increased output and further strengthen the energy sector.

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