State of the Extractive Sector Report 2025
Chair, TTEITI Steering Committee
A graduate of the University of the West Indies, Mr McGuire holds bachelor's and master's degrees in economics. He has also had extensive post-graduate management training at the Balanced Scorecard Collaborative, Harvard Business School, MW Kellogg School of Management, Oxford College of Petroleum Studies, and the London Strategic Planning Society. Mr. McGuire has had a distinguished career in Business spanning thirty years. He spent 23 years at the National Gas Company of Trinidad and Tobago Limited,( NGC) where he had managerial responsibility mainly for the Strategic Planning and Marketing process.
This State of the Extractive Sectors Report helps keep track of what we earn from our extractive sectors through highlighting critical energy and mining/sector data and also offers recommendations on how the Government can improve its revenue collection and audit and assurance systems. Some of these suggestions include introducing EITI legislation or EITI clauses in oil gas and mining contracts, reestablishing the permanent petroleum pricing committee and for the Ministry of Energy and Energy Industries (MEEI) to revive its Minerals Electronic System to help reduce a backlog of licensed quarry operators.
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As a mature energy province, Trinidad and Tobago’s extractive sectors are at an intersection. For oil and gas, declining production levels have impacted revenue, while in the mining sector, illegal quarrying and gaps in regulatory oversight heighten the need for reforms. Over the past year, there have been positive developments despite structural challenges. Some of these challenges are global in nature linked to price fluctuations due to geo-political flashpoints, demand-supply imbalance and tariffs. The road to recovery will be winding.
Oil and gas contributed to 23.8% of GDP in 2024 and will be important to any short, medium or long term economic recovery. The country’s gas production, up to June 2025, now stands at 2,542 mmscf/d, a 34% decline compared to 2015 production levels. This production dip has impacts on LNG, ammonia and methanol exports and by extension the country’s revenue. According to the latest figures as published by the Ministry of Finance in the Review of the Economy 2025 document, energy sector revenues increased between fiscal 2024 and 2025 from TT$14,011.6 million to TT$17,181.4 million. Any continuing revenue increase will hinge on producing more oil and gas.
Cross border fields and deep water acreage are the next frontiers for the Trinidad and Tobago upstream energy sector. These blocks, if successfully developed, can be transformative and offer an opportunity for new oil and gas reserves and potential revenue. There are significant ramifications for local content, deployment of technology not to mention the possibility of future windfalls. But we must also accept the risks of these high cost developments. In Q4 2025, following the close of the deep water bid round, Trinidad and Tobago received four bids on blocks from two bidders, China National Offshore Oil Corporation (CNOOC) International Limited for Blocks TTDAA 24, TTDAA 25 and TTDAA 30 and the other bid from a consortium comprising of STIT Energy Limited and GROUNDPORTS Limited for Block TTDAA 5. Exxon Mobil and the Trinidad and Tobago Government also signed a production sharing contract to develop the ultra deep water block TTUD-1 which consolidates seven blocks (Blocks TTDAA 17, 18,19, 20, 21, 22 and 23). For cross border gas, due to heightened geopolitical tension, the picture is less clear. Press reports note that Venezuela has terminated all energy agreements with Trinidad and Tobago, notwithstanding the new UNC Government administration being granted an OFAC license by the United States. This development highlights the uncertainty of cross border gas developments.
Despite these events, there are greenshoots and the local energy sector will be impacted by various short and long-term events that will reshape the nation's energy landscape. These changes include: The completion of the seismic programme for TT UD-1 deep water block, The finalization of production sharing contracts for the deep water bid round, The completion of Trinidad and Tobago’s first large scale solar project. This State of the Extractive Sectors Report helps keep track of what we earn from our extractive sectors through highlighting critical energy and mining/sector data and also offers recommendations on how the Government can improve its revenue collection and audit and assurance systems. Some of these suggestions include introducing EITI legislation or EITI clauses in oil gas and mining contracts, reestablishing the permanent petroleum pricing committee and for the Ministry of Energy and Energy Industries (MEEI) to revive its Minerals Electronic System to help reduce a backlog of licensed quarry operators.
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