Trinidad and Tobago’s Finance Minister Davendranath Tancoo unveiled a TT$63.368 billion (about US$9.3 billion) budget for 2027, banking on oil and gas deals to help drive further economic revitalisation.
In the budget, Tancoo announced across-the-board increases in social welfare grants, an allocation of nearly TT$2.5 billion for public sector wage arrears, and targeted tax measures covering remote digital services, corporate losses, and high-usage electricity consumers.
The budget is built on an assumed oil price of US$77 per barrel and a natural gas price of US$5 per MMBtu. And a heavy focus on the oil and gas sector remains.
“Our energy sector remains the main pillar of our economic strength. It is the key ingredient for our diversification thrust. Over 70 per cent of our foreign exchange earnings come from the export of energy commodities. It is this very income which facilitates the operations and development of our non-energy sectors,” Tancoo said.
He detailed developments in both the natural gas and oil sectors, lamenting years of underinvestment under the previous administration.
Natural gas
Key natural gas developments highlighted in the budget include:
- bpTT’s Cypre project has already delivered new gas supplies, and the EOG-operated Mento development project has achieved first gas, reaching peak production of 281.58 million standard cubic feet (scf) per day in June 2026.
- The bpTT Ginger project is targeted to deliver first gas in the first quarter of 2027, with projected peak production of 335 million scf per day.
- Mahogany A Extended Field will deliver first gas in 2027 with an expected peak of 200 million scf per day.
- Juniper Phase II will deliver first gas in 2027 with peak production of 272 million scf per day.
- Angelin Extended Field is currently producing 127 million scf per day.
- Manakin-Coquina will see a final investment decision in November 2026.
- Mento Phase II is expected to produce 225 million scf per day when it comes on stream.
- Coconut is expected to deliver first gas in 2027 with peak production estimated at 300 million scf per day.
- Aphrodite is expected to come on stream in 2027 with production of 100–130 million scf per day.
- Manatee Plus is expected to produce first gas in late 2027 with peak production of 600 million scf per day.
Tancoo also noted that bpTT secured an exploration and production licence for Loran Phase II, positioning the country to monetise potentially more than four trillion cubic feet of natural gas from several cross-border and regional fields using existing infrastructure.
Additionally, bpTT has agreed to acquire Woodside’s 70% stake in the Calypso Gas Field — giving bpTT full control of one of the country’s largest undeveloped gas discoveries. This is expected to close by the end of 2026. Negotiations are also well advanced with Shell and other energy companies for the further exploitation of cross-border and deepwater gas, he said.
Oil
On the oil front, Tancoo reminded Trinidadians that within four months of assuming office last year, the United National Congress (UNC) government secured a potential investment of US$21 billion in oil exploration and production with ExxonMobil. The company’s 3D seismic acquisition programme in the ultra-deepwater Block TTUD-1 is now complete, with analysis of the data to identify potential drilling targets at an advanced stage. Occidental Petroleum has also secured a 10% participating interest in the block, with ExxonMobil retaining 90% and operatorship.
The government is also planning to reopen the country’s oil refinery — a facility that accumulated an estimated TT$12 billion in debt under the previous administration.
Overall, analysts said the budget signals a continued emphasis on expanding gas supply, advancing cross-border and deepwater developments, attracting private capital, and revitalising selected downstream assets.
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