Energy services companies in Trinidad and Tobago reported a decline in both the volume and value of business in the first quarter of 2026, according to the latest Energy Services Sector Survey (ESSS) conducted by the Energy Chamber.

The survey found that 60 per cent of respondents said the value of their business was lower than normal, while 56 per cent reported that their volume of business fell below typical levels.

The findings indicate that the energy services and contracting community executed fewer projects during the period, with many firms earning less for the services provided.

Among companies reporting reduced activity, 72 per cent cited decreased demand, 66 per cent pointed to fewer business opportunities, 38 per cent reported a loss of contracts, and 11 per cent said they were forced to provide fewer services.

A smaller number of companies reported increased activity, attributing this to higher demand, the introduction of new services and the acquisition of additional contracts.

The outlook for the second quarter of 2026 remains cautious, with 50 per cent of respondents expecting a further decline in business volume and 54 per cent anticipating a continued decrease in the value of their business.

The survey also pointed to a need for increased upstream investment, noting that downturns in upstream activity typically limit opportunities for energy service providers.

Lower investment levels reduce the number of greenfield projects, which tend to be higher in value, while the industry is now seeing a shift towards brownfield, maintenance-based work that generates lower returns.

While several national projects in the pipeline are expected to provide some relief, the Energy Chamber said strengthening the project pipeline will be critical to the long-term health of the sector and the wider supply chain.

Among the projects currently in development are Shell’s Manatee and Aphrodite fields, as well as the EOG/bpTT Coconut project, which is in execution with a platform under construction at the TOFCO yard.

BpTT’s fourth subsea project, Ginger, remains on schedule to deliver first gas in 2027, while the Manatee project is expected to come onstream by the end of that year.

Projects awaiting final investment decision, including the Woodside/bp Calypso deepwater gas project, bpTT’s Frangipani and Kanikonna developments, Perenco’s Onyx field, and the EOG/bp joint venture Beryl project, are expected to improve sentiment in the sector once they move into execution.Additional developments, including Exxon’s work on block UD1 and anticipated production sharing contracts involving CNOOC, are also expected to generate further activity.

The Energy Chamber also expressed support for the establishment of an Energy Accelerator Hub by Energy Minister Dr Roodal Moonilal, which is intended to streamline project approvals and accelerate timelines.

The initiative is expected to increase opportunities for contractors during the construction phase and boost local content participation.

The ESSS is a quarterly survey that tracks the performance and outlook of energy service contractors, providing insight into business confidence and the operational challenges facing the sector