Senior energy ministers from Zimbabwe, Tanzania, and Trinidad & Tobago outlined how oil and gas partnerships, regulatory reform and targeted upstream investment are central to their economic and industrial strategies, as they spoke during the panel on ‘Shifting the E&P Capital Equation’ at India Energy Week 2026 in Goa on Wednesday.
Against rising energy demand, capital intensity and energy transition pressures, the ministers highlighted efforts to move beyond extractive models, accelerate exploration and LNG development, revive mature basins, and balance energy security, affordability and growth through global collaboration.
July Mayo, Minister of Energy and Power Development, Zimbabwe, said that the country is positioning oil and gas partnerships as a cornerstone of its industrial transformation, as the country shifts from a purely extractive economic model to one focused on beneficiation and value addition.
“For the first time, we are changing our production systems. Rather than remaining extractive, we are pushing for beneficiation, and that requires a lot more energy,” he added.
Zimbabwe’s entry into the oil and gas space comes amid a broader regional hydrocarbons boom across Southern and East Africa.
“Almost all countries in Southern Africa are now in oil and gas, and Zimbabwe has joined them,” Mayo noted, calling this an “opportune time” to build partnerships for extraction, production and regional evacuation of resources.
He underlined that oil and gas exploration is both capital and technology intensive, making global collaboration essential. “We need partnerships for finance, technology and human expertise,” he said.
Zimbabwe’s renewed exploration push, backed by partnerships with Australian and West Asian companies, has already yielded results. “Advanced technology has confirmed commercially viable gas and oil,” Mayo said, adding that gas discoveries are particularly attractive due to their role in power generation, fertilisers and chemical manufacturing.
“Our investors have become our best ambassadors,” Mayo said, noting that companies listed in Australia are raising capital internationally while expanding operations in Zimbabwe.
Beyond domestic demand, Zimbabwe is eyeing regional markets through energy interconnectivity. “We are part of the Southern African Power Pool, and we are discussing gas pipelines with Mozambique, Namibia and Zambia,” he said, pointing to strong demand from mining hubs in the Democratic Republic of Congo.
On energy transition, Mayo said, “While solar and wind investments are rising due to falling costs, oil and gas remain central to economic expansion. We are expanding all sources of energy without negating one for the other”.
Salome Makamba, Deputy Minister of Energy, Tanzania, said that the country is accelerating upstream investments and global partnerships as it prepares to enter the LNG export market, while ensuring energy access, affordability and local participation remain central to its development strategy.
“The global demand for energy is very high, and Tanzania has already discovered significant oil and gas that serves domestic, industrial and regional markets,” she said. Ongoing seismic surveys across northern and southern Tanzania are strengthening the country’s upstream prospects, while an upcoming licensing round is expected to attract fresh foreign investment.
“Exploration sits at the heart of Tanzania’s energy future,” Makamba noted.
A key pillar of Tanzania’s investment strategy is public-private partnership, anchored by the Tanzania Petroleum Development Corporation. “Investors and government work together, and that assures policy certainty and when the government has a stake, laws cannot change arbitrarily,” she said.
She described oil and gas as a major employment generator. “Exploration has a direct impact on job creation, especially for youth,” she said, adding that the sector has delivered tangible economic benefits over the past decade.“Partnerships with local communities ensure technology transfer and skills development.When investors eventually leave, Tanzanians will have the capacity to continue operations,” Makamba added.
On LNG, Makamba confirmed that Tanzania is nearing a major milestone. “We are at the final stage of completing LNG export contracts, and by the middle of this year we expect to begin construction of an LNG plant,” she said, calling it one of the country’s largest industrial projects.
“Our priority is affordable energy access and nobody should be left behind,” she said. The country aims to achieve universal electricity access by 2030, while also promoting clean cooking solutions using natural gas.
Roodal Moonilal, Minister of Energy & Power Development, Trinidad & Tobago, said that the country is re-engineering its investment framework to remain the Caribbean’s energy hub, betting on regulatory speed, political stability and advanced technology to revive production and attract global capital.
Moonilal said that global energy demand is expected to rise by about 50 per cent over the next 25 years, reinforcing the continued relevance of oil and gas. Despite a decade-long decline in production, the country is positioning itself for a turnaround. “Projects underway could lift production back to levels seen over a decade ago by 2027–28,” Moonilal noted.
A major reform has been addressing regulatory delays. “We were losing about $120 million every year simply because approvals took too long. If you don’t produce a drop more oil, but make decisions faster, you still gain,” he said.
Technology is also reshaping prospects in the mature basin. “Companies now have the ability to go ultra-deep, and that has renewed interest in blocks once considered unviable,” he said, pointing to ExxonMobil’s deepwater activity, which mirrors geological trends seen in Guyana.
“Developed economies built their industrial thrust on fossil fuels. Island states face real constraints of scale and capital. For the foreseeable future, we will continue to explore and produce oil and gas… While leveraging our domestic resources to support growth and energy security,” he said.
