Prime Minister Kamla Persad-Bissessar has announced significant progress on the Loran-Manatee gas field, describing it as a major step forward in cross-border energy cooperation and regional development between Trinidad and Tobago and Venezuela.
According to the Prime Minister, British Petroleum (BP), XRG of the United Arab Emirates, and UCC Holding of Qatar have joined the push for gas production, signing the license for Phase 2 of the Loran gas field with Venezuela. Phase 1 of the Loran field was previously signed with Shell.
Together, the two agreements are expected to send approximately 7 trillion cubic feet of gas from Venezuela into Trinidad and Tobago for processing at the country’s LNG and petrochemical plants.
The announcement follows remarks by the Acting President of the Bolivarian Republic of Venezuela, Delcy Rodríguez, shared on social media.
In her statement, translated from Spanish, Rodríguez said:
“I can announce to the country with great satisfaction that, after 23 years, we have finally managed to give the necessary impetus to begin gas production in this extraordinary and enormous field known as Loran, which is adjacent to the Manatee field on the Trinidad and Tobago side.
The world can see that Venezuela is experiencing a very important moment in its efforts to provide a real boost to hydrocarbon production.
I must personally say that I have a particular interest in natural gas: for our national development, to promote Venezuela’s industrial processes and petrochemical industry, but also, as I have said, for Venezuela to become not only an oil-exporting country, but also a gas-exporting country.
Phase One is being undertaken together with Shell, another major company in the gas industry. Phase Two involves three important companies – British Petroleum, XRG and NGC – which are joining this collective effort to produce gas in Venezuela and export it.
May Venezuela’s energy, as it crosses our borders, serve to bring well-being to other peoples, including Trinidad and Tobago and other countries.
May the Venezuelan people also see the results of their efforts, their resistance and the hope our country has for growth, shared development and, most importantly, human development reflected in these agreements.”
The Loran-Manatee field is a cross-border natural gas reservoir straddling the maritime boundary between Trinidad and Tobago and Venezuela, and has long been viewed as a key resource for bolstering the country’s natural gas supply amid declining domestic production. The latest agreements mark a further step in ongoing efforts between the two nations to jointly develop shared hydrocarbon resources for mutual economic benefit.