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T&T, Grenada sign energy agreement

Published: 
Monday, September 17, 2012

 

The governments of T&T and Grenada have signed an agreement to advance the joint exploration and exploitation of hydrocarbons in the maritime areas between the two countries. The signing took place between Energy Minister Kevin Ramnarine and Nazim Burke, Minister of Finance, Planning, Economy, Energy and Co-operatives of Grenada. The agreement lays the foundation for a broad spectrum of cooperation activities, including:
(a) development and implementation of technical programmes, projects and activities
(b) conduct of joint seismic surveys and joint exploration
(c) implementation of joint development plans for the unitisation of hydrocarbon reservoirs existing in the respective continental shelves of both countries
(d) conduct of joint bid rounds.
 
The ministry said this is the first such agreement between T&T and another Caricom country, executed within a framework for the further development of the regional integration movement as envisaged in the Revised Treaty of Chaguaramas, which calls for the promotion of the development of the region’s natural resources on a sustainable basis. Burke said the agreement not only provides for “joint co-operation in determining our hydrocarbon reserves, exploration and exploitation of these reserves for our mutual benefit,” but also for “skills and technology transfers” between both Caribbean countries.
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