With new agreements signed between T&T and Venezuela on use of their shared offshore gas assets, the governments of both countries are now working toward quick operational start-up of the Loran-Manatee Field for exploration and production.
The agreements, which represent a deepening of bilateral co-operation on energy matters, are the Unitisation Agreement for the Exploitation and Development of Hydrocarbon Reservoirs of the Manakin-Cocuina Field which extends across the delimitation line between T&T and Venezuela and the Framework Agreement on Energy Sector Co-operation.
"The agreement for joint exploitation of natural gas deposits that we have on our offshore border is win, win," said Venezuelan President Nicholas Maduro, shortly after signing off on the agreements at the Diplomatic Centre on Port-of-Spain on Tuesday afternoon.Maduro said Venezuela'S state-owned energy company, PDVSA, will restart the sale of oil and asphalt to Petrotrin's refinery. In addition, Venezuela will buy equipment and pipe for natural gas distribution under terms of the accords.
"I dare say that these agreements form part of an integral diplomacy that we are constructing in the Caribbean region," he said.Loran�Manatee is a natural gas field located on the continental shelf of the Caribbean Sea. It was discovered in 1983, began production in 2013 and produces natural gas and condensates. The total proven reserves of the field are around 10.25 trillion cubic feet (293 km3), and production is projected to be around 750 million cubic feet/day (21,4�106m3) in 2018.