Energy Minister Stuart Young on Wednesday signed a 20-year agreement allowing the exploration and production of natural gas from the Cocuina-Manakin field, which straddles the T&T and Venezuela maritime boundary to the south-east of Trinidad.
The agreement includes the Government of Venezuela, wholly state-owned National Gas Company of T&T and multinational energy giant, BP.
The agreement was signed in Caracas today and was broadcast live on state television there.
The field is estimated to hold 1 trillion cubic feet of proven gas reserves.
The US Treasury Department in May issued a license authorizing the project to move forward, despite energy sanctions on Venezuela.
