(Trinidad Express) – Although Trinidad and Tobago and Venezuela are working together to develop the energy sector in both countries, more issues could be addressed that would be mutually beneficial.
This is according to Dr Thackwray Driver, chief executive of the Energy Chamber who said the Chamber welcomed the news that a field specific unitisation agreement for the Manakin-Cocuina cross border field was signed.
On Tuesday, a press release was issued by the Office of the Prime Minister stating that a unitisation agreement was signed for the exploitation and development of hydrocarbon reservoirs of the Manakin-Cocuina Field that extends across the delimitation line between Trinidad and Tobago and Venezuela, as well as the Framework Agreement on Energy Cooperation.
The unitisation process seeks to develop important natural gas reserves which extend across the delimitation line between the two States.
Driver said: “While we do not know the details of this agreement, our expectation is that this agreement creates the framework for discussion and agreement between the various international oil and gas companies who hold the relevant licences on either side of the maritime boundary (block 5 (b) in T&T and block four in Venezuela). We assume that this is a similar agreement to the one signed in 2013 for the development of the Loran-Manatee field. The joint statement from the two governments indicates that progress is being made on the development plans for the Loran-Manatee field and that both governments are interested in a quick conclusion to the discussions and for development work to begin soon. The Energy Chamber eagerly awaits further news on the Loran-Manatee field, which has the potential to be developed relatively quickly and to bolster the delivery of gas in Trinidad and Tobago.”
The release also mentioned the Loran-Manatee field: “The governments of both countries expressed their full support to the work being undertaken in this area by the Steering Committee, particularly highlighting the progress being made in the unitisation of the Loran-Manatee Field Unit Area. The work of the Steering Committee was recognised as providing the necessary political, socio-economic and institutional platform for the use of such reserves in accordance with the principles of reciprocity, solidarity and respect to the sovereignty of both States. Both Governments also expressed their interests in the prompt operational start-up for the development of this field by the exploration and production companies involved in the project.”
