(Trinidad Guardian) Energy Minister Stuart Young admitted yesterday that there is “uncertainty” about when T&T could expect to begin receiving natural gas from Venezuela due to the political unrest in that country.
Young, however, is confident that the commercial terms and conditions of the licences for Dragon and Manakin-Coquina that the T&T Government negotiated with Venezuela could withstand scrutiny.
During an interview with reporters at the NESC Drilling Academy in Ste Madeleine yesterday, Young said citizens should be concerned about the drama unravelling in Venezuela since the July 28 presidential elections.
Deadly protests erupted minutes after incumbent President Nicolas Maduro declared himself the winner.
Asked if he still expects the first supply of natural gas from Venezuela in the next two years given the existing situation, he said, “The truth is there is uncertainty, but what I can tell you is we are doing our part. I can tell you just last week we delivered to Venezuela, ourselves and Shell …We delivered the developmental plans for Dragon, so work continues. There is right now the retaining of the survey vessel to go above the Dragon Field. BP is at work on the Coquina side, so we are only in control of ourselves and we are doing the work. The sooner that gas could come to market in Trinidad and Tobago, the better for all of us.”
Reiterating Prime Minister Dr Keith Rowley’s position that T&T will not interfere in Venezuelan politics, he assured, “For Trinidad and Tobago, what I can tell you, we have a 30-year licence for Dragon; we have a 20-year licence for Coquina-Manakin. Those are significantly lengthy licences and I am also certain, having negotiated many of these deals, etc, that the licences in all of the commercial terms and conditions of these licences can stand up to any scrutiny by anyone anywhere in the world.”
Noting that these were good deals for the people of Venezuela and T&T, the minister said from a commercial perspective there is “very little concern” on his part.
T&T’s gas deals with Venezuela involve the Dragon, Loran-Manatee, and Manakin-Coquina fields, and according to the minister, those commenting on this matter would not be aware of the commercial terms the T&T Government had negotiated.
Young added that they continue to monitor the US presidential election to be held in November, but they are similar to Venezuela; they remain neutral.
“On behalf of Trinidad and Tobago, we’ve worked very hard to make sure we have relationships on both sides of the aisle and we remain engaged with both sides of the aisle as any responsible government should be. You have never heard us come out and take one side or the other, but we wait to see what the people of the United States decide.”
United Nations General Assembly President Ambassador Dennis Francis agreed with Rowley’s decision not to adopt a position in the Venezuela controversy, saying it was wise and pragmatic.
Speaking at the opening of the solar park at Piarco International Airport last week, Young said he was confident that the gas deals would go forward, despite the situation in Venezuala.
Young said, “The recent projects that we have succeeded with, right next door with Venezuela, Dragon (gas deal), Cocuina (Cocuina-Manakin cross-border gas field), developing Manatee (gas field), I just marked the spot to say we will continue to do these projects for the people of Trinidad and Tobago.”
