Trinidad and Tobago cancels border gas agreement with Venezuela
Both nations are working to determine better options in the development of the project
The Loran Manatee unified field development program, which refers to an agreement between Venezuela and Trinidad and Tobago on natural gas at the maritime border, has been affected by the sanctions imposed by the United States.
Trinidad and Tobago Prime Minister Keith Rowley made the announcement on Monday where he said that “as a result of all this the Government of Trinidad and Tobago and Venezuela have agreed to independent development in the Loran-Manatí cross-border area, each within of its maritime area ”.
The Loran-Manatee gas field extends on both sides of the maritime border between Trinidad and Tobago and Venezuela and it is estimated that in this space it houses 10.2 billion cubic feet (TCF) of gas of which approximately 74% belongs to Venezuela and the remaining 26% belongs to Trinidad and Tobago.
However, both government keeps working on several development scenarios to determine better options that allow the resurgence of the agreement already interrupted.
Rowley said that the energy sector in his country should increase further and that oil production will increase in the future, with an estimated growth of 90,000 barrels per day by 2022.
K.Villarroel
Source: bancaynegocios
