Trinidad and Tobago’s cross border gas deal with Venezuela, for the Loran Manatee fields, has been shut down because of the US Sanctions on the neighbouring country.

Instead, Prime Minister Dr Keith Rowley announced on Monday morning, that both countries have agreed to the independent  development of the cross border field which has an estimated ten trillion cubic feet (tcf) of gas.

In the case of Trinidad and Tobago gas production won’t start until 2024-2025, the Prime  Minister revealed  while noting that the “Manatee initiative  is the single most significant development in the energy sector in recent times.”

“Progress in the development of the unitised Loran- Manatee field has been impeded by the sanctions imposed by the US Government, which inhibits US companies from doing business with Venezuelan Oil Company, PDVSA,” the Prime Minister said during the keynote address at the Energy Conference on Monday morning.

“This impacts on the ability of US company Chevron, which has a 60% interest in the Loran field, to participate in the development of the Loran-Manatee Field.

“As a consequence, the Government of the Republic of Trinidad and Tobago and the Bolivarian Government of Venezuela have agreed to the independent development by each Government of the field within the Loran-Manatee cross-border that falls within its marine area,” the Prime Minister further explained.

“The Loran-Manatee has an estimated resource of 10.04 tcf, with 2.712 tcf within the Manatee field. Shell Trinidad and Tobago Limited holds 100% interest in the Manatee field and has projected that gas production could start in the 2024/2025 period at rates ranging from 270 to 400 million standard cubic feet per day,” he said.

“Loran-Manatee Field is a landmark decision in the countries’ cross-border relationship. This has implications for development for other cross-border fields such as the Manakin- Cocuina and the Kapok-Dorado which collectively have an estimated 850 billion cubic feet of natural gas within the Trinidad and Tobago maritime area. 

The photo shows Prime Minister Dr Keith Rowley in a handshake to deal the deal that was signed at the Palacio de Mira Flores in Caracas, Venezuela.