Venezuela and Trinidad & Tobago ink natural gas exploration agreement

Submitted by Paddy Harris on Wed, 2015-02-25 16:33

25th February 2015

The president of Venezuela and the prime minister of Trinidad & Tobago have signed an agreement to jointly explore gas plays in the waters between their two nations

Interest in Trinidad's oil reserves has increased with successful exploration led by BG Group and LGO

"The agreement for joint exploitation of natural gas deposits that we have on our offshore border is win, win," said Venezuela’s president Nicholas Maduro during a speech in Trinidad & Tobago.

Prime minister Kamla Pesad Bissesar signed for Trinidad & Tobago.

A number of field’s are jointly owned by the governments or companies registered in the two Caribbean nations.

The Loran-Manatee gag field is the largest of these with an estimated 10.25 trillion cubic feet of reserves. Venezuela holds a 73.75 per cent ownership interest and Trinidad & Tobago holds 26.25 per cent.

The Cocuina Manakin Field is 66 per cent owned by Trinidad & Tobago and 34 per cent by Venezuela, whilst the Dorado Kapot Field is 84.10 per cent owned by Trinidad & Tobago and 15.9 per cent by Venezuela.