Former Energy Minister Stuart Young says diplomacy and competence remain key to managing Trinidad and Tobago’s energy sector, as developments continue around the Loran-Manatee gas field shared with Venezuela.
The field, which straddles the maritime border between both nations, is made up of roughly 27 percent in Trinidad and Tobago’s waters and 73 percent in Venezuela’s.
Young, writing on this Facebook page, reminded that under a unitization agreement, neither country can develop the resource without the other’s consent.
“Trinidad and Tobago and Venezula have a unitization agreement to develop this field together as is normal when oil/ gas fields cross two countries’ borders,” Young stated.
“This means for either country to develop and produce the field they need to agree on how it should be done and no country can develop their side without agreement from the other.”
However, a 2019 accord allowed Trinidad and Tobago to move ahead with production on its Manatee share, with Venezuela’s approval.
“Seeing the problem of our declining gas reserves in 2019 we negotiated with the Government of Venezuela and got them to agree that we could begin producing the gas in the Manatee share of the field,” Young said.
The former Energy Minister said this was done pursuant to an agreement that both countries had previously entered into that allowed for joint exploration of natural gas fields.
“So whilst the 2019 agreement allows us to produce Manatee in a deunitized manner it still requires Venezuela’s consent and relies on an agreement that was entered into with Venezuela,” said Young.
The former Prime Minister said the diplomacy and competence are required for the management of Trinidad and Tobago’s energy sector.
