Venezuela and Trinidad and Tobago advance cross-border energy deals

Trinidad and Tobago Prime Minister Kamla Persad-Bissessar has congratulated Venezuelan acting President Delcy Rodríguez following the signing of licenses for hydrocarbon exploration in Venezuela’s Loran Phase 2 development and the Plataforma Deltana area.

After 23 years of inactivity, Venezuela is proceeding with the development of the Loran gas field, which sits adjacent to Trinidad and Tobago’s Manatee field. While Phase 1 was licensed to Shell, Phase 2 agreements have been signed with bp, XRG, and UCC Holding. The development could potentially allow for approximately seven trillion cubic feet of gas to be sent from Venezuela to Trinidad and Tobago for processing at its LNG and petrochemical plants.

The Ministry of Foreign and Caricom Affairs stated that these deals are expected to boost energy security for Trinidad and Tobago, positioning the nation to monetize potentially more than 12 trillion cubic feet of natural gas from various cross-border and regional sources.