PORT OF SPAIN, Trinidad, CMC – The government of Venezuela has signed a 20-year natural gas production and exploration deal with bpTT and the National Gas Company of TT (NGCTT).
Venezuela’s oil minister, Pedro Tellechea, said the agreement allows production from the Manakin-Cocuina field, one of three natural gas fields that straddle the eastern border between the twin island republic and Venezuela.
Tellechea, in a statement, said the agreement allows for production from the Manakin-Cocuina gas field.
The ministry said 25 percent of production will go to Trinidad and Tobago’s petrochemical sector, while the rest will feed the country’s liquid natural gas (LNG) industry.
On May 29, Minister of Energy Stuart Young announced that the US OFAC granted Trinidad and Tobago a specific license for producing the field with Venezuelan authorities.
The licence lasts until May 2026.
At the time, Young said it was too early to predict a timeline for the first gas from the field, but he said the license was good news for the country as it continued progress for future gas production.
Manakin-Cocuina is just over 100 km southeast of Galeota Point and is estimated to have one trillion cubic feet (tcf) of natural gas.
In an Energy Now article—the official online news source of the Energy Chamber—the chamber explained that ample gas resources exist in the Platforma Deltana region of Venezuela.
The article noted that “Delivering natural gas by pipeline from those fields to TT for processing through TT’s world-class LNG and petrochemical industry offers a major opportunity for TT.”
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