Español

 

Guyana


Trinidad
& Tobago




Very usefull links



PW
Bookstore





News links

AP

AFP

Aljazeera

Dow Jones

Oil price

Reuters

Bloomberg

Views and News
from
Norway

 

 

 

Trinidad & Tobago cancel venezuelan gas deals over U.S. sanctions

energy-analytics-institute.org

T&T, Venezuela's Dragon Gas Deal. Also cancel is the unitized Loran-Manatee field development.

By Caribbean360

PORT SPAIN
Petroleumworld 02 05 2020

The Trinidad and Tobago Government today disclosed that a 2013 agreement with Venezuela for the joint development of a natural gas field straddling their maritime border has been on hold.

And Prime Minister Dr Keith Rowley has blamed the decision on the United States' imposition of sanctions on Venezuela's state-owned oil and natural gas company, Petróleos de Venezuela, S.A. (PDVSA) last year.

As a result of, he said, Venezuela and Trinidad would independently develop the shallow-water field which is estimated to contain 10.25 trillion cubic feet of natural gas.

Rowley made the disclosure about the latest development in the Dragon Deal – considered a landmark cross-border agreement between the two Caribbean neighbours – at the Trinidad and Tobago Energy Conference and Trade Show at Hyatt Regency in the capital, Port of Spain this morning.

“Progress in the development of the unitized Loran-Manatee field has been impeded by the sanctions imposed by the US government, which inhibit US companies from doing business with Venezuelan oil company PDVSA,” he said.

“This impacts on the ability of US company Chevron, which has a 60 per cent 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.”

Shell Trinidad and Tobago has full stake in the Manatee field and it is projected that gas production there could start by 2024 or 2025, at rates ranging from 270 to 400 million standard cubic feet per day.

“Shell is in conversation with the government and is working on various development scenarios to determine the best option,” Prime Minister Rowley told those gathered at the energy conference which was organized by the Energy Chamber of Trinidad and Tobago and is being held under the theme, ‘Shaping the Caribbean's Energy Future'.

He added that should the US sanctions be lifted, both parties would be in a position to move ahead with their cooperation as “virtually all the preparatory work has been done”. Under the gas deal signed in 2013, 73.75 per cent of the joint field belongs to Venezuela and the rest to Trinidad and Tobago.

In imposing the sanctions in January last year, the US government alleged that PDVSA has been a vehicle for corruption, and that a variety of schemes have been designed to embezzle billions of dollars from the state-owned company for the personal gain of corrupt Venezuelan officials and businessmen. As a result of the action, all property and interests in property of PDVSA subject to US jurisdiction were blocked, and Americans were generally prohibited from engaging in transactions with them. 



Reporting by Caribbean360

caribbean360.com 02 03
2020

________________________


We invite you to join us as a sponsor.

Circulated Videos, Articles, Opinions and Reports which carry your name and brand are used to target Entrepreneurs through our site, promoting your organization’s services. The opportunity is to insert in our stories pages short attention-grabbing videos, or to publish your own feature stories.

________________________

Copyright© 1999-2020 Petroleumworld or respective author or news agency. All rights reserved.

We welcome the use of Petroleumworld™ (PW) stories by anyone provided it mentions Petroleumworld.com as the source.

Other stories you have to get authorization by its authors. Internet web links to http://www.petroleumworld.com are appreciated.

Petroleumworld welcomes your feedback and comments, share your thoughts on this article, your feedback is important to us!

We invite all our readers to share with us
their views and comments about this article.

Write to editor@petroleumworld.com

By using this link, you agree to allow PW
to publish your comments on our letters page.

Any question or suggestions,
please write to: editor@petroleumworld.com

Best Viewed with IE 5.01+ Windows NT 4.0, '95,
'98,ME,XP, Vista, Windows 7,8, 10 +/ 800x600 pixels

Twitter: @petroleumworld1


 

TOP

Contact: editor@petroleumworld.com,

Editor & Publisher: Elio Ohep/
Contact Email: editor@petroleumworld.com

CopyRight © 1999-2020, Paul Ohep F. - All Rights Reserved. Legal Information

PW in Top 100 Energy Sites

CopyRight©1999-2020, Petroleumworld ™  / Elio Ohep - All rights reserved

This site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission fromPetroleumworld or the copyright owner of the material.