Released September 26, 2023 | sugar land
en
Written by Amir Richani for Industrial Info Resources (Sugar Land, Texas)--Trinidad and Tobago announced several energy deals focused on expanding their energy security and exports.
Trinidad and Tobago announced energy agreements with Venezuela, Shell plc (NYSE:SHEL) (London, England) and BP (NYSE:BP) (London, England) to develop and explore offshore assets.
Last week, Venezuela's President Nicolas Maduro and Petroleum Minister Pedro Tellechea met with Trinidad and Tobago's Energy Minister Stuart Young to sign agreements on Petroleos de Venezuela'a (PDVSA) Dragon field. Through this deal, natural gas production from the Dragon field will be sent to the Caribbean island to be exported as liquified natural gas (LNG).
The agreement includes the development of infrastructure between the nations for producing natural gas and its transport. Shell operates the Dragon field, holding about 4.2 trillion cubic feet (tcf) of natural gas, though U.S. sanctions in 2019 put a hold on the project. In February of this year, the Trinidad and Tobago government received a license from the White House to negotiate the development of the field with Venezuela amid U.S. sanctions.
The announcement of the agreement allowed the Venezuelan government to usher in more investments to its energy industry despite sanctions.
Along with this, Maduro also highlighted that Venezuela would study the Loran-Manatee joint development. These two natural gas fields are located between the countries, with Venezuela holding 73% of the area and Trinidad and Tobago the remaining 27%.
In similar announcements, Young also signed agreements on the Manatee field with Shell, the asset operator, to supply the Caribbean islands with natural gas for their market.
The Loran-Manatee fields hold 10 tcf of natural gas, and according to Reuters, Trinidad and Tobago's prime minister earlier in September said that Shell has approved the development of the asset. This will not only increase the island's gas output, but it could open the door to the development of Loran in Venezuela.
Moreover, the Caribbean islands awarded BP and Shell three new offshore blocks for exploration. The official signing of the contracts will be made on September 26.
According to the energy ministry, Trinidad and Tobago averaged a natural gas production of 2.637 billion cubic feet (bcf) per day between January and June. BP and Shell are the largest gas producers in the country, accounting for 76% of the output so far in 2023.
The Caribbean nation can process close to 4 bcf of natural gas per day in its Phoenix and Atlantic facilities. With local natural gas production considerably below processing capacity, Trinidad and Tobago is seeking to boost its output through these developments.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) platform helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 trillion (USD).
Trinidad and Tobago announced energy agreements with Venezuela, Shell plc (NYSE:SHEL) (London, England) and BP (NYSE:BP) (London, England) to develop and explore offshore assets.
Last week, Venezuela's President Nicolas Maduro and Petroleum Minister Pedro Tellechea met with Trinidad and Tobago's Energy Minister Stuart Young to sign agreements on Petroleos de Venezuela'a (PDVSA) Dragon field. Through this deal, natural gas production from the Dragon field will be sent to the Caribbean island to be exported as liquified natural gas (LNG).
The agreement includes the development of infrastructure between the nations for producing natural gas and its transport. Shell operates the Dragon field, holding about 4.2 trillion cubic feet (tcf) of natural gas, though U.S. sanctions in 2019 put a hold on the project. In February of this year, the Trinidad and Tobago government received a license from the White House to negotiate the development of the field with Venezuela amid U.S. sanctions.
The announcement of the agreement allowed the Venezuelan government to usher in more investments to its energy industry despite sanctions.
Along with this, Maduro also highlighted that Venezuela would study the Loran-Manatee joint development. These two natural gas fields are located between the countries, with Venezuela holding 73% of the area and Trinidad and Tobago the remaining 27%.
In similar announcements, Young also signed agreements on the Manatee field with Shell, the asset operator, to supply the Caribbean islands with natural gas for their market.
The Loran-Manatee fields hold 10 tcf of natural gas, and according to Reuters, Trinidad and Tobago's prime minister earlier in September said that Shell has approved the development of the asset. This will not only increase the island's gas output, but it could open the door to the development of Loran in Venezuela.
Moreover, the Caribbean islands awarded BP and Shell three new offshore blocks for exploration. The official signing of the contracts will be made on September 26.
According to the energy ministry, Trinidad and Tobago averaged a natural gas production of 2.637 billion cubic feet (bcf) per day between January and June. BP and Shell are the largest gas producers in the country, accounting for 76% of the output so far in 2023.
The Caribbean nation can process close to 4 bcf of natural gas per day in its Phoenix and Atlantic facilities. With local natural gas production considerably below processing capacity, Trinidad and Tobago is seeking to boost its output through these developments.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) platform helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 trillion (USD).
