Trinidad Minister: BP and Shell are seeking US licensing for shared gas fields with Venezuela.
Shell and BP seek?U.S. Shell and BP are seeking?U.S.
Trinidad is Latin America’s largest liquefied gas exporter, and also one of the largest exporters in the world of ammonia and methane. However, the Caribbean island is aiming to develop offshore oil and gas fields near the border with Venezuela to secure its supply and counteract the declining reserves.
In recent years, despite frequent U.S. changes in policy towards Venezuela, its gas projects have made slow progress.
Venezuela, under the leadership of President Nicolas Maduro, suspended its energy cooperation with Trinidad and?Tobago in 2013, including joint natural-gas projects that were being planned.
The U.S. has accelerated development in the oil and gas industry of Venezuela after capturing Maduro earlier this month. Companies need U.S. licensing to carry out the development of these projects due to Washington's sanctions against Venezuela's energy sector.
SHELL AND BP SEEK LICENSES
Moonilal, a Shell spokesperson who spoke to reporters at the Indian Energy Week conference, said that Shell was'seeking a licence for the development of the Loran-Manatee discoveries. The field contains'some 10 trillion cubic foot of natural gas. 7.3 tcf is located in Venezuela and the remainder 2.7 tcf is located in Trinidad.
He added that BP was seeking a licence to develop the Cocuina Manakin field. The Venezuelan portion of the Cocuina Manakin field is part of the Plataforma Deltana, a gas offshore project which had been idled and has proven reserves of 1 trillion cubic feet.
Shell and BP didn't immediately respond to requests for comment.
Moonilal stated that "the United States is a friend and ally who is trying to reform. We would support the companies in their application."
DRAGON GAS
Washington granted Shell and Trinidad and Tobago an authorization in October to develop the Dragon field offshore Venezuela near the maritime border. The project was designed to?supply Trinidad with Venezuelan natural gas.
Moonilal stated that he hopes to begin production at the Dragon field in the fourth-quarter of 2027 and that it will?produce 350 million cubic feet per day of gas.
Dragon has one of Venezuela's largest natural gas deposits. Trinidad, with its insufficient gas reserves and production, needs to buy the gas for its industries that generate revenue, such as LNG or petrochemicals.
Moonilal stated that Trinidad is now able to work with other Caribbean countries such as Suriname and Guyana to develop natural gas.
He added, "A new Caribbean energy landscape is emerging and Trinidad and Tobago has the opportunity to position itself as an industry leader." (Reporting and writing by Nidhi and Anjana Anil, Additional reporting by Sudarshan and Varadhan and Editing by Jan Harvey).
(source: Reuters)
