Venezuela and Trinidad and Tobago have officially signed a long-term natural gas production and exploration agreement that is set to last for the next 20 years. This deal involves bpTT and the National Gas Company of TT (NGCTT) working together to produce gas from the Manakin-Cocuina field, located on the eastern border between the two countries. According to Pedro Tellechea, oil minister of Venezuela, 25% of the gas produced will be allocated to TT’s petrochemical sector, while the remaining gas will be used by TT’s LNG industry.
Minister of Energy Stuart Young revealed that the US Office of Foreign Assets Control (OFAC) has granted TT a specific license to produce gas from the Manakin-Cocuina field until May 2026. While the timeline for the first gas production is still uncertain, Young expressed optimism about the future gas production progress in TT.
The Manakin-Cocuina field, estimated to hold around one trillion cubic feet of natural gas, is situated in close proximity to the Loran/Manatee and Kapok/Dorado fields. The Energy Chamber highlighted the vast potential of the gas resources in the Platforma Deltana region of Venezuela, emphasizing the opportunity for TT to leverage its LNG and petrochemical industry capabilities for gas processing.
Although the Trinidad and Tobago Government has not disclosed its specific plans for the field, sources suggest that utilizing existing infrastructure could expedite the progress. Notably, the field is located near bpTT’s Juniper platform, which connects to production plants through a pipeline system, indicating a potential pathway for efficient gas processing.
