T&T and Venezuela to sign gas exploration agreement

Trinidad and Tobago's Energy Minister Carolyn Seepersad-Bachan is leading a four-member delegation to Venezuela to sign an agreement allowing for the exploration of hydrocarbon reserves located between the two countries.

The agreement involves the framework treaty on unitisation of oil and gas reserves that extend across the delimitation line between the two countries. Unitisation allows for the allocation of oil or gas reserves located in an area separated by borders.

Seepersad-Bachan said that as part of the unitisation agreement the countries agreed that 74 per cent of the unitised field would go to Venezuela and 26 per cent to Trinidad and Tobago because of the structure of the border.

"It's a big accomplishment. I mean it's going to be the first of its kind between Trinidad and Tobago and I think in this hemisphere as well, where you would have a cross border field,” Seepersad-Bachan told reporters.

The Energy Minister said that she would meet with her Venezuelan counterpart Ali Rodriguez on Monday to sign the agreement.

Seepersad-Bachan said the cross border field has been under discussion for almost 20 years. The new treaty will cover the Loran/Manatee natural gas field which is estimated to hold 10 trillion cubic feet of gas.

Former Prime Minister Patrick Manning signed the framework agreement with Venezuelan President Hugo Chavez in March 2007.