Shell and BP are advancing in the processing of licenses before the US government to exploit natural gas fields shared between Venezuela and Trinidad and Tobago. The confirmation was given by the Caribbean country’s Minister of Energy, Roodal Moonilal, who highlighted the strategic role of these projects in the island’s energy supply.
The need responds to the progressive depletion of local reserves in Trinidad, the largest exporter of liquefied natural gas (LNG). liquefied natural gas (LNG) in Latin America Latin America, which also stands out for its ammonia and methanol export capacity. To sustain its industrial capacity and maintain its role in the global market, the country is betting on alliances with Venezuela in the development of offshore fields.
Two energy giants target the Caribbean
According to Moonilal, Shell has initiated procedures to obtain the license to develop the Loran-Manatee field, a shared reserve with around 10 trillion cubic feet of natural gas, 73% of which is in Venezuelan waters. BP is seeking a similar authorization to work in the Cocuina-Manakin field, also transboundary, with approximately 1 trillion cubic feet of proven reserves in the Plataforma Deltana region.
Both companies need the approval of the U.S. Treasury Department, as the sanctions imposed on Venezuela require special licenses to operate with assets from the South American country.
The Caribbean as a new energy hub
Last year, Shell and the government of Trinidad obtained authorization to develop the Dragon field, located in Venezuelan waters near the maritime border, and production would begin in the fourth quarter of 2027, with an estimated capacity of 350 million cubic feet per day.
The start-up of the field will be vital to revitalize the supply of natural gas to LNG plants and the petrochemical industry. petrochemical industry, key pillars industry, key pillars of Trinidad and Tobago’s economy.
Beyond the operation with Venezuela, Trinidad has plans to position itself as an energy leader in the Caribbean. Moonilal said that the country is already in talks with Suriname, Guyana and Grenada to coordinate the development of infrastructure and regional cooperation in natural gas.
Source: Reuters
Photo: Shuttersotck