Minister of Energy Stuart Young says negotiations are being held to have a supply of gas brought to Trinidad and Tobago from the Loran side of the Loran/Manatee gas field shared by Venezuela and this country.
Speaking during his contribution to the budget 2024 debate at the Red House on Monday, Young said a unitisation between TT and Venezuela would provide this country with a 7.3 tcf of natural gas.
“When we saw what was taking place as a result of the US sanctions, we negotiated and got President (Nicolas) Maduro to allow us to produce the Manatee field.
"That provides a future for TT. It is only natural that Loran will follow.
"I can tell TT, in my recent discussions with the Venezuelans, in particular President Maduro and vice-president Delcy Rodriguez they are looking at Loran coming to TT.”
The Loran-Manatee gas field, on the continental shelf of the Atlantic Ocean, was originally supposed to be developed though an agreement with Venezuela which allowed for TT to produce gas from the field. However, in 2020 the Prime Minister announced that TT would develop its field independently amid US sanctions.
Young said he went to the US eight times to secure the second OFAC licence granted to Venezuela for production in history. In contrast, he said the opposition wrote to the US Government calling for them to place sanctions on himself and Dr Rowley.
“I am using this opportunity to ask: Where is president Guaido now?
"It was the PNM Government that stood firm on the principles of the UN charter of non-intervention, and that is why there is this potential that is now in black and white.”
Young also addressed concerns over the alleged secrecy behind the Dragon Gas deal, saying the rest of the world is also competing for Venezuelan gas.
He said non-disclosure agreements stopped the government from saying much about the deal but he said the government maintained the relationship to ensure that TT was a priority.
“TT is not the only place interested in Venezuela. I can tell you now when I visited the PDVSA headquarters, as I walked out of the board room in the middle of negotiations there were literally a number of multinational companies meeting with them...
“As happens with all commercial agreements and energy sector agreements, there are terms of agreements. If TT is negotiating and the EU is negotiating and other companies negotiating, Venezuela would not want each party to know the terms of the deal.”
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