Trinidad cancels Venezuela gas deal

Trinidad and Tobago

PORT OF SPAIN, February 4, 2020 – Trinidad and Tobago has cancelled an agreement for the joint development of an offshore gasfield with Venezuela in light of US sanctions, Prime Minister Keith Rowley announced on Monday.

The two countries were to develop the Loran-Manatee shallow-water field, which straddles their maritime border and has estimated reserves of around 283 bcm (10 tcf). About two-thirds of those reserves are on the Venezuelan side.

Trinidadian authorities had tasked Shell with studying the potential joint development. The Caribbean nation has faced years of gas shortages that have hampered local industry.

Read our latest insights on:

• Trinidad and Tobago

Previous

Oil prices mixed as traders monitor coronavirus situation

Next

Oil up as OPEC+ assess coronavirus impact on oil demand