Energy Minister signs historic agreement with Venezuela

Energy Minister the Honourable Kevin Ramnarine shakes hands with his Venezuelan counterpart upon signing the historic agreement to develop the giant Loran Manatee Cross-border Gas Field. (Photo Courtesy: Ministry of Energy and Energy Affairs).

Caracas, Venezuela: Energy Minister Kevin Ramnarine and his Venezuelan counterpart Rafael Ramirez today signed an agreement that establishes the functional and governance structure to oversee the development of the giant Loran-Manatee gas field that straddles the Trinidad and Tobago / Venezuela maritime border. This field has approximately 10 trillion cubic feet of natural gas. The signing was described as historic and as a first for the Americas. It comes 10 years after an MOU was signed by both countries to develop cross border reserves. Work will now commence on a development plan for the optimal production of the reserves.