The governments of the Republic of Trinidad and Tobago and the Bolivarian Republic of Venezuela expressed their commitment to the advancement of the process of Unitization of Hydrocarbon Reservoirs between the two Republics. The Unitization process seeks to develop important natural gas reserves, which extend across the delimitation line between the two States.
The governments of both countries expressed their full support to the work being undertaken in this area by the Steering Committee, particularly highlighting the progress being made in the Unitization of the Loran-Manatee Field Unit Area. The work of the Steering Committee was recognized as providing the necessary political, socio-economic and institutional platform for the use of such reserves in accordance with the principles of reciprocity, solidarity and respect to the sovereignty of both States.
Both Governments also expressed their interests in the prompt operational start-up for the development of this Field by the exploration and production companies involved in the project.
Additionally, both Governments welcomed the signature of the Unitisation Agreement for the Exploitation and Development of Hydrocarbon Reservoirs of the Manakin-Cocuina Field that Extends across the Delimitation Line between the Republic of Trinidad and Tobago and the Bolivarian Republic of Venezuela, as well as the Framework Agreement on Energy Cooperation. The conclusion of these Agreements between the two Republics is of significant relevance within the context of the Latin American and Caribbean integration and contributes to the further deepening of the energy relationship between the two countries, laying the foundations for the development of cooperation mechanisms for the identification and joint implementation of projects within the hydrocarbon value chain for the socio-economic benefit of both countries.