Energy Minister Kevin Ramnarine and his Venezuelan counterpart Rafael Ramirez on Wednesday 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 ten trillion cubic feet of natural gas.
The agreement was signed in Caracas, Venezuela.
The signing was described as “historic” and as a “first for the Americas” by the Ministry of Energy on Wednesday.
“It comes ten 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,” the ministry said in a statement.