Trinidad and Tobago cancelled deals with Venezuela on joint development of natural gas on their maritime border due to US sanctions on Venezuela’s company Petroleos de Venezuela SA (PDVSA).
The Caribbean island in major liquefied natural gas exporter. Yet, its own raw material deposits are declining every year. Therefore, the country is searching for possibilities to ensure further processing. As there are large untapped offshore gas reserves in neighboring Venezuela, cooperation with the country seems advantageous.
Trinidad and Tobago had expressed its interest in cooperation with Venezuela’s company Petroleos de Venezuela SA (PDVSA). Yet, the US slapped sanctions on PDVSA due to Venezuela’s president Nicolas Maduro’s practices. Therefore, Trinidad had to withdraw from already signed agreements as they didn’t intend to ruin relations with American administration.
Trinidad and Tobago’s Prime Minister said on energy conference in Port of Spain that the two countries will develop natural gas mining independently. Gas field in Loran-Manatee should involve about 283-billion-cubic-metre of natural gas.