TRINIDAD and Tobago is seeking to sign natural gas exploration agreements with Guyana and other regional countries.
But will it fly?
Prime Minister Dr. Keith Rowley said such contracts would be similar to that initialled with Venezuela for exploration in the Cocuina-Manakin field.
T&T’s Energy Minister Stuart Young and Venezuela’s Oil Minister Pedro Tellechea signed the agreement in Caracas on Wednesday, in the presence of Nicolas Maduro, President of the Latin American country.
Venezuela granted a 20-year deal to BP, the British energy producer, and T&T’s National Gas Company (NGC) for exploration in the cross-border field.
T&T will explore in its territorial waters.
The field reportedly has one trillion cubic feet of proven gas reserves.
T&T and Venezuela’s State energy company PDVSA sped up negotiations and signed the agreement before this weekend’s hotly-contested presidential election.
The exploration is great news for T&T, which has seen its premier liquefied natural gas (LNG) plant and various industrial operations shut down because of insufficient gas supplies.
The electricity generation service relies exclusively on gas as a feedstock.
Rowley said his Government is seeking parallel agreements with Guyana, Barbados and Grenada to permit exploration should there be gas discoveries.
T&T had previously expressed interest in processing gas from Guyana and Suriname in its mothballed LNG plant.
Exxon Mobil is constructing a gas-to-energy project in Guyana, with an integrated natural gas liquid (NGL) facility.
The Guyanese authorities have been hesitant about getting into the gas business with T&T.
Vice President Bharrat Jagdeo said processing Guyana’s gas in T&T depends on cost.
“Everything has to be done on the basis of a feasibility study,” Jagdeo said.
He added: “Would it be better to process your gas right here at a floating LNG platform than moving it hundreds of miles to Trinidad and Tobago?”
Young has made several public appeals for discussions on the subject.
But there has been a general reluctance in Georgetown to engage with T&T in the energy sector.
Time will tell whether this new thrust by T&T will create positive results.
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