Putting TT first: Optimising cross-border reserves

Talks on cross border exploration had been interrupted due to TT’s concerns about Petro Caribe. PM Patrick Manning has since said that the Foreign Ministries of both countries were working out an appropriate schedule for the continuation of the talks.

It was a practical approach by TT, for while this country stands to have a significant dent made by Venezuela in its current crude oil exports to most of the Caricom countries, it stood to gain considerably through being able to access the natural gas on Venezuela’s side of the cross border fields.

What cannot be disregarded — and this embraces the United States as well — is that appreciably more liquefied natural gas (LNG) trains, in addition to the four now in operation in Trinidad, eventually will be constructed for the production and export of LNG.

Already, Chevron/Texaco, a United States energy major, is preparing to put forward proposals to develop the natural gas at both the Manatee and Loran fields.

David O’Reilly, chairman/CEO of Chevron/Texaco, advanced that once agreement was reached between Trinidad and Tobago and Venezuela, Chevron Texaco would submit proposals to develop the natural gas in both fields.

O’Reilly argued that this would be to the benefit of Venezuela and Trinidad and Tobago. He omitted to include that the United States of America would be a major beneficiary as well.

This country looks forward to the successful conclusion of the talks between this country and Venezuela, with respect to both the Petro Caribe initiative and the utilisation of the Manatee and Loran cross border natural gas reserves.

It will mean not only more revenues and a desired continued strengthening of the country’s foreign exchange reserves position. But a welcome increase in business for companies across the board as well as an increase in employment opportunities.