TT, Venezuela close to energy treaty

In a statement yesterday, the Ministry of Foreign Affairs said significant advances towards this goal were made at the seventh ordinary meeting of the steering committee on the unitisation of cross-border hydrocarbon reservoirs that was held recently in Port-of-Spain.

The ministry said those advances have brought TT and Venezuela closer to drafting the provisions of a draft framework unitisation treaty.

The ministry said this treaty is now being considered by Energy Minister Dr Lenny Saith and his Venezuelan counterpart and will include a provision on local content.

The document now before both governments also contains the final reports on the Loran/Manatee and Kapok/Dorado marine oilfields located on either side of the TT-Venezuela maritime border.

Prime Minister Patrick Manning has hinted at the possibility of new energy revenues coming to TT as a result of TT-Venezuela energy reserves being unitised and American energy multinational Chevron Texaco could assist in this process since it operates on both sides of the border.

The ministry said both governments hoped this treaty would further enhance regional integration and bring benefits for both countries.