‘A joyous occasion’

He said that report showed a “finite end” in terms of the proven natural gas reserves within TT’s borders and in its waters. “We were seeing the end right over the horizon,” the minister added “We have gone across the border into Venezuelan waters and negotiated with them to get a supply of gas from them.” Noting that discussions for monetisation of natural gas reserves in the Loran/Manatee fields which straddle the TT-Venezuela maritime border have been ongoing since the former Patrick Manning administration, Young explained that while this initiative remains on the table, “the agreement that has been signed is an agreement where we now have a project...it is no longer talk.” The minister said, “We are now into the implementation of getting gas to Trinidad.

That’s where our focus is.” Young, who was part of the Government’s delegation to Venezuela, explained, “At the end of a live video broadcast between President Maduro and Prime Ministe Rowley in Venezuela, the President arranged a cultural event which he asked the Prime Minister to participate in.” Young continued, “Both the President and the Prime Minister participated in it. It was a very joyous occasion.” Young said he had faith and confidence that the media would recognise the significance of this gas agreement leading to the “continuation of TT’s oil and gas economy” going into the future.

He said the Dragon gas field (which the agreement involves) has proven natural gas reserves of approximately 12 to 13 trillion cubic feet (TCF) compared to this country’s proven gas reserves of about ten TCF. Young said the agreement allows Venezuela, “access to inernational market prices for the first time for their gas.” Saying there are also discussions between TT and Venezuela regarding access to reserves in the Mariscal Sucre field in the latter’s jurisdiction.