ENERGY giant Shell has taken has taken a Final Investment Decision (FID) to proceed with its development of the Manatee gas field.
A Facebook post on Tuesday by Minister of Energy Stuart Young stated, “This FID is the result of significant work by this PNM Government and our constant engagement with Shell and its highest leadership levels in The Hague, London and Trinidad and Tobago.
“This development will be the most significant hydrocarbon development in Trinidad and Tobago for the past couple decades and would not have happened were it not for the vision and leadership of the Prime Minister, Dr the Hon Keith Rowley.”
The Manatee field is part of the cross-border Loran-Manatee discovery that straddles the Trinidad and Tobago and Venezuela borders. It is shared by Trinidad and Venezuela and estimated to hold around 10 trillion cubic feet (Tcf) of natural gas, with 7.3 Tcf on Venezuela’s side and the remaining 2.7 Tcf on Trinidad’s side.
In 2019, the Trinidad and Tobago and Venezuela governments executed an agreement to allow each country to independently develop its share of hydrocarbon resources from the Loran-Manatee gas field.
He said, “I am personally grateful for being given the privilege and opportunity to negotiate the agreement with the Government of the Bolivarian Republic of Venezuela to delink Manatee from Loran allowing us to proceed to develop the Manatee field in Trinidad and Tobago which was achieved in 2019.
“The Ministry of Energy and Energy Industries then proceeded to negotiate and execute a Production Sharing Contract with Shell for the development of the Manatee field (November 2021).
“Today’s announcement by Shell is a great achievement for Trinidad and Tobago and would not have happened were it not for this government’s confidence and competence as well as our belief in Trinidad and Tobago. It is yet another tangible result that has been delivered for the future of our country.
“I give the assurance that we will continue to deliver these deals which are essential for our energy security and the sustainability of our country’s future.
“Congratulations Trinidad and Tobago and thank you for allowing me the privilege to serve you.”
