Trinidad and Tobago’s gas sector depends on resources from Venezuela’s cross-border fields, according to Energy Minister Stuart Young. He recently emphasized the importance of the Dragon and Manakin-Cocuina fields in the country’s long-term energy strategy.
“The Trinidad and Tobago gas picture is not complete without the inclusion of gas from across-border fields in Venezuela,” Young stated.
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Venezuela granted a 30-year license for the Dragon field in December 2023, leading to a technical and commercial assessment. “This initiated a technical and commercial assessment of the Dragon development, resulting in a draft development concept,” Young said. Work is ongoing to achieve Final Investment Decision (FID), with first gas targeted for 2027.
In May 2024, Trinidad and Tobago received an OFAC license to develop the Manakin-Cocuina Field with Venezuela. “The estimated gas reserves of the Manakin-Cocuina Field amount to one trillion cubic feet with two-thirds of the reserves in the maritime area of Trinidad,” the Energy Minister noted.
Negotiations with Venezuela concluded in July 2024, granting a 20-year license to NGC and BPTT. “Following the award of this license, BPTT and NGC conducted seismic data over the entire Manakin-Cocuina field. The exercise to evaluate the data is expected to be completed by third quarter 2025 and will determine the number of development wells to be drilled.”
The project is expected to cost approximately US$1 billion, with peak production reaching 300 million standard cubic feet per day. “All of the gas is to be sold to industries in Trinidad and Tobago,” Young confirmed.
