Trinidad inks agreement with Venezuela, CARICOM States to explore oil in shared borders

Jun 01, 2022 News

By Kiana Wilburg in T&T

Kaieteur News – As a small island developing state, Trinidad and Tobago’s (T&T) Prime Minister, Dr. Keith Rowley is of the view that his government, out of necessity, must engage with the rest of the world and particularly its regional neighbours so that it can continue to build and strengthen its economy.
High on his agenda has been the development of economic co-operation in the energy sector. To this end, the Prime Minister said during his featured address at Tuesday’s opening of the Trinidad and Tobago Energy Conference that T&T has executed ‘unitisation agreements’ with the Governments of the Bolivarian Republic of Venezuela, Barbados and Grenada, to allow for the exploration of hydrocarbon resources in the maritime boundaries shared with these countries.
Further to this, Prime Minister Rowley told delegates that T&T has executed a Memorandum of Understanding (MoU) with the Government of Guyana also with the Government of the Republic of Haiti on co-operation in the field of energy.
The Head of State shared as well that on May 25, 2020, Trinidad had signed a Protocol of Intent with the Government of the Republic of Ghana on co-operation in the energy sector. The politician said, however, that it is imperative his government moves beyond the intent to co-operate and aggressively pursue opportunities that utilise its extensive expertise and experience in the energy sector. He is hopeful that the said agreements will help T&T revitalise its oil and gas production stock while ultimately strengthening its economy.
Kaieteur News has reported that T&T is one of the world’s oldest hydrocarbon provinces and a leader in the safe and efficient delivery of oil, natural gas and petrochemicals.
Over many decades, the country has developed extensive expertise, knowledge and skills. Drawing on local, regional and global experiences the ongoing energy conference being held at the Hyatt Hotel will explore how the industry’s expertise and knowledge can be leveraged to drive the energy transition in the Caribbean and beyond.
The three-day Energy Conference is being held under the theme ‘Leveraging the Industry’s Strength for the Energy Transition’.

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