Shell Plc has given financial approval for the development of the massive Manatee gas field offshore Trinidad and Tobago, the country's Prime Minister Keith Rowley said on Sept. 14.
Trinidad is Latin America's largest LNG exporter, but its flagship Atlantic LNG project no longer receives enough gas supply to keep its four liquefaction units running. The government in recent years has sought to accelerate new gas projects to restore operations and feed its petrochemical industry.
The Caribbean nation can process up to 4.2 billion cubic feet per day (Bcf/d) of gas into LNG, petrochemicals and electricity, but currently is producing about 2.7 Bcf/d.
Shell was not immediately available for comment.
The Manatee field is part of the cross-border Loran-Manatee discovery, shared by Trinidad and Venezuela. The field holds some 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.
The countries negotiated for years to jointly develop the reservoir and signed preliminary agreements, but a final agreement had not been completed by the time the U.S. imposed sanctions in 2019 on Venezuela's energy industry, limiting its partnerships and business with foreign companies.
Venezuela's President Nicolas Maduro later agreed to allow Trinidad to independently develop its portion of the promising field.
"The Manatee project is sanctioned and is well on the way," Rowley said at a news conference in Port of Spain. "We are taking steps to have that gas come to us as early as we can."
Earlier this year, Shell submitted, and the government of Trinidad and Tobago accepted, the field development plan that calls for peak production of 700 million cubic feet per day (MMcf/d) of gas. Rowley did not say when first gas is expected from Manatee.
Rowley said his country continues to pursue access to natural gas resources, both in terms of new offshore bidding rounds in Trinidad and also from Venezuela's Dragon field, which received a U.S. license for joint development in January.
Recommended Reading
Viper to Buy Diamondback Mineral, Royalty Interests in $4.45B Drop-Down
2025-01-30 - Working to reduce debt after a $26 billion acquisition of Endeavor Energy Resources, Diamondback will drop down $4.45 billion in mineral and royalty interests to its subsidiary Viper Energy.
Phillips 66’s NGL Focus, Midstream Acquisitions Pay Off in 2024
2025-02-04 - Phillips 66 reported record volumes for 2024 as it advances a wellhead-to-market strategy within its midstream business.
Alliance Resource Partners Adds More Mineral Interests in 4Q
2025-02-05 - Alliance Resource Partners closed on $9.6 million in acquisitions in the fourth quarter, adding to a portfolio of nearly 70,000 net royalty acres that are majority centered in the Midland and Delaware basins.
Plains All American Prices First M&A Bond of Year
2025-01-13 - U.S. integrated midstream infrastructure company Plains All American Pipeline on Jan. 13 priced a $1 billion investment-grade bond offering, the year's first to finance an acquisition.
Buying Time: Continuation Funds Easing Private Equity Exits
2025-01-31 - An emerging option to extend portfolio company deadlines is gaining momentum, eclipsing go-public strategies or M&A.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.