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Monday, March 17, 2025

Young: Govt reaches Manatee deal with Shell

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1245 days ago
20211018
Minister of Energy and Energy Industries Stuart Young, argues his point during debate on the Appropriation (Financial Year 2022) Bill, 2021 at yesterday’s sitting of the Senate.

Minister of Energy and Energy Industries Stuart Young, argues his point during debate on the Appropriation (Financial Year 2022) Bill, 2021 at yesterday’s sitting of the Senate.

OFFICE OF THE PARLIAMENT

pe­ter.christo­pher@guardian.co.tt


Trinidad and To­ba­go’s per­se­ver­ance with the Lo­ran Man­a­tee field has paved the way for the largest gas pro­duc­tion deal in decades, ac­cord­ing to En­er­gy Min­is­ter Stu­art Young.

While ad­dress­ing the Sen­ate as the bud­get de­bate con­tin­ued in the Up­per House yes­ter­day, Young re­vealed ma­jor strides had been made in the project.

“I am hap­py to an­nounce here to­day that last week, the Cab­i­net of Trinidad and To­ba­go took a de­ci­sion and gave us a green light to go ahead with the Man­a­tee con­tract.....Lo­ran Man­a­tee is a gas field that strad­dles, Trinidad and To­ba­go and Venezuela. We’ve heard about it since 2010. Noth­ing was done,” said Young.

T&T is de­vel­op­ing its share of the gi­ant Lo­ran/ Man­a­tee field which has 2.7 TCF of gas on the Trinidad side and which in to­tal has 10 tcf with 7.3 tcf on the Venezuela side of the bor­der but could not be joint­ly de­vel­oped due to US sanc­tions against the regime of Nico­las Maduro.

“Let us de­vel­op it. Peo­ple said it couldn’t be done, I am hap­py to say to­day we ne­go­ti­at­ed a PSC with Shell. The Man­a­tee project has, we’ve got any green light to go ahead with the PSC. In a few weeks I’m hop­ing we’ll be able to sign that agree­ment that is go­ing to keep this sin­gle largest new gas pro­duc­tion con­tract, and gas pro­duc­tion in Trinidad and To­ba­go for decades,” said the Min­is­ter.

Young said this de­vel­op­ment was fur­ther proof that the En­er­gy Sec­tor would still play a ma­jor part of this coun­try’s econ­o­my go­ing for­ward.

Young ex­plained that while the world was mov­ing away from fos­sil fu­els, there was still a large win­dow for gas based economies as the time­line for the phas­ing out of gas was longer than those of oth­er tra­di­tion­al fos­sil fu­els coal and oil.

 “Don’t let the Chick­en Lit­tle syn­drome that is tak­ing place in some quar­ters that the en­er­gy sec­tor is sud­den­ly go­ing to van­ish from Globe, fright­en any­one,” he said.

Young con­tin­ued, “The first one that is con­tribut­ing to the glob­al en­er­gy warm­ing cri­sis is coal. And that’s the first one that the glob­al en­er­gy sec­tor and de­vel­oped coun­tries are mov­ing away from oil and gas have imag­ined longer Hori­zon. The Hori­zon for oil may be more lim­it­ed”


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