Prime Minister Kamla Persad-Bissessar has announced significant progress on the Loran-Manatee gas field, describing it as a major step forward in cross-border energy cooperation and regional development between Trinidad and Tobago and Venezuela.

According to the Prime Minister, British Petroleum (BP), XRG of the United Arab Emirates, and UCC Holding of Qatar have joined the push for gas production, signing the license for Phase 2 of the Loran gas field with Venezuela. Phase 1 of the Loran field was previously signed with Shell.

Together, the two agreements are expected to send approximately 7 trillion cubic feet of gas from Venezuela into Trinidad and Tobago for processing at the country’s LNG and petrochemical plants.