A landmark round of hydrocarbon exploration licensing in Venezuela has opened a new chapter of cross-border energy cooperation between the South American nation and neighboring Trinidad and Tobago, with major economic and energy security benefits projected for both countries and the broader Caribbean region.
Trinidad and Tobago Prime Minister Kamla Persad-Bissessar has formally congratulated Venezuela’s acting President Delcy Rodríguez on the recent signing of agreements for the Loran Phase 2 development and the Plataforma Deltana area, an milestone that revives activity in a giant cross-border gas deposit left dormant for nearly a quarter century. The Loran gas field, located adjacent to Trinidad and Tobago’s Manatee field, has seen no development activity for 23 years; Phase 1 of the project was previously awarded to energy major Shell, while the new Phase 2 licenses went to a consortium including bp, ADNOC’s global investment arm XRG, and UCC Holding.
In public remarks shared alongside Rodríguez’s original social media announcement of the deals, Persad-Bissessar emphasized that the agreements mark a transformative step forward for cross-border energy collaboration and regional economic growth, with Trinidad and Tobago positioned to capture substantial benefits from Venezuela’s energy progress. Under the terms of the planned development, an estimated seven trillion cubic feet (TCF) of natural gas from Venezuela’s Loran development will be transported to Trinidad and Tobago for processing at the country’s existing liquefied natural gas (LNG) and petrochemical facilities.
In an official press release issued after the signing, Trinidad and Tobago’s Ministry of Foreign and Caricom Affairs outlined that the landmark licensing will directly strengthen the country’s long-term energy security, while opening up high-value new opportunities for its established energy sector. Combined with gas reserves from the Dragon field, Manatee field, Loran Phase 1 and the recently agreed Manakin-Cocuina exploration project, the new licenses unlock the potential for more than 12 TCF of natural gas to be commercialized via Trinidad and Tobago’s existing energy infrastructure.
Beyond international energy majors, the agreements also open new room for collaboration with Trinidad and Tobago’s own state-run National Gas Company (NGC), which recently finalized a joint exploration and development deal with bpTT for the Manakin-Cocuina field. Persad-Bissessar extended congratulations not only to Venezuelan officials, but also to bpTT, which has secured joint ownership and operatorship of the new strategic assets. She also formally welcomed XRG, the international energy investment unit of Abu Dhabi’s ADNOC, to the region as the firm expands its Western Hemisphere gas portfolio, noting XRG will hold a joint stake in the licenses alongside UCC Oil and Gas.
The full cross-border Loran-Manatee complex holds an estimated 10 TCF of proven natural gas reserves, with Shell currently leading development of the Manatee portion on Trinidad and Tobago’s side. First gas production from Manatee is targeted for the second quarter of 2027. Trinidad and Tobago’s government has also held early exploratory talks with XRG to support the firm’s entry into both the local market and the broader Latin American region, laying the groundwork for future investment.
Officials noted that Trinidad and Tobago’s unique existing infrastructure—including established pipeline networks, the Atlantic LNG export facility, and a mature downstream petrochemical sector—makes it a natural hub for commercializing the new cross-border reserves. Beyond direct economic benefits for the two nations, the development is expected to strengthen energy security across the Caribbean and the wider global market, while creating a welcoming investment environment for international energy players. The government says it looks forward to coordinated work with Venezuela, the consortium partners and all stakeholders to ensure the timely, efficient, and mutually beneficial exploration and development of the resources, framing the deal as a critical step to revitalize Trinidad and Tobago’s energy sector and secure long-term shared prosperity for both nations.