Venezuela, T&T to Launch Seismic Survey in Joint Effort

Seismic work is set to begin at offshore gas fields shared by Venezuela and Trinidad and Tobago, according to Stuart Young, the energy minister of Trinidad and Tobago. Venezuela recently granted a 20-year license for the development of its side of the reservoir, the Cocuina field. The project, which is to be developed by BP from Britain and Trinidad’s National Gas Company, received authorization from the U.S. earlier this year. The Cocuina and Manakin fields, part of the Plataforma Deltana offshore gas project, hold 1 trillion cubic feet of proven gas reserves.

The vessel PXGEO2, along with two supporting ships, is scheduled to conduct a 3D seismic survey at a portion of the Manakin field next month. This information was shared by Young, who referenced a marine advisory notice from BP. Despite Venezuela’s largely untapped gas reserves, the country has been offering offshore gas projects to foreign companies in recent years. Progress has been slow due to U.S. sanctions and a significant need for investment. However, preparations for a separate offshore gas project with Trinidad, the Dragon gas field operated by Shell and NGC, have advanced this year with the aim of delivering first output in late 2025.

Overall, the offshore gas industry in the region is seeing some developments, with projects like the Cocuina and Manakin fields moving forward. The collaboration between Venezuela and Trinidad and Tobago, along with the involvement of international companies like BP and Shell, highlights the potential for growth in the sector. Despite challenges such as sanctions and investment needs, efforts are being made to tap into the significant gas reserves in the area and bring new projects to fruition.

Source