Home' Trinidad and Tobago Guardian : September 25th 2013 Contents A11
Wednesday, September 25, 2013 www.guardian.co.tt Guardian
Living Room Set from
Lamp Table from
Coffee Table from
Bedroom Set from
with large wardrobe
Woodville Industries Ltd.
#32 O'Meara Ind. Estate, Arima
Call: 642-1173/642-9772 0915063
Mon - Sat 9.00 a.m - 4.30 p.m
Recent "misinformation" by the
Opposition PNM on the
T&T/Venezuelan Loran Manatee gas
venture has the potential to damage
T&T s relationship with Venezuela,
its standing in the international ener-
gy community and it has damaged
T&T s future, says Energy Minister
"Our agreement which was so
maligned, mangled and condemned
by the PNM s men of the past is that
little key that can open a mighty door
to the future," he said.
"Men of the past will always oppose
the future and great minds face violent
opposition from mediocre minds."
He, however, assured: "The sover-
eign interest of T&T is protected at
every stage in the agreement on this
During Monday s Senate budget
debate Ramnarine cleared the air after
PNM MPs took issue with the project
in Lower House budget debate.
He traced the history of the venture
from 1974 and 1990 under former
prime minister Arthur NR Robinson
to 2003 and 2007 when he said there
is no record of the government report-
ing to the Parliament on those agree-
On the agreement signed earlier
this month with Venezuela, Ramnarine
said the Loran-Manatee field specific
treaty distributes the volumes in the
Loran-Manatee Field Unit area into
73.06 per cent for Venezuela and
26.94 per cent for T&T.
"The 73.06 per cent of the field on
the Venezuelan side in their Block
2 (referred to as Loran) is the
property of the Venezuelans and
it is their sovereign right to deter-
mine how it is to be monetised
and where it is to be monetised,"
"The 26.94 per cent of the field
on the Trinidadian side in our
Block 6d (referred to as Manatee)
is the property of T&T and it is
our sovereign right to determine
how it is to be monetised and
where it is to be monetised."
Ramnarine said the agreement
concerns the functional structure
and governance of the Loran-
Manatee Unit Area.
"This agreement between two
sovereign states is now the subject
of gross misunderstanding, mis-
information and misconception,"
"The events of the last two
weeks as far as this agreement is
concerned has the potential to
damage this country s relationship
with Venezuela, its standing in
the international energy commu-
nity and it has damaged our
"Men of the past will always
oppose the future. Our future has
been sacrificed on the altar of
political recklessness by people
who aspire to hold high office
again in this country."
Ramnarine said the agreement
establishes the unit s operator as
well as directing, investing and
executing teams. The directing
team makes recommendations to
the Joint Ministerial Commission
and has authority over the oper-
ations of the Investment Com-
mittee and the Executing Entity.
"The members of the Directing
Committee have their voting
rights in accordance with their
title to natural gas under the Pro-
duction Sharing Contracts on our
side of the border Block 6 and
Block 2 on the Venezuelan side,"
Ramnarine particularly con-
demned statements by PNM MP
Marlene McDonald on the issue.
"How sad the MP, an attorney,
would not have seen that the vot-
ing rights are computed in accor-
dance with title to natural gas
under the Block 6 Production
Sharing Contract," he said.
"On the T&T side, the gas is
shared between the Government
of T&T and the two contractors
BG T&T and Chevron T&T.
"Over the years, positions have
been advanced as to how and
where the natural gas should be
monetised. We have advanced
that, at the very least, our gas
(the 26.94 per cent) should come
to this country.
"The position of Venezuela has
been that they would like to build
a pipeline to Guiria where their
73.06 per cent would be mone-
tised," the minister said.
"We have also advanced a posi-
tion that the Venezuelans may
want to consider some of their
gas coming to T&T given the
proximity to this country of the
Loran-Manatee field and the well
developed gas transmission and
processing infrastructure we have
in this country.
"There s to date no agreement
on this matter. This will be the
subject of a development plan.
Positions have been advanced by
both countries. There are also
four companies involved and the
key player is Chevron which has
a presence on both sides of the
"A report in the Business
Guardian of September 19, 2013,
provides an accurate picture of
how the Venezuelans might be
thinking at this time."
He said there is a right of veto
that says that both governments
must agree on the decisions of
the Directing Committee.
"If there is a decision that we
are not in agreement to we can
veto that decision and in like
manner the Venezuelans can
exercise a similar veto."
Ramnarine clears air on gas deal
...PNM 'misinformation' can weaken ties with Venezuela, says minister
"The events of the last two weeks as far as this
agreement is concerned has the potential to
damage this country's relationship with Venezuela,
its standing in the international energy community
and it has damaged our future.
Energy Minister Kevin Ramnarine
Links Archive September 24th 2013 September 26th 2013 Navigation Previous Page Next Page