Above: Trinidad (CJ Photo)

By the Caribbean Journal staff

Trinidad and Tobago and Venezuela have signed an agreement paving the way for the joint development of the offshore Loran-Manatee gas field.

In a statement, Trinidad’s government called the deal “historic.” It comes 10 years after the two sides signed an MoU to develop cross-border reserves.

The field, which straddles the maritime border between the two countries, is estimated to have around 10 trillion cubic feet of natural gas.

Trinidad’s Energy Ministry said work would now commence on a development plan for the “optimal production of the reserves.”

The two countries will drill through US company Chevron and Venezuela’s state-owned PDVSA.