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The minister for energy and energy industries of Trinidad and Tobago, Stuart Richard Young (left), and the minister for oil of Venezuela, Pedro Tellechea (right), displaying the signed energy cooperation agreements, with the president of Venezuela, Nicolás Maduro, applauding in the background at Miraflores Palace, Caracas, on July 24, 2024. Photo: Telesur.
Seven energy cooperation agreements have been signed between Venezuela and Trinidad and Tobago, with the aim of developing the resources of the Cocuina Field in the Orinoco Delta region of northeastern Venezuela.
The agreements—signed this Wednesday, July 24, at Miraflores Palace in Caracas—include Licenses for Exploration and Exploitation of Non-Associated Gaseous Hydrocarbons in the Cocuina Field of the offshore Deltana Platform of Venezuela.
During the signing ceremony, President Nicolás Maduro said that monumental steps continue to be taken to consolidate a relationship of good neighborliness and brotherhood between both nations, and that these agreements are being signed within a framework of respect for sovereignty.
“We are people of our word,” he stated, having invited investors from the US, Europe, China, Russia, and other countries to come to the country, noting that “many have already arrived.”
#EnVivo đź“ą | Firma de Acuerdos entre la RepĂşblica de Trinidad y Tobago y la RepĂşblica Bolivariana de Venezuela. https://t.co/vLvz7YAWQd
— Nicolás Maduro (@NicolasMaduro) July 24, 2024
“There have been so many schemes that have aimed to promote hate among us, mistreatment among us, but our feelings of brotherhood have always triumphed, and, as with today, it is the diplomacy of the new world that reigns, not a world of gunboats or threats,” he said, adding that “no one should be interfering in the internal affairs of each country.”
“A multipolar world is emerging with new powers that do not have colonial projects,” the Venezuelan head of state added, reiterating that diplomacy for peace, cooperation, and development of mutual sovereign nations is triumphing.
“I am a man of my word, I play with my cards on the table, and I defend the interests of Venezuela, as everyone has to defend the interests of their country,” President Maduro noted. “If you want to come and invest, come on time, as many have already arrived, some of whom we cannot name because we have signed agreements with them within special frameworks to protect them,” he explained.
Venezuela moving forward
“We have learned to get ahead with our own formulas, our own techniques, in the midst of the most savage aggression that can be made against a country, 930 ongoing sanctions against our economic apparatus,” the Venezuelan president stated. “They made us lose 99% of our income, in one year we received $56 billion and the next $700 million, and still not a single social program was canceled.”
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“We are moving forward, and we have had to remake and reinvent ourselves,” he continued. “We reengineered our tactics and our minds, and we took up negotiations with Trinidad and Tobago.”
President Maduro said that a strategy was developed where economic projects that have a significant impact on the economies of both nations, in terms of expected income, would be viable within the framework of sovereign, independent, friendly, and good-neighborly relations.
“We are on the right side of history, the new world that is emerging belongs to us,” said the head of state, explaining that there is no doubt that the 21st century is the century of that new emerging world, where differences are overcome through dialogue and diplomacy.
“Looking for business opportunities based on the people’s needs and wants, these historic documents that are being signed will allow the development of the Cocuina field on the Venezuelan Deltana platform,” the president explained, “and it is an example for the entire world. There have been so many wars over gas and oil in the world, but this is a model of how it can be done differently.”
He reiterated that Venezuela is willing to negotiate sovereign agreements and agreements for the development of oil and gas resources, and noted the involvement of British Petroleum, with whom they had reached an agreement, taking into account their relevant experience. “I believe that integrating the experiences of the Trinidad and Tobago gas company, British Petroleum, and PDVSA together will yield high-quality results as quickly as these documents are being signed,” President Maduro stated.
Benefits for the people
The minister for energy and energy industries of Trinidad and Tobago, Stuart Richard Young, signed the agreements on behalf of his country, noting that the benefits of the resulting projects will be for the peoples of both nations.
“Today is a historic and monumental day for the people of Venezuela and Trinidad and Tobago, and it would not have been possible without your blessing, President, we are very grateful,” said Young, addressing President Maduro.
“This could not have happened without the efforts of your team, as well as the team of Trinidad and Tobago. Mr. President, I congratulate you and thank you. Once again, we have shown the world what is right when two countries work together in difficult times.”
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He went on to say that on behalf of Trinidad and Tobago, he would guarantee both peoples that the benefits would be properly distributed and brought to the people of the neighboring nations.
Agreements in detail
President Maduro noted that the signed agreements are built upon a solid legal basis. Both countries signed the approval act concerning the functional and governance structure for the operation of the Manakin-Cocuina field area unit.
The signing was made on behalf of the brotherly nations by the minister for petroleum of Venezuela, Pedro Tellechea, and the minister for energy and energy industries of Trinidad and Tobago, Stuart Young.
The agreement on the execution terms for the Manakin-Cocuina area unit was also signed, as well as the authorization agreement for the fiscal measurement of the production of the Cocuina Field of the Deltana Platform, located offshore between Venezuela and Trinidad and Tobago.
Venezuela Signs Agreement with Trinidad and Tobago for Joint Gas Projects
The license for the exploration and exploitation of non-associated gaseous hydrocarbons in the Cocuina Field of the Deltana Platform was agreed to, and so was the assumption of obligations by the Licensees, within the framework of the granting of the license for the exploration and exploitation of non-associated gaseous hydrocarbons in the Cocuina Field of the Deltana Platform.
The director of the Company NGC Exploration and Production Limited, Verlier Quan-Vie, and David Campbell, director of the Company BP Exploration (Caribbean) Limited, signed the relevant document.
The seventh signed agreement was the base term sheet on volumetric distribution and prices applicable to the gas sales contracts of the Cocuina Field of the Deltana Platform.
The aforementioned licensee representatives, Quan-Vie and Campbell, signed this from their buyers from Trinidad and Tobago, and was signed on behalf of Venezuela by Tellechea.
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