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LatinNews Daily - 05 February 2020

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In brief: Trinidad & Tobago cancels gas deal with Venezuela

* Trinidad & Tobago’s Prime Minister Keith Rowley has announced that the government and its Venezuelan counterpart have rescinded an agreement to exploit and develop hydrocarbon reservoirs in the Loran-Manatee Field that extends across the delimitation line between the two countries. In remarks made at the annual energy conference by the T&T Energy Chamber, Rowley said that progress had been impeded by US sanctions imposed last year on Venezuela’s state oil company Petróleos de Venezuela SA (PDVSA), which prevents US companies from doing business with it. This impacts on the ability of US company Chevron, which has a 60% interest in the Loran field. According to a press release by Rowley’s office, the Loran-Manatee has an estimated resource of 10.04 trillion cubic feet (TCF), with 2.712 TCF within the Manatee field. The two governments have consequently agreed to develop their fields independently.