Keith Rowley, the Prime Minister of the Republic of Trinidad and Tobago, announced on Feb. 3, 2020, the joint decision of his government and the Bolivarian Republic of Venezuela to terminate the Unitization Agreement for the unified exploitation of the Loran-Manatee gas field. As the prime minister explained, the decision is due to the sanctions imposed by the U.S. government on the Bolivarian Republic of Venezuela, specifically those under which U.S. companies cannot conduct business with the state company, Petrleos de Venezuela, SA (PDVSA).
In accordance with the statement issued by the prime minister to the House of Representatives of Trinidad and Tobago1, the aforementioned sanction has limited progress in rural field development, which is of concern to his government, and that of the Republic of Venezuela. In that regard, the prime minister indicated that "the Government of the Republic of Trinidad and Tobago and the Government of the Bolivarian Republic of Venezuela agreed to undertake separate and independent exploitation and development," therefore, "the Unification Agreement was thereby terminated and will be held to be inoperative. This instrument was replaced by a new Agreement between the countries, which allows the separate and independent exploitation and development of the Loran-Manatee gas field."