Young Says PNM Laid Groundwork for Coquina-Manakin Gas Development
Former energy minister Stuart Young is challenging the Government’s presentation of progress surrounding the Coquina-Manakin gas development, arguing that critical negotiations and approvals underpinning the project were undertaken during the former PNM administration.
Young said he welcomed progress on the development but accused the current administration of attempting to take credit for work that had already been advanced before the change in government.
During a detailed account of the project’s history, Young said approximately 66% of the combined field is represented by Manakin on the Trinidad and Tobago side, while Coquina represents approximately 33% on the Venezuelan side.
Because the reservoirs cross the maritime boundary, Young explained that unitisation arrangements were necessary to facilitate development.
He acknowledged that a unitisation agreement involving Venezuela was signed in February 2015 but rejected suggestions that nothing meaningful occurred during the following decade.
Young pointed to sanctions imposed on Venezuela in 2019 as a major obstacle to commercialising cross-border gas resources.
He said the former PNM administration subsequently pursued approvals from the United States while continuing negotiations involving Trinidad and Tobago, Venezuela and energy companies.
Young said discussions involving technocrats, BP, PDVSA and energy officials from both countries were taking place by March 2024.
According to Young, US sanctions clearance was obtained for Coquina-Manakin in May 2024, followed by a 20-year exploration and production licence from Venezuela in July 2024.
He further claimed that the former administration pursued a policy under which the National Gas Company would participate throughout the energy value chain.
Young said this included securing a 20% interest for NGC on the Coquina side and beginning negotiations for a similar 20% interest in Manakin.
According to Young, he met a senior BP executive in London in November 2024 and received agreement that Trinidad and Tobago, through NGC, would obtain a 20% interest in Manakin.
He said completion was complicated by Repsol’s then-interest in Manakin and later by the revocation of the relevant OFAC licence in April 2025.
Young claimed that a November 2024 Cabinet note under the PNM administration approved a BP-Repsol transaction connected to the development.
He welcomed the reported completion of NGC’s 20% participation but maintained that the policy and negotiations originated under the former administration.
Young nevertheless said progress on the project was positive for Trinidad and Tobago.
His central argument was that the current Government should acknowledge the work undertaken before it assumed office while disclosing the final commercial terms attached to Trinidad and Tobago’s participation.
The chronology and account of negotiations were presented by Young and would require comparison with Cabinet records, company announcements and government documentation for independent verification.
