New geopolitical spat on the horizon?

Although the "drums of war" from the recent offshore incident between Venezuela and Guyana have subsided, another nearby maritime boundary issue may come to fore in the near term.

"Our claims to the United Nations Commission on the Limits of the Continental Shelf, if successful, would extend our maritime jurisdiction seawards to the outer edge of our continental margin," Trinidad and Tobago's energy minister Franklin Khan said at a local energy event.

The official expects the government to defend its claim – submitted in 2009 – later this year.

"If successful...this would be a major development as it would extend our boundaries to areas in close proximity to the Guyana-Suriname basin in which major hydrocarbon discoveries have already been made," he added.

Khan highlighted, however, that although the UN commission approves claims, it does not determine ownership, and therefore Trinidad would have to enter into talks with Barbados, Guyana, Suriname and French Guiana.

Last year, Trinidad and Guyana inked an energy cooperation agreement to develop and promote joint projects across the hydrocarbons value chain, and a similar deal was signed between Trinidad and Suriname in 2017.

Read Guyana, Trinidad and Tobago ink energy deal and Trinidad steps up regional cooperation

NEW DISCOVERIES

The minister's words come amid announcements by ExxonMobil and Hess of new discoveries at the Tilapia-1 and Haimara-1 wells (see map below) on the Stabroek block, offshore Guyana.

"We see a lot of development potential in the Turbot area and continue to prioritize exploration of high-potential prospects here," ExxonMobil Exploration president Steve Greenlee said in a statement.

In a separate release, Hess CEO John Hess said: "These two discoveries demonstrate the continuing exploration potential on the prolific Stabroek Block and add to the previously announced gross discovered recoverable resource estimate of more than 5 billion barrels of oil equivalent."

"The rate of these finds remains well above industry standards and continues to allow for further de-risking," Guyana's Department of Public Information (DPI) quoted government energy director Mark Bynoe as saying.

Read BNamericas' latest Energy Intelligence Report Guyana: Latin America's emerging oil giant

VENEZUELA

Khan and Prime Minister Keith Rowley, another event speaker, also touched on sector initiatives with Venezuela.

"Discussions on a gas sales contract for the Dragon gas field are in train as well as the development plans for cross-border fields with Venezuela, the Loran-Manatee and the Manakin-Cocuina," according to Khan.

For his part, Rowley pointed to the potential gas production contribution from the cross-border initiatives with Venezuela.

Trinidad has taken a neutral position regarding the neighboring country's crisis.