Transboundary Gas Field in Caribbean Nears Development with BP and Shell Leading Charge
The Loran-Manatee gas field is one of the most complex and technically demanding offshore hydrocarbon developments in the world. Spanning over a decade, the project has been marred by diplomatic complexities and unitization challenges due to its transboundary nature. The shared reservoir crosses the maritime boundary between Venezuela and Trinidad and Tobago.
The Loran-Manatee system is estimated to hold approximately 10-10.5 trillion cubic feet (Tcf) of natural gas, making it one of the largest undeveloped offshore gas accumulations in Latin America. To put this into perspective, 1 Tcf can heat around 15 million homes for a year.
The project's development is gaining momentum, with bp taking the lead operator role on the Venezuelan side under a license awarded in August 2026. The company has partnered with XRG and UCC Oil and Gas to develop up to 4 Tcf of producible gas. Shell, on the other hand, has already taken its Final Investment Decision (FID) on the Manatee block in Trinidad and Tobago, projecting peak production exceeding 600 million cubic feet per day.