“The Government of the Republic of Trinidad and Tobago and the Bolivarian Government of Venezuela have agreed to the independent development by each Government of the field within the Loran-Manatee cross-border that falls within its marine area.

Pursuant to this decision, the Government of the Republic of Trinidad and Tobago and the Bolivarian Republic of Venezuela rescinded the Unitization Agreement for the exploitation and development of hydrocarbon reservoirs of the Loran- Manatee Field that extends across the delimitation line between the countries dated August 16, 2010 and executed the Agreement for the independent development of the cross-border field, Loran- Manatee.

The Loran-Manatee has an estimated resource of 10.04 tcf, with 2.712 tcf within the Manatee field. Shell Trinidad and Tobago Limited holds 100% interest in the Manatee field and has projected that gas production could start in the 2024/2025 period at rates ranging from 270 to 400 million standard cubic feet per day. Shell is in conversation with the Government and is working on various development scenarios to determine the best option. This major policy shift which frees up investment and development of Manatee gas also provides easy access to market for all gas from these fields if the circumstances permit and the owners so desire.

Loran-Manatee Field is a landmark decision in the countries’ cross-border relationship. This has implications for development for other cross-border fields such as the Manakin- Cocuina and the Kapok-Dorado which collectively have an estimated 850 billion cubic feet of natural gas within the Trinidad and Tobago maritime area. The achievement of this Agreement is a reflection of positive initiatives being undertaken by Government to meet domestic gas requirements for competitive energy and our retention of a place in the petrochemical and LNG business for some considerable time to come.”