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PORT OF SPAIN, Trinidad -- The governments of Trinidad and Tobago and Grenada have signed a cooperation agreement for energy development.

A statement from the Ministry of Energy and Energy Affairs in Trinidad revealed that, on September 3, Minister of Energy and Energy Affairs, Kevin Ramnarine and the Minister of Finance, Planning, Economy, Energy and Co-operatives of Grenada, Nazim Burke signed a framework agreement for cooperation in energy sector development.

This agreement will advance the joint exploration and exploitation of hydrocarbons in the maritime areas in Trinidad and Tobago and Grenada.

The agreement will also lay the foundation for a broad spectrum of cooperation activities which may include: the development and implementation of technical programmes, projects and activities; the conduct of joint seismic surveys and joint exploration; as well as the implementation of joint development plans for the unitization of hydrocarbon reservoirs existing in the respective continental shelves of both countries.

"This is the first such agreement between Trinidad and Tobago and another CARICOM country, executed within a framework for the further development of the regional integration movement as envisaged in the Revised Treaty of Chaguaramas, which calls for the promotion of the development of the region’s natural resources on a sustainable basis," said statement read.

Burke said the agreement not only provided for “joint co-operation in determining our hydrocarbon reserves, exploration and exploitation of these reserves for our mutual benefit” but also for the transfer of skills and technology between both Caribbean countries.

He also anticipated that the landmark agreement would “spur the development of our countries to bring benefits to our people in respect of jobs, income and opportunities”.

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