Shell to go ahead with development of Manatee gas project in Trinidad

(Reuters) - Shell on Tuesday decided to proceed further with the development of the Manatee gas field in Trinidad, as it looks to strengthen its liquefied natural gas (LNG) business.

The gas field will allow Shell to expand its integrated gas unit by building on development efforts in the East Coast Marine Area, one of the Caribbean nation's most prolific gas-producing areas.

The Manatee field is part of the cross-border Loran-Manatee discovery, shared by Trinidad and Venezuela. It holds some 10 trillion cubic feet (tcf) of natural gas, with 7.3 tcf on Venezuela's side and the remaining 2.7 tcf in Trinidad.

The gas field will provide backfill for Trinidad's Atlantic LNG facility, Shell said, as it aims to grow its LNG business by 20% to 30% by 2030 from 2022 levels. The LNG liquefaction volumes are planned to grow by 25% to 30%.

"This project will help meet the increasing demand for natural gas globally while also addressing the energy needs of our customers domestically in Trinidad and Tobago," said Zoe Yujnovich, Shell's integrated gas and upstream director.

"The investment bolsters our world-leading LNG portfolio in line with our commitment to invest in competitive projects that deliver more value with less emissions," she said.

Manatee is set to start production in 2027 and once online it is expected to reach a peak production of about 104,000 barrels of oil equivalent per day (boepd), Shell said.

(Reporting by Arunima Kumar in Bengaluru; Editing by Arun Koyyur)