Venezuela and Trinidad sign off on joint oil and gas project
Trinidad and Tobago 
PORT OF SPAIN, December 26, 2023 – Venezuela and Trinidad and Tobago have signed an agreement with British energy giant Shell and Trinidad’s state-owned National Gas Company to develop the offshore Dragon field, Reuters reported on Friday.
The 30-year licence signed on Thursday will see an initial output of 185 mcf per day of gas exported to Trinidad by an 18-kilometre pipeline linking the Dragon field to Shell’s Hibiscus production platform in Trinidad.
The play sits in Venezuela’s territorial waters and is believed to contain 118.94 bcm (4.2 tcf) of natural gas.
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In October 2023, Trinidad and Tobago began price negotiations for natural gas imports from Venezuela following signing a profit-sharing agreement in September 2023 to jointly develop the Dragon field.
In the same month, the USA significantly eased sanctions on Venezuela’s oil sector.
Alongside the joint Manetee field in Trinidadian waters, the project is expected to produce up to 1 trillion tcf of gas in its first phase.
Read our latest interview with Trinidad’s Minister of Energy and Energy Industries Stuart Young here.
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