Friday, June 2, 2023

Venezuela and Trinidad will meet again in June to discuss the Dragon gas project

HOUSTON, May 26 (Reuters) – Venezuela and Trinidad and Tobago are hoping to advance negotiations to jointly develop a natural gas field, with a meeting scheduled for mid-June in Caracas, according to three sources familiar with the matter.

Officials from both governments met last March in Caracas, where they signed secret agreements to settle the deal, after the January issuance of a two-year license by the United States of America, which gave the green light for negotiations to proceed.

The Dragon field, which is located near the maritime borders of the two nations, has reserves of up to 4.2 trillion cubic feet of gas. The trinity needs fuel for its natural gas and liquefied petroleum gas potentials, and Venezuela hopes to gain access to cash flow from gas exports.

If negotiations go well, gas could technically start flowing in two years, Trinidad Energy Minister Stuart Young told Reuters in March.

The Trinity National Gas Company (NGC) and the energy of the Caribbean nation are expected to hold technical workshops in preparation for meetings in Caracas next month, two of the sources said.

Trinidad and Tobago, the largest exporter of LNG in the Americas and one of the largest exporters of methanol and ammonia in the world, does not produce enough gas to suspend one of its liquefaction trains like the other three below. ability

The US Under Secretary of State for Energy Resources, Geoffrey Pyatt, told local media in Trinidad last week that any license extension “depends on the president of Venezuela, Nicolas Maduro, and what happens in Venezuela.”

(Questions by Curtis Williams and Marianna Párraga in Houston.)

Nation World News Desk
Nation World News Desk
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