Trinidad and Tobago Seeks Extension for Venezuela Gas Project | OilPrice.com
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Breaking News:
Trinidad and Tobago will request an extension to a U.S. license to continue developing a natural gas field offshore Venezuela in partnership with Shell, sources familiar with the plans have told Reuters.
The U.S. Treasury in early 2023 granted a license to Trinidad and Tobago, allowing the Caribbean nation to develop the Dragon gas field offshore Venezuela and do business related to the gas field with Venezuela’s state oil firm PDVSA.
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Even with U.S. sanctions on Venezuela and its state oil firm and central bank, the U.S. Administration has regularly granted licenses to foreign operators in Venezuela, including to Chevron.
Now Trinidad and Tobago, which develops the project via its National Gas Company (NGC), is seeking an extension to the 2023 license from the Trump Administration. The current license expires in October 2025, but the partners, Trinidad’s NGC and Shell, will need it extended before starting production from the Dragon project offshore Venezuela.
The final investment decision for the project is expected later this year, with first gas set for about 2027.
The Dragon project is planned to supply Trinidad and Tobago with natural gas.
The importance of energy security for Trinidad and Tobago was one of the reasons why the U.S. granted the initial license—to boost the energy security in the Caribbean basin.
At the end of last year, Trinidad and Tobago said that preliminary work for the first phase of the project got under way with a geophysical and geotechnical survey.
The subsea surveys will allow Shell to collect technical data to assess the status of existing infrastructure and technical data to support the design of new facilities to be installed, as well as the design and routing for the installation of a 22-km (14 miles) pipeline from the Dragon field to the Shell-operated Hibiscus platform, pending the final investment decision.
By Tsvetana Paraskova for Oilprice.com
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