Page 4 - LatAmOil Week 06 2023

LatAmOil COMMENTARY LatAmOil

Young (L) and Gil (R) met in Caracas on February 6 (Photo: Twitter/@yvangil)

Progress toward Dragon deal

Trinidad and Tobago’s energy minister heads to Caracas less than three weeks after

PM Rowley’s announcement that the US will exempt the gas project from sanctions

LESS than three weeks have passed since Trini- Trinidadian minister had met with a number
dad and Tobago’s Prime Minister Keith Rowley of high-ranking officials – including President
WHAT: revealed that the US government had waived Nicolas Maduro, Vice President Delcy Rodri-
Minister of Energy and sanctions penalties so that Port of Spain could guez, Oil Minister Tareck El Aissami and For-
Energy Industries Stuart proceed with plans for joint development of a eign Minister Yvan Gil – on February 6-7.
Young has kicked off talks natural gas field off the coast of Venezuela. VTV did not disclose many specific details
on the Dragon gas project Nevertheless, the matter appears to be about these meetings, but it did indicate
with Venezuela. moving forward quickly. Rowley indicated that energy co-operation and plans for joint

WHY: on January 24, when he first announced that upstream projects had been high on the agenda.
Washington had carved out a two-year exemp-
It remains to be seen, though, whether Young’s
The full terms of the tion from the sanctions regime for the Dragon visit to Caracas actually keeps the Dragon pro-
waiver from US sanctions
have yet to be disclosed. gas project, that his government had already ject moving forward at the same pace.
made contact with the Venezuelan side. And
WHAT NEXT: on February 6, Trinidad and Tobago’s Energy Terms of the waiver
The pace of talks will and Energy Industries Minister Stuart Young Currently, one of the most important factors
depend on whether NGC travelled to Caracas to start official talks on the affecting the speed of decisions on Dragon is
is the only company project. the waiver granted by the Office of Foreign
permitted to represent Young appears to have been received Assets Control (OFAC), the division of the US
Trinidad and Tobago. warmly in the Venezuelan capital. Venezuela’s Treasury Department that oversees sanctions
state television channel VTV reported that the implementation.

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