Page 4 - LatAmOil Week 11 2023

LatAmOil COMMENTARY LatAmOil

NGC, PdVSA and Shell struck an initial deal for Dragon in 2018 (Image: PdVSA)
T&T gearing up for

more talks on Dragon

Young is optimistic about the prospects for a quick deal that might see gas flowing

in two years, but other observers say more time is needed to launch development

EARLIER this year, the US government took Petroleum Ministry, as well as Pedro Rafael
another small step towards loosening sanctions Tellechea, the head of the national oil company
WHAT: on Venezuela’s petroleum industry by granting (NOC) PdVSA.
Port of Spain is gearing Trinidad and Tobago a two-year waiver for the Since then, Young has confirmed that the
up for a third round of purpose of facilitating negotiations on a natural visit began as scheduled on March 14. Very few
talks with Caracas on the gas project that has remained stalled for almost details of the discussions have been made pub-
Dragon gas project. five years. lic – probably because the parties have signed a
Port of Spain held its first round of talks with non-disclosure agreement.
WHY: Caracas on the scheme last month, and Stuart It is worth noting, though, that Young spoke
The US has green-lighted Young, the head of Trinidad and Tobago’s Min- enthusiastically to Reuters at CERAWeek about
Shell’s participation in
the Venezuelan scheme. istry of Energy and Energy Industries (MEEI), the prospect of reaching an agreement soon
said on the sidelines of the CERAWeek confer- with PdVSA. He indicated that he believed the
WHAT NEXT: ence in Houston on March 9 that the parties two countries had established a good founda-
Venezuela is likely to were holding substantive discussions. tion for joint development of Dragon, a gas field
push for more conces- He told Reuters in an interview that he was located offshore Venezuela near the maritime
sions from the US. preparing to make a third visit to Caracas before border with Trinidad and Tobago, noting that
the end of March and would be meeting there Port of Spain had “a relationship of respect” with
with Tareck El Aissami, the head of Venezuela’s Caracas.

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