February 24, 2024
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OIL & GAS

Trinidad and Tobago Explores LNG Supply Talks with Europe from Venezuelan Gas Reserves

Trinidad and Tobago’s Prime Minister, Keith Rowley, revealed on Monday that the country has initiated discussions with European nations regarding the supply of liquefied natural gas (LNG) produced from Venezuelan gas reserves.

According to Reuters, Venezuela granted a 30-year license to Shell and Trinidad’s National Gas Company in December for the joint development of an offshore gas field near the maritime border.

The project, known as the Dragon project, could signify Venezuela’s inaugural exports of its extensive offshore gas reserves, targeting an initial output of 185 million cubic feet per day, potentially commencing by the end of next year.

“There is serious European interest in what is happening in Trinidad and Tobago as they attempt to bring to market resources from South America,” Rowley emphasized during an energy conference in Port of Spain.

The Dragon project holds strategic importance for both countries, with Venezuela seeking to monetize its gas reserves to diversify revenue sources, while Trinidad aims to access its neighbor’s gas deposits to counter declining output from its own fields through 2028.

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