(The Energy Chamber, 17.Oct.2023) — The Energy Chamber of Trinidad & Tobago warmly welcomes the announcement from the Trinidad & Tobago Minister of Energy and Energy Industries, The Honourable Stuart Young, of the further progress with the development of Dragon field and the granting of an amended license from the United States Treasury Department Office of Foreign Asset Control (OFAC) to the Government of Trinidad & Tobago. This amended license, extended through to 25th October 2025, will allow the Government of Trinidad & Tobago to pay for natural gas exported from the Dragon field in Venezuela in any currency or in humanitarian aid.
This is a very significant development for the energy industry in Trinidad & Tobago. The announcement represents an important further milestone in the plans to import natural gas from Venezuela for use in our well-developed existing downstream gas industry and LNG export facilities. This natural gas will help return the mid and downstream infrastructure in Trinidad to capacity utilisation and will provide the world with a much-needed secure source of LNG and petrochemicals, such as methanol and ammonia.
Minister Young confirmed that Shell will operate the Dragon field and that gas will be brought to the existing Hibiscus platform for onward transmission to plants in Trinidad. The Energy Chamber would like to commend the Trinidad & Tobago government and their partners, the National Gas Company and Shell, in progressing this important project and we look forward to further updates as the commercial and technical agreements are finalised.