(Trinidad Guardian) The T&T Government has been lobbying Democratic and Republican lawmakers in a bid to protect the Dragon gas deal.
Energy Minister Stuart Young disclosed on Saturday that the Government has been engaging both the Democratic and Republican parties in its efforts to secure T&T’s Dragon gas deal with Venezuela.
He was speaking at the Chaguanas Chamber of Industry and Commerce (CCIC) annual Christmas dinner and awards function at the Passage to Asia Restaurant in Chaguanas.
Young said, “We remain very connected with the government of the United States to try and ensure we secure the future of these projects. Our partner in that project, 70 per cent, is Shell, which is the largest LNG trader in the world. It was only two weekends ago I was in London, spending a Friday with Shell and Saturday with BP, securing our future to make sure they are on the same pages.” T&T has been short of natural gas to power its petrochemical and LNG facilities; therefore, the Dragon gas deal is seen as a very crucial part of the Government’s strategy to increase its natural gas output.
In 2018, T&T and Venezuela signed a memorandum of understanding for the joint development of the Dragon gas field. However, sweeping sanctions imposed by the first Donald Trump administration brought a suspension of the project. The US sanctions specifically targeted the oil and gas sector as part of its broader effort to pressure the Government of President Nicolás Maduro.
Young said T&T has secured a 30-year licence for the Dragon field with the government of Venezuela and a two-year OFAC licence from the United States Government that he assured would be honoured until it expires in October 2025. An OFAC (Office of Foreign Assets Control) licence is an authorisation from the US Treasury Department that allows individuals or entities to engage in transactions that would normally be prohibited due to US sanctions.
The Dragon gas agreement, finalised in December 2023, is a significant milestone in T&T’s energy collaboration with Venezuela.
The Energy Minister said two vessels paid for by Shell and the T&T Government are surveying the Dragon field.