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| The Aban Pearl gas rig in the Caribbean Sea, along the Venezuelan coast. (Source: Reuters) |
This information was announced by Trinidad & Tobago's Minister of Energy, Stuart Young, before the country's Parliament on October 9th.
Minister Young said that if price negotiations are successful, the parties involved, including energy giant Shell, Venezuela's state-owned oil company PDVSA, and Trinidad's national gas company (NGC), could sign a cooperation agreement for exploration as well as related contracts.
The official revealed that his recent meetings with Venezuelan officials had made progress, opening up the possibility of exploiting natural gas at the Lorán field, which is also located near the border between Venezuela and Trinidad & Tobago.
According to some informed sources, energy giants Shell and NGC may approve a $1 billion investment loan to PDVSA for the Dragon gas field, which the parties intend to jointly develop.
Earlier this year, in January, the US granted a two-year license to Venezuela and Trinidad & Tobago to jointly develop the Dragon gas field and supply natural gas to the Caribbean island nation.
Regarding the current status of the Dragon project, Minister Stuart Young said that the project has reserves of approximately 4.2 trillion cubic feet of natural gas and has been suspended for more than a decade due to a lack of investment and US sanctions against Venezuela.
The project will continue to be developed if Venezuela and Trinidad & Tobago successfully negotiate gas prices.
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