American Invest Hub
  • Politics
  • Investing
  • Business
  • Latest News

American Invest Hub

  • Politics
  • Investing
  • Business
  • Latest News
Latest News

Trinidad and Tobago seeks US license extension for pivotal gas project in Venezuela: report

by admin February 26, 2025
February 26, 2025
Trinidad and Tobago seeks US license extension for pivotal gas project in Venezuela: report

Trinidad and Tobago is seeking US government approval to extend a license for Shell and the National Gas Company (NGC) to pursue the Dragon natural gas venture off Venezuela’s coast, as per a Reuters report.

The Dragon field, located in Venezuelan waters near the maritime border with Trinidad, is crucial for both nations.

Trinidad seeks to secure additional natural gas supply to support its liquefied natural gas (LNG) and petrochemical industries, while Venezuela aims to generate cash flow from gas exports.

Background on the gas project

The US license for the Dragon natural gas project was first granted in early 2023 as an exemption to Washington’s sanctions on Venezuela.

This allowed NGC and Shell to move forward with planning and preparation to supply Trinidad with Venezuelan gas by 2027.

Washington later amended the license in 2023, permitting payments in hard currency or in kind to Venezuela and PDVSA for gas supplies.

The expiration date was also extended to October 2025, ensuring a longer window for project development.

The extension is critical for the Dragon project, where companies involved are seeking regulatory clarity to ensure a continuous investment process.

Final investment decisions for the project are expected by the end of this year, with production slated to begin afterward.

The Dragon project is expected to initially produce around 200 million cubic feet per day of natural gas, contributing significantly to Trinidad’s gas balance.

Shell and NGC have made significant progress towards Dragon.

The Dragon field’s gas resources meet PDVSA’s provisional estimations of necessary reserves, according to detailed seismic, geotechnical, and well data.

Shell has completed a seabed survey for the Dragon gas project to identify potential hazards and is now assessing the number and location of wells to be drilled.

The company is also working on finalizing the pipeline route to its facilities in Trinidad and planning the subsea tieback.

Political backing for energy projects

As reported by Reuters, Trinidad’s Prime Minister Keith Rowley also said recently that this project was vital to Trinidad and the wider region.

He expressed his intention to keep US officials updated on the significance of the permits for the Venezuelan gas development project.

The Trinidad and Venezuelan governments have been positive toward this project, with Trinidad Energy Minister Stuart Young and Venezuela Vice President Delcy Rodriguez both speaking directly with project stakeholders.

Young has emphasized the significant potential of the Dragon gas field, stating that its output could exceed initial projections.

If production proceeds as planned, Dragon, along with Shell’s Manatee project—located on the Trinidadian side of the border—could supply a combined 1 billion cubic feet of gas per day.

This would provide a major boost to Trinidad’s energy sector, particularly its flagship Atlantic LNG project.

The post Trinidad and Tobago seeks US license extension for pivotal gas project in Venezuela: report appeared first on Invezz

0
FacebookTwitterGoogle +Pinterest
previous post
From stealth to statement: has ‘quiet luxury’ been dethroned by bold expression?
next post
Aston Martin stock price tanks 9% as carmaker cuts jobs, delays EV launch amid mounting losses

Related Posts

Can betting markets accurately predict the 2024 US...

November 3, 2024

US Ambassador to Japan to skip Nagasaki peace...

August 8, 2024

Israel investigates sexual violence committed by Hamas as...

April 12, 2024

Who was freed in major prisoner swap between...

August 2, 2024

Top UN court says Ukraine case over Russia’s...

February 3, 2024

Chinese ships spend record amount of time near...

May 31, 2024

The Ukraine war is forcing migrating eagles to...

May 23, 2024

Iron ore prices rise on hopes of China...

March 11, 2025

Thousands evacuated as floods and deadly landslides hit...

June 17, 2024

India joins select group of nations able to...

March 13, 2024

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Latest News

    • How Donald Trump’s immigration crackdown may tank the labor market

      August 4, 2025
    • Trump’s tariff threat looms over India’s Russian oil deals

      August 4, 2025
    • Trump moves nuclear submarines near Russia: what triggered the move and what’s ahead

      August 3, 2025
    • BOE rate cuts offer little relief as UK households face mounting financial strain

      August 3, 2025
    • Retail investors shift focus to Europe as US valuations stretch

      August 3, 2025

    Categories

    • Business (3,583)
    • Investing (2,703)
    • Latest News (2,031)
    • Politics (1,530)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: americaninvesthub.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 americaninvesthub.com | All Rights Reserved