A delegation from Trinidad and Tobago, led by its energy minister Stuart Young, during a visit with executives from state-owned PDVSA in Caracas. (Source: Trinidad and Tobago Ministry of Energy and Energy Industries)
Trinidad and Tobago’s Energy and Energy Industries Minister Stuart R. Young inked a confidentiality agreement with Petroleos de Venezuela (PDVSA) regarding commercialization of gas from the state-owned company’s Dragon field.
“We executed a confidentiality agreement [non-disclosure agreement] which governs the negotiations between the parties and the exchange of information as we progress the technical and commercial aspects of the planned development,” Young said Mar. 14 in an official ministry statement.
Trinidad, home to the 14.8 million tonnes per annum (mtpa) Atlantic LNG plant, is suffering from a scarcity of gas supply that has impacted its liquefaction plant, which is only utilizing three of its four trains. The country’s ammonia and methanol plants have also been impacted.
Trinidad is currently producing around 2.8 Bcf/d, down from a peak of 4.52 Bcf/d in 2010, but has numerous projects in queue with potential to boost production to around 3 Bcf/d, Young told Hart Energy on Mar. 8 during an exclusive interview in Houston during CERAWeek by S&P Global.
Venezuelan gas has potential to significantly boost Trinidad’s gas supply, the minister said. Initial volumes from the Dragon field, which relates to the agreement signed in Caracas, could be at least 300 MMcf/d, according to historic PDVSA data, and potentially as high as 350 MMcf/d.
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Young led an official delegation from the twin-island country that included Shell Trinidad and Tobago senior vice president Eugene Okpere, The National Gas Company of Trinidad and Tobago (NGC) President Mark Loquan and other government officials.
Officials and executives that made up part of the Trinidad delegation held discussions with PDVSA president Pedro Rafael Telleches, who was accompanied by other top executives with the Venezuelan energy company, according to the statement.
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