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.
RELATED
Q&A: Trinidad’s Energy Minister Young Talks Gas Production, Venezuela and Atlantic LNG
Chart Talk: Trinidad Eyes Venezuelan Gas Supply from Mariscal Sucre Project
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.
Recommended Reading
USD Completes Final Asset Sale of Hardisty Terminal
2025-04-11 - USD Partners was obligated to sell the Hardisty Terminal, in Alberta, Canada, after entering a forbearance agreement with its lenders on June 21 2024.
USEDC’s Plans for $1B in Capex, M&A on Track as Oil Prices Stumble
2025-04-11 - Volatility won’t affect Permian Basin-focused U.S. Energy Development Corp.’s day-to-day operations or its plans for deals, CEO Jordan Jayson told Hart Energy.
BP Forecasts Dip in First-Quarter Upstream Production
2025-04-11 - BP anticipates a quarter-over-quarter decline in upstream production when it reports earnings later this month.
The New Minerals Frontier Expands Beyond Oil, Gas
2025-04-09 - How to navigate the minerals sector in the era of competition, alternative investments and the AI-powered boom.
Q&A: Where There’s a Williams, There’s a Way for Gas
2025-04-09 - Midstream giant Williams Cos. leads the natural gas bulls on the great infrastructure buildout, President and CEO Alan Armstrong tells Hart Energy.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.