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Venezuela, T&T sign gas pact

Published: 
Wednesday, March 15, 2017
Gas deal

T&T is one step closer to receiving gas from Venezuela’s Dragón field.

Yesterday, Venezuela and T&T strengthened their energy cooperation in Caracas with the signing of a new gas export agreement.

The agreement was signed by Venezuela’s Minister of Petroleum Nelson Martínez and Stuart Young, Minister in the Office of the Prime Minister. The agreement deals with the construction, operation and maintenance of a gas pipeline that goes from the Dragón Field located in the north coast of the state of Sucre, in Venezuela, to the Hibiscus Field in Trinidad.

“Thanks to our gas power we are exporting to Trinidad and Tobago,” explained Martínez during the signing of the agreement, at PDVSA headquarters in Caracas.

Last December, Prime Minister, Dr Keith Rowley travelled with a delegation to Caracas where they signed three agreements for gas supply to T&T.

Upon returning from Venezuela later that day, Rowley said: “This is a plan going forward…it begins a very important process for Trinidad and Tobago. The parties, the government of the Bolivarian Republic of Venezuela and the Government of Trinidad and Tobago, agree to take reasonable steps to facilitate the development of construction, operation and maintenance of one or more pipelines from the Marisol Sucre region in the Bolivarian Republic of Venezuela to the Republic of Trinidad and Tobago, including a pipeline from the Dragon field to the Hibiscus platform, known in the agreement as ‘the pipeline’.”

It is estimated that the Dragon fields has about 12 to 13 trillion cubic feet of reserves and it is expected that its initial production will be between 200 and 300 mmscf from four wells.