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| The Aban Pearl gas rig in the Caribbean Sea, along the coast of Venezuela. (Source: Reuters) |
The above information was announced by Trinidad & Tobago Energy Minister Stuart Young to the country's Parliament on October 9.
If the price negotiations are successful, the parties including energy giant Shell, Venezuela's state oil company PDVSA and Trinidad's national gas company (NGC) could sign an exploration cooperation agreement as well as related contracts, Minister Young said.
The official revealed that his recent meetings with Venezuelan officials had made progress, opening up the possibility of exploiting natural gas in the Lorán field, which is also located near the border between Venezuela and Trinidad & Tobago.
Energy giant Shell and NGC are likely to approve a $1 billion loan to PDVSA to invest in the Dragon gas field they want to jointly develop, sources familiar with the matter said.
Previously, in January this year, the US granted a two-year license for 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 a reserve of about 4.2 trillion cubic feet of gas and has been suspended for more than a decade due to lack of investment capital and US sanctions against Venezuela.
The project will continue to be exploited if Venezuela and Trinidad & Tobago successfully negotiate gas prices.
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