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Wednesday, February 26, 2025

T&T, Venezuela sign deal to exploit Dragon Gas Field

by

Raphael John-Lall
524 days ago
20230921
Minister of Energy Stuart Young

Minister of Energy Stuart Young

NICOLE DRAYTON

Last night, T&T and Venezuela fi­nal­ly signed an agree­ment to joint­ly ex­plore the Drag­on Gas Field, which is lo­cat­ed in the mar­itime area of Venezuela.

En­er­gy Min­ster Stu­art Young and Venezuela's Oil Min­is­ter Pe­dro Tel­lechea signed the agree­ment at Mi­raflo­res, the of­fi­cial res­i­dence of the Venezue­lan pres­i­dent. The sign­ing cer­e­mo­ny was broad­cast on Venezuela's na­tion­al tele­vi­sion.

Venezue­lan Pres­i­dent Maduro high­light­ed the agree­ment as a “his­tor­i­cal” and “ex­em­plary” fact about how two na­tions, T&T and Venezuela, can join forces to es­tab­lish agree­ments that ben­e­fit their re­spec­tive peo­ples.

“This sign­ing of this agree­ment to in­tro­duce tech­nol­o­gy and pipelines to be­gin pro­duc­ing gas in Venezue­lan seas is an enor­mous mes­sage of peace and will gen­er­ate re­sources and wealth to in­vest in our peo­ple,” said Maduro.

On Wednes­day, Maduro met Young, with whom he signed agree­ments for joint gas ex­ploita­tion.

In his speech at the sign­ing cer­e­mo­ny, Maduro said: "Trinidad and To­ba­go and the Bo­li­var­i­an re­pub­lic of Venezuela as good neigh­bours and broth­ers, we have tak­en a gi­gan­tic step! With the sign­ing of the agree­ment to work the Drag­on Field in Venezue­lan wa­ters that will lead us to pro­duce to­geth­er, a project that was lost from sight.

"It is a mes­sage of peace, of com­ple­men­tar­i­ty, sol­i­dar­i­ty, ex­er­cised and shared sov­er­eign­ty."

With­in the frame­work of the sign­ing of the gas ex­ploita­tion agree­ments with T&T, Maduro re­port­ed that Venezuela has im­mense gas re­serves in the Caribbean that place that coun­try in fourth place in the world.

“We are the first oil re­serve and now we are open­ing all in­vest­ments in gas. I spoke with Pres­i­dent Xi Jin­ping and Chi­na is com­ing with great in­vest­ments and great tech­nol­o­gy to pro­duce gas in the Venezue­lan Caribbean Sea, in win-win re­la­tions,” Maduro com­ment­ed.

He added: “T&T and Venezuela have de­cid­ed in peace to joint­ly ex­ploit the Drag­on Gas Field. It is the next step we have to take, so that we can see how two sov­er­eign coun­tries can work to­geth­er,” he re­port­ed.

Venezuela's Vice Pres­i­dent of the Re­pub­lic, Del­cy Ro­dríguez, was present at the event along with se­nior of­fi­cials of the Venezue­lan gov­ern­ment. Re­gard­ing the agree­ment signed with T&T for gas ex­ploita­tion, she said that it is an his­toric step.

“For Venezuela it rep­re­sents an his­toric op­por­tu­ni­ty to de­vel­op the gas in­dus­try for the ben­e­fit of our peo­ple, for the eco­nom­ic de­vel­op­ment of our peo­ple, but al­so the im­pact it has on the good neigh­bor­ly re­la­tions of broth­er­hood that have been es­tab­lished and wo­ven be­tween two coun­tries. of our re­gion,” said Ro­dríguez.

She added that the agree­ments with Port-of-Spain have been signed “with­in the frame­work of le­gal­i­ty and in­ter­na­tion­al law” to de­vel­op the gas in­dus­try in favour of both peo­ples.”

She high­light­ed that the agree­ment comes at a good time to work for a com­mon goal “as broth­er peo­ples of this re­gion, who share a won­der­ful Caribbean space and it is a time to high­light the di­men­sion of hav­ing car­ried out these ne­go­ti­a­tions.”


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