Trinidad and Tobago’s state NGC Exploration & Production Ltd. last week signed an exploration and production license for the offshore Dragon field with Shell Venezuela SA and Venezuela’s Ministry of Popular Power of Petroleum. The companies said Dragon field production would both buttress Trinidad and Tobago’s natural gas supplies and expand prospects for future cross-border development opportunities.
The agreement allows NGC a participating interest in Dragon’s upstream development. An initial 185-MMcfd would be sent to Trinidad and Tobago.
Dragon field lies in Venezuelan waters about 25 miles north of its Paria peninsula in 328-427 ft of water. It is estimated to contain 3.2-4.2 tcf of natural gas.
The Biden Administration last month suspended sanctions on investments in Venezuela’s oil and gas sector