LatAmOil: Port of Spain, Caracas sign accord on Dragon gas project

Venezuelan President Nicolas Maduro oversaw the signing of an inter-institutional accord aimed at fostering collaborative initiatives within the natural gas sector with Trinidad and Tobago on September 20.

In a statement, Maduro said: “We are taking a momentous stride forward. The Dragon field project in Venezuelan waters, set to commence gas production, will enable Venezuela and Trinidad and Tobago to distribute gas globally. This represents a message of peace, mutual support, cooperation, solidarity, and collective sovereignty across the Caribbean region.”

He did not reveal the details of the document. Caracas and Port of Spain began negotiations on the Dragon field earlier this year, after the US Treasury Department’s Office of Foreign Assets Control (OFAC) granted Trinidad and Tobago an exemption from the sanctions on investment in Venezuela’s oil and gas industry for the purpose of facilitating development of Dragon.