T&T, Venezuela sign deal to share gas profits

Sep 25, 2023

Trinidad and Tobago last night signed a profit-sharing agreement with Venezuela to export gas from the Dragon field, president of the South American nation Nicolas Maduro has said.

Energy Minister Stuart Young in a post to his Facebook page confirmed the situation by sharing a social media post by Maduro stating "Historic moment at Miraflores, Caracas, Venezuela."

“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 is lost from sight. It is a message of peace, of complementarity, solidarity, exercised and shared sovereignty," Maduro posted.

Young said he met with Venezuela's executive vice president Delcy Rodríguez and Venezuela's petroleum minister Pedro Rafael Tellechea on Tuesday.

"Working together with Venezuela to advance the development and production of Venezuelan natural gas for export and utilization in Trinidad and Tobago. We have reached a significant agreement and milestone," he stated.

Maduro stated that Venezuela has been organising gas blocks throughout the Caribbean.

"We have internal legislation in accordance with our Constitution, to give advantages to investors, ready to receive countries and companies that want to invest. A win-win relationship and the benefit is shared," Madruo posted.

In January the US waived sanctions against Venezuela clearing the way for T&T to develop the Dragon Gas field.

Article Published September 21, 2023 on