US approves Trinidad-Venezuela Dragon talks
The gas field could help Trinidad and Tobago sustain its LNG industry
The US Treasury has granted Trinidad and Tobago a licence to negotiate with Venezuela to develop the Dragon gas field in the latter’s waters. The island nation hopes access to Venezuelan gas will help offset declining domestic production and shore up its LNG output, but hurdles remain over payment. Dragon holds approximately 5–10tn ft³ (141.6–283.2bn m³) of gas, Stuart Young, Trinidad’s minister of energy and energy industries, told state-owned broadcaster TTT. The field’s resources have been “proven” by historical Venezuelan exploration, including the drilling of three wells at Dragon, the minister continued. FIG.1: TRINIDAD'S GAS OUTPUT Gas output, mn ft³/d LNG production, mn m³

Also in this section
11 July 2025
Equinor and its partners at Norway’s largest oilfield have pulled the trigger on a fresh $1.3b investment that will maintain high output for longer
11 July 2025
Reassessment of the country’s export-facing gas policy coincides with worsening domestic market backdrop
10 July 2025
Without sanctions relief, there is little reason to believe the latest potential attempt at exports from the Russian liquefaction project will be more successful than the one last summer
9 July 2025
Efforts to restructure and boost investment appear to be working, but doubts remain about the plan to almost double crude production by 2030