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Venezuela and Trinidad sign landmark energy agreements

Staff Writer | December 7, 2016
The governments of Venezuela and Trinidad and Tobago signed energy development agreements in Caracas.
Venezuela and Trinidad
Cooperation   12-13 trillion cubic feet
The Caribbean based bilateral agreements come days after Venezuela celebrated the Organization of Oil Producing Countries (OPEC) deal resulting in a production cut of 32.5 million barrels of oil a day.

Venezuelan President Nicolás Maduro and Venezuelan Oil Minister Eulogio del Pino received Trinidad and Tobago’s Prime Minister Keith C. Rowley in Miraflores Palace.

The first agreement establishes a project that will supply natural Venezuelan gas to Trinidad and Tobago via an interconnection through the Dragon-CIGMA (Dragon Field) export gas pipeline to the CIGMA complex near Guiria, in the Gulf of Paria, Sucre state.

This agreement builds on a memorandum of understanding between the two Caribbean nations signed earlier this year in which Trinidad and Tobago agreed to purchase gas from Venezuela’s offshore Dragon Field.

The agreement was signed by former Trinidadian Energy Minister Nicole Olivierre and his Venezuelan counterpart Minister Del Pino.

The Dragon gas fields are said to have combined oil reserves of 12-13 trillion cubic feet (tcf) exceeding Trinidad and Tobago’s gas reserves of 11.5 tcf, according to the June 2016 BP’s Statistical Review of World Energy reports Curacao Chronicles.

Secondly, Venezuela signed an agreement between Venezuelan oil company PDVSA and Shell Venezuela to reduce gas flaring following concerns in Monagas state.