The United States government has approved Trinidad and Tobago’s development of the Dragon Gas Field in Venezuela.
Prime Minister Dr Keith Rowley, at a media briefing yesterday, revealed that the US Office of Foreign Assets Control granted a waiver from sanctions.
He said, over the past few years, US sanctions on Venezuela have had a negative effect on the growth of trade and cooperation in the region.
However, Dr Rowley noted that since 2019 he had been developing strong relationships with decision makers in Washington DC.
In the middle of 2022, T&T applied to the Office of Foreign Assets Control for a waiver from sanctions to develop the Dragon field, which lies about 17 kilometres across the border with Venezuela.
Dr Rowley said the specific waiver terms are still to be finalized but the approval means that all relevant parties can progress the plans to get natural gas from Venezuela flowing to T&T, Caribbean, European and other markets.
UNC Deputy Leader David Lee says the Dragon gas field is not a magical quick fix for T&T’s energy sector.
Mr Lee says while there is potential, the first gas from this project is years away and will not immediately help T&T achieve its demand of 4.1 billion cubic feet of gas per day.
He believes government still does not have a solution to bring in more gas in the short or medium term.