The National Gas Company says it is ready to play its part in supporting the government following the announcement that the United States has given T&T approval to operate within the Dragon Field.
“NGC stands prepared to play its part in supporting GORTT in the resumption of the Dragon Project and is excited to work together with both Shell and GORTT to bring gas from the Dragon Field to T&T in the shortest possible timeframe,” a release from NGC stated.
“The company reaffirms its commitment to work closely with GORTT and other stakeholders in the pursuit of maximising and leveraging opportunities for the resilience and sustainability of T&T’s energy sector that will ultimately serve the national interest,” it stated.
On Tuesday Prime Minister Dr Keith announced that the US government had approved T&T’s development of the Dragon Field via an OFAC Waiver from sanction, with specific terms to be finalised.
NGC stated this was welcomed news.
“These recent developments are viewed as a positive step in the overall efforts to secure future gas supply for the local energy sector which augurs well for the benefit of the people of T&T,” NGC stated.
“NGC notes that the Prime Minister has indicated the terms of the license are still being finalised and the company anticipates discussion with GORTT and the Ministry of Energy and Energy Industries on the next steps for the development and commercialisation of the Dragon Field. As such, NGC will refrain from making any premature statements on the resumption of the Dragon Project or pre-empt such terms,” it stated.
Energy Minister Stuart Young in an interview with the state-owned television station TTT yesterday stated that Venezuela will be adequately paid for the gas although there are non-cash stipulations.
“As the prime minister said the Venezuelans obviously are going to be paid and compensated for their gas and those are the discussions that we are now having with Venezuela and that we were having with Venezuela before. There are ways that this can be done by the provision of fuel, by the provision of LPG, by the provision that the prime minister hinted to with other products etcetera. So this is not a taking of gas from Venezuela without the requisite, fair, and proper compensation to Venezuela. It is not going to be in cash and these are the discussions that have to take place now but we expect it to go well because it will benefit both Venezuela and T&T and then the wider region, the Caricom region and even potentially Europe and other places,” Young said.
Meanwhile, in a post to his Twitter page Finance Minister Colm Imbert took aim at some of the naysayers to the deal.
“The approval by the US of the supply of gas from the Dragon Field has confused the critics, one of whom got so befuddled that he said we have nothing to get from this, in complete denial of the fact that T&T earns billions from the supply of natural gas to PetChem companies.”