Energy Minister Stuart Young was yesterday tight-lipped about his recent visit to Venezuela with Executive Vice President Delcy Eloina Rodriguez saying that all will be revealed at the right time.
“At the appropriate time enough will be said about Venezuela,” Young told Guardian Media in an exclusive interview in Guyana yesterday.
Young made the statement when approached for an update about the Dragon Gas deal following his participation in a panel discussion about regional collaboration at the International Energy Conference and Expo 2023.
“Of course, it was a cordial, excellent meeting in Venezuela and they are going to continue,” he said.
On February 6 Young led a delegation from this country to Caracas to meet with Rodríguez in the first high-level visit there following the United States’ decision to waive sanctions against that country and clearing the way for the development of the Dragon Gas field.
Video from Venezuelan state media VTV showed T&T’s ambassador to Venezuela Edmund Dillon, President of the National Gas Company Mark Loquan accompanying Young to the meeting that also included Venezuela’s oil minister Tareck El Aissami in the meeting.
According to the state media, the purpose of the meeting was to deepen strategic relations and boost the cooperation between Venezuela and T&T.
“Both countries have historically promoted alliances in the sector energy and gas as the engine of its economy the economic-commercial relationship between the two countries is framed within the strategic cooperation for the development of projects in the field of hydrocarbons,” it stated.
“The meeting takes place as part of the Bolivarian Peace Diplomacy and the occasion is propitious to review the ties of solidarity, mutual respect and bilateral cooperation between both neighbouring nations,” it stated.
Prime Minister Dr Keith Rowley mentioned the Dragon Gas deal with Venezuela as he delivered his address at the meeting.
“We also executed a Heads of Agreement with the Bolivarian Government of Venezuela for the development of the Dragon Field located in the eastern end of the Mariscal Sucre area of Venezuela to facilitate the sale of natural gas for supply, by pipeline, to the domestic market and the LNG facility located in T&T. The progress in the development of the Dragon field was disrupted and delayed by US sanctions against Venezuela. Following the request by the Government of T&T, the US Treasury Department recently granted the Government an initial two-year (OFAC) licence to develop the Dragon field with a view to enhancing Caribbean Energy security,” Rowley said.
Rowley said T&T provides a viable option for those countries that wish to optimize the monetisation of their hydrocarbon resources without incurring substantial capital expenditure.
“The proposed Dragon Gas Project with Bolivarian Government of Venezuela is an example of Government to Government co-operation in the monetizing of natural gas resources. We are open to discussion with our other Caribbean neighbours on the monetization of their hydrocarbon resources in Trinidad and Tobago,” he said.
PDVSA has found reserves of 4.2 trillion cubic feet (TCF) in the Dragon field, on the Venezuelan side of its maritime border with Trinidad. The project was headed for production over a decade ago, but stalled over lack of capital and partners, as well as sanctions.
Rowley also mentioned the Pointe-a-Pierre refinery as he spoke yesterday.
Asked if T&T was looking to Guyana for the sale of the refinery, Young said:
“The Prime Minister has again drawn reference to the fact that in T&T there is an oil refinery that remains available. We are constantly through TPHL (Trinidad Petroleum Holdings Ltd) looking at proposals because we continue to receive proposals but if Guyana is interested that is something we have told them we would welcome.”