PORT OF SPAIN, Trinidad, CMC – The National Gas Company (NGC) has hailed the signing of the Dragon Field Exploration and Production License between NGC Exploration & Production Ltd, Shell Venezuela S.A. (Shell) and Venezuela’s Ministro del Poder Popular de Petróleo.
In a statement on Friday, the company said all parties worked steadfastly and amicably to bring this significant signing one step closer to operationalizing gas production from Dragon.
It said beyond the immediate benefits to be derived from the Dragon field, that is, the potential to bolster gas supplies and, by extension, energy industry development in the twin-island republic, the signing has strengthened and deepened energy relations between Trinidad and Tobago and Venezuela and opened prospects for the future development of other cross-border and across-border gas reserves between both countries.
NGC welcomed the development, noting it marks a significant milestone in the longstanding efforts to export natural gas from Venezuela to Trinidad and Tobago.
The signing of the agreement allows NGC tooparticipatein the upstream development of the Dragon field.
The company thanked the Ministry of Energy, Ministro del Poder Popular de Petróleo, Shell, and Petroleos de Venezuela S.A. (PDVSA), Venezuela’s state oil and gas company, for the unrelenting dedication and determination of their respective teams in executing the license agreement.
It added it is excited to work collaboratively with all the parties to progress the Dragon deal. It will continue to explore and leverage opportunities in support of its strategic objective of growing locally and internationally to maximize the benefit to the citizens of Trinidad and Tobago.
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