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Venezuela & Trinidad and Tobago Sign Gas Supply Agreement

Source: www.gulfoilandgas.com 3/17/2017, Location: South America

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The People’s Power Minister of Petroleum of the Bolivarian Republic of Venezuela, Nelson MartInez, and the Minister in the Office of the Prime Minister of the Republic of Trinidad and Tobago, Stuart Young , attended the signing ceremony of the Framework Agreement for the supply of natural gas from Venezuela to Trinidad and Tobago, within their bilateral relations in energy matters.

The agreement provides for the construction, operation, and maintenance of a gas pipeline from the Dragon Field in Venezuela to the Hibiscus Field in Trinidad and Tobago, a connection with the Hibiscus-Lisas gas pipeline, as well as the supply of natural gas extracted from the Venezuelan field to Trinidad and Tobago’s domestic market and the NGL Plant for commercialization in international markets.

The agreement was signed on behalf of Venezuela by the president of Petroleos de Venezuela, S.A. (PDVSA), Eulogio Del Pino; on behalf of Trinidad and Tobago, Gerry Brooks of Special Purpose Vehicle (SPV), a joint venture formed by state gas company Natural Gas Company (NGC); and Luis Prado of Shell.

Underwater gas pipeline
The agreement provides for the shipping of gas through a 30 km underwater pipeline which will be built following internationally accepted standards and consistent with the best practices of the oil and gas industry.

This initiative responds to the guidelines by the President of the Republic Nicolas Maduro, who has said that "we are working on our political borders, with gas blocs, reaching win-win agreements for both countries. This is the Bolivarian Peace Diplomacy, seeking common interests based on respect and sovereignty for the good of the whole region”.

Venezuela and Trinidad recognize joint work
Minister Mart?nez said the agreement was awaited given the large benefit for both countries. "It is an agreement where the parties have a well-identified commitment and objective. In the case of Venezuela, the Dragon Field project has an interesting prospect as it can generate gas for the domestic market and for export”, he said.

With regard to the participation of the three companies involved, Minister Martinez said that are existing advantages due to the infrastructure already built in the neighboring country through agreements with Shell; with the signing of this initial agreement negotiations could be held and the best conditions for the three parties would be identified.

He also said that Venezuela continues to advance and strengthen the motto of the Bolivarian Government, which has as basic elements solidarity with friendly countries and complementarity. "We are very happy because integration and complementarity are part of the international policy. Trinidad is a neighboring country and friend with whom we have excellent relations and this historic agreement will strengthen the Caribbean union," he said.

For him the agreements signed are also of interest to Latin America and relations with CARICOM countries as we move forward with a unifying vision in the Caribbean area.

Minister Stuart Young said the agreement is a new milestone that will bring benefits to both countries, as Venezuela's resources will be monetized. "This would not have been possible without the joint work between the three parties. We are very close to achieving our goals and can continue to strengthen the relationship not only in the energy area but also in the educational and cultural area”, he said.

He also made an official invitation to Minister Martinez to chair the delegation of a team to visit Trinidad and Tobago to learn about the progress of the infrastructure and thus continue strengthening the joint work. "We want you to go and see the opportunities in Trinidad as a way to the world market for liquefied gas and other commercial fields. This is the priority for our Government. Let's continue to take advantage of the momentum from each of the companies involved. I am grateful to Shell as a collaborating partner and we want to continue working to make it happen quickly”, he said.

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