On December 22nd 2023, the Ministry of Energy and Energy Industries (MEEI) announced the signing of the Dragon Field Exploration and Production License between NGC Exploration & Production Ltd (NGC), Shell Venezuela S.A. (Shell) and Venezuela’s Ministro del Poder Popular de Petróleo (MPPP). The signing took place on December 21st 2023, in Caracas, Venezuela.

All parties worked steadfastly and amicably to bring this significant signing one step closer to operationalising gas production from Dragon. Beyond the immediate benefits to be derived from the Dragon field, that is the potential to buttress gas supplies and by extension energy industry development in the twin-island, 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 welcomes this development as 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 a participating interest in the upstream development of the Dragon field.

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L to R: Gary Walker, Deal Lead – Acquisitions, Divestment & NBD, Shell; Adam Lowmass, Senior Vice President and Country Chair, Shell Trinidad and Tobago; Alfredo Urdaneta, President of Shell de Venezuela, S.A.; Pedro Rafael Tellechea, Venezuela’s Minister of Oil; The Honorable Stuart Young, Minister of Energy and Energy Industries, Trinidad and Tobago; Juan Vicente Santana, Venezuela’s Vice Minister of Gas; Gerardo Burgos, Development Lead, Shell Trinidad and Tobago and Mark Loquan, President, NGC.