Venezuelan Minister of Energy and Oil, Rafael Tellechea, declared Venezuela’s plan to expand its gas collaboration with Trinidad and Tobago.
At the Gas Exporting Countries Forum’s VII Summit in Algiers, Algeria, he shared the achievements of their cooperation.
Tellechea highlighted an agreement granting a license for gas exploitation and export from Venezuela’s Dragon Field to Trinidad and Tobago.
This agreement is seen as a testament to Venezuela’s viable investment opportunities in the gas sector, promising equitable benefits for both nations.
The success of this collaboration has prompted the exploration of a second gas production and export license.
Venezuela is also exploring a similar agreement with Bolivia, conducting feasibility studies for a potential gas production and export license within Venezuelan territory.
During the summit, Tellechea, who leads the state oil company Petróleos de Venezuela S.A. (PDVSA), met with Bolivia’s President Luis Arce to discuss further cooperation.
These developments indicate Venezuela’s intention to solidify its role in the global gas market by forging strategic partnerships and fostering mutual investment opportunities.
Background
Trinidad and Tobago is one of the leading exporters of liquefied natural gas (LNG) and has a well-established natural gas industry.
The country’s gas reserves and its strategic location near major sea lanes have made it a key player in the global energy market.
The natural gas sector is crucial for Trinidad and Tobago’s economy, contributing significantly to government revenue, foreign exchange earnings, and employment.