Trinidad and Tobago and Venezuela have initiated talks on developing the Dragon gas field located in Venezuelan territorial waters, reported Reuters, citing Trinidad and Tobago Energy Minister Stuart Young.

In January 2023, Trinidad and Tobago secured a two-year licence from the US to commence the development of the long-stalled Dragon project.

The Dragon project was scheduled to start production over a decade ago. However, sanctions by the US administration, as well as lack of capital, delayed the production start of the field.

The licence allows Trinidad to undertake business related to the Dragon field with Venezuela’s heavily sanctioned state-run oil company Petroleos de Venezuela (PDVSA).

As per the estimates, the PDVSA-owned Dragon field has up to 4.2 trillion cubic feet of natural gas.

Young said the project could start gas flow in two years if negotiations between Trinidad Venezuela materialise.

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Trinidad’s National Gas Company, PDVSA, and PDVSA Gas will partner with Shell to develop the Dragon oil field, Young noted.

Young was quoted by Reuters as saying in an interview at CERAWeek, an annual energy conference in Houston, Texas: “The licence right now is only for Dragon, but there is a lot of gas there. We will take one step at a time.”

In 2019, the US imposed sanctions against Venezuelan President Nicolás Maduro Moros for stealing the South American country’s assets and natural resources using PDVSA.