Venezuela is set to hold talks again with Trinidad and Tobago pertaining to the joint development of the long-stalled Dragon offshore natural gas field, reported Reuters citing three sources familiar with the matter.

The meeting is scheduled for mid-June 2023 in Caracas, Venezuela.

In March 2023, officials from both the countries signed confidentiality agreements needed to form a negotiation framework.

This follows the issuance of a two-year license by the US to Trinidad and Tobago in January 2023 to commence the Dragon project development following lengthy appeals by Trinidad and certain Caribbean neighbours.

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

The PDVSA-owned Dragon project, which is located along the maritime border of Venezuela and Trinidad and Tobago, was scheduled to start production over a decade ago.

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However, US sanctions as well as lack of capital, delayed the production start of the field.

The Dragon project is expected to start gas flow in two years if negotiations materialise between Trinidad and Venezuela.

As per the estimates, the Dragon field holds up to 4.2 trillion cubic feet of gas.

Trinidad and Tobago Energy Minister Stuart Young was cited by the news agency as saying that Trinidad’s National Gas Company, PDVSA, and PDVSA Gas will partner with Shell to develop the Dragon field.

Last week, US Assistant Secretary of State for Energy Resources Geoffrey Pyatt was cited by Reuters as saying to local media in Trinidad that any license extension will “depend on Venezuela’s President Nicolas Maduro and what happens in Venezuela”.