PRESS RELEASE

Venezuela and Trinidad and Tobago signed joint declaration for gas export

By
Sunday, August 26, 2018

This PDVSA press release was translated using an automatic translation system.

The President of the Bolivarian Republic of Venezuela, Nicolás Maduro, and the Prime Minister of the Republic of Trinidad and Tobago, Keith Rowley, signed a joint declaration for the execution of the project of Interconnection of the Dragon field, located north of the coasts of the state Sucre, with the Hibiscus platform, in the territory of the Caribbean nation.

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This important project of historical importance in the relations between Venezuela and Trinidad and Tobago contemplates the firm sale of methane gas taking as main source of supply the Dragon field of the Mariscal Sucre Project.

In this regard, the National Head of State explained that "with this agreement, we continue moving in the right direction, in what should be an integral energy partnership." We have traveled a space of 12 years, and to see how the concrete results, transformed into concrete wealth, transforming the gas of the joint deposits, in a peaceful and cooperative manner, into benefits such as education, health, public services and life for both nations ".

One of the purposes of this negotiation is to transport the Venezuelan gas to the Hibiscus platform and then to Point Fortin, where it will become liquefied natural gas (LNG).

In this regard, the Head of State highlighted the concretion of this agreement as an example of joint growth. "Countries have declared war, seeking to appropriate wealth that they share in their territories, while Venezuela and Trinidad and Tobago tell the world that in peace we will develop our common wealth, cultivating a good neighborly relationship that must necessarily evolve towards a relationship of brotherhood ".

It should be noted that during the last two years the technical teams of Petróleos de Venezuela, SA (PDVSA) and The National Gas Company of Trinidad and Tobago (NGC), as well as Shell, with the support of technical and legal staff of the Ministry of Popular Power of Petroleum, have worked on the feasibility of gas interconnection between both countries based on natural gas resources existing in the Venezuelan continental shelf.

As will be recalled, on March 15, 2017, an energy cooperation agreement was signed that covers the construction, operation and maintenance of a gas pipeline that will extend from the Dragon field to the Hibiscus field.

The Prime Minister of the Republic of Trinidad and Tobago, highlighted the historical nature of this cooperation agreement. "What we have just starred in is how, through a pen and a paper, we have been able to materialize a business opportunity that has always been present, and now put into relief for the benefit of both nations." Venezuela and Trinidad and Tobago are geographically and geologically linked. , and historically we have channeled our energy resources as the engine of our economies, today, with the will of both governments, we give new impetus to our spirit of cooperation, "Rowley said.

Derived from this signature, President Maduro gave precise instructions to the Minister of Popular Power of Petroleum and president of Petróleos de Venezuela, SA (PDVSA), Manuel Quevedo, to travel to Trinidad and Tobago to advance in the agreements for a comprehensive oil association and gas at all levels, with the idea of ​​boosting the full potential of both nations in terms of energy.

The signing of this agreement ratifies the commitment between both nations to continue the momentum of bilateral energy integration, based on the principles of reciprocity, solidarity, complementarity and respect for sovereignty that translate into benefits for the social and economic development of the peoples. Venezuelan and Trinitobaguense, in addition to the Caribbean region as a whole.