Trinidad and Tobago’s Energy Minister announced two major developments: the government is seeking an OFAC license to progress the Loran gas field project with Venezuela, and confirmed that the Dragon field holds 3.5 trillion cubic feet of reserves. Gas production from Dragon is targeted for Q4 2027, strengthening energy security.
Trinidad and Tobago is moving decisively to expand its energy portfolio, with the Energy Minister outlining strategic plans for two cross-border gas fields shared with Venezuela. The initiatives highlight the country’s commitment to securing long-term energy supplies while navigating international regulatory frameworks.
Loran Field:
-
Government is seeking an OFAC (U.S. Office of Foreign Assets Control) license to advance development.
-
Project seen as critical for regional energy cooperation and future supply expansion.
Dragon Field:
-
Confirmed reserves of 3.5 trillion cubic feet of natural gas.
-
Production expected to commence in Q4 2027, pending regulatory and operational milestones.
-
Gas output will support LNG production, petrochemical industries, and domestic demand.
Strategic Impact:
-
Enhances Trinidad and Tobago’s role in the global LNG market.
-
Strengthens bilateral energy ties with Venezuela.
-
Potential to boost foreign exchange earnings and attract investment.
These developments underscore Trinidad and Tobago’s proactive energy strategy, balancing resource development with international compliance and regional partnerships.
Sources: Trinidad and Tobago Ministry of Energy statements, Reuters, Bloomberg.