NGC hails players in Dragon gas field licence signing

THE National Gas Company (NGC) on Friday added its voice to the growing chorus of support for the securing of the Dragon field licence.

Energy Minister Stuart Young signed the final documents to secure the licence at a ceremony in Caracas on Thursday.

The licence allows Shell and NGC to develop, produce and export natural gas from the Dragon field to Trinidad and Tobago.

In a statement on Friday, NGC praised the efforts of all players involved in bringing the deal over the line.

These players included the Energy Ministry and its Venezuela counterpart, Shell, NGC and Venezuela's state energy company Petroleos de Venezuela SA (PDVSA). NGC president Mark Loquan was in Caracas with the minister and Shell officials.

NGC said, "All parties worked steadfastly and amicably to bring this significant signing one step closer to operationalising gas production from Dragon."

In the short term, the company continued, the immediate benefits to be obtained from Dragon is the potential to "buttress gas supplies and by extension energy industry development in the twin-island."

NGC said, "The signing has strengthened and deepened energy relations between Trinidad and Tobago and Venezuela and opened prospects for the future development of other cross-border and across-border gas reserves between both countries."

The company added it is "excited to work collaboratively with all the parties to progress the Dragon deal and will continue to explore and leverage opportunities in support of its strategic objective of growing locally and internationally to maximise benefit to the citizens of TT."