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The installations of liquified natural gas producer Atlantic LNG are pictured in Point Fortin, Trinidad and Tobago, December 10, 2022. REUTERS/Andrea De Silva/File Photo Acquire Licensing RightsNov 20 (Reuters) - Venezuela is close to approving a license for Shell (SHEL.L) and the National Gas Company of Trinidad and Tobago to develop a promising offshore natural gas field and export its production to the Caribbean country, two people close to the matter said. The license could set in motion a long-running effort by Trinidad to boost its gas processing and petrochemical exports, while providing Venezuela with a much-needed extra source of cash. Venezuela, which holds Latin America's biggest gas reserves, and neighboring Trinidad, the region's largest liquefied natural gas (LNG) exporter, would complement each other's needs to produce and export gas. Trinidad and Tobago has the capacity to process 4.2 billion cubic feet per day (bcfd) into LNG, petrochemicals and power, but its gas production is about 2.7 bcfd.
Persons: Andrea De Silva, PDVSA, Stuart Young, Curtis William, Marianna Parraga, Marguerita Choy Organizations: Atlantic, REUTERS, Shell, National Gas Company, U.S, Trinidad's Energy, NGC, Thomson Locations: Point Fortin, Trinidad and Tobago, Venezuela, Caribbean, Trinidad, U.S, Venezuela's, Caracas, Trinidad ., Guiria, Houston
The U.S. in January granted Venezuela's PDVSA, Shell and NGC a two-year authorization to revive the project, which could boost Trinidad and Tobago's gas processing and exports. Negotiations between the trio initially had progressed little over a U.S. demand that the proposed Dragon gas project exclude cash payments to Venezuela or its state companies. "Discussions on the Dragon project involving the governments of Venezuela and Trinidad and Tobago and Shell are ongoing and commercially confidential," Shell told Reuters. PDVSA, Venezuela's oil ministry and Trinidad's energy ministry did not reply to requests for comment. A second could connect to Shell's Hibiscus field on Trinidad's side, allowing gas to flow to Trinidad, the people said.
Persons: Chris Helgren, Venezuela's PDVSA, Biden, PDVSA, Shell, Stuart Young, Nicolas Maduro, Keith Rowley, Trinidad's, Curtis Williams, Marianna Parraga, Timothy Gardner, Marguerita Choy Organizations: Shell, REUTERS, Rights, Tobago's National Gas Company, NGC, Reuters, Trinidad's Energy, U.S . Treasury, U.S . State Department, Trinidad's, U.S, Washington, Thomson Locations: Vancouver , British Columbia, Canada, Trinidad, U.S, Venezuela, Trinidad and Tobago, Maduro, Guiria, Point Fortin, Houston, Washington
Millions of Bangladeshi citizens have been hit by frequent power cuts in recent months, as erratic weather patterns and high global energy prices have made fuel supply to power plants unreliable. "We are experiencing power cuts every other hour and there is hardly any gas to cook. Zainul Abdin Farroque, a senior leader of the main opposition Bangladesh Nationalist Party, accused the government of not doing enough to ensure reliable power supply despite hiking tariffs. Power supply was about 17% short of demand on Monday while the deficit was more than 14% on Sunday, data from Bangladesh's grid operator showed. Bangladesh's other floating LNG unit, the Moheshkhali LNG terminal, will resume operations "in the next few days", Petrobangla Chairman Zanendra Nath Sarker told Reuters.
If approved, its gas could restart an idled liquefaction train with a 500 million cubic feet per day (cf/d) capacity at Trinidad's flagship Atlantic LNG project. The facility is a venture mainly including Shell (SHEL.L), BP and state-owned National Gas Company of Trinidad and Tobago (NGC). YEARS OF WORK AHEADTrinidad is Latin America's largest liquefied natural gas (LNG) exporter, with installed capacity to process 4.2 billion cf/d into LNG, petrochemicals and power. Even if Washington granted Trinidad's request, it could take years of investment and development to bring Venezuelan gas to Trinidad and boost LNG to Europe. That project follows an amended production sharing contract for the Manatee gas field in Trinidad, which extends to Venezuela's Loran field.
REUTERS/Dado Ruvic/IllustrationPORT OF SPAIN, Oct 27 (Reuters) - Trinidad and Tobago's state-owned gas company has started work on designing a small-scale liquefied natural gas (LNG) hub that could help the Caribbean move away from oil-based power generation, the firm told Reuters. LNG producers in Trinidad have ramped up supplies to Europe this year amid buoyant demand and high prices. LNG to be handled by the plant will be sourced from the Atlantic LNG project. NGC said it will continue selling the fuel to customers in other regions and will evaluate the feasibility of LNG shipments via ISO containers that can be loaded onto feeder ships, or via small LNG carriers if economical. For shipments via LNG carriers, regasification terminals will be required at destinations.
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