Trinidad and Tobago has initiated discussions with several European nations regarding the supply of LNG, reported Reuters, citing Trinidad Prime Minister Keith Rowley.
The LNG will be produced from gas imported from Venezuela.
In December 2023, the Venezuelan Government awarded a 30-year licence to Shell and Trinidad's National Gas Company for the joint development of the Dragon gas field.
During an energy conference in the Port of Spain, Rowley said: "There is serious European interest in what is happening in Trinidad and Tobago as they attempt to bring to market resources from South America."
The Dragon gas field is estimated to hold up to 4.2 trillion cubic feet (tcf) of gas and is located near the maritime border between the two countries.
With plans to start production by the end of next year, the Dragon project could signify Venezuela's first export of its substantial offshore gas reserves.
The initial output is projected at 185 million cubic feet per day.
At the same event, Trinidad's Energy Minister, Stuart Young, revealed that the parties are currently formulating a development plan for the project.
Venezuela aims to capitalise on its gas reserves to supplement income from oil and fuel exports, which are the nation's primary source of hard currency earnings.
Mark Loquan, head of Trinidad’s state-run National Gas Company, stated that the country is seeking access to neighbouring gas deposits as its own field outputs are anticipated to decline until 2028.
Trinidad requires additional gas supplies to enhance production and exports of LNG, ammonia and methanol, with global demand on the rise, added Loquan.
Prime Minister Rowley also highlighted Trinidad's interest in utilising its available LNG capacity to process gas from Guyana and Suriname, which are looking to increase their oil and gas production in the forthcoming years.
Trinidad has recently heightened pressure on producers, particularly offshore, to expedite gas production to reactivate an idle LNG train and boost exports.
The country is also seeking new investments through a planned bidding round for deepwater blocks this year.
