00:00Trinidad and Tobago is set to sign off on an agreement with Venezuela as if it relates to the Loran
00:06project,
00:07a development the Energy Minister, Dr. Rudal Munilal, says is yet another testament
00:13that TNT's energy sector remains resilient, attractive to investors, and full of opportunity.
00:20The government remains actively engaged with Shell as we progress agreements needed for the Loran 1 project,
00:27which targets 1.7 trillion cubic feet of natural gas for the commercialization within Trinidad and Tobago.
00:36The Ministry is progressing the extraterritorial measurement agreement.
00:40May I add, we are pursuing that agreement with a complete and perfect English translation required for the measurement of
00:48the gas.
00:50And we expect to engage with the Republic of Venezuela very soon, Mr. Speaker.
00:56I'm happy to indicate that with the work of the Minister of Foreign Affairs,
01:01we expect to engage with the Venezuelan authorities very shortly to sign off on this major agreement.
01:08So while we celebrate the progress of Manatee, we recognize the other major offshore production sites.
01:15Mr. Speaker, that negotiation agreement signals a clear intention on the part of this government to engage with Venezuela.
01:22And very soon we will be across there to say, hola.
01:27Meantime, Dr. Munilal says, first gas from Dragon is expected in 2028.
01:34The Dragon project, which is being executed by Shell and NGC.
01:41This project has gained momentum in recent past with development-related activities on the way.
01:52Very recently, the NGC, as part of its equity share in the project, has contributed sums required for the execution
01:59of the project.
02:00First gas is expected in 2028 at a peak rate of 415 million standard cubic feet per day.
02:07This project targets reserves of 1.2 trillion cubic feet of gas.
02:13The Minister is also reporting increased performance by state-owned NGC.
02:19The performance of the NGC has been breathtaking.
02:23On October 25, 2026, NGC announced a record financial performance for the first half of 2026.
02:31For the six months ended June, 30th NGC recorded profits of 2.2 billion trillion Tobago dollars.
02:40When this is compared to the same period in 2024, it is an increase of 174% compared to 2024,
02:51the corresponding period.
02:52We areadores.
Comments