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The Trinidad and Tobago Government is yet to release details of the new licence to develop the Dragon gas field, but under the original 2023 agreement, Venezuela was set to receive nearly half of the income from the project.
The then agreement stated that if Venezuela’s percentage share of gross income from the natural gas field fell below 45 per cent, “a special variable consideration in addition to that already established in this article will be applied”. The Dragon gas field, located off the coast of Venezuela, has proven reserves of some 4.2 trillion cubic feet of gas.
Britain’s multinational Shell and T&T’s National Gas Company (NGC) were required to pay Venezuela no less than 45 per cent of gross revenues from the Dragon gas production project off Venezuela’s coast. These terms were outlined in the 2023 licence agreement.
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