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Renewal of US Sanctions on Venezuela Has No Impact on Dragon Field Plans

NATGAS

The renewal of US sanctions on Venezuela does not impact development plans for the Dragon natural gas field.

  • The field targets production of 350mcf/d, flowing gas to Trinidad for LNG export.
  • The Trinidad and Tobago Ministry of Energy and Energy Industries said this week that the amended OFAC General Licence 44 does not affect the Specific Amended OFAC licence issued in October 2023.
  • Colombia has been looking to the US to receive its own special OFAC licence to import pipe gas from Venezuela but the impact of the re-imposition of 44A remains unclear according to ICIS.
  • Ecopetrol aims to import from PDVSA later this year to help manage the country’s current high gas and LNG demand due to low hydropower output.

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