Last mentioned: Mar 8, 2026
First Gas Export
Target window for the first commercial gas flows from Venezuelan waters to international LNG markets.
Shell/BP Involvement
Major energy firms begin technical assessments for subsea pipeline infrastructure connecting the two nations.
Dragon Field Agreement
Venezuela and Trinidad sign a 30-year license for the exploration and exploitation of offshore gas.
OFAC License Granted
U.S. Treasury issues a license allowing Trinidad and Tobago to develop the Dragon gas field with Venezuela.
While Venezuela holds the world's largest proven oil reserves, its massive and underutilized natural gas deposits are emerging as a more strategic asset in the global energy transition. Recent deals with regional neighbors and international majors signal a pivot toward monetizing gas as a cleaner alternative to the nation's heavy crude.