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The Geopolitical Puzzle: Trinidad and Tobago, Venezuela’s Dragon Gas Field, the US, and Double Standards
The Geopolitical Puzzle: Trinidad and Tobago, Venezuela’s Dragon Gas Field, the US, and Double Standards
In December 2023, the United States (US) Department of the Treasury’s Office of Foreign Assets Control (OFAC) eased sanctions on Venezuela’s oil, gas, and gold sectors. This move opened the door for new energy partnerships, and by January 2024, Venezuela, Shell, and the National Gas Company (NGC) of Trinidad and Tobago (T&T) reached an agreement to develop natural gas from the Dragon Gas Field located offshore Venezuela. Under this deal, Shell and NGC secured a 30-year license from Venezuela to produce natural gas in the Dragon field.
The Dragon Gas Field, first discovered by Venezuela’s state-owned energy company PDVSA, had long remained idle due to US sanctions. The agreement with Shell and NGC represented a turning point, aiming to unlock substantial reserves and boost regional energy supply. In its first phase, the project was expected to deliver around 185 million cubic feet of natural gas per day, with a 17-kilometer pipeline built to connect the Dragon field to Shell’s Hibiscus platform in Trinidadian waters. This pipeline would enable natural gas processing into liquefied natural gas (LNG) and petrochemicals, creating opportunities for exports to global markets.
Why Dragon Matters for Trinidad and Tobago
Why Dragon Matters for Trinidad and Tobago
For T&T, the Dragon project carried strategic significance. The country’s domestic gas production has been in decline, creating serious risks for an economy where energy accounts for 40% of GDP and more than 80% of export revenues. Current production levels of 2.5–2.7 bcf/d fall short of the 3.5–4 bcf/d needed to supply Atlantic LNG, industrial plants, and power generation. Together, the Dragon and the neighboring Manakin-Cocuina fields hold the potential to supply 750 million cubic feet per day, easing the supply gap.
However, T&T faces structural challenges:
Maturing reservoirs – Aging fields are yielding less gas, reducing output.
Project delays – Slow timelines for new developments have worsened the supply deficit.
Dragon stood out as a promising solution thanks to its proximity to existing infrastructure, partially developed wells, potential natural gas liquids (NGLs) revenue, and the chance to unlock more cross-border gas collaborations.
U.S. Sanctions, Exceptions, and Contradictions
U.S. Sanctions, Exceptions, and Contradictions
Despite its early support, the U.S. abruptly revoked special licenses in April 2025 that allowed T&T to develop the Dragon and Cocuina-Manakin gas fields. The move underscored contradictions in Washington’s Venezuela policy. On the one hand, the U.S. enforces sanctions to pressure the Maduro regime, while on the other, it has made selective exceptions. For example, Chevron has been allowed to continue limited operations in Venezuela, and in 2024, the U.S. even imported 84.8 million barrels of crude oil and petroleum products from Venezuela (according to U.S. EIA data). See https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=pet&s=mttimusve1&f=a
Rising Tensions: Military Actions and Political Rhetoric
Rising Tensions: Military Actions and Political Rhetoric
Adding to the complexity, in 2025 the U.S. launched military strikes against Venezuelan boats, claiming they were carrying drugs bound for U.S. shores. Trinidad and Tobago’s government publicly backed the move, with one minister controversially stating, “kill them all violently.” Such statements highlight the tense political environment surrounding the region’s energy and security issues.
U.S. Support Returns for Dragon Gas Project
U.S. Support Returns for Dragon Gas Project
Despite revoking earlier permissions, by September 2025 reports surfaced that the U.S. now supports Trinidad and Tobago’s Dragon gas proposal, possibly with a new license from the U.S. Treasury Department. Washington’s position is that the project should move forward in ways that “do not provide significant benefit to the Maduro regime.”
This back-and-forth reveals the double standards of global geopolitics: the U.S. discourages countries from trading with Venezuela under sanctions, while continuing to purchase Venezuelan oil for its own needs. Meanwhile, the position of the Government of T&T seems to be swaying with the wind.
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