A natural gas project to be developed in Venezuelan waters by Shell SHEL.L and Trinidad and Tobago’s state firm National Gas Company NGCTT.UL could achieve first output in the next two years if a positive investment decision is made, Trinidad officials said yesterday, according to Reuters.
Venezuela and Trinidad on Thursday signed a 30-year licence granting Shell and NGC the rights to produce the gas and export it to Trinidad. The agreement followed months of negotiations since the United States authorized the project in January, Reuters said.
The US approval and the licence came after the parties had unsuccessfully tried in previous years to strike an agreement for joint offshore gas development.
