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Gov’t willing to explore feasibility of sending gas to T&T for processing—VP Jagdeo
By Davina Bagot
Kaieteur News- With the licence for the Trinidad and Tobago Dragon Gas deal with Venezuela now revoked by the United States (U.S) government, Guyana is willing to engage its Caribbean sister country on the possibility of processing local resources there.
Vice President Bharrat Jagdeo
Chief Policymaker for the petroleum sector, Vice President Bharrat Jagdeo on Thursday made the revelation during his press conference, in response to a question from this newspaper. He explained that Guyana is currently considering at least three other options to monetize its gas resources, but processing in Trinidad could be another alternative which should be explored.
The VP explained, “They want to bring the gas on shore for industrialisation or to supply Brazil…so that’s one option, bringing the gas on shore generating power, supplying Brazil with electricity, selling power. Two, bringing the gas on shore, for industrial purposes, fertilizer, a petrochemical industry, and then the third option is the do LNG, so not bringing it on shore but having these offshore platforms for developing LNG and shipping that directly out.”
He added, “You could add another option, which is they should study, whether taking it to Trinidad to be processed there makes sense.” The former Head of State was keen to note that the gas development is not being funded by the Government of Guyana (GoG). As such, he said the private investors would have to determine which is most the feasible option. “We have, through a public process identified a company to work with Exxon and the government of Guyana to monetize the gas. If they choose to take this gas to Trinidad to be processed, and that offers the greatest return to the project, and thereby the greatest revenue to Guyana, that’s an option to them,” he noted.
He added, “Remember, we are not gonna be investing taxpayers’ money in the project. We just want to get a revenue from the project. They’d have to find private financing to develop this. We’re not taking the people’s money and putting it in these projects. We just want them to develop so we can get a revenue stream to benefit our people so, and of course, the allied development.”
Jagdeo recalled that Trinidad and Tobago previously engaged Guyana on whether this country’s gas could be exported to the twin island through a pipeline, however, since the Dragon Gas Deal license was revoked by the U.S he said Trinidad has not reached out to Guyana formally.
Dragon Gas deal dead
Earlier this month, the Trinidad and Tobago Guardian reported that the United States revoked T&T’s Office of Foreign Assets Control (OFAC) licences which facilitated the development of both the Dragon and Cocuina-Manakin gas fields.
The OFAC licence for Cocuina-Manakin was granted on May 31, 2024 and was valid until May 31, 2026, while the revised licence for the Dragon gas field was granted on October 17, 2023, and was set to expire on October 31, 2025.
Prime Minister Stuart Young said the decision was unsurprising, considering the first Presidential Order from US President Donald Trump dated March 24, which announced tariffs on oil-based products from Venezuela. Several orders followed.
With T&T’s heavy reliance on gas for revenue generation and the country’s reserves dwindling, Jagdeo said this decision could “spell major problems” for the twin island.
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He only saying that now because it looking like the UNC which is the Indian government look like they are winning the election