Trinidad and Tobago is cautiously optimistic that recent developments in Venezuela could help unlock long-delayed gas projects along the two countries’ shared maritime border.

Speaking at the opening of the Trinidad and Tobago Energy Chamber’s 2026 Conference and Trade Show on January 26, Energy Chamber Chairman Marla Baliraj said the changes have raised “new hope” that key stalled investments could finally move forward.

Among them are the Shell and National Gas Company of Trinidad and Tobago (NGC) Dragon gas project in Venezuelan waters, as well as the bp and NGC Manakin/Cocuina cross-border gas field.

Baliraj noted that while Trinidad and Tobago has made progress in speeding up approvals, other policy changes could help advance investment decisions, particularly for discovered but undeveloped gas fields.

“Fiscal reform remains an essential element for some fields, especially small and marginal gas fields where a tiered approach may be required,” she said, adding that these are policy decisions within Trinidad and Tobago’s control and would benefit from continued dialogue with stakeholders.

She explained, however, that the Dragon and Manakin/Cocuina projects remain largely dependent on factors outside of Trinidad and Tobago’s direct control.

“Recent changes in Venezuela might offer new hope that these two projects can move toward implementation,” Baliraj said.

Placing the projects in a wider regional context, Baliraj pointed to Venezuela’s vast gas reserves, estimated at around 200 trillion cubic feet, much of which is located in offshore, non-associated gas fields in the eastern part of the country.

“These resources are close to existing Trinidad gas infrastructure, and from a pure economic and technical point of view, it makes excellent sense for both Trinidad and Venezuela to use Trinidadian infrastructure to bring that gas to international markets, as LNG or petrochemicals,” she said.

Baliraj also suggested that the development of eastern Venezuelan gas fields could present opportunities for Trinidad and Tobago’s energy services sector, given their proximity to local ports and logistical infrastructure.

“The concept of Trinidad being a regional energy hub is one that the Energy Chamber fully supports,” she said.

In addition to undeveloped gas fields, Baliraj highlighted the large volumes of natural gas currently being flared in Venezuela’s oil fields — estimated at as much as two billion cubic feet per day.

She described the flaring as both an economic waste and an environmental concern, noting that the volume exceeds the gas shortfall that has affected Trinidad and Tobago’s downstream industry for more than a decade.

“With the existing Trinidad infrastructure and a downstream industry willing to pay competitive gas prices, this could be a crucial component to finding a solution,” Baliraj said, acknowledging that capturing and utilising the gas would require significant technical and engineering effort.

Baliraj said the downstream gas sector continues to face challenges, with gas shortages persisting for over ten years, impacting manufacturers, contractors and service companies.

While projects such as Manatee and other developments offer optimism, she said the industry must remain unified and prepared to take advantage of emerging opportunities.

“Businesses in this sector need stable, predictable cost structures if they are to plan investment, maintain employment and stay competitive,” she added.