Shell is accelerating its development of the Dragon gas field in Venezuelan waters to supply Trinidad and Tobago’s energy sector. Following significant geopolitical shifts, including the removal of Venezuelan President Nicolás Maduro, Shell CEO Wael Sawan stated on 5 February 2026 that the project could be “activated within months”.
Current Project Status (February 2026)
Production Timeline: Shell aims to produce first gas within two to three years (approximately 2028-2029), though some estimates still target late 2027 for initial volumes of 350 million cubic feet per day.
Shell and Trinidad’s National Gas Company (NGC) hold a 30-year license from the Venezuelan government.
The project currently operates under a specific OFAC license from the U.S. Treasury, which was re-issued in October 2025 and is valid through April 2026. Shell is actively seeking new U.S. licenses to move toward a Final Investment Decision (FID).
The field is critical for feeding Trinidad’s Atlantic LNG complex, which has faced severe shortages, recently operating at only 8.5 million metric tons compared to its 12.5 million capacity.
Field Specifications
Reserves: Estimated 4.2 to 4.5 trillion cubic feet (Tcf) of natural gas.
Infrastructure: Plans include a 16-kilometre (10-mile) subsea pipeline connecting the Dragon field to Shell’s existing Hibiscus platform off Trinidad’s north coast.
Drilling: Development plans include the drilling of three initial wells.
Key Recent Developments
Geopolitical Reset: The U.S. is reportedly pushing for reinvestment in Venezuela’s energy industry following recent leadership changes, aligning the Dragon project with broader regional energy security goals.
Regional Expansion: Trinidad’s Energy Minister announced in January 2026 that Shell is also seeking licenses for other shared fields, such as the Loran-Manatee discovery (holding an estimated 10 Tcf).
Operational Ramping: Technical work, including environmental baseline surveys and geophysical studies, has already commenced to prepare for pipeline construction.
Note by Alessandro Bazzoni