Venezuela poised to suspend energy projects including Dragon field with Trinidad

[Giant Semi-submersible drilling rig Ocean Monarch refitting at Fremantle]
Sharkyjones/iStock Editorial via Getty Images

Venezuela's oil ministry will ask President Maduro to suspend [https://www.reuters.com/business/energy/venezuela-moves-suspend-energy-agreements-with-trinidad-including-gas-projects-2025-10-27/] a cooperation agreement with Trinidad and Tobago for energy development, including the 4.2 trillion cf Dragon field to be developed by Shell (NYSE:SHEL [https://seekingalpha.com/symbol/SHEL]) and the National Gas Company of Trinidad, Reuters reported Monday.

Oil Minister Delcy Rodriguez said the relationship between Trinidad and Venezuela, which could complement each other's energy needs, has become "hostile" since Trinidad's new administration of Prime Minister Persad-Bissessar has steered closer to the Trump administration while tensions between Venezuela and the U.S. have escalated.

Development of the Dragon field, which lies in Venezuelan waters, has been delayed around frequent policy changes since the U.S. first imposed energy sanctions on Venezuela in 2019.

Shell (NYSE:SHEL [https://seekingalpha.com/symbol/SHEL]) is separately developing the Manatee gas project, which crosses the maritime border into Venezuela but had received permission from the Maduro government to be developed on the Trinidad side independently; it is not clear if that project also is at risk.

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