Venezuela, Trinidad gas talks collapse over price

Trinidad and Tobago has failed to break an impasse with Venezuela over the price it is willing to pay for natural gas. The gas would be delivered from Venezuela's offshore Dragon field to Shell's Hibiscus platform, off northwestern Trinidad and Tobago, from where it would be tied into Trinidad state-run NGC's network. Dragon would initially supply 150mn ft³/d (1.55bn m³/yr), eventually rising to 300mn ft³/d. Trinidadian officials will return to Caracas in two weeks "to attempt to settle the terms of the agreement", the government says. Trinidad and Tobago's gas output has recovered recently, but the Venezuelan gas is considered vital to sustaining its gas-based industries, including the 14.8mn t/yr Atlantic LNG plant.