Trinidad Hopeful for Offshore Gas Projects with Venezuela

Trinidad and Tobago's government is optimistic two flagship offshore gas projects with neighboring Venezuela to be operated by Shell, BP and Trinidad's National Gas Company will move forward amid political changes in the OPEC country, the energy minister of the twin-island nation said on Wednesday.

The U.S. has been relaxing sanctions on Venezuela's energy industry as part of an ambitious $100 billion reconstruction plan since U.S. forces captured President Nicolas Maduro last month. Interim President Delcy Rodriguez now heads the Venezuelan government.

Venezuela's energy projects with Trinidad were suspended at Rodriguez's request last year after a political standoff due to Venezuela's allegation that Trinidad was collaborating with the U.S. to oust Maduro. The planning for the projects has continued to face delays despite U.S. Energy Secretary Chris Wright's favorable view of their development.

If they resume, the projects would grant much needed gas for Trinidad's liquefied natural gas and petrochemical industries.

Trinidad also is seeking oil supplies from the region for the potential reopening of the country's Pointe-a-Pierre refinery, which is expected to process up to 150,000 barrels