The governments of Venezuela and Trinidad and Tobago signed an inter-institutional agreement related to joint energy projects and bilateral trade between the countries, according to a Sept. 20 press release.

The agreement also strengthens cooperation around security and energy sovereignty in the Caribbean and allows for the installation of pipelines to produce Venezuela鈥檚 offshore gas, Venezuela鈥檚 Communications and Information Ministry said.

鈥淭he signing today and work related to the Dragon gas field project in Venezuelan waters [will allow] us to start producing gas together,鈥� President Nicolas Maduro said in the release.

The agreement could eventually see Venezuela, home to the world鈥檚 largest oil reserves and seventh largest gas reserves, and Trinidad, home to the four-train 14.8 million tonnes per annum (mtpa) Atlantic liquefaction plant, work together to produce and commercialize Venezuela鈥檚 strained gas reserves.

RELATED: Venezuela Flares More Gas than Freeport LNG Exports

The agreement, if it moves forward, bodes well for Trinidad鈥檚 Atlantic LNG, plant which is suffering from a shortage of gas to produce LNG, ammonia and methanol. Atlantic LNG continues to operate with just three trains due to the gas shortage.

鈥淲e鈥檙e ready to move forward with all the countries that want to invest, with all the companies around the world that want to invest,鈥� Maduro said. 鈥淧etrocaribe is coming back stronger now鈥� step by step, little by little.鈥�

RELATED: Trinidad鈥檚 Energy Minister Young Talks Gas Production, Venezuela and Atlantic LNG [WATCH]

The governments of Venezuela and Trinidad and Tobago signed an inter-institutional agreement related to joint energy projects and bilateral trade between the countries, according to a Sept. 20 press release.

The agreement also strengthens cooperation around security and energy sovereignty in the Caribbean and allows for the installation of pipelines to produce Venezuela’s offshore gas, Venezuela’s Communications and Information Ministry said.

“The signing today and work related to the Dragon gas field project in Venezuelan waters [will allow] us to start producing gas together,” President Nicolas Maduro said in the release.

The agreement could eventually see Venezuela, home to the world’s largest oil reserves and seventh largest gas reserves, and Trinidad, home to the four-train 14.8 million tonnes per annum (mtpa) Atlantic liquefaction plant, work together to produce and commercialize Venezuela’s strained gas reserves.

RELATED: Venezuela Flares More Gas than Freeport LNG Exports

The agreement, if it moves forward, bodes well for Trinidad’s Atlantic LNG, plant which is suffering from a shortage of gas to produce LNG, ammonia and methanol. Atlantic LNG continues to operate with just three trains due to the gas shortage.

“We’re ready to move forward with all the countries that want to invest, with all the companies around the world that want to invest,” Maduro said. “Petrocaribe is coming back stronger now… step by step, little by little.”

RELATED: Trinidad’s Energy Minister Young Talks Gas Production, Venezuela and Atlantic LNG [WATCH]