Trinidad and Tobago Prime Minister Keith Rowley announced the deal at a news conference in Port of Spain on Tuesday.
Jamaica's energy supply will be more secure with a major agreement involving the United States, Trinidad and Tobago and Venezuela.
The Biden administration has granted a licence to Trinidad and Tobago to develop a major gas field located in Venezuelan territorial waters, US and Trinidad officials said on Tuesday.
The move marks a further easing of some US sanctions on Venezuela.
The licence, issued by the US Treasury Department at Trinidad's request and intended to enhance Caribbean regional energy security, means the twin island republic can do business related to the Dragon gas field with Venezuela's heavily sanctioned state-run oil company PDVSA.
The licence allows PDVSA, Shell and Trinidad to jointly plan and develop a gas-exporting project, T&T Prime Minister Keith Rowley said, adding that details would be finalised in coming days.
Mr. Rowley said a portion of the resulting gas must be exported to Jamaica and the Dominican Republic, according to the two-year licence's terms.
Prime Minister Rowley, who was speaking at a news conference in Port of Spain on Tuesday evening, said Trinidad expects to gain access to 350 million cubic feet of gas from the Dragon field.
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