U.S. Issues License To Trinidad And Tobago To Develop Venezuela Offshore Gas Field
- The Biden administration has granted a license to Trinidad and Tobago to develop a major gas field located in Venezuelan territorial waters, U.S. and Trinidad's officials said on Tuesday, marking a further easing of some sanctions on Venezuela.
- The license, issued by the U.S. Treasury Department at Trinidad's request and intended to enhance Caribbean regional energy security, means the island nation can do business related to the Dragon gas field with Venezuela's heavily sanctioned state-run oil company PDVSA.
- Prime Minister Keith Rowley, speaking at a news conference in Port of Spain, said Trinidad expects to gain access to 350Mn cubic feet of gas per day from the Dragon field.
- He said he applied for the license in mid-2022 and won approval after discussing it with top U.S. officials, including U.S. President Joe Biden, while also keeping open a channel of communication with Venezuelan President Nicolas Maduro.
- This new development will help bolster the country's revenues by increasing its LNG production.