T&T’s Energy Chamber statement on revoked OFAC licenses

On April 8, 2025, the Energy Chamber of Trinidad & Tobago noted the news that the two Office of Foreign Assets Control (OFAC) special licenses for the Dragon and Cocuina fields have been revoked by the United States Government. The Chamber expressed that it is disappointing news, but not unexpected given the previous cancellation of other general and special licenses for companies working in Venezuela.
The importation of pipeline gas from Venezuela for processing and onward sales to international markets as either liquefied natural gas (LNG) or petrochemicals remains a significant economic opportunity for Trinidad & Tobago.
Trinidad is the largest exporter of LNG in Latin America and one of the world's largest exporters of ammonia and methanol, but the Caribbean Island was aiming to develop offshore fields in Venezuela and on the maritime border to counter its declining reserves and secure supply. The licenses, which have allowed Shell, BP, and Trinidad's National Gas Company to plan the projects as exemptions to the U.S. sanction regime on Venezuela, now have a May 27 deadline for the companies to wind down activities.
It is, therefore, important that the government of Trinidad & Tobago continue to engage actively with both the government of the United States and Venezuela to find a mechanism to pursue this opportunity.
At the same time, there are significant opportunities to develop natural gas fields within Trinidad & Tobago’s exclusive economic zone, and these must also be pursued actively and urgently, according to the Chamber in its statement.
There are several fields, including Mento, Coconut, Ginger and Manatee, that are currently being developed and others, including Calypso, Blackjack and Onyx, where companies are working towards taking a final investment decision. All these opportunities should be pursued to help maintain and increase Trinidad & Tobago’s upstream gas production.

(Sources: Energy Chamber of Trinidad & Tobago and Reuters)