The United States has revoked a key license that allowed Trinidad and Tobago to develop Venezuela’s Dragon gas field, a move that halts a major cross-border energy initiative. Prime Minister Stuart Young confirmed the revocation during a press conference on April 8, noting that the U.S. decision also affects the Cocuina-Manakin gas field project.
The license, originally granted by the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) in October 2023, permitted companies like Shell and Trinidad’s National Gas Company to collaborate with Venezuela’s state-owned PDVSA on the Dragon field, which holds an estimated 4 trillion cubic feet of natural gas. The license was set to expire in October 2025 but has now been rescinded as part of the U.S. government’s broader enforcement of sanctions against Venezuela.
Prime Minister Young expressed disappointment but emphasized that the revocation was not unexpected given recent U.S. policy shifts. He stated that the Trinidad and Tobago government is seeking discussions with U.S. officials, including Secretary of State Marco Rubio, to address the issue and explore potential avenues for reinstating the license.
