US Revokes Trinidad’s Licences for Venezuelan Gas Projects

TRINIDAD – In a blow to the government and country, the United States government has revoked the licences it had earlier granted allowing this country to monetise gas from both the Dragon and Manakin-Cocuina cross-border gas fields with Venezuela.

The announcement was made by a sombre Prime Minister Stuart Young at an unexpected press conference.

These licences were granted to Trinidad and Tobago by the US Department of the Treasury’s Office of Foreign Assets Control (OFAC).

“We have now been informed that our licence from OFAC, which is dated December 18, 2023, has been revoked by OFAC, as well as our Manakin-Cocuina licence. It came a while after the others,” the prime minister said.

“I can tell TT—because I don’t have more details than that—that I have been in touch with our attorneys-at-law in Washington, DC. There is a process for, I wouldn’t say appeal of this revocation, but for you to make an application for it not to be, or for there to be amendments. We are going to be engaging that process on behalf of TT.”

Young said he had reached out to US Special Envoy for Latin America and the Caribbean, Mauricio Claver-Carone and requested a telephone call with US Secretary of State Marco Rubio.

“I expect us to have the opportunity on behalf of TT to present our case. This doesn’t come necessarily as a surprise seeing how volatile things are not only with respect to the policy with Venezuela but what we’re seeing with the imposition of tariffs.”

He said based on the personal discussions he had with Claver-Carone and Rubio, as well as others being pursued, he expects TT will be given an audience and the opportunity to continue to make out its case.

“I am not surprised by the outcome because they did explain to me the US policy and what they were trying to achieve with respect to Venezuela, but the words ‘they would not harm TT,’ I believe and have no reason to doubt it whatsoever, remains in play. I also had discussions, which I am not at liberty to get into details now, as to what we may be able to go forward now.

“We will continue to fight for the ability and the opportunity to keep our energy sector whole and the future of TT and the CARICOM region in the manner we have become accustomed to.”

Young said only the administrative notice had been received from OFAC, which contained very legalistic language.

“There is a process that allows you to advocate for why this shouldn’t be taken. There is a wind-down period, it is not immediate. The wind-down period for this is until May 27, which allows you an opportunity before it kicks in fully for you to engage with the US.

“The good thing is they understand and have taken careful note of what it is TT can do. I am going to have more discussions with them but they understand what we can do, and it’s not only in the energy sector.” (Newsday)