The Energy Chamber of Trinidad and Tobago said a recent update by the U.S. Office of Foreign Assets Control (OFAC) could clear the way for Trinidad and Tobago to engage in Venezuela gas development without seeking special U.S. licenses.
In a statement published March 31, OFAC indicated that “generally, non‑U.S. persons do not risk exposure to U.S. sanctions for engaging in transactions authorised under General Licenses (GL) 46B, 51A, or 52 — such as transacting with PdVSA or importing Venezuelan‑origin oil, petrochemical products, or minerals, into a third country”.
The clarification came in response to question 1247 in OFAC’s updated Frequently Asked Questions (FAQs) on Venezuela sanctions. OFAC explained that the conditions of these licenses “are designed to ensure that transactions involving PdVSA or Venezuelan‑origin oil, petrochemical products, and minerals occur through legitimate and authorised channels, consistent with efforts to restore prosperity, safety, and security to Venezuela”.
The Energy Chamber said the clarification means Trinidad and Tobago can pursue cross‑border gas development with Venezuela via its state energy firm, the National Gas Company of Trinidad and Tobago (NGC), “without the need for a specific OFAC license or being included in the Annex of GL 51A”.
The Chamber encouraged continued dialogue and cross‑border cooperation to bring Venezuelan gas into Trinidad & Tobago’s infrastructure, for processing into natural gas liquids or for export as liquefied natural gas (LNG).
OFAC’s guidance comes after a setback in 2025, when the U.S. revoked special licenses permitting Trinidadian companies and partners to develop major Venezuelan offshore fields, such as the Dragon and Manakin‑Cocuina gas fields.
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According to the Energy Chamber, by opening this pathway, Trinidad and Tobago could more confidently pursue development opportunities with respect to Venezuela’s offshore gas resources, which exist in significant quantities and could help supplement domestic natural gas supplies.
Following the OFAC clarification, Reuters reported that Shell is in advanced talks with the Venezuelan government to expand its natural gas footprint near the maritime border with Trinidad and Tobago. The report said the discussions focus on several gas areas, including the Dragon gas field, which has been a key project for years.
According to Reuters, Shell has been trying to move forward with the Dragon project, which holds about 4.2 trillion cubic feet of natural gas, and a final investment decision could come by the end of the year.
Reuters also noted that gas from Dragon is expected to be transported to Trinidad and Tobago for processing into LNG at the Atlantic facility, where Shell holds a stake.
