The Energy Chamber of Trinidad and Tobago (TT) has stated that the country must urgently pursue natural gas opportunities in its exclusive economic zone (EEZ).
This comes as the United States government revoked two OFAC special licenses for the Dragon and Cocuina fields in Venezuela. OFAC is the U.S. Department of the Treasury’s ‘Office of Foreign Assets Control’.
“This is disappointing news, but not unexpected given the previous cancellation of other general and special licenses for companies working in Venezuela,” the Chamber said in a statement on April 8.
It noted that gas imports from Venezuela for LNG and petrochemical production still present a “significant economic opportunity” for the country. “It is important that the government of Trinidad and Tobago continues to engage actively with both the government of the United States and Venezuela to find a mechanism to pursue this opportunity,” the Chamber stated.
Venezuela to pocket “no less than 45%” of Dragon Gas gross income | OilNOW
At the same time, the Chamber stressed the need to look inward.
“There are significant opportunities to develop natural gas fields within Trinidad and Tobago’s exclusive economic zone, and these must also be pursued actively and urgently,” the statement continued.
The Chamber highlighted active developments at the Mento, Coconut, Ginger and Manatee fields. It added that companies are working toward final investment decisions at Calypso, Blackjack and Onyx.
“All of these opportunities should be pursued to help maintain and increase Trinidad and Tobago’s upstream gas production,” the Chamber said.
The Dragon gas deal license was granted on October 17, 2023, and was due to expire on October 31, 2024. The Manakin-Cocuina license was granted on December 18, 2023. The Manakin-Cocuina field is the second largest on the Trinidad and Tobago-Venezuela maritime border. It holds at least one trillion cubic feet of proven gas reserves.
The Trump administration announced this week that it is ending all oil and gas licenses granted by the Biden administration that help bankroll Venezuela. This includes the recent termination of Chevron’s oil export deal with the country.
