The United States government has revoked the licenses granted to Trinidad and Tobago for the Dragon and Manakin-Cocuina cross-border gas fields.
Prime Minister Stuart Young made the announcement during a press briefing at Whitehall on April 8 at 4:45 p.m., according to local media reports. The licenses were previously issued by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC).
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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. Young said he is in contact with attorneys in Washington, D.C., and could not provide further details at the time.
The Manakin-Cocuina field is the second largest on the Trinidad and Tobago-Venezuela border. It holds at least one trillion cubic feet of proven gas reserves.
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Secretary of State Marco Rubio has informed Caribbean leaders that the United States will not support any further regional reliance on Venezuela for energy.
The Trump administration announced 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.
Under the revoked Dragon agreement, Venezuela was paid a royalty, a special commission of 5%, surface tax, and social contributions totalling US$1 million, along with a confidential signing bonus.
