The Energy Chamber of Trinidad & Tobago has noted the news that the two OFAC special licenses for the Dragon and Cocuina fields have been revoked by the United States Government. This is disappointing news, but not unexpected given the previous cancellation of other general and special licenses for companies working in Venezuela.
The importation of pipeline gas from Venezuela for processing and onward sales to international markets as either LNG or petrochemicals, remains a significant economic opportunity for Trinidad & Tobago. It is important that the government of Trinidad & Tobago continues to engage actively with both the government of the United States and Venezuela to find a mechanism to pursue this opportunity.
At the same time, there are significant opportunities to develop natural gas fields within Trinidad & Tobago’s exclusive economic zone and these must also be pursued actively and urgently. There are a number of fields, including Mento, Coconut, Ginger and Manatee, that are currently being developed and others, including Calypso, Blackjack and Onyx where companies are working towards taking a final investment decision. All of these opportunities should be pursued to help maintain and increase Trinidad & Tobago’s upstream gas production.