The Prime Minister of Trinidad and Tobago, Stuart Young, during his press conference on Tuesday, April 8. Photo: TTT.
Guacamaya, April 8, 2025. The Donald Trump administration has revoked the authorizations allowing Trinidad and Tobago to produce gas in joint fields with Venezuela without fear of reprisals.
The Prime Minister of the island nation, Stuart Young, announced this during a press conference on Tuesday. “What I can tell Trinidad and Tobago is that we have been informed that our OFAC license, dated December 18, 2023, has been revoked […] as well as our license for the (Manakin-Cocuina gas field).”
Following the economic sanctions against Venezuela imposed during Trump’s first administration, the Joe Biden government had granted specific exemptions to companies through the Office of Foreign Assets Control (OFAC). For Trinidad, British firms BP and Shell were allowed to exploit gas fields in waters bordering Venezuela, in partnership with the island’s National Gas Company (NGC).
Trinidad and Tobago had recently become one of the largest exporters of natural gas, but with its reserves dwindling, it has sought to exploit adjacent fields in the Deltana Platform, which is under Venezuela’s control.
Energy giants BP and Shell signed separate agreements with NGC, under which they would hold an 80% stake while Trinidad’s state-owned company retained 20%. The Venezuelan state would receive royalties and taxes without direct participation through PDVSA.
