PORT OF SPAIN, Trinidad, CMC – The Energy Chamber of Trinidad and Tobago says it is looking “forward to hearing further details” after the government said it had secured a second Office of Foreign Assets Control (OFAC) license from the United States for the Cocuina-Manakin field that borders Trinidad and Tobago and Venezuela.
Last week, Energy and Energy Industries Minister Stuart Young announced the license, allowing for the go-ahead to pursue exploration, production, and gas export from the field in collaboration with Venezuela, where 3 percent of the field resides.
Energy and Energy Related Industries Minister Stuart Young
The government said the OFAC license had been granted for two years and will expire on May 31, 2026.
In a statement, the Energy Chamber said that it welcomed the announcement that the “United States OFAC has granted a specific license for the National Gas Company, BP, and the Government of Trinidad and Tobago to negotiate an agreement to develop the cross-border Manakin-Coquina field with the authorities in Venezuela.
“There are huge gas resources within the Plataforma Deltana region of Venezuela and in fields that straddle the maritime boundary with Trinidad and Tobago. Delivering natural gas by pipeline from those fields to Trinidad for processing through our world-class LNG and petrochemical industry offers a major opportunity for Trinidad and Tobago, Venezuela, and countries around the world who are reliant upon imported gas and petrochemicals to fuel their economies,” the Chamber said.
It added that the potential resources this development could uncover for the local energy sector would boost the industry.
“Bringing these gas resources to Trinidad and Tobago is one of the six points included in the Energy Chamber’s Six-Point plan for the future of the gas industry. As well as delivering much-needed gas to the downstream industry, the work involved in drilling and installing infrastructure on new gas fields offers important opportunities for many members of the Energy Chamber.”
The Chamber praised the Keith Rowley government for its “diplomatic work to ensure that this OFAC license was granted, and we look forward to hearing further details on the development plans for this major gas field.”
In October last year, the Trinidad and Tobago government said the United States had given it the green light to pay Venezuela for gas from the Dragon gas field in US dollars, Venezuelan Bolivares, fiat currency, and humanitarian aid.
Young said then that Washington had issued through OFAC to Port of Spain “an amendment to the license that we had requested in the terms we asked for.
“The license will now run for two years until October 31, 2025, which is more than enough time for us to get what needs to be done.
“It also allows Trinidad and Tobago, working along with NGC and Shell, to negotiate and complete negotiations and all agreements with the Venezuelan government and PDVSA for the development, production and export of that gas from the Dragon gas field in Trinidad and Tobago for us to develop it, and for us to make payments in FIAT currency, as well as US dollars, as well as Bolivar, as well as via humanitarian measures, which is what was envisaged initially.
“So that OFAC license is a full greenlight for us to do what needs to be done. In the meantime, we have continued to be engaged with the government of Venezuela and PDVSA,” Young said then.
Meanwhile, the government said that three major companies, Shell, BP, and EOG Resources, have submitted bids for the opportunity to continue gas exploration in the country.
The bidders were revealed during the Ministry of Energy and Energies Industries’ 2023/2024 Shallow Water Competitive Bidding Round. Young said that while Trinidad and Tobago are mature gas provinces, the outlook for the energy industry remains positive.
The government said the bidding process evaluated several shallow-water blocks, with a total of 13 blocks available for exploration by oil and gas companies. Notably, the bids were concentrated near existing infrastructure and blocks currently under production.
“This proximity to established facilities enhances the overall economics of exploration and production. These production-sharing contracts will govern the awarded blocks, ensuring mutual benefits for Trinidad and Tobago and the participating companies.
“All successful bidders will be announced in the coming months, and Trinidad and Tobago anticipates further opportunities for exploration, including a deepwater bid round later this year. Overall, these developments underscore the country’s commitment to its energy industry and strategic position in the global market,” the Energy and Energy Industries Ministry added.
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