PORT OF SPAIN, Trinidad, CMC -Trinidad and Tobago has officially been granted an Office of Foreign Assets Control (OFAC) license from the United States Treasury Department to pursue the development of the Dragon Gas project.
Attorney General John Jeremie announced the cross-border project on Thursday at the Office of the Attorney General and Legal Affairs.
The license, which permits Trinidad and Tobago to engage in cross-border energy collaboration with Venezuela, follows a formal request submitted on May 19 by the United National Congress government.
Prime Minister Kamla Persad-Bissessar had previously signaled that the license was imminent, noting that US Secretary of State Marco Rubio had approved the request. However, no timeline had been confirmed until now.
In responding to questions from the media, Jeremie did not disclose the terms and conditions of this latest development but expressed confidence that it would be beneficial for T&T.
However, he said it differs from the last OFAC license in that this one is being given in stages.
The first stage, which runs for six months until April 2026, involves negotiations with the Venezuelan government to set commercial targets for US companies.
He added that the targets are “reasonable” and attainable. He also did not share what role Shell plays in this latest development and what role the energy giant is continuing to play in the deal.
On December 21, 2023, the Venezuelan government issued a 30-year license to the NGC (National Gas Company) and Shell to develop and export natural gas from the Dragon gas field to Trinidad and Tobago.
The OFAC played a key role in granting this license under the Joe Biden administration.
The Dragon gas field, situated in shallow waters between Venezuela and Trinidad, is crucial for replenishing feedstock for Trinidad, a significant exporter of liquefied natural gas (LNG), ammonia, and other gas-based products.
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