By Sue-Ann Wayow

THE licence to develop the Dragon Gas Field with Venezuela has been revoked.

This was confirmed by Prime Minister and Minister of Energy Stuart Young at a press conference on Tuesday. He said the decision was not surprising.

He said, “What I can tell Trinidad and Tobago is that we have now been informed that our licence from OFAC (Office of Foreign Assets Control) which is dated the 18th of December, 2023 has been revoked by OFAC.

“That licence is now revoked by OFAC as well as our Cocuina-Manakin Licence. It came a little while after the others.”

Young added, “I don’t have more details on that. I have been in touch with our attorneys in Washington DC. There is a process for I wouldn’t say appeal of this revocation but there is a process for you to make an application for it not to be or for there to be amendments and we are going to be engaged in that process on behalf of Trinidad and Tobago.”

Young also said he has requested a bilateral meeting with US Secretary of State  Marco Rubio to further discuss the matter.

“I am, to be honest, not surprised by the outcome because they did explain to me the US policy and what they were trying to achieve with respect to Venezuela, but the words that they would not harm Trinidad and Tobago, I believe, I have no reason to doubt it whatsoever, remain in play,” the Prime Minister said.

He expects that he will be able to voice his concerns.

Young said he brought the news to the population as soon as he was told and would now be speaking to   BP and Shell on the matter.

He said, “We will continue to pursue this, we will continue to fight for the ability and the opportunity to keep our energy sector whole and the future of Trinidad and Tobago and the Caricom region, in the manner that we have become accustomed to.”

BP, Shell, and the National Gas Company (NGC), had secured licences from the OFAC to explore and develop gas fields along the maritime boundary between Venezuela and Trinidad and Tobago.

The licences, initially granted for two years, had enabled the companies to negotiate with Venezuela and move forward with development plans.

Less than two weeks ago, following a meeting with Rubio in Jamaica, Young said he could not confirm if the licences would have been renewed.