- Energy Minister Dr Roodal Moonilal said OFAC’s General Licence 50 is a major boost for Trinidad and Tobago’s energy landscape.
- He said the licence, which allows specified companies to conduct certain oil and gas transactions in Venezuela, followed months of work by the UNC administration since April 2025.
- Moonilal said the move supports cross-border gas projects that could bring Venezuelan gas into T&T’s upstream infrastructure and on to Atlantic LNG and the petrochemical sector.
- He said the government will continue engaging partners to maximise opportunities while ensuring security, sustainability and international compliance.
- AMCHAM T&T also welcomed the licence, saying it could advance near-term projects such as Loran, Cocuina and Dragon, and improve medium-term gas-supply and economic prospects.
THE recent issuance of the United States Office of Foreign Assets Control (OFAC) General Licence 50 is a significant development for the national energy landscape, according to Minister of Energy and Energy Industries Dr Roodal Moonilal.
In a media release on Saturday, Moonilal said the licence—which authorises a defined set of companies to undertake transactions related to oil and gas operations in Venezuela—was the result of extensive work by the United National Congress (UNC) administration since April 2025.
Moonilal thanked Prime Minister Kamla Persad-Bissessar, Minister of Foreign and Caricom Affairs Sean Sobers, the Ministry of Foreign and Caricom Affairs, and the Office of the Attorney General, led by Attorney General John Jeremie, for what he described as pivotal roles in achieving the outcome.
He added, “While the former Energy Minister was mouthing off inanities each day, we were working smartly and planning.”
Moonilal said, “This is a significant development for our national energy landscape. The activities enabled under General Licence 50 support progress on cross-border gas initiatives that will allow gas from Venezuelan fields to be transported through our upstream infrastructure into Trinidad and Tobago’s energy system. This creates a pathway for additional gas supply to reach Atlantic LNG and the petrochemical sector, bolstering long-term energy security and supporting economic stability.”
He said the Ministry of Energy and Energy Industries will continue to engage proactively with all relevant partners to ensure Trinidad and Tobago responsibly maximises the opportunities presented.
Moonilal added, “We remain committed to safeguarding our national interests, strengthening regional energy cooperation, and ensuring that our country benefits from secure, sustainable, and internationally compliant access to natural gas.”
“I was always confident that our strategies and energy diplomacy will succeed in securing our economic advancement,” he said.
Moonilal also welcomed the US government’s decision. “We welcome the US government’s decision to issue general licences, which we believe support our efforts to move forward with cross-border natural gas projects,” he said.
AMCHAM welcomes OFAC General Licence
The American Chamber of Commerce of Trinidad and Tobago (AMCHAM T&T) also welcomed the OFAC General Licence for the development of petroleum resources in Venezuela.
AMCHAM said, “While not specifically mentioning Trinidad and Tobago, this licence paves the way for the development of several projects in the relatively near term, including the Loran, Cocuina and Dragon fields by Shell and BP, with NGC participation.”
AMCHAM also congratulated the Trinidad and Tobago government for its efforts to keep the issue high on the agenda of the US government.
In a release on Friday, AMCHAM said, “This development represents a critical step toward securing medium-term gas supply at a crucial time for both the Trinidad and Tobago and Venezuelan economies. While there are still many steps to be taken before gas supplies materialise, today’s announcement significantly tilts the medium-term economic outlook to the upside and should boost confidence in both countries.”
AMCHAM acknowledged the prioritisation of the matter by Persad-Bissessar, Moonilal, other members of government, and international diplomatic teams at the US Embassy in Trinidad and Tobago, and congratulated them for their coordination, leadership, and persistence.
On Friday, OFAC issued new licences easing restrictions on energy companies operating in Venezuela’s oil and gas sector, a move welcomed by Persad-Bissessar as a potential boost for regional energy cooperation and cross-border development.
