Trinidad has not lost a dollar from Venezuela gas agreements, says energy minister

Trinidad and Tobago Energy Minister Dr. Roodal Moonilal has dismissed speculation that recent political and military developments in Venezuela, including the U.S. removal of Nicolás Maduro from office on January 3, have disrupted Trinidad and Tobago’s energy arrangements with its neighbour.

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At a post‑Cabinet media briefing on Thursday, Moonilal reaffirmed that the Government continues to operate under existing agreements and authorisations — especially those tied to the Dragon gas project — and that there is no indication any have been cancelled or altered. “T&T has not lost a dollar,” he said, rejecting claims that cross‑border energy deals have been jeopardised by the crisis.

The minister confirmed that a U.S. Office of Foreign Assets Control (OFAC) licence relating to the Dragon gas project remains in effect, allowing continued activity under its conditions, despite Venezuela’s October 2025 announcement that it had suspended cooperation and would move to revoke approvals linked to the project. Moonilal said actual work has continued unabated along lines agreed prior to December.

“We are very confident that T&T’s interest will be served in terms of the cross‑border projects… all the stakeholders involved continue to be engaged with the relevant representatives in Venezuela,” he told reporters.

Moonilal underscored that while the energy sector is being calmly monitored, broader political and security developments in Venezuela fall under the remit of the Prime Minister and other security ministers. He declined to discuss diplomatic recognition or political engagement, saying his focus is strictly on operational energy matters.

Trinidad and Tobago’s energy strategy, he noted, extends beyond Venezuela. The country is deepening partnerships across South America and other global markets, emphasising that Caracas is not T&T’s sole energy partner.

The Dragon gas field, located off Venezuela’s coast, has long been a key part of Trinidad and Tobago’s plans to boost gas supplies for liquefied natural gas (LNG) production. A specific OFAC licence issued in 2023 permitted T&T, the National Gas Company and Shell to pursue exploration, production and export activities under conditions that comply with U.S. sanctions.

Despite Venezuela’s public claim last year of canceling energy ties — a move dismissed by T&T officials — Moonilal maintained that formal notifications altering agreements have not been received and that cooperative work continues with Venezuelan counterparts.

Addressing concerns about financial risk, the minister insisted there has been no fiscal fallout from the political situation in Venezuela. “Agreements have been in place in this country with Venezuela for some years now … and to our knowledge, we have not received anything that suggests any arrangement has changed,” he said.

The government’s message is one of cautious optimism: Trinidad and Tobago remains committed to its energy strategy, navigating geopolitical shifts while safeguarding commercial interests and regional collaboration.