Prime Minister Stuart Young announced that the United States had revoked the country’s Office of Foreign Assets Control (OFAC) licenses, which allowed the development of both the Dragon and Cocuina-Manakin gas fields. The OFAC license for Cocuina-Manakin was granted on May 31, 2024, valid until May 31, 2026, while the revised license for the Dragon gas field was granted on October 17, 2023, and set to expire on October 31, 2025. Young said the decision was surprising, considering the first Presidential Order from US President Donald Trump on March 24, which announced tariffs on oil-based products from Venezuela.
Young committed to securing an audience with US Secretary of State Marco Rubio, who leads foreign policy for Washington with emphasis on Venezuela. He called for an assurance that the US would not seek to harm Trinidad and Tobago and that the government would continue engaging with T&T. Young also mentioned that Rubio discussed how T&T and the wider Caribbean region stood to benefit from the energy deals the government had negotiated with the Bolivian Republic.
Blammed this latest setback on shifts in the geopolitical landscape at the hands of President Trump, Young has been in touch with T&T’s attorneys in Washington and they are hoping to make an application for amendments. He also reached out to US Special Envoy for Latin America Mauricio Claver-Carone, requesting a telephone conversation with Rubio.
With the country’s economic hopes focusing on the success of the energy deal, Young assured that the government’s efforts will continue. He said that he had proven he can successfully negotiate deals on behalf of T&T and that all is not lost. He also assured that Plan B, Plan C, and Plan D are already in play.
In May 2024, Young said T&T was already paying an unstatified portion of over $1 billion per year in taxes to Venezuela for the Dragon gas field. Meanwhile, UNC’s shadow energy minister David Lee said his party would work with the Trump administration and incentivize local companies to produce more gas within T&T territorial waters if it is returned to the government.
Political scientist Dr. Bishnu Ragoonath suggested that Young may be the sole individual in T&T who believed the US Secretary of State Rubio when he said the US meant no harm to the country. He expects the Opposition to use this as a tool in the upcoming election.
