This country’s bid to monetize Venezuelan gas suffers a blow as the Donald Trump administration revokes the license, which allows it.

However Prime Minister Stuart Young says, dragon gas deal is not dead.

The office of foreign assets control of the U.S department of the treasury, commonly called OFAC, administers and enforces economic and trade sanctions, based on U.S foreign policy and national security goals.

Countries must acquire approval, which allows for economic relationships with regimes under U.S sanction.

Trinidad and Tobago received an OFAC license to extract gas from the dragon fields, in Venezuela in January 2023.

Prime minister Young told the media yesterday the move by the United States was no surprise.

The dragon gas field is situated on the, Venezuelan side of the northwestern maritime border with Trinidad. 

It is estimated to hold up to 4.2 trillion cubic feet of natural gas reserve.

Meanwhile, the chief secretary of the Tobago house of assembly responds to the revocation of the OFAC licenses calling it unfortunate.

Farley Augustine also laments the way in which other countries can determine the future of, Trinidad and Tobago and smaller territories.

Blaming the people’s national movement for the state of the economy, Mr. Augustine said, diversification is needed now more than ever.

He advances a suggestion of his own.