Recent developments with OFAC general licence 44

Ministry of Energy release

The Office of Foreign Assets Control (OFAC), Department of Treasury of the United States Government today issued General Licence 44A which governs sanctions related to the Bolivarian Republic of Venezuela and deals with Authorizing the Wind Down of Transactions Related to Oil or Gas Sector Operations in Venezuela.

The Ministry of Energy and Energy Industries wishes to advise that this amendment to the OFAC General Licence 44 does not affect the Specific Amended OFAC licence that was issued to the Government of the Republic of Trinidad and Tobago on October 17, 2023, which authorized the Government of Trinidad and Tobago, the National Gas Company of Trinidad and Tobago Limited (NGC), Shell PLC and their affiliates to conduct business with the Government of Venezuela and Petroleos de Venezuela (PDVSA) with respect to the Dragon Gas Field in Venezuela.

The specific Amended OFAC Licence issued to Trinidad and Tobago on October 17, 2023 is valid until October 31, 2025 and permits Shell, NGC and contractors to continue the works being undertaken to explore, produce and export natural gas from the Venezuelan Dragon Gas Field.

Additionally, the Minister of Energy and Energy Industries and Minister in the Office of the Prime Minister, The Honourable Stuart R. Young, M.P. reminds the public that Trinidad and Tobago secured a 30 year Exploration and Producution Licence from the Government of Venezuela on December 21, 2023 for the Dragon Gas Field and advises that the work to explore, produce and export the natural gas from this field to Trinidad and Tobago is continuing.