Dragon Gas Returns — T&T Gets U.S. Green Light (Again)
The Dragon Rises (Again)
The Dragon Gas field in Venezuelan waters has officially re-entered the chat.
The United States just re-issued an OFAC licence to let Trinidad and Tobago legally move ahead with development — months after Washington had pulled the plug.
The licence, approved through the U.S. Treasury’s Office of Foreign Assets Control, clears the way for T&T and its energy partners to resume work on a project that’s been starting, stopping, and restarting since smartphones had headphone jacks.
From Revoked to Resurrected
Quick recap for those who lost count:
- 2023: Trinidad gets its first U.S. waiver to explore Dragon despite sanctions on Venezuela.
- Early 2025: Licence revoked. Political turbulence, diplomatic drama, and plenty Trinis rolling eyes.
- October 2025: Licence reinstated — thanks to high-level diplomacy, regional lobbying, and what the U.S. now calls “support for Caribbean energy security.”
Prime Minister Kamla Persad-Bissessar, who’s been making nice with Washington since taking office, hailed it as proof that “diplomacy and persistence pay off.”
Translation: she didn’t just breathe fire — she tamed the Dragon.
Why It Matters
The Dragon field, located off Venezuela’s coast, is estimated to hold about 4.2 trillion cubic feet of natural gas. The plan is for Shell and PDVSA (Venezuela’s state oil company) to partner with Trinidad to supply gas to our Atlantic LNG plant by 2026.
That could:
- Boost Trinidad’s gas supply (which has been dropping faster than data signals in Chaguanas).
- Strengthen our LNG exports and Petrochemical sector.
- Reassert Trinidad’s energy leadership in the Caribbean.
But there’s still a diplomatic tightrope: Washington’s waiver means the gas can flow without enriching Venezuela’s government too much. Think: gas with conditions.
Critics, Cynics & Commentators
Some industry folks cautious — they’ve heard this song before. The Dragon project been “coming soon” for over a decade.
Others warn that if U.S.–Venezuela relations shift again, the licence could vanish overnight like a CEPEP project after election day.
Still, there’s optimism that the current thaw in U.S. foreign policy toward Latin America could finally get gas flowing by 2026.
Bottom Line
The Dragon isn’t dead — just resting between OFAC renewals.
For now, Trinidad has its fire back. Let’s just hope Washington doesn’t change its mind mid-flame.
