Trinidad and Tobago has received approval from the United States to begin formal talks with Venezuela on developing an offshore gas field, a move seen as a major boost for the Caribbean nation’s struggling energy sector.
Attorney General John Jeremie confirmed on Thursday that Washington had issued a special licence through the US Treasury Department’s Office of Foreign Assets Control (OFAC), allowing Port of Spain to negotiate with Caracas without violating US sanctions currently imposed on Venezuela.
The authorisation, which remains valid for six months, gives the Trinidadian government room to strike a limited agreement under strict conditions set by the US. Jeremie noted that the licence does not cover full-scale operations but permits initial discussions on commercial terms. “There are specific targets we must meet, but they are reasonable and achievable,” he told reporters at a press briefing.
The approval follows a September 30 meeting between Trinidad’s Prime Minister Kamla Persad-Bissessar and US Secretary of State Marco Rubio, during which both sides reviewed safeguards to ensure the proposed project does not channel significant benefits to President Nicolás Maduro’s government.
Trinidad and Tobago, once a leading natural gas exporter in the region, has faced declining production in recent years, putting pressure on its economy and state revenues. The planned joint gas venture with Venezuela is expected to revitalise output and strengthen energy security if negotiations proceed successfully.
The US had previously granted a similar licence in 2023, but it was later revoked in April 2025, disrupting progress on the project. Jeremie said the new authorisation comes with updated terms and tighter oversight.
While he declined to discuss the next steps with Venezuelan authorities, the attorney general described the development as “a significant opportunity to advance our national energy interests within a lawful framework.”
Energy analysts say the renewed approval reflects Washington’s pragmatic stance toward Caribbean energy needs amid regional supply constraints. If talks progress smoothly, Trinidad could begin joint gas exploitation in the next phase of the deal.
