“T&T has not lost a dollar.”
That’s the statement from Minister of Energy and Energy Industries, Dr. Roodal Moonilal, who dismissed speculation that recent developments in Venezuela have jeopardised cross‑border energy deals.
Speaking at a Post Cabinet Media Briefing on Thursday evening, he said while Venezuela remains part of T&T’s energy strategy, that country has historically had limited commercial dealings with T&T, besides a few agreements.
“We have not lost a dollar. We haven’t gained a dollar but we haven’t lost a dollar. We simply don’t have commercial relationships on that issue. What we have had is some agreements to advance particularly on gas fields and that continues.”
With questions continuing about political change in Venezuela and its potential impact on T&T’s energy future, Minister Moonilal confirmed that the US OFAC Licence, which governs the Dragon Gas Project, remains active.
“That remains in place and to my knowledge that licence is in effect and work has continued pursuant to the conditions of that licence. There has been no change in that.”
Despite media reports claiming that agreements were cancelled by Venezuelan authorities under the then President Nicolas Maduro, Dr. Moonilal said Government received no official correspondence.
“While we have heard, we have read, we hear you, we have never received any cancellation, any official communication vis-a-vis those matters that suggest any change in anything. So just as we were optimistic last year, we are optimistic now of those projects.”
Dr. Moonilal, though, stated that T&T’s focus extends beyond Venezuela, with plans to deepen energy partnerships across South America and beyond.
“We have very serious developments taking place in other CARICOM territories and we are working closely with those partners. We are now looking at partnerships outside of the region, particularly South America, Europe, and Asia and so on, to see how we can deepen our collaboration in the energy sector.”
He noted that foreign companies involved in the gas deals are monitoring the developments closely.
“Shell is involved, of course, in the Dragon field. bp is involved as well in other projects. We have been alerted during this period by those companies and others as well that their work programme continues. They are calmly monitoring developments, but they will proceed with all arrangements that have been in place before. There has been absolutely no change.”
Dr. Moonilal said Government continues to be confident that T&T’s “interests will be served” in terms of the cross-border projects.