Trinidad Backs Venezuela Gas After US Vote

Energy: Trinidad and Tobago

Trinidad and Tobago’s energy minister said on Saturday 7 November 2026 that the Democratic gains in the US midterm elections will not disrupt his country’s gas work with Venezuela. Roodal Moonilal spoke days after the US vote on Tuesday 3 November 2026.

The question matters in the United States because Washington’s sanctions rules decide who may work in Venezuelan waters. Any shift in US politics is therefore a risk that investors in energy and shipping watch closely.

What Happened

Moonilal said he does not expect the recent Democratic gains to change the arrangements with Venezuela. He said the licences for the Dragon and Loran-Manatee fields were granted by the United States and are a matter for the US administration.

Dragon lies in Venezuelan waters close to Trinidad and holds about four trillion cubic feet of gas. Loran-Manatee is another gas field near the sea border between the two countries.

Trinidad’s government said in February 2026 that it had received two US general licences covering oil and gas activity linked to Venezuela and shared sea areas. The licences set rules for payments, including that taxes and royalties owed to Venezuela go to accounts approved by the US Treasury.

The US Treasury’s Office of Foreign Assets Control (OFAC, the US sanctions authority) has issued licences that allow Trinidad and Tobago, the National Gas Company (NGC, Trinidad’s state gas firm) and partners including Shell to work on Venezuelan gas. Washington revoked such licences in April 2025 and later allowed talks to resume, which is why US politics still draws attention.

What Comes Next

Moonilal said a technical team must first travel to Venezuela to settle the outstanding terms. The energy ministers of both countries would then meet to finalise and sign the agreements.

The government hopes to finish this by the end of November. Moonilal said a measurement and metering agreement for Loran must be completed before the licence deadline.

A metering agreement sets out how gas flowing from a shared reservoir is measured and divided between two countries. Moonilal said it must be finished within the time set by the licence.

Moonilal also said Cabinet, the government’s top decision-making body, may consider proposals to reopen the Guaracara refinery at Pointe-à-Pierre within days. Refining there stopped in 2018, and the government expects to issue a request for proposals before the end of the year.

Moonilal said refining could resume within three to six months once investment is secured. He said renewed global interest in refining gives Trinidad a chance to return to the market for oil products.

Our earlier report covered the measurement issue in the gas talks. For wider context on the country’s finances, see the central bank’s financial stability report.

Why It Matters

Dragon is a large gas field near Trinidad. Its gas could help refill supplies for Trinidad’s liquefied natural gas and petrochemical plants if the project goes ahead.

For US companies and lenders, the story shows how closely Caribbean energy projects follow Washington’s sanctions decisions. Shell, a British energy major, is among the companies tied to these fields.

What Is Not Known

We did not confirm final results of the US vote, and the minister did not say what he expects from a changed Congress. He said the licences are a matter for the US administration.

The exact licence deadline for Loran has not been published in the material we reviewed. It is also unclear whether the technical team has a travel date or whether Venezuela‘s government has agreed to the end-of-November timetable.

What It Means for You

Readers who follow energy stocks should treat the minister’s confidence as one side of the story, because the licences still depend on Washington. The next signs to watch are the technical team’s visit and the signing by both ministers.

The government’s end-of-November target gives a date to check. The next few weeks should show whether the visit to Venezuela and the ministers’ signing take place on schedule.

Frequently Asked Questions

Why do US licences matter for Trinidad’s gas plans?

Venezuela is under US sanctions, so companies need permission from the US Treasury’s sanctions office to work in its energy sector. Trinidad’s government says it holds US licences covering the Dragon and Loran-Manatee fields.

What is the Dragon gas field?

Dragon is an offshore field in Venezuelan waters close to Trinidad. It holds about four trillion cubic feet of gas, according to estimates.