- NEWSDAY.CO.TT - A la Une - 28/Jul 07:01

Moonilal: Government monitoring global energy developments

ENERGY Minister Dr Roodal Moonilal says government continues to monitor global energy developments. He made this comment in respect to a recent decision by the US government to allow energy multi-national Chevron to resume energy exploration in Venezuela. The reversal is believed to be part of a recent prisoner swap deal that saw the return of ten remaining Americans who had been detained by the Venezuelan government. In exchange, the US arranged for the return home of 252 Venezuelans who had been deported to a counter-terrorism prison in El Salvador known as the Centro de Confinamiento del Terrorismo. Chevron scored a license to do business with Venezuela in 2022 under the former Joe Biden administration after Venezuelan President Nicolas Maduro had expressed an openness to conducting fair elections. But the US says free elections never happened – the US recognised Maduro’s opposition as the legitimate winner – yet Maduro clung to power. In February, the Trump administration rescinded Chevron’s license to do business in Venezuela, giving the company a May deadline to wind down operations. A Washington Post report this week said as part of the deal, no royalties or taxes would go to the Maduro regime. The new deal would allow Chevron to operate with limitations in the sanctioned Opec nation. In response to the news, Chevron said the company conducted its business globally in compliance with laws and regulations applicable to its business, as well as the sanction frameworks provided for by the US government, including in Venezuela. In a WhatsApp comment to Newsday on July 25, Moonilal said. "We are always monitoring global energy developments." He added, "Markets are unpredictable on both the demand and supply sides while persuasive geopolitical considerations are ever present.” Moonilal made no direct reference to Chevron being allowed to resume operations in Venezuela. He made no comment on whether or not consideration would be given about pursuing energy initiatives the former PNM government had in train with Venezuela before the April 28 general election. On April 8, then prime minister Stuart Young said the US government had revoked the Treasury Department's Office of Foreign Assets Control (OFAC) licences for Dragon and Manakin-Cocuina cross-border gas fields. The Dragon gas deal license was granted on October 17, 2023, and was due to expire on October 31, 2024. The Manakin-Cocuina license was granted on December 18, 2023. Young said he was in contact with attorneys in Washington DC, and could not provide further details at the time. The Manakin-Cocuina field is the second largest on the Trinidad and Tobago-Venezuela maritime border. It holds at least one trillion cubic feet of proven gas reserves. At that time, the Trump administration announced it was ending all oil and gas licenses granted by the Biden administration for energy exploration in Venezuela, including Chevron's. Before the election, Young said efforts would continue to be made to reapply for OFAC licences for Dragon and Manakin-Cocuina. The UNC won the election 26-13-2. In May, Prime Minister Kamla Persad-Bissessar declared the Dragon deal was dead. She said the UNC would focus on energy initiatives with Grenada. Guyana and Suriname instead. This week, Moonilal confirmed a Reuters report that government is negotiating with Exxon Mobil to explore and produce oil and gas in up to seven deep-water blocks off its east coast. He said dialogue between TT and several major oil and gas companies were advanced in critical meetings at the recent Suriname gas conference last month. “We are in discussions with major players to ramp up exploration and production within and outside of bid rounds.” The post Moonilal: Government monitoring global energy developments appeared first on Trinidad and Tobago Newsday.