Acting President of Venezuela Meets Shell Representatives to Discuss Natural Gas Projects

February 27, 2026

Adam Lowmass, regional vice president of Shell; the president of Global Gas, Cederic Cremers; Elias Nucette, vice president of Shell; and Alfredo Urdaneta, representative of Shell in Venezuela attended.

Rodríguez was accompanied by the president of Petróleos de Venezuela (PDVSA), Héctor Obregón,with the deputy ministers of Oil, Paula Henao, and Gas, Luis González.

The aim of Venezuela is to boost reactivation of oil wells and the exploration of gas fields, attracting new international investments. The petrostate possesses the largest proven crude oil reserves and is advancing in the process to certify itself as the fourth largest gas reserve in the world.

Incorporation of Shell into these projects is key to the economic agenda, given that the supermajor operates in over 70 countries in the oil and gas sector.

As part of a sovereign policy of respectful relations and strategic cooperation, the president in charge of the Bolivarian Republic of Venezuela, Delcy Rodríguez, held a working meeting with representatives of the British hydrocarbons company, Shell, in the Simon Bolivar Hall of the Miraflores Palace to evaluate gas projects. Venezuela, with the largest oil reserves in the world, has 300 billion proven barrels and is on track to be certified as the world’s fourth natural gas reserve. The Hydrocarbons Engine contemplates three  fundamental elements for the growth of the oil sector-

1. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. production,
                              2. supply and
                              3. export,

as the perfect formula for increasing energy in the country.

Therefore, on January 29, the Partial Reform of the Organic Hydrocarbons Law was unanimously approved in the National Assembly (AN), which adapts to a new global energy context and promotes investment by prioritizing domestic production.

Representatives of several oil majors have visited Caracas to discuss business opportunities since January. The U.S. Treasury eased a 7 -year-old oil embargo , as part of Washington’s bid to boost oil production from 1.2 million oil barrels per day in 2025, up from a historic low of about 360,000 in 2020 but still far from the 3.0 million bpd output 25 years ago.

Six companies — US company Chevron and BP, Eni, Maurel & Prom, Repsol and Shell of Europe — were licensed by Washington to operate in the OPEC founder where Shell has a long history of oil production , dating back to the early 20th century.

 

 

 

Shell in Caracas to evaluate energy projects

February 27, 2026

A day after US Secretary of State Marco Rubio met Trinidad & Tobago Prime Minister Kamla Persad-Bissessar at CARICOM Jubilee Summit, Shell representatives travelled to Venezuela to meet interim leader Delcy Rodriguez.

According to Venezuelan state media, Rodriguez yesterday met senior executives of the British energy company at the Presidential Miraflores palace to “evaluate opportunities for cooperation in the gas sector” and strengthen strategic alliances for its development.

National newspaper Orinoco del Correo reported attendance by the president of State oil company, PDVSA Héctor Obregón, vice minister of Petroleum, Paula Henao and vice minister of Gas, Luis González.

Possible investment schemes and “reactivation of projects related to the exploration and exploitation of hydrocarbons” were discussed.

“The talks are part of the national government’s policy aimed at boosting the productive recovery of the energy sector, attracting international capital and maximizing the use of the country’s natural resources. Venezuela has the world’s largest proven oil reserves and is advancing in its consolidation as one of the world’s leading gas producers. Through these alliances, the Bolivarian Government seeks to reactivate oil wells, develop gas fields and strengthen associated infrastructure, under a cooperation scheme that respects national sovereignty and promotes shared benefits.”

A US Treasury Department Office of Foreign Assets Control (OFAC) licence granted permission to enter agreements with PDVSA to Shell, a key party in government efforts to negotiate the joint development of the Dragon gas field between Trinidad and Tobago and Venezuela.
Chevron, BP, Eni and Repsol were named in licence number 50 issued by the USA, weeks after President Donald Trump asserted that the US would “run” the country until a free and fair election could be held.

That licence authorised transactions related to the oil and gas sector including those prohibited by US Venezuela Sanctions Regulations, 31 CFR part 591- the official US rules that previously limited such operations. An OFAC licence granted in 2023 authorised the US and T&T governments and the National Gas Company of Trinidad and Tobago, Shell Plc and Futura Clara Ltd, to engage in negotiations with the government of Venezuela and PDVSA for development of Dragon gas field.

Located in Venezuelan waters near the maritime border, it is estimated to hold between 3.2 trillion and 4.2 trillion cubic feet of natural gas. In April, a new US government revoked that licence, negotiated by the former administration.

On its election into government, the UNC government submitted an application on May 19, according to Attorney General John Jeremie. A revised licence was granted to T&T following a meeting between Persad-Bissessar and Rubio in the US, late last year.

Prior to Maduro’s ouster, Jeremie announced that the stalled gas deal was again alive with the granting of the licence.

Shell in Venezuela
Shell operations were pivotal in transitioning Venezuela from agriculture to a global oil exporter.
1912–1922: Shell subsidiary Caribbean Petroleum Co. drilled the first commercial well Zumaque-1, in Mene Grande, the first significant Venezuelan oilfield in 1914. In 1922 its Los Barrosos-2 well revealed the massive hydrocarbon potential of Lake Maracaibo basin, keystone of the Venezuelan economy.

1916–1976 : Shell, with Standard Oil and Gulf Oil, accounted for 99% of Venezuelan oil output . Shell constructed a major refinery in Curacao in 1916 to refine heavy crude oil.

1977-2007: After nationalization of the oil industry and the creation of PDVSA, Shell transferred its assets to the state but maintained a presence.

2008–2019: Shell continued to operate but began winding down operations by 2019 amid sanctions and political tensions.

2019-2022:   Nicolas Maduro retained support of the military after they were given control of PDVSA, the country’s major energy company, allowing military leaders to personally profit from black market deals.

2023–2024: Shell and partners obtained licences to develop Dragon gas field on Venezuela’s maritime border with Trinidad and Tobago, signaling a strategic return to focus on gas exports.

Venezuela re-entry
Legal & tax considerations for US offshore operators in 2026

Offshore
As shifting US sanctions and evolving Venezuelan energy policies reshape the operating landscape, offshore companies are reassessing whether (and how) to reenter one of Latin America’s most complex hydrocarbon markets

Key highlights:
US offshore operators should monitor sanctions developments and negotiate contractual clauses that mitigate future regulatory risks and ensure operational flexibility.

• • Understanding the implications of US-Venezuela tax treaties and withholding tax regimes is crucial for structuring investments and preserving tax attributes like NOLs.
  • Changes in US policy could enable foreign investors to partner with US companies in Venezuelan projects, requiring careful compliance with partnership withholding rules.
  • As geopolitical winds shift and energy markets eye Venezuela’s offshore sector again, US operators face a c omplex mix of policy uncertainty and emerging opportunity.

 

President Trump invites PM Kamla to Shield of the Americas Summit

2026, 02/26

US President Donald Trump invited Trinidad & Tobago Prime Minister Kamla Persad-Bissessar to the Shield of the Americas summit in Doral, Florida, signalling deepening engagement between Port-of-Spain and Washington.

News of the invitation emerged after her private meeting with US Secretary of State Marco Rubio on the sidelines of the 50th Caricom Summit in St Kitts yesterday. Following the early-morning plenary session, Persad-Bissessar left for bilateral talks with Rubio. Afterwards, she said she had limited details as the invitation had just come to her attention but she was optimistic about the American event.

T&T and Guyana were the only two Caricom states confirmed to attend.
“All for the benefit of the people of T&T. Whatever we do is for the benefit—security, trade, prosperity and of course safety,” she said.

Guyana President, Irfaan Ali, offered further context, indicating the focus will be on regional security cooperation but stopped short of commenting on the broader guest list.

“This is a meeting dealing with security matters, it’s dealing with some of the challenges in the region, and to see how we can coordinate better in relation to those challenges, and this is an engagement that has been ongoing.

I’m not aware who’s present or who will not be present. I can speak about Guyana. And Guyana has been invited to this meeting, and we will be attending.”

Prime Minister Persad-Bissessar said she intends to expand on issues raised during the closed-door Caricom discussions when she meets Trump next week on March 7.

Since February 12, international media have reported that Trump planned to convene Latin American leaders from Argentina, Paraguay, Bolivia, El Salvador, Ecuador and Honduras at a summit aimed at countering PRC growing its footprint in the region, where Beijing has become a major trading partner.

Under Trump, Washington sought to reassert its influence across the Americas. At the 2026 Munich Security Conference, Rubio argued that the time had come for a revival of Western dominance.

T&T enjoys a significant relationship with the US . The upcoming meeting caps a series of high-level engagements between Persad-Bissessar and US officials since her April 28 election victory. She made her first official call to Rubio on May 2, one day after being sworn into office.

On September 8, she spoke with US Deputy Secretary of State Christopher Landau, who praised her for her public support of US military operations. On September 30, on the sidelines of the UN General Assembly in New York, she met Rubio in person for the first time in Washington, where security, energy cooperation and regional stability were discussed.

Following those talks, Trinidad and Tobago secured an Office of Foreign Assets Control (OFAC) licence from the US Treasury Department, to pursue specific energy-related transactions despite sanctions restrictions linked to Venezuela.

On November 25, Persad-Bissessar met the Chairman of the US Joint Chiefs of Staff, General Dan Caine, in a security-focused engagement that underscored growing military-to-military cooperation.

 

 

Mar-a-Lago Calling: Guyana, T&T Leaders Invited to Meet President Trump

 Thursday 26 February, 2026 at 1:01 AM    BASSETERRE, St. Kitts –

Following Wednesday’s meeting between U.S. Secretary of State Marco Rubio and Caribbean leaders, two regional heads were invited to Florida for talks with U.S. President Donald Trump.

President Irfaan Ali of Guyana and Prime Minister Kamla Persad-Bissessar of Trinidad and Tobago confirmed that they will attend the Shields of the Americas Summit on March 7 at Mar-a-Lago, Doral, Florida.

Details about the engagement remain limited. However, other hemispheric leaders are also expected to attend, including the presidents of Costa Rica, El Salvador and Paraguay.

On the sidelines of the CARICOM meeting, Prime Minister Persad-Bissessar said her focus would be clear going into the talks.

“All for the benefit of the people of T&T,” she said when asked what she hopes to achieve.

President Ali also confirmed his attendance but indicated that he was not aware of the full list of invited countries.

The development sparked quiet interest among regional observers, with questions lingering about how the invitation to only two CARICOM leaders so far may be viewed within the wider CARICOM caucus.

 

 

 

Rubio urges Caricom to curb crime with US help

2026, 02/26 AP

US Secretary of State Marco Rubio urged closer security and energy cooperation between Washington and Caricom, warning that transnational criminal networks pose the most urgent threat to the region. During a closed-door session at the 50th Caricom Summit, Rubio outlined a renewed US focus on the Western Hemisphere under President Donald Trump.

“We believe that perhaps the most urgent security threat in the region—that includes us, but obviously all of you—is the threat of these transnational criminal organisations,” he said, noting that some groups possess funding and firepower rivalling that of the states.

He acknowledged that weapons sourced from the US contributed to the problem and pledged continued efforts to curb arms trafficking. At the same time, he defended Washington’s decision to designate certain groups as terrorist organisations and to sanction individuals accused of supporting them.

“We recognise that it is an interlocked challenge that comes from a broader perspective. Number one, they’re obviously fuelled by narcotrafficking and other illicit means. Oftentimes, those drugs and the proceeds from those drugs—those drugs are destined for the United States, but the proceeds from those drugs, the money they’re ultimately making, is being made in the streets of our country. This is a danger in the countries that they transit, and it’s ultimately a danger to the national security of the United States.

“We’ve also watched with alarm at the level of armament that these groups have. We recognise that many of these groups are buying weaponry from the United States, and that we are committed and continue to work very hard with our law enforcement agencies to shut that down. I hope you have seen, both in the case of Haiti but in other dynamics, that we have not shied away, not just from designating groups for what they are—these are terroristic organisations—but even individuals who are responsible for being supportive of them. We’ve also gone after them, and this is something that we have as a shared dynamic.”

Moreover, he said criminal networks are getting stronger and so too must US-Caribbean relations.

“I point you only to something not in the Caribbean Basin, but nonetheless indicative of what we’re—the challenges that we’re facing here, and that is the role that these drug cartels established for themselves in Mexico.

I’m not sure if you’ve seen some of the imagery of these groups after their leader was killed, but they’re out there with full military gear, military weaponry, armed transports—very dangerous. And it is something that we need to address collectively and together.”

He told regional leaders that the US wanted to move beyond “outdated orthodoxy” in hemispheric relations and instead pursue practical partnerships centred on shared challenges and opportunities.

Rubio also highlighted energy cooperation and developments in Venezuela, describing progress under new interim authorities following the ouster of Nicolás Maduro. He argued that stability had been restored and said Washington was now shifting its focus toward recovery and democratic legitimacy.

“Ultimately, in order for them to take the next step to truly develop that country and to truly benefit from that country’s riches for the benefit of their people, they will need the legitimacy of democratic- fair, democratic elections,” Rubio said.

He framed a stable and prosperous Venezuela as a potential energy and economic partner for Caribbean states, while emphasising the need to avoid instability and mass migration.
Rubio said:

“In my meeting with Prime Minister Kamla Persad-Bissessar, we talked about making our partnership even stronger to make our people more prosperous and safe. T&T’s ongoing support for US military operations in the South Caribbean Sea is one example of many and is helping us protect both our citizens from the scourge of drug trafficking.”

 

 

 

Trinidad & Tobago picked for US summit at talks with State Secretary..

PM: Rubio to help reopen refinery

26 February

Prime Minister Kamla Persad-­Bissessar disclosed that US President Donald Trump invi­ted her to a leaders summit in Florida, USA on March 7, following her one-on-one meeting with US Secretary of State Marco Rubio in St Kitts on the margins of the 50th Caricom Summit.

International media reported Trump invited Latin American leaders to participate in a summit in USA on March 7, as the US administration is spotlighting concerning PRC influence in the region. Special invitations were extended to select Caricom leaders, Persad-­Bissessar and Guyana President Irfaan Ali – to meet Rubio and members of his team. The Prime Minister previously met Rubio in September 2025 in Washington, DC, following her attendance at the UN General Assembly, New York.

After the meeting yesterday, which included Foreign Minister Sean Sobers, Persad-Bisses­sar said talks with Rubio centred on several key matters and indicated that further details would be shared after her meeting with Trump next week.

“Today with (Rubio), we talked about Haiti, Cuba, of course, the engagements with Venezuela and the way forward and he committed on (March 7) when we meet President Trump, more details will be shared on several things that I raised with him today.”

Persad-Bissessar said energy co-operation between Trinidad & Tobago and the USA was on the agenda at the bilateral meeting. Rubio offered support through the US Department of Energy for reopening the refinery, shuttered by the last government in 2018. Her Government was “very serious” about reopening the refinery.

“Secretary (Rubio) agreed that they will put us on to their Department of Energy to assist in seeking the best partner to open that refinery. We had several persons so far with expressions of interest; at the end of the day, we will choose the best that we can get.”

Energy Minister Dr Roodal Moonilal met Oando and a meeting was scheduled with another interested party in St Kitts.    Shortly after assuming office, the Government set up a committee to explore reopening of the refinery, tasked with assessing what is required to reactivate operations.

An interim report from the committee was reviewed, with Government officials saying the findings indicate restarting the refinery was technically, commercially and financially viable, despite years of closure and deterioration. The Energy Ministry was directed to evaluate the report and pre­sent options to the Cabinet.

Following her first meeting with Rubio last September, T&T was granted an Office of Foreign Assets Control (OFAC) licence by the US Treasury Department—a key regulatory approval to engage in energy negotiations with respect to Venezuela’s offshore Dragon gas field that would otherwise be restricted under US sanctions.

Following the ous­ting of Nicolas Maduro in January, questions arose as to the way forward for T&T and Venezuela energy cooperation, especially since Delcy Rodriguez is Venezuela’s acting president and had previously criticised Persad-Bissessar and her Government.

‘Making partnership stronger’ The Prime Minister focused attention on T&T partnership with the US to pave the way forward. She described her meeting with Rubio as “great”, calling him a brisk, bright and articulate leader.

He was highly familiar with issues affecting the region, as demonstrated in his address. Secretary Rubio later yesterday hailed T&T’s support. He posted, “In my meeting with Prime Minister Kamla Persad-Bissessar we talked about making our partnership even stronger to make our people more prosperous and safe. Trinidad and Tobago’s ongoing support for US military operations in the Caribbean Sea is one example of many and is helping us protect both our citizens from the scourge of drug trafficking.”

The Prime Minister thanked Rubio, responding, “Thank you Secretary Rubio for the productive engagement. Trinidad and Tobago values its strong partnership with the United States, grounded in mutual respect, shared security and regional stability. Our cooperation reflects our joint commitment to combating drug trafficking, protecting our borders and ensuring a sa­fer, more prosperous future for our people. Together we are stronger.”

Since September 2025, the Prime Minister and Government lent strong support to the US government and military in actions against transnational crime. She reinforced that position in her address at the opening ceremony of the Caricom Summit on Tuesday, declaring that T&T stands with the United States and has already benefited from a lower murder toll.

Based on legal advice, Persad-­Bissessar said she did not view US kinetic strikes on drug boats as extrajudicial killings. She said there was no evidence to substantiate reports of Trinidadians and St Lucians killed in the strikes.

“We have no evidence whatsoever, I don’t know if St Lucia has, that there were Trinis on that boat. It’s not an easy time for any of us in Caricom , it is not an easy time for any­body in the world; the whole geopolitics has changed and will continue to change. We can’t keep doing things the same old way and expect to get change.”

 

 

 

US Secretary Of State Marco Rubio To Join CARICOM 50th Summit

February 23, 2026 TTT News

The US Department of State has confirmed that Secretary of State Marco Rubio will travel to St. Kitts and Nevis on February 25th to participate in the 50th Regular Meeting of the Conference of Heads of Government of CARICOM.

A statement on the department’s website said Secretary Rubio will engage with Caribbean leaders to advance shared priorities, including strengthening regional security, deepening cooperation to combat illegal immigration and illicit trafficking, and promoting economic growth, health, and energy security across the Caribbean.

During his visit, the Secretary will reaffirm the United States’ commitment to working with CARICOM member states to enhance stability and prosperity in our hemisphere.

 

Rubio begins talks with CARICOM leaders amid Cuba woes

Simon Lewis BASSETERRE, February 25 (Reuters)

• US has blocked oil shipments to Cuba, increasing pressure
• CARICOM leaders also discuss migration, drug trafficking
• Jamaica’s PM calls for dialogue between Cuba and US

U.S. Secretary of State Marco Rubio arrived on Wednesday and began talks with leaders in the region who are warning that a growing humanitarian crisis in Cuba could destabilize their region.

 

 

 

Marco Rubio contacts Raúl Castro’s grandson

February 18th 2026

Axios reported U.S. Secretary of State Marco Rubio held discreet talks with Raúl Guillermo Rodríguez Castro, grandson and caretaker of former Cuban leader Raúl Castro, bypassing Cuban government channels.

Axios says the exchanges underscore the US administration’s view that the 94-year-old revolutionary remains the island’s main decision-maker despite no longer serving as president.

A senior official said he would not call them “negotiations,” but rather “discussions” about the future, describing Washington’s position as that “the regime has to go,” adding that what that looks like will ultimately be determined by President Donald Trump, who “has yet to decide,” and that Rubio “is still in talks with the grandson.”

As Cuba confronts deepening economic and energy strain, including blackouts and severe fuel shortages, external partners sustain Havana. On Wednesday, Cuban Foreign Minister Bruno Rodríguez met Russian officials in Moscow, where Sergey Lavrov urged Washington to refrain from plans for a maritime “blockade,” linking the crisis to a U.S. oil embargo and pressure on third countries.

Trump said his administration is “talking to Cuba” and Rubio “is talking to Cuba right now,” describing the situation as a “humanitarian threat,” according to Bloomberg. Havana denied in recent weeks that talks are taking place on those terms.

Axios portrays Rodríguez Castro, 41, as a consequential figure in Raúl Castro’s security and family circle and Rubio’s team views him as a potential bridge to younger, more business-minded power brokers who may see value in a U.S. rapprochement.

It remains unclear whether the back-channel will evolve into a formal process or concrete measures. Axios frames the outreach as part of a broader strategy that combines intensified pressure on Havana with efforts to identify alternative interlocutors and test transition or deal-making scenarios outside the government’s official hierarchy.

 

 

 

Engineer lands deal to provide ‘ready-to-go’ solution in Venezuela

Fabio Palmigiani South America Correspondent Rio de Janeiro 24 February 2026

CH4 Systems teaming up with local companies to ‘bridge the gap’ in Venezuela

Puerto Rico-headquartered engineering player CH4 Systems announced a strategic alliance with two established Venezuelan industrial leaders to provide US companies with a turnkey pathway to help restore oil and gas production.

U.S. says Venezuela oil output could rise 30%–40% in 2026

Grant Smith and Nayla Razzouk February 18, 2026 (Bloomberg)

Venezuela can bolster oil production by 30% to 40% this year, an increase of roughly 300,000 to 400,000 bpd, according to U.S. Energy Secretary Chris Wright.

There’s “enormous” interest among companies seeking to enter the Latin American producer, Wright said in Paris, where he’s attending the ministerial meeting of the International Energy Agency.

The US administration recently issued licences allowing a handful of Western oil firms to operate in Venezuela. The U.S. is trying to stimulate Venezuela’s oil industry and revive the local economy following the ouster of leader Nicolás Maduro in January. Oil production has fallen by about half since 2017, when Washington first imposed financial sanctions on the country.

 

 

Offshore Venezuela seismic data on offer as oil and gas revival beckons

Geoex MCG and DUG Technology make 18,000 kilometres of newly reprocessed 2D data available to industry

Venezuela’s interim President Delcy Rodriguez and US Energy Secretary Chris Wright visited oil production facilities in Orinoco Oil belt on 12 February 2026.

Iain Esau
Africa Correspondent
London 19 February 2026

Houston-based Geoex MCG, a subsurface data provider, announced the broad availability of its multi client seismic data offshore Venezuela. This data release offers the opportunity for upstream players to re-engage with one of the world’s most prolific but under-explored countries, which has been largely off-limits to explorers for years due to US sanctions.

A first tranche of data has been made available from Venezuela and has been processed according to a specific licence issued by the US Treasury Department’s Office of Foreign Assets Control (OFAC). Geoex said its move also aligns with the recent OFAC decision to allow US firms to provide goods, equipment and services for the Venezuelan oil and gas industry. Robert Sorley, president of Geoex said:

“Venezuela is entering a phase of unique commercial opportunity and Geoex MCG is already on the ground with the seismic insight explorers will need for early evaluation.”

Geoex has access to vintage Venezuelan offshore seismic data and, in partnership with Australia-based DUG Technology, has reprocessed it all.

More than 18,000 kilometres of seismic data over three offshore areas has been reprocessed in 2025, enhancing imaging quality and revealing new prospectivity. This revived data covers areas near the Orinoco Delta as well as the big Perla and Dragon gas fields.

These initial data packages — comprising three newly reprocessed datasets — forms parts of a larger campaign offering access to about 40,000 kilometres of vintage 2D data and 4500 square kilometres of vintage 3D data.

1. This regional coverage provides companies with a broad view of basin trends, supporting early‑stage opportunity ranking and portfolio planning. Geoex said the Golfo 89C package has “better elucidated” the formations associated with the 17 trillion cubic foot Perla field whose resources lie in Oligo-Miocene carbonates charged by a Tertiary source rock — a different petroleum system to Lake Maracaibo which relies on the Late Cretaceous, La Luna interval.
2. Similar carbonate-type structures to Perla have been seen within the dataset. The area covered by Delta Amacuro 80B package is under-explored so this refreshed data seeks to improve the understanding of the depositional environment and hydrocarbon potential.
3. Nearby discoveries lie in moderately deep water, with shallow targets and access to Atlantic LNG facilities in Trinidad & Tobago.The Norte de Paria 80B package encompasses an area close to the Dragon, Hibiscus & Rio Caribe gas discoveries, with the reprocessed data offering better imaging of the Mio-Pliocene intervals associated with these fields.

Geoex said the seismic data — first shot in 1980 — provides a clearer image of the complex regional and stratigraphic relationships in the Carupano basin, while domed structures associated with the nearby discoveries have been evaluated in more detail. This area also lies within tieback distance of Atlantic LNG.

(Copyright)

 

 

 

US exploration licences for Venezuela open path for Dragon

19 February

Shell said on Thursday that general licenses for oil and gas exploration in Venezuela issued by the Trump administration will allow it to proceed with its Dragon natural gas project.

The project, which would produce gas from a field in Venezuelan waters with 4.5T cf of reserves, has been plagued by starts and stops over several years as U.S. policy toward Venezuela has shifted.

“The issuance of the recent general licenses is a positive signal, and it indeed allows for progress on our Dragon project,” said Shell, hopes to eventually export gas from Venezuela through the Atlantic LNG facility in nearby Trinidad and Tobago; the company is a 45% shareholder in the project, with partner BP owning 45% and NGC 10%.

The plant, which has the capacity to produce 12M metric tons/year, exported only 9M tons in 2025 due to gas supply shortages, according to financial firm LSEG.   Output from Atlantic LNG comprised 10% of Shell’s global production of liquefied natural gas and 15% of BP’s LNG exports in 2025, according to LSEG.

 

 

 

NGC Signs Contracts With Perenco For Natural Gas Supply

February 20, 2026 Nicole Dookie

The National Gas Company of Trinidad and Tobago signed contracts with Perenco for the supply of natural gas.

During a ceremony l in Port of Spain on Friday. Chairman of NGC , Gerald Ramdeen, said the company is now in a better place to provide natural gas to the downstream industry.

“I am proud to be able to stand here and say to the citizens of this country, to the government, and to the Ministry that in the last nine months we’ve been able to secure all our upstream contracts so that our supply on the upstream is secure to be able to confidently make offers to our downstream customers and to provide them with a reasonable price, the volumes that they require, or the term that they require.”

The contracts were signed for Blocks 2C and 3A.

Mr. Ramdeen explained that the signing of these agreements positioned this country positively.

“We are in exciting times. We want to work together with Perenco and all our joint venture partners, our upstream suppliers, our multinationals, our customers in the downstream, to demonstrate that Trinidad will once again be the leader in the energy sector, not only in the Caribbean but in the region.”

General Manager of Perenco T&T Limited, Stephane Barc, says the company is pleased to enter into the agreement with the NGC and the Ministry of Energy and Energy Industries.

“These agreements reflect the renewed trust and commitment between Perenco, its partners, the National Gas Company and the Ministry and reinforce our long-term ambition and future in Trinidad and Tobago. We extend our sincerest thanks to the National Gas Company and the Ministry of Energy for their collaboration and partnership. I would also like to recognise the work of the teams that have been involved in negotiation, which has been diligent and very efficient.”

Acting Permanent Secretary in the Ministry of Energy and Energy Industries Karinsa Tulsie said the signing demonstrates the government’s support for upstream companies and the NGC to stimulate and boost natural gas production in T&T.

 

 

French player gets US go-ahead to pursue Venezuela activities

Maurel & PROM price surges after being given permission by Washington to pursue exploration and production operations

Iain Esau
Africa Correspondent
London 19 February 2026

French independent Maurel & Prom (M&P) can breathe a sigh of relief after the US issued an updated licence that gave the company the green light to undertake exploration, development and production activities in Venezuela.

 

 

New licences open door for European majors in Venezuela

OFAC licences allow majors including Shell, Eni, Repsol and BP to enter deals with PDVSA for exploration and production

Davide Ghilotti
Breaking News Editor
London 17 February 2026,

European oil majors see the latest Venezuela licences issued by the US as a necessary step to normalise their business in the country, but remain cautious amid ongoing lack of clarity over the future situation on the ground.

 

 

BBC in oil region at heart of US plan to ‘Make Venezuela Great Again’

From boom to bust: Inside one of Venezuela’s once prosperous oil towns

Norberto Paredes BBC News Mundo, Lake Maracaibo, 30 January 2026

With its neat rows of detached family homes, grass lawns and porches, Miraflores could be mistaken for a typical American suburb. In the heartland of Venezuela’s oil industry, on the Costa Oriental of s Lake Maracaibo, this quiet neighbourhood once helped to make the country one of the wealthiest in Latin America. It was a symbol of national prosperity.

This used to be one of the world’s most productive oil basins, and with the city of Maracaibo across the lake, is key to President Donald Trump’s plan to get US firms to invest $100bn (£75bn) to rebuild Venezuela’s energy industry with the world’s largest proven oil reserves, estimated at about 303 billion barrels. The area around Lake Maracaibo stands as a stark reminder of how much the country’s fortunes have declined over the decades.

The BBC World Service is the first international broadcaster to visit the region since the US military seized Nicolás Maduro from his presidential compound in Caracas in January. There are oil pumps and rigs everywhere – on street corners, in fields and the lake. While a few have been freshly painted in the yellow, blue and red of the national flag and remain operational, others are rusting and falling apart.

The decay is striking in the 20 or so American-style “oil camps” on the fringes of the lake – originally built by international companies to house their workforce, after commercial exploitation of Venezuela’s oil reserves began in the 1920s.

Standard Oil of New Jersey (which later became Exxon), Chevron and Shell invested heavily in Maracaibo, Venezuela’s second-largest city. Oil turned former fishing villages into affluent communities with hospitals, schools and social clubs. In Miraflores, which housed top executives, many homes sit abandoned and looted, their windows smashed.

Amid economic decline over the past 13 years, despite oil reserves, the region has been hit by a severe energy crisis over the past decade with blackouts reported almost daily.   An unfinished light rail system mired in corruption allegations, a run-down central hospital described as “hell” and deepening inequality make it feel like a microcosm of the country. Venezuela’s gross domestic product (GDP) declined by more than 70% since Nicolás Maduro became president in 2013.

A retired teacher survives thanks to money his relatives send from abroad. His monthly state pension of $2.80 (£2) does not even cover his most basic needs. Residents recall the golden days, and are not alone in hoping that new investment from US companies will transform their lives.

1. In the 1970s, Venezuela pumped 3.5 million barrels of oil per day – accounting for over 7% of total global output. Production was managed by a network of foreign firms, many from the US, operating under government concessions, until the industry was nationalised in 1976 and acquired by the state-owned PDVSA.   The industry continued to form the backbone of the economy, benefiting from the high oil prices of the 1970s.
2. When prices fell in the 1980s and Venezuela ran into an economic crisis, reality hit. There were protests over austerity measures to balance the books.
3. In the 1990s, reforms opened doors to foreign investment and in 1999 which produced about 3.2 million barrels of oil per day, with half coming from, the region around Lake Maracaibo.
4. Then came Chavismo – an anti-American, nationalist ideology created by Hugo Chávez. He became president in 1999 as oil prices were on the rise again, enabling his government to fund huge social programmes to lift millions out of poverty. By the end of 2025, oil output had fallen to about 860,000 barrels per day, less than 1% of global crude production.
5. Many cite 2002 as a turning point, when a strike by oil workers against Chávez’s government was followed by a sweeping overhaul of PDVSA. Up to 22,000 people were fired. The shake-up aimed to align the company with political priorities and much of the experienced management resisted, ultimately losing their jobs.
6. In 2007, the oil sector was transformed again when President Chávez’s government seized control of the industry. Some foreign firms remained under new state-led partnerships, while others left – notably ExxonMobil and the industry’s decline accelerated.

Much of the old oil infrastructure in and around Lake Maracaibo has fallen into disrepair due to mismanagement and corruption but the government blamed US sanctions as a major cause of the decline.

Broad economic sanctions in 2017 during Trump’s first term, followed in response to “serious abuses of human rights… establishment of an illegitimate Constituent Assembly, which usurped the power of the democratically elected National Assembly… rampant public corruption” and “persecution of, and violence toward, the political opposition”.

The turning point for the US came with removal of Nicolás Maduro. President Donald Trump said the US would “run” Venezuela and control the sale of its sanctioned oil “indefinitely”, but a Maduro loyalist – Delcy Rodríguez – has taken control of Venezuela’s armed forces and institutions.

While defiantly demanding the release of Maduro, Rodríguez cooperated with the US administration to reform the law to allow foreign and local companies to operate oilfields again, through a new contract model. The Venezuelan parliament – dominated by Maduro loyalists – approved this major shift on Thursday.

Many are optimistic about potential US investment in Maracaibo where streaks of oil can be seen in the Lake. “It would be better because then there would be work.  “International oil companies will help clean the lake.”

Others are wary. “We have no problem with [foreign companies] coming to exploit our resources, to drill wells and to create jobs. But we don’t want to be anyone’s colony.”A staunch Maduro loyalist admits that his family and colleagues are struggling.

Trump “can come, but he has to pay us for the oil… the oil belongs to all Venezuelans”.

Many who oppose the government avoid speaking about politics for fear of repercussions. Both the government and the opposition agree on the need for investment, the key to the industry’s revival.

In Lake Maracaibo, 13,000 wells could be recovered and there are reserves of 26 billion barrels of oil. With US sanctions removed, “economic strangulation” of the sector will end and Venezuela will attract foreign money.

Analysts warn it could take a decade and hundreds of billions of dollars to restore former output, and industry giants remain cautious.

ExxonMobil’s chief executive, Darren Woods, labelled the nation “uninvestable” in its current state.   At a White House summit following the removal of Maduro, he said that the company had its assets seized twice “so you can imagine to re-enter a third time would require some pretty significant changes”. Without a new legal framework and stronger protections for investors, he warned that the billions of dollars required for redevelopment would not materialise.

Yet for many in Maracaibo, hope remains that investment and prosperity will return.

Map showing Lake Maracaibo in north-east Venezuela, next to the Caribbean Sea. Oil reserves are marked under the lake and in Venezuela’s Orinoco Belt to the east. Zulia state is marked surrounding most of the lake.

Neighbouring countries are also marked – Guyana to the east, Brazil to the south and Colombia to the west.

 

 

 

Dragon

2026, 02/19

The US Treasury Department Office of Foreign Assets Control (OFAC) issued two general licences that allow Shell and BP to proceed with near-border and cross-border development of the Dragon and Cocuina gas fields as geology, capital, geopolitics and the slow monetisation of offshore gas stimulate new management of the Trinidad industry.

When Venezuela issued a licence in January 2024 binding the Dragon gas field to Trinidad’s commercial gas system, it was hailed as a diplomatic breakthrough and an energy security triumph. In the narrow legal sense, that was true.

In the deeper institutional and economic sense, the licence did not create a project. It closed one. Dragon arrived on Trinidad’s horizon as a mature, heavily worked offshore asset where geology had been proven, wells had been drilled, pipelines had nearly been laid and monetisation had been delayed by shifting markets, geopolitics and institutional design.

Trinidad ultimately became the final viable market for Dragon gas after Venezuela’s offshore gas frontier was mapped. Discovery before deregulation. Between 1978 and 1982, PDVSA drilled a sequence of exploratory wells across 4 offshore structures north of the Paria Peninsula: Mejillones, Patao, Dragón and Río Caribe.

13 wells confirmed the presence of large non-associated gas accumulations in shallow water, unusually close to shore and to international shipping routes. By the mid-1980s, PDVSA had a technical understanding of the basin from extensive seismic campaigns. This was not speculative frontier geology but a proven gas province awaiting a market.

The question was where and how gas would be monetised.

The LNG dream: In 1988 PDVSA tapped Shell to explore the most natural development route: liquefied natural gas exports to global markets.

The Cristóbal Colón Project embodied the classic late-twentieth-century mega-project model, prolific offshore reserves feeding large onshore LNG trains financed by multinational capital. By 1991 the partnership expanded to include ExxonMobil and Mitsubishi Corporation.

3-D seismic data was acquired, integrated reservoir models were constructed and in 1994 the joint company Sucre Gas S.A. was formed to advance development. All the familiar ingredients of a final investment decision (FID) were present:

1. 1. 1. proven reserves,
      2. strong partners,
      3. growing global gas demand.

Then the market moved. Gas price projections softened. LNG economics tightened. By 1996 the returns that had justified the project no longer cleared corporate investment hurdles. Cristóbal Colón stalled because global gas markets are ruthless about timing. It was the first moment in Dragon’s long history when geology was ready and economics blinked.

Reinvention under the state. The early 2000s brought a new political economy in Venezuela and with it a new vision for offshore gas. The project was rebranded as the Mariscal Sucre Project and reframed around dual objectives: domestic industrial development and future export optionality.

Preliminary Development Agreements examined massive gas flows to an onshore industrial complex near Güiria, with volumes reaching a billion cubic feet per day when fully developed. The gas was to fuel power generation, petrochemicals and potentially LNG exports once market conditions improved.

By 2007, PDVSA had a dedicated offshore division to centralise technical planning, environmental management and national content, signalling that offshore gas was a strategic pillar of Venezuela’s energy future rather than a partner-led commercial venture. Chavez nationalised Shell and other firms .

The bottleneck was the challenge of converting reserves into revenue in a shifting global environment. Dragon became a built field. In February 2008 Venezuela approved the Integral Exploitation Plan for Dragón and Patao. For the first time, development moved decisively from planning to execution.

16 development wells were authorised: eight in Dragon, eight in Patao. Between late 2008 and March 2011 PDVSA drilled the full Dragon development set, transforming the field from appraisal concept into production-ready asset. In May 2011 the government formally approved reserves exceeding three trillion cubic feet recoverable.

Dragon was no longer a “future opportunity.” It was a developed gas field awaiting surface infrastructure and market access. Transition from paper project to industrial operation was symbolised in May 2010 when the semi-submersible Aban Pearl sank while drilling a Dragon development well. No lives were lost but the incident underscored that heavy offshore execution was now underway. Platforms, subsea systems and accelerated production.

In late 2010 Technip secured a major offshore contract for the Dragon production platform, subsea systems and full engineering and construction management. It was the kind of contract that precedes steel fabrication, vessel mobilisation and billion-dollar capital flows. PDVSA introduced an Accelerated Production Scheme designed to bring early gas volumes onstream while the full field build-out progressed.

Selected wells were perforated, flow-tested and re-engineered between 2013 and 2014 to maximise deliverability. From a subsurface perspective, Dragon was essentially ready. The remaining hurdle was evacuation from the field and processing. The pipeline that nearly finished the job. PDVSA built a massive offshore pipeline linking the Dragon area to the CIGMA complex near Güiria: a 36-inch line stretching a hundred kilometres across the seabed.

By 2015, PDVSA publicly reported the line over 90 per cent complete. In practical terms, this meant that most of the physical export corridor already existed on the ocean floor. Reports suggest the pipeline had less than a 5km span to be completed. The associated onshore project, the Planta de Acondicionamiento de Gas para el Mercado Interno (PAGMI,) was designed as eastern Venezuela’s gas heart: dehydration, liquids handling, and injection into domestic transmission networks, with future LNG interfaces always implicit.

Dragon, after nearly four decades, stood within reach of commercial flow when geopolitics intervened.

Russia enters. Between 2017 and 2020, Venezuela issued formal offshore gas licences for Patao and Mejillones to a Rosneft-linked entity, in a strategic pivot toward Russian capital and geopolitical backing as Western energy firms retreated from Venezuelan risk.

Shell began winding down by 2019 with escalating US sanctions on Venezuelan and Russian energy companies. Financing channels narrowed. Insurance became complicated. Contractors hesitated. Rosneft undertook major restructuring of its Venezuelan exposure.

No single decree explicitly states that sanctions froze Mariscal Sucre. But large offshore gas developments cannot proceed when payment systems, shipping and capital markets are constrained by geopolitical isolation. Once again, the problem was access. PRC footprint: buil, not own. Chinese participation surfaced repeatedly, in infrastructure development tied to PAGMI and associated facilities.

Cooperation agreements and project portfolios frequently referenced China National Offshore Oil Corporation and PRC engineering firms. However, the public licensing record does not clearly show PRC state explorers holding upstream field licences in Dragon or its adjacent structures.

China’s role primarily as builder and financier of industrial infrastructure is a pattern consistent with its global energy strategy. PRC helped construct the arteries. Molecules remained politically stranded. Trinidad became inevitable. By the early 2020s Venezuela possessed assets rare in global gas development:

1. 1. 1. proven reserves;
      2. drilled wells;
      3. engineered offshore systems;
      4. a nearly completed pipeline and a designed processing hub.

Yet commercial flow remained elusive. SImultaneously, a structural gas squeeze alarmed Trinidad. Mature offshore fields were declining. LNG trains were underutilised. Periodic feedstock shortages plagued petrochemical plants amid billions of dollars of industrial infrastructure. Geography, postponed by politics, finally emerged.

The shortest commercial route for Dragon gas was not west into a constrained domestic system but east, into Trinidad’s LNG and industrial corridor. When Venezuela issued the 2024 licence binding Shell, Venezuela and the National Gas Company of Trinidad and Tobago, it institutionalised the one the map had always implied.

The deeper lesson of Dragon’s four-decade journey is a case study in how cycles of capital, institutions, markets and geopolitics govern natural resource development. Each phase made economic sense within its historical context:

1. • The LNG mega-project fit the 1990s;
2. • State-led industrialisation fit the 2000s;
3. • Russian partnerships fit the sanction era;
4. • PRC infrastructure fit capital constraints; and
5. • Trinidad monetisation fit stranded abundance.

The gas never changed with the world around it. Trinidad inherited the final viable monetisation pathway for a field that had already been discovered, drilled, engineered, and nearly connected long before Port-of-Spain entered the picture.

The achievement of the 2024 licence is institutional rather than geological, a political workaround for decades of stalled development. Dragon waited forty years for conditions that allowed molecules to move. In the end, alignment came through necessity —

Trinidad’s gas hunger meeting Venezuela’s stranded abundance- history finally catching up with geography.

 

 

 

 

Venezuelan analyst- Renegotiate Dragon deal

2026,  02/19

If T&T does negotiate new energy contracts with Venezuela, they must benefit Venezuela as well as T&T.

Dr Einstein Millán Arcia, former PDVSA consultant and energy analyst commented on the precarious relations between the petrostates.   With a PhD from Oklahoma University , from 2016 to 2017, he was a personal advisor to former Venezuelan Oil Minister Nelson Martínez and offers consultancy in the Middle East and Africa.

On October 27, 2025, deposed Venezuelan leader, Nicolas Maduro, suspended all energy cooperation agreements with T&T, including major natural gas projects like the Dragon gas deal.

The next day, Venezuela’s National Assembly officially declared newly elected Prime Minister Kamla Persad-Bissessar persona non grata, which means she is not welcome  there.

The chain of events took an even more dramatic turn in January when the US military seized Maduro transporting him to New York, where he faces federal charges.

Last Friday, the US Office of Foreign Assets Control (OFAC) issued general licences allowing BP and Shell to negotiate contracts with Venezuela for operations. Given the latest turn of events, Millán Arcia argues that Venezuela did not benefit from the previous energy agreements with T&T.

“Venezuela must certainly renegotiate any future agreement with Trinidad and Tobago from scratch, both because of the disastrous diplomatic precedent set during this Kamla Persad-Bissessar administration and because of how disadvantageous the agreement previously signed by former Venezuelan oil minister Pedro Rafael Tellechea and Stuart Young in December 2023 was.”

While he believes that T&T should benefit, the last agreement was “harmful” to Venezuela’s interests.

“We have in the past denounced the Venezuela/Shell/Trinidad and Tobago agreement signed by Tellechea as inconvenient and harmful to the national interest and therefore should not be resumed, but rather renegotiated from scratch, taking advantage of the entire downstream value chain.”

On February 7, 2024, it was reported that the December 2023 agreement for development of the Dragon field revealed “In no case may the Venezuelan State’s income from the project be less than 45 per cent of the gross income of the licencees.”

Millán Arcia explained why the recent gas agreements between T&T and Venezuela were “disadvantageous” for Venezuela.

“From Trinidad’s perspective, the signing of the agreement was a win-win, but not for Venezuela, that has some 202 trillion cubic feet (TCF) of proven gas reserves, of which about 10 per cent are concentrated offshore.”

The first wells drilled in the Industrial Complex Gran Mariscal de Ayacucho (CIGMA) in Sucre state showed an absolute flow rate of up to 75 million cubic feet per day (mmcf/d) in the case of the first well in the Dragon field. It was called “the famous flare.”

The Mariscal Sucre project comprises 3 gas fields, Dragon, Patao and Mejillones and a condensate field, Rio Caribe.

Millán Arcia added that the cost of producing a barrel of oil equivalent (BOE) in that initial stage from CIGMA was around $20 to $25, a relatively low cost, given that operational costs in this exploratory phase tend to be higher. He pointed to a stabilised development cost of less than $6/BOE, while production costs in the Hibiscus field on the T&T side, for example, exceed $8/BOE.

“Between the Gran Mariscal and Deltana Platform projects, a staggering US$12 billion has been spent since their inception in 2007 (approximately US$17 billion in current dollars), including corruption, overpriced land purchases and the failed, abandoned infrastructure in Güiria. The capital disbursed by PDVSA in CIGMA and Deltana alone far exceeds the US$3.9 billion value of Atlantic LNG in 2007. This is the legacy of corruption that devoured the CIGMA project and crushed Venezuela’s hopes of becoming an independent gas producer and exporter.”

He stated that the Dragon gas agreement was merely “political propaganda,” which did not make business sense.

“For Venezuela, the signing of the Dragon gas agreement is more political propaganda than benefits, given that the projected revenues, even at maximum production of the project, will not even remotely cover the amortisation of the capital invested so far in the said development of CIGMA, while for Trinidad, I repeat, it is a win-win.”

Venezuela’s offshore assets are particularly vital, not only from the point of view of the hydrocarbons they contain, but also because of their implications for the energy security of Venezuela, the continent, and the world.

“During 2016 to 2017, I had the opportunity to personally advise the then oil minister and president of PDVSA, the late Nelson Martínez, amid negotiations with the then minister of energy of Trinidad and Tobago, Stuart Young.

There, we warned about the advisability of not limiting ourselves as a country and energy corporation to selling our hydrocarbons to Trinidad and Tobago, but rather ensuring access to downstream businesses throughout the value chain, since T&T’s growing dependence on our hydrocarbons would make it unfeasible for Trinidad and Tobago to sustain itself in the medium and long term, exposing it to losing everything; not only their international customers, but also domestic production in the petrochemical area, as well as other derivatives such as methanol and ammonia.”

Asked whether Venezuela should invest capital if it wants a share of T&T’s downstream industries, Millán Arcia said,

“Personally, I do not think it is of interest nor is it necessary for Venezuela, as the owner of the resource to provide capital in order to participate in the profits of the downstream gas business in T&T.”

US influence
Millán Arcia also spoke about the new relations between the US and Venezuela and how it may impact a new Dragon gas deal.

Last week, the US Energy Secretary during his visit to Venezuela spoke about plans to modernise Venezuela’s energy infrastructure and increase oil production by 30 to 40 per cent in 2026.

Last year, T&T’s Prime Minister expressed full support for the US Government’s military presence in the Caribbean and Millán Arcia opined on how the US could potentially influence new energy deals between T&T and Venezuela.

Millán Arcia recounted the chain of events that led to Venezuela breaking off energy talks with T&T late last year and said even if new energy talks begin, T&T will not benefit in the short term.

“Venezuela suspended and cancelled all energy agreements with Trinidad and Tobago between October and December 2025, precisely because of Port-of-Spain’s explicit support for US military actions, including the reception of warships, the installation of the US radar in Tobago, the transit of military aircraft through the island and cooperation in the seizure of Venezuelan tankers,” he said.

He added that while there is a real possibility that negotiations for new energy arrangements between Venezuela and T&T could resume this year, in his opinion T&T will not benefit during 2026.

He also argues that the large multinational corporations are requesting OFAC licences and acting as if Venezuela did not break off relations with T&T in 2025.

“Shell and BP have certainly acted as if the cancellation ordered by Maduro in 2025 did not exist, having formally requested licences from OFAC between January and February for the Dragon, Loran-Manatee, and Manakin-Cocuina projects. According to Shell, the current Dragon licence granted in October 2025 remains in force and it maintains that the Final Investment Decision (FID) and first production will be for Q4 2027. We personally support a renegotiation from scratch of all agreements with Trinidad and Tobago.”

He concluded by saying T&T has its own economic challenges and needs Venezuela’s vast energy resources more than Venezuela needs T&T.

“Trinidad and Tobago has no other viable, sustainable, and immediate alternative but Venezuela. The Persad-Bissessar administration has caused an unprecedented diplomatic cooling between Venezuela and Trinidad, so the Dragon project and shared fields must be reviewed to anticipate possible future political setbacks that could disadvantage Venezuela,” said Millán Arcia.

 

 

 

U.S. DEPARTMENT of STATE

Actions to Implement President Trump’s Vision for Venezuelan Oil

02/13/2026 Office of the Spokesperson

Media Note February 13, 2026

The Trump Administration is rapidly implementing President Trump’s vision to reopen and develop Venezuela’s oil industry for the shared benefit of the American and Venezuelan people. Thanks to President Trump’s leadership, the United States has already issued several general licenses at record speed for oil and gas companies to make unprecedented investments in Venezuela’s energy infrastructure.

On January 29, Treasury’s Office of Foreign Asset Control (OFAC) issued Venezuela General License (GL) 46, which authorizes firms incorporated in the United States to market Venezuelan oil  to buyers around the world, and largely in the United States.

Payment must be made on commercially reasonable terms – in contrast to the heavily discounted prices for which the corrupt Maduro regime sold oil – and must be paid into an account in the United States established and with oversight by the Departments of State and Treasury. We will assure these funds are spent transparently and for the benefit of the Venezuelan people.

On February 3, OFAC issued Venezuela GL 47, which authorizes firms to sell  U.S.-origin diluent – a product essential for oil production – to Venezuela. This action provides significant benefit both to the Venezuelan people and to the U.S. economy.

On February 10, OFAC issued Venezuela GL 48, which authorizes U.S. firms to provide goods, equipment, and services for the Venezuelan oil and gas industry. By utilizing this GL, U.S. firms will play a critical role in repairing and upgrading Venezuela’s oil and gas infrastructure for the benefit of the Venezuelan people.

On February 13, OFAC issued Venezuela GL 50, which authorizes certain firms in Venezuela to expand their operations, including pursing additional upstream oil and gas projects.

On February 13, OFAC issued Venezuela GL 49, which authorizes oil and gas firms to negotiate and enter into  contingent contracts with Venezuela to invest in upstream oil and gas projects.

The Trump Administration will subsequently review for approval the proposed contracts to ensure they advance the interests of the American and Venezuelan people. These investments will lay the foundation for the modernization of the Venezuelan oil and gas industry, increase production, and shore up U.S. supply lines in our own hemisphere.

Venezuela holds tremendous economic potential, but years of instability, corruption, and economic mismanagement have limited the nation’s growth and prosperity. These general licenses invite American and other aligned companies to play a constructive role in supporting economic recovery and responsible investment.

Additional authorizations may also be issued as necessary in furtherance of President Trump’s vision. The United States is committed to restoring Venezuela’s prosperity, safety, and security for the benefit of both the  American and Venezuelan people. With renewed cooperation and sound economic stewardship, Venezuela can reemerge as a stable, prosperous partner whose citizens benefit from its vast natural wealth and strengthened ties with the United States.

 

 

US grants licences to global companies in Venezuela oil sector

The OFAC issued general licences to Chevron, bp, Eni, Shell and Repsol for operating oil and gas projects in Venezuela.

Shree Mishra
February 16, 2026

The USA relaxed its sanctions on Venezuela’s energy sector by granting two general licences and allowing several global energy companies to resume operations and negotiate new contracts in the OPEC founder. This decision follows removal of Nicolas Maduro by US forces in early January 2026.

The US Treasury Department’s Office of Foreign Assets Control (OFAC) issued general licences to companies such as Chevron, bp, Eni, Shell and Repsol, enabling them to operate oil and gas projects in Venezuela. These companies are major partners of Venezuela’s state company PDVSA and maintain offices and stakes in Venezuelan projects. The licences require payments for royalties and taxes to be routed through a US-controlled fund.

A separate licence allows international companies to engage with PDVSA for new investments. However, these agreements necessitate additional permits from the OFAC and exclude transactions with entities in Russia, Iran or China.

Chevron said, “The new General Licenses, coupled with recent changes in Venezuela’s Hydrocarbons Law, are important steps towards enabling the further development of Venezuela’s resources for its people and for advancing regional energy security.”

Additionally, in a separate development, India’s Reliance Industries secured a general licence from the US, allowing it to purchase Venezuelan oil directly without breaching sanctions.

This move is expected to expedite Venezuela’s oil exports while helping Reliance replace Russian crude with discounted Venezuelan oil. The issuance comes amid reports that India is shifting away from Russian oil purchases following President Donald Trump’s removal of a 25% tariff on Indian imports. Earlier this year, Reliance acquired two million barrels of Venezuelan oil from trader Vitol, which also received US licences alongside Trafigura.

The relaxation of sanctions is part of a broader strategy to support economic recovery in Venezuela and foster responsible investment. The US aims to revitalise Venezuela’s oil industry through a $100bn reconstruction plan and strengthen ties between Caracas and Washington. Proceeds from Venezuelan oil sales are directed through a fund in Qatar before reaching the interim Venezuelan Government.

ExxonMobil and ConocoPhillips are currently evaluating potential re-entry into Venezuela after having their assets expropriated in 2007 under then-President Hugo Chavez. While ExxonMobil considers Venezuela “uninvestable” at present, talks with the government continue while data is gathered on the sector. Last month, Venezuela reached an agreement with the US to export up to $2.8bn (1.1tn bolivars) worth of oil.

 

 

 

Trump eyes Venezuela visit – but obstacles to his oil plan remain

Robert Plummer BBC Business reporter 16 February 2026

After US President Donald Trump oversaw seizure of Nicolás Maduro last month, he vowed to tap Venezuela ‘s oil reserves – the world’s largest.

Trump plans to visit the petrostate, although no date has been set.

His comments came after US Energy Secretary Chris Wright completed a two-day trip to Venezuela to see how the nation is starting to reopen its oil sector to US companies.

Wright’s visit came shortly after Venezuela’s National Assembly passed a law to allow both private and foreign investment in its oil industry, following two decades of tight state control.

In Trump’s eyes it is a big business opportunity for the US oil sector. “We’re going to be extracting numbers in terms of oil like few people have seen,” he said at a news conference in mid-January, after a meeting with energy bosses at the White House.

But for the US oil firms that Trump wants to invest heavily in Venezuela, the question is a simple one – do the numbers add up?

William Jackson, economist at Capital Economics, says the US president’s aim is to “revive Venezuela’s oil sector and use that energy to increase supply and reduce costs to the consumer, possibly providing a source of revenue for a more friendly Venezuelan government to rebuild the economy after years of mismanagement”.

For US energy companies, however, there are huge practical difficulties to be overcome. Venezuela’s state-owned oil company, PDVSA, is a shadow of its former self.

The governments of Maduro and his predecessor, Hugo Chávez milked the firm for all it was worth and used the money to finance social spending on housing, healthcare and transport. But they failed to invest in maintaining oil production levels, which plummeted in recent years – partly, but not solely, because of US sanctions, which could now be revised.

“In Venezuela, you’re dealing with equipment that’s been degraded by many years of neglect. Ten to 15 years ago, Venezuela was producing 1.5 million barrels a day more than it does today.”

Monica de Bolle, of the Peterson Institute for International Economics, agrees that PDVSA is in a parlous state.

“A lot of things have to be scrapped completely and rebuilt from the ground up. In fact, if political constraints did not matter, the best thing to do would be to scrap PDVSA, but that isn’t going to happen. It’s a big nationalist symbol, it’s attached to sovereignty. Would the Venezuelans be willing to do whatever the US says and roll over? I don’t think so.”

Trump asked US oil firms to spend at least $100bn (£75bn) on restoring Venezuela’s battered infrastructure – an absolute necessity before his plan to ramp up sales can be realised. Officially, Venezuela has 300 billion barrels of oil reserves – yet in 2023, it exported just 211.6 million barrels of oil, worth about $4bn. Compare that to second-placed Saudi Arabia, which has 267 billion barrels of reserves but had exports worth $181bn in the same time period.

So on paper at least, there is room for improvement.

However, Jackson says there are doubts over the true size of Venezuela’s oil reserves. During the Chávez presidency, Venezuela reclassified its reserves. Previously, there were thought to be just 80 billion barrels of extractable oil, but by 2011, its reported figure had nearly quadrupled. That statistical change was made possible by high oil prices at the time, which allowed previously unviable projects to look feasible.

“There was a big step – jump – that people have questioned. But now the world is awash with oil and it’s not clear that the same calculations still apply.”

When Chávez became president in 1999, oil prices were climbing. In the early 2010s, a barrel would often fetch about $100, providing the government with plenty of money to pour into social programmes. But with current prices around the $65 mark, the petrostate looks less like a reasonable investment.

Venezuela’s sour, heavy crude oil is of poorer quality than its Saudi equivalent. Difficult to extract and refine, its high sulphur content makes it corrosive to pipelines. A resurgence of Venezuela’s industry could pose problems for Canada, which produces similarly viscous oil and exports much of it to the US, but analysts reckon the risk is minor. According to Capital Economics, Canadian oil should remain competitively priced, even if Venezuelan production increases.

Venezuela’s economic crisis led to the exodus of nearly eight million people who fled to Latin America- Colombia (nearly 3 million), Peru, Ecuador, Chile, Brazil, Panama,- USA, Spain and CARICOM states including Guyana and Trinidad.

This includes expertise vital to keeping the oil pumps working: with skilled engineers formerly on the PDVSA payroll now plying their trade elsewhere, the system limps on with a skeleton staff.

Thomas Watters of S&P Global Ratings, says US firms have the ability to repair Venezuela’s infrastructure, but it has to make economic sense.

“At the end of the day, oil and gas companies have to deliver value to shareholders.They have very good managers. You can build anything, as long as you can pay for it. But you need an oil price that makes that worthwhile. Unless you can generate sufficient money to justify that, it’s very difficult to see the industry coming back.”

Besides, US oil firms have been bitten by Venezuela once before. In 2007, major US companies including ExxonMobil and ConocoPhillips had their assets seized when they refused to allow PDVSA to take majority control. They went to the international courts and were awarded huge sums in damages – $8.3bn in the case of ConocoPhillips – which have never been paid.

Given that the current Venezuelan regime continues largely intact, with former Vice-President Delcy Rodríguez as interim leader, it will take a lot to dispel fears of renewed expropriation. US Energy Secretary Chris Wright said the US administration has no plans to offer security guarantees to oil companies in Venezuela – a worrying omission in a country where state-sanctioned paramilitary groups known as “colectivos” often operate as criminal gangs.

Without bigger government incentives, oil firms will be reluctant to take what could be an expensive plunge. Small wonder, then, that ExxonMobil boss Darren Woods called Venezuela “uninvestable” in its current state.

Tellingly, Trump did not come back with an offer of sweeteners to promote investment. Instead, he threatened to block ExxonMobil investment in Venezuela. The policy is “all stick, no carrot. And it doesn’t seem like they understand that they do need carrots”, says de Bolle

 

 

 

 

US forces board Venezuela-linked tanker in the Indian Ocean

The Veronica III left Venezuela on the same day as Nicolás Maduro was seized in a US military operation, with Washington declaring the tanker tried to ‘defy President Trump’s quarantine’. Several tankers fled the Venezuelan coast in the wake of the raid, including the Veronica III, that was boarded overnight.

16 February 2026

US forces boarded another sanctioned oil tanker in the Indian Ocean after tracking it from the Caribbean as part of efforts to target illicit oil tankers linked to Venezuela.

On Sunday, the Department of War said military personnel boarded the Veronica III in a “right-of-visit, maritime interdiction and boarding.

The vessel tried to defy President Trump’s quarantine – hoping to slip away. We tracked it from the Caribbean to the Indian Ocean, closed the distance and shut it down.

No other nation has the reach, endurance, or will to do this. International waters are not sanctuary. By land, air, or sea, we will find you and deliver justice. The Department of War will deny illicit actors and their proxies freedom of movement in the maritime domain.”

Veronica III is a Panamanian-flagged vessel under US sanctions related to Iran, according to the Treasury Department’s Office of Foreign Assets Control’s website. The Panama Maritime Authority said that the ship was no longer registered after its authorisation was cancelled in December 2024.

“Veronica III left Venezuela on 3 January with nearly 2 million barrels of crude and fuel oil. Since 2023, she’s been involved with Russian, Iranian and Venezuelan oil,” TankerTrackers.com posted

Venezuela had faced US sanctions on its oil for several years and relied on a shadow fleet of falsely flagged tankers to transport the crude oil. President Trump ordered a quarantine of sanctioned tankers in December to increase economic pressure on Nicolás Maduro.

 

 

 

 

US Boards Another Venezuela-Linked Tanker in Indian Ocean without incident

February 9, 2026

U.S. military forces boarded a crude oil tanker in the Indian Ocean after pursuing it from the Caribbean, Defense Secretary Pete Hegseth said on Monday, accusing the vessel of breaching Washington’s blockade on sanctioned vessels traveling to or from Venezuela.

“Overnight, U.S. military forces conducted a right-of-visit, maritime interdiction and boarding on the Aquila II without incident “It ran, and we followed.”

After capturing Venezuelan President Nicolas Maduro in a military raid last month in Caracas, the U.S. has escalated its blockade on vessels that are under sanctions and going to and from the South American country, a member of the OPEC oil producers group.

Suezmax tanker Aquila II departed from Venezuelan waters in early January as part of a flotilla of vessels. It was carrying about 700,000 barrels of Venezuelan heavy crude bound for China, according to schedules from state company PDVSA. Most tankers in the flotilla have returned to Venezuela or have been seized by the U.S.

Hegseth said the Aquila II was operating in defiance of the U.S. “quarantine of sanctioned vessels in the Caribbean.”

“The Department of War tracked and hunted this vessel from the Caribbean to the Indian Ocean. ..You will run out of fuel long before you will outrun us,” he wrote.It was unclear where the Aquila II was registered, according to shipping databases.

(Reuters)

 

 

 

S&P Outlook: Venezuela and the Global Oil Market

By: Carlos Pascual, Senior Vice President Geopolitics & International Affairs, S&P Energy & Jim Burhard, Vice President Global Head Oil Markets & Mobility, S&P Energy

Recent weeks have produced developments in international oil politics that would once have been expected to rattle markets:

• a U.S. operation to apprehend Venezuela’s president,
• explicit statements by President Trump that the United States intends to “run” Venezuela during a transition,
• and a renewed emphasis on control of strategically important oil assets in the Western Hemisphere.

Yet despite the scale of these events, oil prices have remained broadly stable. Brent has not surged, volatility has been contained, and markets appear to be treating the developments as significant politically but manageable economically.

U.S. EIA projects Henry Hub natural gas spot prices to fall slightly in 2026 before rising in 2027

According to the EIA, the benchmark natural gas spot price at the Henry Hub is projected to decrease by approximately 2% to just under $3.50 per million British thermal units (MMBtu) in 2026, before rising sharply in 2027 to nearly $4.60/ MMBtu.

The annual average price is expected to dip slightly in 2026 as annual supply growth keeps pace with demand.

However, for 2027, the EIA forecasts that demand growth will outpace supply, driven primarily by increased feed gas demand from U.S. liquefied natural gas (LNG) export facilities. This shift is expected to reduce natural gas in storage and put upward pressure on prices.

 

 

 

Economic Transition without Democratic Transition’

By CIVICUS
Feb 4 2026 (IPS) –

CIVICUS discusses the situation following the US intervention in Venezuela with Guillermo Miguelena Palacios, director of the Venezuelan Progressive Institute, a think tank that promotes spaces for dialogue and democratic leadership.

On 3 January, a US military intervention culminated in the arrest and extradition of President Nicolás Maduro, who had stayed in power after refusing to recognise the results of the July 2024 election, which was won by the opposition. However, power did not pass on to the elected president, Edmundo González, who remains in exile, but to Maduro’s vice-president, Delcy Rodríguez, under a pact that preserves the interests of the military leadership, ruling party and presidential family. Hopes for a restoration of democracy are fading in the face of a process that is prioritising economic and social control.

What led Donald Trump to intervene militarily in Venezuela?

The US intervention responds to a mix of economic pragmatism and the reaffirmation of a vision of absolute supremacy in the hemisphere.

First, it seeks to secure nearby stable energy sources in a context of global instability. In his statements, Trump mentioned oil and rare earth metals dozens of times. For him, Venezuela isn’t a human rights issue but a strategic asset that was under the influence of China, Iran and Russia, something unacceptable for US national security.

Second, it represents the financial elite’s interest in recovering investments lost due to expropriations carried out by the government of former president Hugo Chávez. Trump has been explicit: the USA believes Venezuela’s subsoil owes them compensation. By intervening and overseeing the transition, he’s ensuring the new administration signs agreements that give priority to US companies in the exploitation of oil fields. It’s an intervention designed to ‘bring order’ and turn Venezuela into a reliable energy partner, even if that means coexisting with a regime that has only changed its facade.

How much continuity and change is there following Maduro’s fall?

For most Venezuelans, the early hours of 3 January represented a symbolic break with historical impunity. The image of Maduro under arrest shattered the myth that the regime’s highest leaders would never pay for their actions. However, beyond the joy experienced in Venezuelan homes and in countries with a big Venezuelan diaspora, what happened was a manoeuvre to ensure the system’s survival

Chavismo is not a monolithic bloc, but a coalition of factions organised around economic interests and power networks. Broadly speaking, there are two main groups: a civilian faction and a military faction. Both manage and compete for strategic businesses, but the military is present, directly or indirectly, in most of them as coercive guarantors of the system.

The civilian faction controls areas linked to financial and political management, while the military faction secures and protects logistics chains, ports, routes and territories.

Within this architecture there are various conglomerates of interests.

1. There’s oil, an opaque business managed through parallel markets, irregular intermediation and non-transparent financial schemes.
2. There’s drug trafficking, sustained by territorial control and institutional permissiveness.
3. There’s the food system, which historically profited from exchange controls and the administration of hunger.
4. And there’s illegal mining, where the military presence alongside Colombian guerrilla groups such as the National Liberation Army (ELN) is dominant and structural.

Maduro’s downfall appears to have been part of an agreement among these factions to preserve their respective businesses: they handed over the figure who could no longer guarantee them money laundering or social peace in order to regroup under a new technocratic facade that ensures they can enjoy their wealth without the pressure of international sanctions.

A revealing detail is that, while Maduro and his wife, Cilia Flores, were captured, their children remain in Caracas with their businesses intact. Their son, Nicolás Maduro Guerra, continues to operate in the fishing sector and in the export of industrial waste such as aluminium and iron. This suggests the existence of a family protection pact.

We are seeing an economic transition, but by no means a democratic transition. Rodríguez has the reputation of being much more efficient and has had greater international exposure than the rest of Chavismo.

She’s backed by a new business elite, young people under 45 who need to launder their capital and gain legitimacy in the global market. Their goal is to improve purchasing power and reduce hunger in order to confer respectability on the regime, while maintaining social control.

What caused the recent resurgence of the territorial conflict with Guyana?

The conflict over the territory of Essequibo is neither new nor improvised: it’s a historical dispute and Venezuela has legal and political arguments to support its claims over the territory. For decades, the two states agreed on a mechanism to contain the dispute, which involved a temporary cessation of active claims and a ban on exploiting the area’s natural resources while a negotiated solution was sought.

In this context, Chávez chose to de-escalate the conflict as part of his international strategy.

To gain diplomatic support, particularly in the Caribbean, he reduced pressure on the Essequibo, and as a result several Caribbean Community countries supported Venezuela in multilateral forums such as the Organization of American States.

Guyana interpreted this not as a tactical pause but as an abandonment of the claim, and decided to move forward unilaterally and grant concessions to ExxonMobil to conduct oil exploration. These operations revealed the existence of large reserves of high-quality crude oil.

The reactivation of the conflict is, therefore, a combination of legitimate historical claims and political expediency. This wasn’t simply Maduro’s nationalist outburst but an attempt to capture new revenue amid the collapse of Venezuela’s traditional oil industry.

Oil remains the linchpin of the regime’s geopolitics. Although Venezuela has the largest reserves in the world, most of it is extra-heavy crude, which is expensive to extract and process and profitable only when international prices are high.

In contrast, the oil discovered off the Atlantic coast of the Essequibo is light, comparable to Saudi oil, and therefore much cheaper to produce and refine. This economic differential explains much of the regime’s renewed aggressiveness in a dispute that had been contained for years.

What’s the mining arc and what role does it play?

In addition to oil and gas, there’s another source of strategic wealth that sustains the regime. The Orinoco Mining Arc is a vast exploitation zone in southern Venezuela, rich in coltan, diamonds, gold and rare earths. The ELN operates there under the protection of the army. It’s a brutal extraction system that generates a flow of wealth in cash and precious metals that directly finances the high military hierarchy, maintaining its loyalty to the system regardless of what happens to oil revenues or the formal economy.

It is noteworthy that, despite the US intervention and the rhetoric about strategic resources, the mining arc has hardly been mentioned. We presume it was part of the negotiation so the military would not resist Maduro’s arrest. The USA appears to have chosen to secure oil in other areas of Venezuela and let the military maintain its mining revenues in the south, since intervening there would mean getting involved in guerrilla warfare in the jungle.

What’s your analysis of the announcement of the release of political prisoners?

The announcement was presented as a gesture of openness, but the so-called releases are actually simple discharges from prison. This means political prisoners are released and go home, but still have pending charges and are therefore banned from leaving Venezuela and must appear in court periodically, usually every few days. In addition, they are absolutely prohibited from speaking to the media and participating in political activities.

This reduces the political cost of keeping prisoners in cells, but maintains legal control over them. Released prisoners live under constant threat. The state reminds them and their families that their freedom is conditional and any gesture of dissent can return them to prison immediately.

This is a mechanism of institutional whitewashing: it projects an image of clemency while maintaining repression through administrative means that are much more difficult to denounce before the international community.

What’s the state of social movements?

Social and trade union movements are in a state of exhaustion and deep demobilisation. After years of mass protests between 2014 and 2017 that resulted in fierce repression, people have lost faith in mobilisation as a tool for change. Increasingly, the priority has been daily survival, particularly food and security, with political struggles taking a back seat.

Authorities have been surgical in their repression of the trade union movement: they imprisoned key leaders to terrorise the rank and file and paralyse any attempt at strike action. While organisations like ours have continued to provide technical support and training in cybersecurity, activism is now a highly risky activity.

What are the prospects for a democratic transition?

I see no signs of a genuine democratic transition. The regime’s strategy seems to be to maintain for the next two years the fiction that Maduro has not definitively ceased to hold office and could return, in order to circumvent the constitutional obligation to call immediate elections, which the opposition would surely win.

During those two years, which coincide with the final two years of Trump’s term, they will flood the market with imported goods and try to stabilise the currency to create some sense of wellbeing. They will surely use the Supreme Court to interpret some article of the constitution to justify that there’s no definitive presidential vacancy.

Halfway through the term, they would no longer need to call elections. Instead, they could declare Maduro’s ‘absolute vacancy’ so that Rodríguez could finish the 2025-2031 presidential term.

Thus, they would try to reach the 2030 election with a renewed image and a recovered economy, on the calculation that a sense of economic wellbeing would prevail over the memory of decades of abuse. They could even enable opposition figures to simulate a fair contest, but would maintain total control of the electoral system and media.

We are concerned the international community will accept the idea of an ‘efficient authoritarianism’ that reduces hunger but maintains censorship and persecution of dissent.

 

 

 

ConocoPhillips sees Citgo as ‘first priority’ in Venezuela

Fabio Palmigiani
South America Correspondent
Rio de Janeiro
Published 5 February 2026, 18:07

US independent was affected by a 2007 nationalisation of assets in the country

US independent ConocoPhillips is following closely developments in Venezuela, but still sees the situation of Houston-based refiner Citgo Petroleum as the “first priority” to solve revolving the South American nation.

 

 

 

Panama President: Future Port Contracts Will Not Be Issued to a Single Operator

February 5, 2026

Panamanian President Jose Raul Mulino said on Thursday that the concession of contracts to operate two ports held and operated for nearly three decades by Hong Kong’s CK Hutchison Holdings will “never again” be issued to a single company.

Panama’s Supreme Court last week nullified CK Hutchison’s contract to operate two ports along its strategic canal through its Panama Ports Company subsidiary, ruling that the contracts violated the Central American nation’s constitution by giving the company exclusive privileges and tax exemptions.

“I don’t expect this situation to escalate,” Mulino said, calling the court’s decision definitive. “Panama is a dignified country and will not allow itself to be threatened by any country on earth.”

On Tuesday, China warned Panama there would be “heavy prices” to pay for the court ruling which China’s Hong Kong and Macau Affairs Office called “absurd” and “shameful and pathetic.” They vowed to defend the interests of Chinese companies.

Mulino added that it was unclear when the ruling would be enforced. In the meantime, the Panama Ports Company would continue to operate both ports, he said.

“The Panamanian state decides on the concession scheme to be granted much later,” he added.

On Wednesday, CK Hutchison said its Panama Ports Company unit had started international arbitration proceedings against Panama, in a case that could take years to resolve.

The decision and move to seek arbitration cast further doubt on the future ownership of the two ports and the company’s planned $23 billion deal to sell its port businesses.

 

 

 

Venezuelan Oil Ships to Repsol

February 5, 2026

About 2 million barrels of Venezuelan heavy crude are being sent to refineries owned by oil producer Repsol in Spain, following purchases the company negotiated with trading house Trafigura, according to shipping schedules seen by Reuters.

Trafigura and Vitol were granted U.S. licenses last month to export millions of barrels of Venezuelan oil to the U.S. and other destinations, following the U.S. capture of President Nicolas Maduro. The companies have since been storing the oil in Caribbean terminals and marketing cargoes to refiners in the U.S. and Europe.

Spain had not imported Venezuelan crude since the first quarter of last year before U.S. President Donald Trump revoked all authorizations for foreign companies to receive and carry oil from the U.S.-sanctioned country.

On Friday, the U.S. Treasury Department issued a broad license for U.S. companies to load, transport, store, sell and refine Venezuelan oil.

Some Venezuelan heavy crude grades are a good fit for Repsol’s refineries, including Cartagena, the company has said, showing interest in stable supplies from the South American country.

Venezuela’s interim president, Delcy Rodriguez, on Wednesday met executives from Repsol and French company Maurel & Prom MAUP.PA in Caracas, following the approval of a sweeping reform of the country’s main oil law last month. The reform gave six months to the government and joint-venture partners of state company PDVSA to negotiate and update the terms of their partnerships.

One of two cargoes of Merey heavy crude for Repsol, on board Suezmax tankers, departed in early February from the Jose port, operated by PDVSA. The second one is about to finish loading this week, the schedule showed.

 

 

 

Shell sees Dragon gas flowing to T&T in 3 years

‘IN LINE WITH US STRATEGY’: Shell chief executive officer Wael Sawan.

Shell hopes to produce gas from Venezuela’s Dragon field in three years and have it processed in Trinidad and Tobago for export, CEO Wael Sawan said.

Shell and the National Gas Company were in 2024 jointly granted a 30-year licence by Venezuela’s government to operate the gas field, estimated to yield 3.2-4.2 trillion cubic feet of gas.

Shell would require a licence from the US Office of Foreign Assets Control (OFAC) to operate in Venezuela because of US sanctions.

“We are waiting at the moment for those OFAC licences from the US government, and within a relatively short time, we believe that we could potentially get to a final investment decision and production a couple of years after that,” Sawan said.

Dragon gas opportunity could be “activated within months”.

With the removal of Venezuelan President Nicolas Maduro and the US pushing for investment in Venezuela’s energy industry, Shell believes the development of the Dragon gas field is in line with the US strategy.

“It will be good for the Venezuelan people. It’d be great for the Trinidadians, and I think it’s very much in line with the policy of what the US is trying to do. So on balance, we think we can play an important role in that space,” Sawan said .

At the post-Cabinet press conference yesterday, Moonilal confirmed that the OFAC licence for the Dragon gas project remains valid, despite concerns that the project is at risk due to diplomatic or political uncertainty. The timeline given by Shell CEO Wael Sawan is realistic.

“The OFAC licence is in place. It is valid today as we speak. Work has been continuing by all stakeholders. There is an agreement on that project with the government of Venezuela and T&T. There has been no indication by any party that they wish to repudiate or terminate that agreement. The stakeholder for us is Shell, and they continue to do a lot of the work involved in it. We are in negotiations and discussions all the time with Shell.”

Addressing criticism about engagement with Venezuelan authorities, Moonilal noted that Venezuela had been under sanctions since 2017, limiting formal interaction on petroleum matters, and that oil-related sanctions were only lifted days ago.

“It is only January 29, a few days ago, those oil-related sanctions were lifted. The long and short is that nothing has changed. The only thing that really changed was because of the political recklessness of Mr Young, Dr Rowley and Miss Beckles and others. Because of that, I think that may have caused a slight delay in proceedings—but we are back on track.”

The minister also pointed to long-standing gas supply constraints affecting Atlantic LNG, noting that Train One was decommissioned under the PNM administration after more than US$200 million had already been invested which he claimed was taken from NGC.

“When bp and the other partners told them—no, they were not proceeding, because of the lack of gas supply, $200 million went down the drain.”

 

 

 

Shell awaits OFAC approval for Dragon

2026, 02/06

Shell Global CEO Wael Sawan placed Venezuela and the pending US sanctions approvals at the top of the company’s regional priorities, signalling that offshore gas developments could soon be tied directly into T&T’s energy system.

Sawan confirmed that Shell is awaiting clearance from the US Office of Foreign Assets Control (OFAC) to advance offshore Venezuelan gas projects that could feed into existing infrastructure in Trinidad.

“We have been working previously under OFAC licences to look at developing offshore gas resources that could be linked back into Trinidad and Tobago, into facilities that already have capacity,” Sawan said.

Approval would allow Shell to advance a final investment decision within a relatively short timeframe, with first gas possible a few years after that.

“It’ll be good for the Venezuelan people and great for the Trinidadians,” he said, framing the project as consistent with US policy objectives and regional energy security.

The comments come against a shifting OFAC landscape for Trinidad and Tobago. The country received its first US sanctions licence for the Dragon gas field in January 2023, with Shell and state-owned National Gas Company named as authorised participants.

That licence was later withdrawn in May 2025. A revised authorisation was issued in October, reopening the door for negotiations on the field’s development, though not yet granting full execution approval.

Dragon, located in Venezuelan waters near the maritime border, has long been viewed as a critical supply option for Atlantic LNG and the downstream petrochemical sector in Trinidad, enduring declining domestic gas availability. Sawan’s remarks suggest Shell sees renewed momentum, pending Washington’s next move.

 

 

 

U.S. moves to reopen Venezuelan oil production with new general license

Patricia Garip, Eric Martin and Esteban Duarte February 03, 2026 (Bloomberg)

The U.S. government is preparing to issue a general licence allowing companies to pump oil in Venezuela, part of its plan to ease sanctions and rebuild the moribund energy industry. The new licence could be issued by the Treasury Department this week, a key step to attract companies with U.S. ties to revitalize output in Venezuela, which holds among the world’s largest reserves, following a U.S. military operation in Caracas that removed Nicolás Maduro.

Last week, the U.S. issued a separate general licence allowing companies to buy and sell Venezuelan oil. That licence covers a range of downstream operations, including loading oil onto tankers as well as exporting, transporting and refining that crude — when carried out by “an established U.S. entity.”

Earlier, the administration gave individual approvals to trading houses Trafigura Group and Vitol Group to restart Venezuela’s oil sales after a partial U.S. naval blockade stymied exports and filled the country’s storage tanks.

As that bottleneck eases, Venezuela’s heavy sour oil is returning to the global market. The focus is shifting to U.S. refiners rather than PRC buyers, which for years absorbed most of the supply at steep discounts because of U.S. sanctions.

Historically, the U.S. was the top destination for Venezuelan oil. After U.S. forces captured Maduro, the US administration backed his former vice president, Delcy Rodríguez, and said it would stabilize the economy by taking control of its dilapidated oil industry.

A central element of that strategy requires companies with connections to the U.S. operating in Venezuela to deposit payments into a U.S.-controlled account in Qatar. The US administration is releasing the funds to Venezuela’s Central Bank, which later auctions the dollars to private local operators.

Companies with no foothold in Venezuela remain wary of political risks, including the durability of the present government.

Separately, the U.S. reopened Venezuelan airspace to commercial flights. Inside Venezuela, the Rodríguez government improved fiscal terms for oil companies and is releasing political prisoners.

by Staff

 

 

 

 

Arjoon: T&T Could Cut Health Costs With Indian Medicine

February 23, 2026 Khary Roberts

Trinidad and Tobago could significantly reduce its healthcare costs by deepening pharmaceutical trade with India.

That’s the view of President of the Trinidad and Tobago India Business Federation, Dr. Vaalmikki Arjoon, who says greater access to Indian generic medicines could ease pressure on both patients and the public health system.

India is one of the world’s largest producers of generic drugs and vaccines, and Dr. Arjoon argues that expanding imports and potentially positioning Trinidad and Tobago as a regional distribution hub could transform the country’s cost structure, particularly for life-saving treatments.

“That $100 cancer pill that is manufactured by Big Pharma, there are Indian companies that are manufacturing the same item, but in a generic form, and the same quality for about $5 per pill. So you can imagine what that could do for the cost structure of our healthcare service here in T&T.”

Dr. Arjoon noted that Trinidad and Tobago already imports pharmaceuticals from India but says there is scope to expand that relationship further, not only to lower domestic healthcare costs but also to serve markets across the wider Caribbean and Latin America.

 

 

 

Strengthening Economic Bridges – Launch Of The Trinidad & Tobago India Business Federation

February 23, 2026,  Trinidad and Tobago Today

The Trinidad and Tobago–India Business Federation has been launched at the Mahatma Gandhi Institute for Cultural Cooperation

President of the Federation Dr. Vaalmikki Arjoon expanded on its vision and strategic direction.The Federation was created to connect companies, investors, and entrepreneurs in both countries, making it easier to form partnerships, dedicated to promoting and facilitating bilateral trade, investment, and cultural exchange .

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MPAAI Reaffirms Strategic Partnership With India At AI Impact Summit 2026

February 24, 2026 TTT News

The Ministry of Public Administration and Artificial Intelligence (MPAAI) reaffirmed Trinidad and Tobago’s commitment to deepening bilateral cooperation with India, advancing strategic partnerships in digital transformation, artificial intelligence and digital public infrastructure. This recommitment was underscored during the Government’s participation in the AI Impact Summit 2026, hosted by the Government of India from February 18th to 20th, 2026.

Minister of Public Administration and Artificial Intelligence, Senator Dominic Smith, represented Trinidad and Tobago at the Summit, which convened Heads of Government, Ministers, global technology executives and policy leaders to examine the global impact of Artificial Intelligence on governance, economic resilience and sustainable development. Minister Smith’s participation focused on strengthening collaboration with India in key areas critical to Trinidad and Tobago’s national digital agenda, including:

1. 1. 1. · Large-scale digital transformation of public services
      2. · Development of secure, interoperable digital public infrastructure
      3. · Ethical and responsible AI adoption frameworks
      4. · Sovereign data governance and national policy architecture

India’s global leadership in implementing scalable digital identity systems, digital payment ecosystems and national AI strategies provided significant insights for Trinidad and Tobago’s continued AI push. The engagement creates avenues for structured knowledge exchange, technical cooperation and institutional capacity-building between both countries.

During the Summit, Minister Smith engaged in high-level discussions with representatives from the Governments of the United Arab Emirates, the United States, African nations and Switzerland, as well as senior leaders within the global technology sector. These engagements explored opportunities for collaboration in AI governance, cybersecurity resilience, data protection and innovation ecosystems.

In reflecting on the significance of the visit, Minister Smith stated, “For small states, digital transformation must be deliberate, sovereign and partnership-driven. Our strengthened engagement with India signals our resolve to build secure digital public infrastructure, advance ethical AI adoption and position Trinidad and Tobago as a serious technology partner on the global stage.”

The Ministry’s participation at the AI Impact Summit 2026 reinforces Trinidad and Tobago’s emerging role as a regional technology hub and signals a sustained commitment to international cooperation that accelerates innovation while safeguarding national interests.

 

 

 

New Federation aims to link T&T and India business leaders

Sherlan Ramsubhag 25 Feb.

President of the Trinidad and Tobago India Business Federation Dr Vaalmikki Arjoon during its launch on Sunday at the Mahatma Gandhi Institute for Cultural Cooperation in Mt Hope.

The Trinidad and Tobago India Business Federation (TT-IBF) has been established to connect business leaders from Trinidad and Tobago and India who are seeking to trade and collaborate with one another.  So said TT-IBF president Dr Vaalmikki Arjoon during its launch on Sunday at the Mahatma Gandhi Institute for Cultural Cooperation in Mt Hope.   Among the attendees were Minister of Trade and Industry Satyakama Maharaj, Finance Minister Davendranath Tancoo, Indian High Commissioner Dr Pradeep Rajpurohit, and executive chairman of Coosal’s Group of Companies Dr Sieunarine Coosal.   Speaking about the role of the TT-IBF, Arjoon said that it is about building the infrastructure for a real economic relationship.

In his opening remarks, he said: “We already have strong commercial ties with the US, China, with Canada, with the EU; and those relationships are vital. But…in many ways, India has been overlooked.”

“The world’s centre of economic gravity is shifting, and if we’re still only looking to our traditional partners, while India is rising in the east, we’re going to wake up one day and realise we missed it,” Arjoon said.

In that regard, he said that the TT-IBF was created to address this by facilitating business connections that will assist members to match with “the right companies”.

He said that prior to the TT-IBF, there were T&T businesses that were ready to partner with India, but that hit a wall.   According to Arjoon, this was “not because they lack capability, but because they lack connections, market intelligence—the pathway in.”

Speaking about how the federation intends to address this, he said it would take Trinidad companies to “India—targeted sectors, prearranged meetings, concrete opportunities”.   

Additionally, he noted that the federation would also facilitate Indian businesses coming to T&T.He said that the federation would also be able to provide its members with business intelligence, market research, sector analysis and regulatory updates for both countries.

Arjoon said that such information would give businesspeople the advantage of understanding potential markets.“Right now, if you’re a Trinidadian business wanting to enter India, where do you start? Which states have the best incentives? You’re flying blind. Indian companies looking at Trinidad? Same problem. We’re solving that with practical, usable information you can actually act on,” said the TT-IBF president.

Arjoon said the federation would also consist of sector working committees in areas such as energy, pharmaceuticals, agribusiness, digital economy and manufacturing.   He said that these committees would “identify concrete partnership opportunities and make them happen. Start small, build credibility, scale up.”He added that the federation would also:

“…advocate for policies, reforms, and infrastructure that make deeper trade and investment possible. Streamlined customs. Better digital connectivity. Taxation agreements. We’ll be the voice saying: ‘Here’s what businesses need to make this work.’”

In addition to the benefits to businesspeople, the TT-IBF president said that there would also be a Young Professionals Network to facilitate student exchanges and internships.  Noting the importance of such a network, he said that it was imperative that the next generation see India as a natural economic partner where they could build careers and create opportunities.In his keynote address, Coosal expressed his confidence in the partnership between Trinidad and Tobago and India through the TT-IBF. He said:

“As a citizen of Trinidad and Tobago and as a businessman who has staked his life on the potential of this nation, I believe our future prosperity hinges on one critical factor: the partners we choose to walk with today.”

“I can think of no more consequential, no more promising partner in our history than the Republic of India.”

“India is not simply a large economy. It is a dynamic, surging one. Its private sector—from giants like Tata and Adani to its most agile micro enterprises—is globalising at breathtaking speed.”

“The ‘Make in India’ initiative has transformed the nation into a hub of manufacturing and innovation,” he continued.According to the Coosal chairman, Indian firms are hungry for energy security, new markets and strategic assets.“We have what they need. And they have what we need,” he said.

Listing the benefits of a partnership with India, he said that there were opportunities for economic diversification, technological advancements, the development of human capital, strengthening of the energy sector, increased agricultural and food security, and an opportunity to elevate Trinidad and Tobago’s geopolitical positioning.

He asserted that the TT-IBF was not merely another networking organisation or social club, but a strategic instrument.“Its objectives, trade missions, policy advocacy, market intelligence, skills workshops, investment delegations are not abstract ambitions. They are a blueprint,” he stated.

He told other businesspersons in attendance:“This federation will succeed only if we, the private sector, and all stakeholders commit to it. Not with passive membership but with active engagement. With investment; with a willingness to take risks.”

Coosal applauded the TT-IBF, noting that its team had done the arduous work of building the vessel of the federation; and he again called on businesspeople to “board it”.

The TT-IBF Leadership team

1. 1. 1. President Dr Vaalmikki Arjoon
      2. 1st Vice President Shyamal Chandradathsingh
      3. 2nd Vice President Tricia Coosal
      4. Secretary Sean Annandsingh
      5. Treasurer Shawn Maraj
      6. PRO Siddhi Sankar

TT-IBF FOCUS AREAS

1. 1. 1. BUSINESS CHAMBER SERVICES Our Business Federation provides a range of services to facilitate trade, investment, and partnerships between Trinidad and Tobago and India.
      2. NETWORKING EVENTSWe organise networking events, seminars, and business forums to connect professionals, entrepreneurs, and government officials from both countries.
      3. TRADE FACILITATIONWe offer support and guidance for importers and exporters, aiming to enhance bilateral trade and economic cooperation.
      4. INVESTMENT OPPORTUNITIESWe help people explore investment opportunities and business prospects in Trinidad and Tobago and India with our expert assistance.
      5. POLICY ADVOCACYWe advocate for policies that foster a conducive environment for bilateral business growth, sustainability, and innovation.

 

 

 

2 Oceans Apart tt & india

T&T and India converting cultural links into commercial possibilities

2026, 02/26
andrea.perez-sobers@guardian.co.tt

As the global economic map is being redrawn, for the first time in generations the compass is pointing decisively toward New Delhi, Dr Vaalmikki Arjoon, the first president of the Trinidad and Tobago-India Business Federation (TTIBF), observed, describing India’s evolution from a cultural touchstone into what he called “a US$4.6 trillion juggernaut.”

“India is now the fastest-growing major economy on the planet and on a collision course with becoming the world’s third-largest economy,” he continued, pointing to projections that growth will exceed 7.0 per cent in 2026, powered by a middle class of roughly 600 million people with rising demand for energy, food and high-tech services.

Yet, despite centuries of historical and cultural ties, Arjoon argued that commercial interactions between the two countries have not kept pace.

“In 2024, bilateral trade stood at just US$368.96 million. In a world where India speaks the language of billions, we are still trading in millions,” Arjoon told the Business Guardian in an interview on Tuesday.

The TTIBF was launched on Sunday at the Mahatma Gandhi Institute for Cultural Co-operation (MGICC) in Mount Hope.
He formed the TTIBF against what he described as a rapidly shifting global backdrop.

“Supply chains that took 50 years to build are being dismantled and rebuilt in five. The world is hunting for new, reliable and high-growth partners. Our private sector cannot afford to be a spectator.”

“The Federation is the vehicle to bridge the gap between our two business communities,” he added. “Our role is to identify concrete opportunities and drive partnerships with Indian firms that can strengthen and expand our local private sector.”

A new Silk Road?

“For decades, our default commercial orientation has been toward North America, China and Europe,” Arjoon noted. “Those relationships remain vital, but India represents a fundamentally different opportunity a rising power with world-class capabilities in technology, pharmaceuticals and manufacturing.”

He distilled the Federation’s mandate into three words: “Identify. Connect. Advocate.”

“We are a stable, English-speaking jurisdiction with a skilled workforce. That makes us a natural landing pad for Indian capital seeking a foothold in the Americas,” he said.

The pharmaceutical sector, in his view, illustrates the scale of untapped potential. “India supplies roughly 20 per cent of global demand for generic medicines. By importing bulk active pharmaceutical ingredients from India, we can do more than reduce healthcare costs.”

“I see a pathway for us to become a regional packaging and distribution hub, exporting finished generics into Caricom and Latin America,” he added.

Energy also features prominently. Firms such as ONGC, Videsh and Reliance Industries, he argued, could increase competitiveness in local bid rounds.

“Greater participation drives stronger outcomes and supports long-term gas production.”

Turning to technology, Arjoon described the digital economy as “a frontier we must claim.” With the adoption of India’s Unified Payments Interface (UPI), he pointed out that cross-border transactions are becoming seamless.

“Attracting Indian IT firms to Tamana Intech Park is not just about jobs. It is about importing the DNA of a global tech superpower.”

Agriculture is also on his radar. “Indian precision irrigation systems and seed innovation can materially improve productivity and food security. These are practical solutions, not abstract ideas.”

Helping the little guy

Dr Arjoon is particularly focused on smaller enterprises. “The big fish in business often have the networks and advisory capacity to navigate international markets. Many of our Small and Medium Enterprises do not.”

India’s scale and regulatory complexity can be daunting. “Without institutional support, it is intimidating,” he acknowledged. “That is precisely why the TTIBF was designed to lower those barriers.”

He is building direct pipelines to bodies such as the Federation of Indian Chambers of Commerce and Industry (FICCI) and other export councils. “We want curated introductions, credible market intelligence, and structured engagement for smaller players.”

Trade missions will be deliberate rather than symbolic. “Our entrepreneurs will not just walk trade show floors. They will walk into pre-arranged meetings with clear commercial objectives. At the end of the day, deals are done face-to-face.”

He pointed to India’s expanding venture capital ecosystem. Indian investors are actively seeking emerging market opportunities. If a young local tech entrepreneur has a viable product, “we want to ensure that capital sees that potential.”

“The Federation will maintain a rhythm of quarterly business forums and sector-specific roundtables,” he stressed. “Commercial relationships are built through sustained, consistent contact, not one-off ribbon-cutting ceremonies.”

Commerce over conversation

Reflecting on the Federation’s origins, Arjoon emphasised that it was not born from a single flash of inspiration.

“It grew out of sustained discussions and shared conviction, with a group of businessmen, and India’s High Commissioner, Pradeep Singh Rajpurohit,” Arjoon said.

“For me, this is rooted in years of studying our economy’s vulnerabilities,” he explained. “Being overly dependent on a few narrow markets and commodities is a risk we can no longer afford.”

He accepted the presidency, he indicated, because India represents “a strategic opportunity to shift the trajectory of our national development” and because “we must be at the table as the global economic order evolves.”

Public policy alignment is also emerging. Satyakama Maharaj, Minister of Trade, Investment and Tourism, confirmed that a Partial Scope Trade Agreement with India is being pursued to reduce tariff barriers and encourage joint ventures, laying the groundwork for investment, employment and technology transfer.

Arjoon also highlighted Rajpurohit’s endorsement of deeper economic engagement. The High Commissioner underscored the scope to elevate a longstanding partnership into a more robust commercial relationship, noting that while trade currently sits in the hundreds of millions of US dollars, engagement between economies of this scale should ultimately be measured in billions.

“The objective is to convert historical kinship into a high-performance economic engine,” Arjoon concluded. “Our job is to identify, connect, and advocate in a sustained, professional manner. Indian private capital is searching for stable, English-speaking jurisdictions. We meet those criteria.”

By building direct institutional pipelines and supporting modernised tax and customs frameworks, he added, “we can move from conversation to commerce and build bridges that transform shared history into shared prosperity.”

Trade and Investment Minister, Satyakama Maharaj, says Trinidad and Tobago is open for business.

Speaking at the launch of the Trinidad and Tobago India Business Federation he said the country is already benefiting from growing partnerships with India and noted the federation comes at a time of shifting global markets.Trade and Investment Minister, Satyakama Maharaj, says Trinidad and Tobago is open for business.

Speaking at the launch of the Trinidad and Tobago India Business Federation he said the country is already benefiting from growing partnerships with India and noted the federation comes at a time of shifting global markets.

 

 

 

 

EU-LAC Social Accelerator/ Third-Party Financial Support Call

Caribbean Export via gmail.mcsv.net

Tue, Jan 20,

We are pleased to inform that, within the framework of the EU-LAC Social Accelerator Programme, financed by the European Union through the Global Gateway Investment Agenda, the Third-Party Financial Support Call for Proposals has been officially launched.

This initiative aims to strengthen social innovation and support projects with a direct impact on reducing inequalities and fostering social cohesion across Latin America and the Caribbean. The call is open to non-profit organization corsortia/partnerships legally established in Latin America and the Caribbean or in European Union Member States.

Eligible applicants include civil society organizations, sectoral associations, cooperatives and social enterprises, innovation centers, local authorities, universities, and local public entities.

Each proposal must be submitted in partnership, promoting collaboration among organizations from different sectors and EU-LAC countries, and must include at least one entity established in Latin America or the Caribbean.

Proposals must be aligned with the EU-LAC Global Gateway Investment Agenda, from its social dimension, and contribute to a green, digital, fair, and inclusive transition. Priority will be given to initiatives with a demonstrative effect that are already in an acceleration or implementation phase and that provide evidence of impact in areas such as gender equality and youth empowerment, social innovation, and human rights within the private sector. Special consideration will be given to proposals that apply intersectional approaches and directly benefit women, youth, and vulnerable groups.

From a financial perspective, the call has a total budget of EUR 1.8 million, with grants per project ranging from EUR 100,000 to EUR 250,000, and an expected implementation period of 18 to 24 months.

The deadline for submission is 8 April 2026 at 16:00 (local time), as indicated in the official guidelines.

For more information and direct access to the application platform, please consult the following official links:

Calls for Proposals: https://eulacsocialaccelerator.cainco.org.bo/publico/convocatorias

Applicant Registration: https://eulacsocialaccelerator.cainco.org.bo/publico/registro_postulante

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