The United States has revoked two critical licences that allowed the development of offshore natural gas projects between Trinidad and Tobago and Venezuela.
This decision forces Shell, BP, and Trinidad’s National Gas Company to halt operations on key gas fields by May 27, disrupting plans to secure future natural gas supplies in the region.
These licences had permitted exploration and export of gas from Venezuela’s reserves along the shared maritime border.
The projects were vital for Trinidad’s effort to offset declining natural gas reserves, while offering Venezuela a chance to monetize its large but untapped gas resources despite enduring US sanctions.
The revocation is part of a broader US policy tightening against Venezuela, affecting major energy companies and deepening the challenges for regional cooperation in energy development.
Venezuelan officials criticize the move as economic warfare, underscoring the political tensions driving the decision.