The U.S. Treasury Department has granted a license to Trinidad and Tobago to develop a major gas field located in Venezuelan territorial waters, a senior Biden administration official said on Tuesday, marking a further easing of some sanctions on Venezuela.
The license, issued at Trinidad's request and intended to enhance Caribbean regional energy security, means the island nation can resume doing business related to the Dragon gas field with Venezuela's heavily sanctioned state-run oil company PDVSA, the senior U.S. official told Reuters.
PDVSA has found reserves of 4.2 trillion cubic feet in the Dragon field, on the Venezuelan side of its maritime border with Trinidad. The project was headed for production over a decade ago, but stalled over lack of capital and partners, as well as sanctions. "The Vice President conveyed to the Prime Minister that the Treasury Department would take action to help meet the region's long-term energy needs," a statement from Harris' office said, referring to a call on Tuesday with Trinidad Prime Minister Keith Rowley.
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