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LATIN AMERICA ADVISOR

Energy ADVISOR

A weekly publication Of the dialogue

November 7, 2025

What About the Other Companies in Venezuela?

The U.S. government last month reauthorized exports for the Dragon offshore natural gas project. Trinidadian Prime Minister Kamla Persad-Bissessar is pictured with U.S. Secretary of State Marco Rubio in September. // File Photo: U.S. State Department / Freddie Everett.

Q

  • The U.S. government has issued a new license allowing the resumption of exploration activities at the Dragon field, a natural gas project located partially in Venezuelan territorial waters that is being developed by Shell and Trinidad and Tobago’s National Gas Company (NGC), Trinidadian Attorney General John Jeremie announced Oct. 9. The news came soon after the resumption of Chevron’s export operations in Venezuela; other multinationals, including Spain’s Repsol and Italy’s Eni, have not received similar U.S. authorizations from the U.S. government to resume their oil exports, which were suspended in May. Why did the administration of U.S. President Donald Trump issue a new license for the Dragon project? Why are other firms—namely Repsol, Eni, Maurel & Prom, Reliance Industries and Vitol—yet to receive new waivers from the U.S. government? To what extent do Trump’s actions regarding multinationals’ activities in the southern Caribbean reflect the administration’s geopolitical objectives in the region?

A

Adrian Lara, principal analyst, upstream, at Wood Mackenzie: “Trinidad and Tobago’s diplomatic efforts with Washington proved instrumental in securing this license re-approval. For over a decade, the government has identified surrounding undeveloped Venezuelan offshore gas reserves as a fundamental part in its overall energy security strategy. This long-term vision required parallel negotiations—first with Venezuela’s government and PDVSA, then with the U.S. government through OFAC following 2019 sanctions…”

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ABOUT THE Energy ADVISOR

A sister publication of the Inter-American Dialogue’s daily Latin America Advisor, the weekly Energy Advisor captures fresh analysis from business leaders and government officials on the most important developments in oil and gas, biofuels, the power sector, renewables, new technologies, and the policy debates shaping the future of energy in the Western Hemisphere and beyond. 

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