Young: Venezuela-US politics will not affect energy agreements

ENERGY Minister Stuart Young has expressed confidence that energy agreements between Trinidad and Tobago and Venezuela will not be negatively affected by the internal politics in the South American nation or in the US.

Young did so during a tour of the National Energy Skills Centre's drilling academy in Ste Madeleine on August 6.

On July 29 Venezuela's National Electoral Council (CNE) said with 80 per cent of the votes in the July 28 presidential election counted, President Nicolas Maduro had claimed 51 per cent of those votes, beating his main opponent, Democratic Unitary Platform (PUD) candidate Edmundo González Urrutia, who received 44 per cent.

Regionally and internationally, there have been mixed reactions as to whether or not the election results should be accepted. US Secretary of State Antony Blinken has said his country recognises González as the election winner, citing "overwhelming evidence" that he received more votes.

The US will hold its presidential election in November.

Young said while TT should pay attention to what is happening in Venezuela, there were other things to consider.

"As the Prime Minister has said and I saw the president general of the UN Assembly say as well, in today's newspapers, these are efforts that you have non-intervention, non-interference into the domestic (politics), what is going on domestically in Venezuela."

With respect to TT's energy agreements with Venezuela, Young said, "What I can tell you is we have a 30-year licence for (the) Dragon (field). We have a 20-year licence for Cocuina-Manakin. Those are significantly lengthy licences.

"I am almost certain, having negotiated many of these deals etc, that the licences and all of the commercial terms and conditions of these licences can stand up to any scrutiny by anyone, anywhere in the world."

Young said these agreements were beneficial to the people of TT and Venezuela.

"So from that perspective, a commercial perspective, there is very, very little concern on my part."

Young said people claiming the agreements could be in jeopardy because of events arising out of Venezuela's election had no clue what they were talking about.

"They don't know what are the commercial terms. We in TT have negotiated, especially in the last few years, commercial terms across the globe."

He identified the restructuring of Atlantic LNG (ALNG) as an example of one such negotiation. That negotiation last year has resulted in TT having shares in all four of ALNG's trains instead of only two.

Young said government is monitoring what is happening in Venezuela, but will not interfere, take sides or cast any aspersions with respect to Venezuela's internal politics.

Young said government takes a similar position with respect to the US presidential election.

He reminded the media of the multiple trips made by Dr Rowley and himself to Washington, DC, during the last nine years to meet with Democrat and Republican representatives on matters affecting TT, including energy security.

"On behalf of TT, we work very hard to have relationships on both sides of the aisle (in the US) and we remain engaged with both sides of the aisle as any responsible government should do."

Young said government has never "come out and take(n) one side or the other."

He repeated that TT is the only country to have received the licences it has for Dragon and Cocuina-Manakin from OFAC (Office of Foreign Assets Control – the financial intelligence and enforcement agency of the US Treasury Department).

Young said there is a need to be cautious about narratives emerging about Venezuela's elections and its sources.

He remained optimistic that the first supply of natural gas from Dragon would happen in 2027.

"The truth is there is uncertainty, but what I can tell you is that we are doing our part. Just last week, we delivered to Venezuela – ourselves and Shell – delivered the developmental plans for Dragon."

Young said a vessel has been retained to survey the Dragon field and BP is at work on Cocuina-Manakin.

"We are doing the work. The sooner that gas can come to market in TT, the better for all of us."