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In the wake of the revocation of T&T’s OFAC licences to explore gas fields in Venezuelan waters, Trinidad and Tobago NGL (TTNGL) has reported a loss after tax of $35.8 million.
In the company’s condensed interim financial statements for the six months ended 30 June 2025, TTNGL stated, “Following the announcement of the revocation of licences issued by the Office of Foreign Assets Control (OFAC) of the US Department of Treasury, regarding the exploration of gas fields in Venezuela, management has relooked its impairment assessment of the company’s shareholding investment in the Phoenix Park Gas Processors Ltd (PPGPL) group. This review was conducted based on the assessed most likely outcomes and risks associated with updated inputs and cash flows provided by PPGPL and the National Gas Company of Trinidad and Tobago.
“This assessment resulted in the recognition of an impairment loss of 85.2 million and consequently a loss after tax of $35.8 million (2024: profit after tax of $46.7 million). “
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