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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). “