TTNGL says the decision by the US government to revoke the licences regarding the exploration of gas fields in Venezuela, has resulted in an after after tax loss of $35.8 million.

“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 TT (NGC),” the company’ said in its condensed interim financial statements for the six months ended June 30.