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The business community, an economist and an energy expert call for urgent refocus on the economy, following the announcement of the revocation of the OFAC (Office of Foreign Assets Control) special licences for the Dragon and Cocuina fields being revoked by the United States government.
On Tuesday, Prime Minister Stuart Young said the government would be exploring legal options with regard to reversing the decision of the United States government. “I have been in touch with our attorneys at law in Washington, DC. There is a process for, I wouldn’t say appeal of this revocation, but there is a process for you to make an application for it not to be (revoked) or for there to be amendments and we are going to be engaged in that process on behalf of our citizens,” Young said.
T&T was initially granted an OFAC licence in January 2023, which was amended in October 2023 to facilitate payments in US dollars and was valid until October 31, 2025. That amended licence paved the way for the potential extraction of gas from Dragon field in Venezuelan waters.
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