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). “

There was more promis­ing news for the com­pa­ny via its in­vest­ment in PPG­PL, which record­ed an af­ter-tax prof­it of US$19.3 mil­lion in the six-month pe­ri­od. TTNGL’s share of the PPG­PL prof­it was $50.8 mil­lion.

NGL said that PPG­PL’s prof­it af­ter tax of US$19.3 mil­lion was dri­ven by high­er up­time op­er­at­ing ef­fi­cien­cy, a 2.4 per cent im­prove­ment in nat­ur­al gas liq­uid con­tent in the gas stream and con­tin­ued cost ra­tio­nal­i­sa­tion. This was achieved de­spite a mar­gin­al de­crease in gas vol­umes to Point Lisas for pro­cess­ing (2025: 1,013 mm­scfd vs. 2024: 1,038 mm­scfd) and Mont Belvieu prod­uct prices for 2025 re­main­ing flat year on year.”

In the state­ment, NGL said it has not been able to de­clare and pay div­i­dends to its share­hold­ers be­cause of the is­sues re­lat­ing to its im­pair­ment loss­es.

“TTNGL con­tin­ues to ex­plore the op­tions avail­able to rem­e­dy this, sub­ject to req­ui­site stake­hold­er and statu­to­ry ap­proval,” the com­pa­ny’s board said.

The com­pa­ny added, “The suc­cess of the Gov­ern­ment’s con­tin­ued com­mit­ments to fur­ther ex­plo­ration and con­tin­ued ef­forts to se­cure a new OFAC li­cense has a di­rect im­pact on the prospects for ad­di­tion­al gas vol­umes to PPG­PL. Should these ma­te­ri­alise, they can re­sult in im­prove­ments in the fi­nan­cial per­for­mance of PPG­PL and con­se­quent­ly, TTNGL. We re­main com­mit­ted to up­dat­ing share­hold­ers on these mat­ters. “