BP in talks with Trinidad, Venezuela on joint gasfield

PORT OF SPAIN, March 15, 2024 – UK energy giant BP is in talks with Venezuelan and Trinidadian authorities on the development of the Manakin-Cocuina offshore gasfield, Reuters reported on Thursday.

The Manakin-Cocuina field straddles the border of Venezuela’s Block 4 and Trinidad’s Block 5b. It holds estimated reserves of 28.3 bcm (1 tcf) of natural gas.

“BP can confirm that it is in discussions with the government of Trinidad and Tobago and the Bolivarian Republic of Venezuela on the potential development of gas resources in the Manakin-Cocuina field,” the company said in a statement to Reuters.

The company’s development of the field would be in step with the USA’s recent relaxing of sanctions on Venezuela. This move is under threat, however, with US officials saying last month the sanctions on the oil and gas sector could be reimposed following the banning of an opposition candidate.

Co-operation with Venezuela on gas developments is a pillar of Trinidad and Tobago’s policy to address gas shortages that have hampered industry in the country for years. The shortages have affected the petrochemicals sector in particular, as well as forcing the flagship 15-million-tpy Atlantic LNG plan to idle one of its four trains since 2020.

BP and Shell are the largest shareholders in the Atlantic LNG plant.

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