BP Offloads Cocuina-Manakin Stake to NGC

BP has sold a 20% stake in the Trinidadian segment of the Cocuina-Manakin gas reservoir to Trinidad and Tobago's National Gas Company (NGC). The field, located on the maritime boundary between Trinidad and Tobago and Venezuela, is estimated to hold around one trillion cubic feet of natural gas. According to NGC chairman Gerald Ramdeen, the state-owned entity preferred not to maintain equity solely on the Venezuelan side, as two-thirds of the resource is situated within Trinidadian waters.

As part of the agreement, BP will channel 70% of the output from Cocuina-Manakin to Atlantic LNG, the operator of Latin America's largest liquefied natural gas export facility at Point Lisas. The remaining 30% is designated for petrochemical applications. BP holds a 45% ownership in Atlantic LNG, NGC possesses 10%, and Shell controls the remaining 45%. Field development is slated for completion by late 2026.