BP Sells Stake in Cocuina-Manakin Field to Trinidad National Gas Company

BP has agreed to sell a 20% stake in the Trinidad portion of the Cocuina-Manakin natural gas field to National Gas Company (NGC), a deal announced on Monday. The stake is part of a larger cross-border gas field that straddles the maritime boundary between Trinidad and Tobago and Venezuela, with reserves estimated at 1 trillion cubic feet.

The Cocuina-Manakin field will see NGC take control of its Trinidad side, while BP retains a 20% stake in the Venezuelan portion. This is part of NGC's strategy to gain upstream stakes in gas projects across the country, allowing them to produce and sell gas at reasonable prices.

BP has been granted a license by Venezuela to develop the field, with development progressing toward a final investment decision expected by the end of this year. The remaining 30% of produced natural gas will be used in petrochemicals.