BP Sells Stake in Manakin Gas Field to Trinidad's NGC

BP has agreed to sell a 20% stake in the Manakin portion of the cross-border Cocuina-Manakin natural gas field to Trinidad's state-owned National Gas Company (NGC).

The deal, signed on Monday, comes after Venezuela granted BP a licence to develop the Cocuina section of the field less than four months ago.

The Cocuina-Manakin field contains one trillion cubic feet of natural gas reserves and straddles the maritime boundary between Trinidad and Tobago and Venezuela.

NGC already holds a 20% stake in the Cocuina portion on the Venezuelan side, but wanted to acquire an equal share in the Trinidadian part of the field to balance its ownership.