BP Sells Stake in Venezuelan Gas Field to Trinidad's NGC
BP has agreed to sell a 20% stake in the Venezuelan portion of the Cocuina-Manakin natural gas field to Trinidad and Tobago's National Gas Company (NGC). The deal comes less than four months after Venezuela granted BP a license to develop the field.
The Cocuina-Manakin field, which contains 1 trillion cubic feet of natural gas reserves, straddles the maritime boundary between Trinidad and Tobago and Venezuela. NGC already holds a 20% stake in the Manakin portion on the Trinidad side.
BP and NGC have agreed to market 70% of the project's gas to Atlantic LNG, which operates Latin America's largest liquefied natural gas export facility. Development at Cocuina-Manakin is progressing toward a final investment decision, expected by the end of the year.