BP Unloads Stake in Cocuina-Manakin Natural Gas Field to NGC

BP has agreed to sell a 20% stake in the Trinidad portion of the Cocuina-Manakin natural gas field to National Gas Company (NGC) of Trinidad and Tobago. The agreement is part of NGC's strategy to become a major producer of natural gas, allowing it to sell at a reasonable price.

The Cocuina-Manakin field straddles the maritime boundary between Trinidad and Tobago and Venezuela, with 66% of its reserves located on the Trinidad side. NGC already holds a 20% stake in the Cocuina portion on the Venezuelan side, following a license granted to BP less than four months ago.

NGC Chairman Gerald Ramdeen explained that the company wanted to avoid having a significant stake on one side and nothing on the other. He stated, 'We have a strategy to get a stake in the upstream in most of the gas projects so we can be a producer of gas and be able to sell it on to the users at a reasonable price.'

Under the terms of the agreement, BP will retain its 45% stake in the Atlantic LNG facility, which operates Latin America's largest liquefied natural gas export facility. The remaining 30% of produced natural gas will be used in petrochemicals.