USA greenlights Trinidad-Venezuela gas project

PORT OF SPAIN, May 30, 2024 – BP and the National Gas Company of Trinidad and Tobago Limited (NGC) have secured a licence from the US government to proceed with a key gas project with Venezuela, Reuters reported on Thursday.

The companies will develop the Cocuina-Manakin gasfields – which hold around 1 tcf in gas reserves – in partnership with Venezuela. The fields straddle Venezuelan and Trinidadian territorial waters.

The news follows US authorities’ October extension until 2025 of a licence for Shell and NGC to develop the Dragon gasfield in Venezuelan waters. The project will see gas exported to Trinidad, which is seeking feedstock to support its LNG and petrochemicals industries.

In September, the governments of Venezuela and Trinidad and Tobago reached and agreement on sharing profits from the Dragon development.

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