Reuters reports BP to sell 20% stake in Venezuela’s Cocuina field to Trinidad’s NGC
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BP has agreed to sell a 20% stake in the Venezuelan part of the Cocuina-Manakin natural gas field to Trinidad and Tobago's National Gas Company (NGC), according to two sources. Prime Minister Kamla Persad-Bissessar is expected to announce the deal later on Monday. The agreement follows Venezuela granting BP a license to develop the field less than four months ago.
The Stake Sale
Two sources told Reuters that BP has agreed to sell a 20% interest in the Cocuina field to NGC. The Cocuina-Manakin field holds 1 trillion cubic feet of natural gas reserves and straddles the Venezuela-Trinidad maritime boundary. NGC already owns a 20% stake in the Manakin portion on the Trinidad side. Venezuela's oil ministry, BP, and NGC did not immediately respond to requests for comment.
Gas Market Impact
BP and NGC have agreed to market 70% of the project's gas to Atlantic LNG, operator of Latin America's largest liquefied natural gas export facility. Atlantic LNG has faced output constraints and the closure of one train due to declining domestic gas supplies in Trinidad. BP holds a 45% stake in Atlantic LNG, NGC 10%, and Shell 45%. The remaining 30% of Cocuina-Manakin gas will be used in petrochemicals.
What's Next
A final investment decision on Cocuina-Manakin development is expected by year-end. It remains unclear whether the deal will face regulatory hurdles or accelerate gas flows to the struggling LNG facility.
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Reuters reports BP to sell 20% stake in Venezuela’s Cocuina field to Trinidad’s NGC
