BP has agreed to sell a 20% stake in the Manakin portion of the cross-border Cocuina-Manakin natural gas field to Trinidad and Tobago’s state-owned National Gas Company (NGC).
The agreement was signed on Monday and covers the Trinidadian side of the gas field, which lies across the maritime boundary between Trinidad and Tobago and Venezuela.
The Cocuina-Manakin field holds about 1 trillion cubic feet of natural gas reserves, with roughly 66% of the field located on the Trinidad side and the remaining portion forming part of Venezuela’s undeveloped Deltana Platform.
NGC already owns a 20% interest in the Cocuina section on the Venezuelan side after Venezuela granted BP a licence to develop the field earlier this year.
NGC Chairman Gerald Ramdeen said the company wanted an interest in the Trinidadian portion as part of its strategy to expand into upstream gas production and secure supplies for local users.
BP and NGC have agreed to market 70% of the gas produced from the project to Atlantic LNG, Trinidad and Tobago’s major liquefied natural gas export facility.
Atlantic LNG has faced declining domestic gas supplies in recent years, which have reduced production and forced the closure of one of its four processing trains.
BP owns 45% of Atlantic LNG, while Shell holds another 45% and NGC owns the remaining 10% stake in the facility.
Development of the Cocuina-Manakin project is progressing toward a final investment decision, which is expected by the end of this year, according to sources familiar with the project.
The remaining 30% of the gas produced is expected to be directed to Trinidad and Tobago’s petrochemical sector, supporting domestic industrial demand and helping strengthen the country’s gas supply.