BP and Shell are applying for U.S. Office of Foreign Assets Control licences to begin extracting natural gas from offshore fields shared by Trinidad and Tobago and Venezuela, Trinidad’s Energy Minister Roodal Moonilal said on Wednesday.
Shell is seeking approval to develop the Loran-Manatee discovery, which holds around 10 trillion cubic feet of gas spanning both countries’ maritime zones.
BP’s licence application targets the Cocuina-Manakin field, whose Venezuelan section is part of the dormant Plataforma Deltana offshore project with about 1 trillion cubic feet of proven reserves.
Because U.S. sanctions bar energy deals with Venezuela’s oil sector, companies need Washington’s authorisation to operate these cross-border projects.
Trinidad and Tobago, Latin America’s largest exporter of liquefied natural gas, has seen slower progress in joint gas ventures with Venezuela amid shifting U.S. policy in recent years.
Last October, the U.S. granted Shell and Trinidad a licence to develop the nearby Dragon gas field, aiming to start production around late 2027 at about 350 million cubic feet per day.
The Dragon field is one of Venezuela’s largest gas deposits and is expected to help offset Trinidad’s declining domestic reserves once online.
Moonilal said Trinidad would assist companies with their U.S. applications, citing strong diplomatic ties and renewed U.S. engagement in Venezuela’s energy sector after recent political changes there.
Officials hope successful licensing will unlock long-stalled projects and secure supplies for Trinidad’s LNG, ammonia and methanol industries.
Trinidad also aims to position itself as a leader in a new Caribbean energy landscape, including cooperating with neighbouring producers such as Suriname, Guyana and Grenada.