BP Signs Agreement to Sell 20% Interest in Manakin Gas Field to Trinidad and Tobago NGC

en.Wedoany.com Reported - On August 10, UK energy company BP signed an equity transaction agreement with the National Gas Company of Trinidad and Tobago (NGC), under which BP will sell a 20% interest in the Manakin block to NGC. The block is located in the waters of Trinidad and Tobago and forms part of the cross-border Cocuina-Manakin natural gas field on the country's side.

The Cocuina-Manakin natural gas field spans the maritime border between Trinidad and Tobago and Venezuela, with proven natural gas reserves of approximately 1 trillion cubic feet. Of this, about 66% of the resources are located in the Manakin block on the Trinidad and Tobago side, while the remainder is in Block 4 of Venezuela's Deltana offshore platform, known as the Cocuina block.

NGC previously held a 20% interest in the Cocuina block on the Venezuelan side, with BP holding the remaining 80%. Upon completion of this transaction, NGC will also hold a 20% interest in the Manakin block on the Trinidad and Tobago side, thereby gaining upstream interests on both sides of this cross-border gas field.

In July 2024, Venezuela granted BP and NGC a 20-year exploration and production license for the Cocuina block, following which both parties conducted seismic surveys and data evaluation of the cross-border gas field. In 2026, project development efforts were resumed, and this equity transaction in the Manakin block further adjusts the interest structure of BP and NGC on both sides of the gas field.

Under the natural gas sales arrangement reached between BP and NGC, of the future natural gas produced by the Cocuina-Manakin project, 70% will be supplied to the Atlantic LNG liquefied natural gas facility, with the remaining 30% used for petrochemical production. Atlantic LNG's shareholders include BP, Shell, and NGC, with shareholdings of 45%, 45%, and 10%, respectively.

The Cocuina-Manakin project is currently advancing toward a final investment decision, which is expected to be completed by the end of 2026. Only after the final investment decision is made can the project parties further determine the development plan and subsequent construction arrangements.