BP confirms that it has applied for an OFAC license to develop the Venezuela/Trinidad Gas Field

BP wants a license to 'develop' its Manakin Cocuina Gas Field that crosses the border between Trinidad and Tobago, Venezuela and Trinidad. This was revealed by interim BP CEO Carol Howle on Tuesday.

Shell's Dragon and Manatee project and BP's Manakin are among the energy companies that have moved forward with their plans in Venezuela since the U.S. captured former Venezuelan President Nicolas Maduro.

BP is developing the?field in Trinidad to convert more than 1 trillion cubic feet of natural gas into liquefied gas for export. BP owned 45% of Trinidad’s flagship Atlantic LNG plant in 2025. This was 15% of BPs LNG total production.

"Look, we are interested in the Manakin Cocuina field. This is a border crossing field between Trinidad, Venezuela, and Brazil. We're working to get the license, and this is our main priority right now," Howle told a reporter in a phone call.

BP needs a license to develop the field from the U.S. Government due to the continued?U.S. Sanctions against Venezuela's PDVSA state-owned firm, which operates in Venezuela.

BP had an OFAC license issued by the U.S., and a Venezuelan license to develop the field. However, the Trump administration canceled the license in 2025.

Trinidad is suffering from a natural gas shortage to power its petrochemical and LNG sectors. It is looking to develop the cross-border fields that Venezuela and Trinidad share, which together have 11 tcf of proven reserves. Reporting by Curtis Williams and Stephanie Kelly, London. Editing by Louise Heavens.

(source: Reuters)