BP has moved to re-establish its presence in Venezuela through a new agreement centered on offshore gas development, marking a notable step in the country’s renewed engagement with international energy companies. The company confirmed it will take forward development of the Cocuina-Manakin field, located along the maritime boundary with Trinidad and Tobago, while also examining joint prospects in the offshore Loran gas field. The announcement followed the signing of a memorandum of understanding between BP and Venezuelan authorities.
The deal comes as Venezuela accelerates efforts to attract foreign investment into its energy sector, having recently concluded exploration and cooperation agreements with global producers such as Italy’s Eni and Spain’s Repsol. This shift follows the ouster of President Nicolas Maduro by U.S. forces in January, a development that has opened the door for broader international participation in the country’s oil and gas industry. Within this evolving landscape, BP is positioning itself as a key participant in cross-border gas initiatives tied to regional supply and export infrastructure.
Speaking at the signing ceremony, Venezuela’s interim President Delcy Rodriguez, said, “The return of BP is a clear sign of the future we want to chart for Venezuela and for international energy relations — relationships based on respect, cooperation grounded in a win-win approach, and shared benefits that contribute to the development of the Venezuelan people.”
William Lin, BP’s executive vice president for gas and low carbon energy, said the company was pleased to be partners with Venezuela on the exploration of the Loran area, as well as on other projects, including the commercialization of gas.
The MOU also “formalized the launch of gas development at the Cocuina-Manakin field,” a gas field that crosses the border between Trinidad and Tobago and Venezuela, Rodriguez’s office said in a statement.
The field straddles the border between Venezuela and Trinidad and Tobago, with Cocuina forming part of the inactive Deltana Platform project on the Venezuelan side and extending into Trinidad, where a BP subsidiary operates it as Block 5b.
BP had earlier indicated it was seeking a U.S. government license to move ahead with development of the Cocuina-Manakin field. The company aims to unlock more than 1 trillion cubic feet of gas from the project, which would be transported to Trinidad for conversion into liquefied natural gas destined for export markets.
