BP and Venezuela are discussing the potential development of a gas field in Trinidad and Tobago, signaling a potential boost in energy production for the region.
In a statement, BP confirmed its ongoing discussions with the governments of Trinidad and Tobago and Venezuela regarding the Manakin-Cocuina field. Venezuela’s state-owned oil company, PDVSA, announced its intention to issue a license for the exploration and development of the Venezuelan portion of the field.
BP currently holds interests in two blocks off the coast of Trinidad and Tobago, including the Manakin-Cocuina field and the Manatee block. The Manakin-Cocuina field is estimated to contain approximately 1 trillion cubic feet of natural gas, while the Manatee field could potentially hold up to eight times that amount.
For BP, the development of these fields would provide a welcome source of new gas, as the company has seen a decline in gas production over the past five years. This comes at a crucial time, as global demand for natural gas is on the rise.
The gas extracted from the Trinidad and Venezuela field would be processed at BP’s Atlantic LNG facility in Trinidad and Tobago. The facility, which is the largest LNG plant in Latin America, has been operating below capacity due to lower gas output from the island’s offshore fields. With the potential development of these new fields, the facility could see an increase in production, helping to meet growing regional energy demands.
Overall, the joint development of the Manakin-Cocuina field represents a significant opportunity for both BP and Venezuela to boost their energy production and contribute to the region’s energy security.
(Source: Oil Price | Bloomberg | Forbes)
