What is the significance of BP selling a 20% stake in the Venezuelan portion of the Cocuina-Manakin gas field to Trinidad and Tobago's NGC?

BP has agreed to sell a 20% stake in the Venezuelan portion of the cross-border Cocuina-Manakin natural gas field to Trinidad and Tobago's state-owned National Gas Company (NGC), less than four months after Venezuela granted BP a license to develop the field; the field contains 1 trillion cubic feet of natural gas reserves and straddles the maritime boundary between the two countries, with Cocuina forming part of Venezuela's undeveloped Deltana Platform gas project.

How will the gas produced from the Cocuina-Manakin field be allocated, and what role does Atlantic LNG play?

BP and NGC have agreed to market 70% of the project's gas to Atlantic LNG — Latin America's largest liquefied natural gas export facility — which has struggled recently due to declining domestic natural gas supplies in Trinidad, constraining output and forcing the closure of one of its four trains; the remaining 30% of produced gas will be used in petrochemicals, and BP holds a 45% stake in Atlantic LNG, NGC holds 10%, and Shell holds the remaining 45%.

BP to sell 20% stake in Venezuela's Cocuina gas field to Trinidad's NGC, sources say

Aug 10, 2026

BP has agreed to sell a 20% stake in Venezuela's Cocuina gas field to Trinidad's NGC, with output destined for Atlantic LNG and petrochemicals. The project involves 1 trillion cubic feet of reserves and expects a final investment decision by year-end.

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BP to sell 20% stake in Venezuela's Cocuina gas field to Trinidad's NGC, sources say