What specific gas fields is BP agreeing to develop or explore in Venezuela under the new memorandum of understanding?

BP is agreeing to develop the Cocuina-Manakin gas field—located on the maritime border between Venezuela and Trinidad and Tobago—and to explore joint opportunities in the offshore Loran gas field, as stated in the memorandum of understanding signed with Venezuela's interim government.

Why does Venezuela describe BP's return as a 'milestone' for its national energy industry?

Venezuela describes BP's return as a milestone because it reactivates the multinational’s presence in key areas of the inactive Deltana Platform—specifically the Venezuelan side of the Cocuina-Manakin field—and marks a broader reopening of its oil and gas sector to foreign investment following the ouster of Nicolás Maduro, with BP’s involvement symbolizing renewed international cooperation and confidence in the country’s energy future.

BP Signs Agreement with Venezuela to Develop Offshore Gas Fields

Apr 29, 2026

BP signed an MOU with Venezuela to develop offshore gas fields including Cocuina-Manakin and Loran. The deal targets supplying over 1 trillion cubic feet of gas to Trinidad for liquefied natural gas export.

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