Supermajor BP has agreed to sell a 20% stake in the Trinidad portion of the cross-border Cocuina-Manakin gas field to the National Gas Company of Trinidad and Tobago (NGC), according to Splash247. The deal covers BP's interest in the Manakin block, which holds the Trinidad side of a field estimated to contain about 1 trillion cubic feet of gas.
Deal structure and ownership
Under the agreement, BP will transfer a 20% interest in the Trinidad portion of the Cocuina-Manakin field to NGC. NGC already holds a 20% stake in the Cocuina section on the Venezuelan side, following a 20-year licence granted in 2024, according to the report.
- BP sells a 20% stake in the Manakin block to NGC.
- NGC holds a 20% stake in the Cocuina section on the Venezuelan side of the field.
- The Trinidad side of the reservoir is estimated to hold about 1 trillion cubic feet of gas.
NGC rationale for taking Trinidad side equity
NGC chairman Gerald Ramdeen told Reuters the state company did not want to hold equity only on the Venezuelan side when two-thirds of the resource lies in Trinidad waters.
The reported comments highlight NGC's focus on securing equity in the Trinidad waters, where the majority of the resource lies.
Cross-border field and unitisation framework
The Cocuina-Manakin field straddles the maritime border between Trinidad and Tobago and Venezuela. A 2015 unitisation agreement between the two governments set the framework for joint exploitation of the reservoir.
BP confirmed earlier this year that it was seeking OFAC approval to proceed with the cross-border development.
Gas marketing and offtake agreement
BP and NGC have also agreed to market 70% of the gas from Cocuina-Manakin to Atlantic LNG, which operates Latin America's largest LNG export terminal at Point Lisas. The remaining 30% is earmarked for petrochemical use.
Gas offtake allocation
| Allocation | Share |
|---|---|
| LNG marketing to Atlantic LNG | 70% |
| Petrochemical use | 30% |
Atlantic LNG ownership structure
| Shareholder | Stake |
|---|---|
| BP | 45% |
| Shell | 45% |
| NGC | 10% |
BP owns 45% of Atlantic LNG, NGC holds 10%, while Shell owns the other 45%, according to Splash247.
Development timeline and regulatory path
Development of the field is expected by the end of 2026, according to Splash247. The project remains subject to regulatory clearances, including the OFAC approval BP has been seeking since earlier this year to proceed with the cross-border development.
Implications for commodity market participants
The transaction gives NGC equity on both sides of the cross-border reservoir, with two-thirds of the resource located in Trinidad waters. For LNG traders and petrochemical feedstock buyers, the offtake agreement channels 70% of the gas from Cocuina-Manakin to Atlantic LNG at Point Lisas and 30% to petrochemical use. The field is estimated to contain about 1 trillion cubic feet of gas, a key supply metric for the project.
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