Caption: Venezuela’s Minister of Oil Pedro Tellechea, left, and T&T’s Energy Minister Stuart Young
VENEZUELA has awarded a 20-year natural gas production and exploration license for the cross-border Cocuina gas field to multinational energy giant BP and Trinidad and Tobago’s National Gas Company (NGC).
The signing ceremony, held in Caracas on Wednesday, was attended by key officials from both countries, marking a significant milestone in regional energy cooperation.
Venezuela has made headlines with its recent decision to grant a 20-year natural gas production and exploration license for the Cocuina gas field to BP and Trinidad and Tobago’s National Gas Company (NGC).
The signing ceremony, which took place in Caracas, saw Energy Minister Stuart Young and bpTT president David Campbell sealing the deal with , in the presence of President Nicholas Maduro.
Young acknowledged President Maduro’s support, stressing the importance of collaboration between the two nations. The deal, facilitated by a specific license granted by the United States Office of Foreign Assets Control (OFAC) in May 2024, is set to benefit both Venezuela and Trinidad and Tobago, despite challenges posed by the expiration of OFAC General License 44.
The 20-year project will see the Cocuina gas field off the Venezuelan coast being developed for natural gas production. A significant portion of the output will be allocated to Trinidad’s petrochemical sector, with the remainder fueling the country’s LNG industry. According to a release from the Ministry, 25 % of production will supply Trinidad’s petrochemical sector and the rest will feed the T&T’s LNG industry.
The field is expected to yield an estimated 400 million cubic feet per day.
