BP Seeking OFAC License for Venezuela/Trinidad Gas Field

  • BP p.l.c (BP)[1] is seeking a license from the U.S. government to develop its Manakin-Cocuina gas field that crosses the border between Trinidad and Tobago and Venezuela, its interim CEO Carol Howle told Reuters. Since the capture by the U.S. of Venezuela's former President Nicolas Maduro, several energy companies have been seeking to move forward with their projects in the South American country, including Shell with its Dragon and Manatee projects and BP with Manakin.
  • BP intends to develop the field to bring more than 1 trillion cubic feet of gas to Trinidad to convert into liquefied natural gas for export. The company owns 45% of Trinidad's flagship Atlantic Liquefied Natural Gas (LNG) plants, which was 15% of BP's total LNG production in 2025, data from financial firm LSEG show.
  • BP requires a license from the U.S. government to produce the Field, given continued U.S. sanctions against Venezuela's state-owned company, Petróleos de Venezuela (PDVSA), which operates on the Venezuela side of the border. The company originally had an Office of Foreign Assets Control (OFAC) license from the U.S. and a license from Venezuela to develop the Field, but it was cancelled by the Trump administration in 2025.
  • Although the developments on the ground in Venezuela remain fluid, neighbouring Trinidad and Tobago stands to benefit from Nicolás Maduro’s US-orchestrated ouster. With Prime Minister Kamla Persad-Bissessar offering her support for the U.S. military’s Caribbean deployment previously, relations with Washington have strengthened, and the U.S. has pledged bilateral security and energy partnerships. This therefore improves the prospects for energy projects, providing a tailwind for Trinidad and Tobago’s energy sector.

(Sources: Reuters & BMI, A Fitch Solutions Company)

 

[1] BP p.l.c., an integrated energy company, engages in the oil and gas business worldwide. The company operates through Gas & Low Carbon Energy, Oil Production & Operations, and Customers & Products segments.