A delegation led by the Trinidad & Tobago Minister of Energy, Honourable Stuart Young, and joined by representatives from bp, visited Venezuela recently to discuss the development of cross border gas fields.
The Ministry of Energy indicated that the delegation from T&T engaged with teams of the Ministry of Popular Power for Petroleum of the Bolivarian Republic of Venezuela under the leadership of H.E. Rafael Tellechea, Minister of Popular Power for Petroleum and Vice Minister Juan Santana.
The delegations met in Caracas to commence engagement, discussions and negotiations related to the cross border Manakin-Cocuina field. The presentations and discussions including the exchange of technical information and negotiation of legal terms and conditions, were aimed at advancing the development of the gas field.
bp confirmed in a statement that it is in discussions with the Government of Trinidad and Tobago and the Bolivarian Republic of Venezuela on the potential development of gas resources in the Manakin-Cocuina field.
In 2015, the governments of Trinidad and Tobago and Venezuela signed a Unitisation Agreement for the exploitation and development of hydrocarbon reservoirs of the Manakin-Cocuina field that extends across the delimitation line between the Republic of Trinidad and Tobago and the Bolivarian Republic of Venezuela. bp has a working interest in, and is the operator of the Manakin field. The Unitization Agreement established legal principles and procedures for the development of unitized gas reservoirs in the Manakin-Cocuina field.
The Manakin block was discovered in 1998 and is a cross border reservoir field within the Venezuelan reservoir, Cocuina. The Manakin field, on the T&T side of the boundary, is already licensed to bpTT (block 5b). Manakin was declared commercial in January 2018. All activities by bp relating to the development of the Manakin-Cocuina field came to a halt in 2019 due to the US-imposed sanctions. General Licence No. 44 issued by the US Office of Foreign Assets Control (‘OFAC’) in October 2023 has allowed for the temporary resumption of activities relating to the joint development of the unitized Manakin-Cocuina field for the duration of its term. It is under the terms of this temporary license that bp has resumed discussions relating to the potential for development of the unitized field.
In their statement, bp added that it remains committed to complying with all sanction requirements.