Venezuela and BP have formalized a strategic agreement to develop the Cocuina-Manakin gas field, a cross-border offshore deposit that marks the company’s significant return to the country. The partnership, announced by Acting President Delcy Rodríguez, aims to leverage advanced technical expertise to tap into the country’s vast gaseous hydrocarbon reserves on the Deltana Platform, a move expected to bolster Venezuelan energy independence while positioning the country as a more assertive player in the regional energy market.
Cocuina, which on the Venezuelan side is part of the inactive Deltana Platform project, extends into Trinidad, where a BP subsidiary operates it as Block 5b.
Rodríguez signaled the start of a new chapter in diplomatic and commercial relations by welcoming the opening of a BP office in Caracas. In a move of symbolic significance, the headquarters will be led by a Venezuelan national. "BP’s return is a clear demonstration of the future we aim to forge for Venezuela and its international energy relations," Rodríguez said, calling for cooperation based on shared benefits and the development of the Venezuelan people.
Venezuela has recently signed exploration and other deals with several international producers, including Italy's Eni and Spain's Repsol, as it opens its oil industry to foreign investment.
According to reporting from Reuters, William Lin, BP's executive vice president for gas and low carbon energy, said the company was pleased to be partners with Venezuela on the exploration of the Loran area, as well as on other projects, including the commercialization of gas. Shell has also expressed interest in Loran.