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Market Chatter: Trinidad's NGC Eyes 20% Stake in BP-Linked Venezuela Gas Project

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Trinidad and Tobago's National Gas Company could acquire a 20% interest in the Venezuelan portion of the Cocuina-Manakin gas project from BP (BP), Reuters reported Monday, citing two sources familiar with the matter.

The deal would come less than four months after Venezuela granted BP a license to develop the field, while Prime Minister Kamla Persad-Bissessar is expected to announce the agreement Monday, the sources said.

The Cocuina-Manakin field holds 1 trillion cubic feet of gas and spans the Trinidad and Tobago-Venezuela maritime boundary, with NGC owning 20% of Manakin. BP and NGC also agreed to market 70% of output to Atlantic LNG.

BP and NGC did not immediately reply to' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumors and speculation. Accuracy is not guaranteed.)

Price: $42.90, Change: $+1.27, Percent Change: +3.04%

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