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

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(Updates with BP's response in the 3rd paragraph.)

BP (BP) said it has agreed terms for National Gas Company of Trinidad and Tobago to acquire a 20% interest in Block 5(b), which contains the Manakin field, the energy major confirmed in an emailed response toon Tuesday.

NGC could acquire a 20% interest in the Venezuelan portion of the Cocuina-Manakin gas project from 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.

NGC did not immediately reply to' request for comment.

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