-- BP (BP) on Wednesday signed a memorandum of understanding with Venezuela to develop the Cocuina-Manakin gas field near Trinidad and Tobago.
The agreement was signed in Caracas with the Venezuelan government, establishing potential areas for co-operation in material offshore gas and future exploration, the company said in response to aninquiry.
The MOU was signed during a senior BP delegation visit to Venezuela this week, led by BP Executive Vice President William Lin, the company said.
Under the agreement, the energy firm will take the lead in developing the Cocuina-Manakin field near the Trinidad and Tobago border while assessing additional exploration prospects in the Loran offshore block, according to media reports.
The partnership also reportedly covers joint work on exploration and gas commercialization in the Loran area, where interest from other global players, including Shell (SHEL), continues to build.
Venezuela has accelerated efforts to attract foreign operators, signing new agreements with companies such as Eni (E) and Repsol to expand upstream production capacity, multiple media outlets reported.
The MOU sets out cooperation across gas development and future exploration projects, with state-owned Petroleos de Venezuela included in the arrangement.
Lin reportedly said the company is strengthening its footprint in the country by establishing a permanent office in Caracas.
The agreement follows a major energy conference in Caracas that drew global investors, as companies advance long-term plans, including gas export projects expected to begin around 2031.
BP plans to channel over 1 trillion cubic feet of gas from the field into Trinidad for processing into liquefied natural gas exports, strengthening regional supply chains, the reports added.
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