BP

BP in talks with Venezuela and Trinidad governments to develop gas field

Credit: REUTERS/Chris Helgren

Rewrites throughout and adds background and context at paragraphs 2-8

HOUSTON, March 14 (Reuters) - BP PLC BP.L said on Thursday it was in talks with the Venezuela and Trinidad and Tobago governments to develop a gas field.

BP has been seeking to increase its natural gas production in Trinidad to feed into Atlantic LNG's liquefied natural gas export facility.

BP's gas output has fallen in the last five years by almost 1 billion cubic feet per day (BCF/D) from over 2.2 bcf/d down to 1.2 bcf/d.

"BP can confirm 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," said BP in a statement on Thursday.

On Thursday Venezuela's government posted a photograph of its oil Minister Pedro Tellechea meeting with BP's Trinidad President David Campbell and Trinidad's Energy Minister Stuart Young in Caracas.

The Manakin-Coquina field straddles both sides of the countries' borders and BP said the development talks are in keeping with an easing of U.S. sanctions against Venezuela.

The fields were unitized in 2015 but talks on the development were stalled upon imposition of U.S. sanctions in 2019 against Venezuela, said BP.

The field is estimated to contain just over 1 trillion cubic feet of natural gas.

(Reporting by Curtis Williams in Houston Editing by Chris Reese and David Gregorio)

((Curtis.Williams@thomsonreuters.com; +1 346 324 7560;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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