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BP Agrees to Sell 20% Stake in Manakin Gas Field to NGC

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Sig2.83Sen+2.52Env-1.62Soc+0.03Gov+0.72

BP and Trinidad’s NGC signed an agreement for BP to sell a 20% stake in the Manakin portion of the Cocuina-Manakin gas field, which has about 1 trillion cubic feet of reserves and straddles the maritime boundary between Trinidad and Venezuela. The deal follows Venezuela’s license to develop the field and sets 70% marketing to Atlantic LNG, with the rest for petrochemicals amid prior output constraints at Cocuina.

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