BP Seeks U.S. License to Develop Cross-Border Gas Field with Venezuela

Company aims to tap over 1 trillion cubic feet of gas to feed Trinidad's LNG exports

Published on Feb. 10, 2026

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BP is seeking a license from the U.S. government to develop its Manakin-Cocuina gas field that crosses the border between Trinidad and Tobago and Venezuela. The company wants to bring more than 1 trillion cubic feet of gas from the field to Trinidad to convert into liquefied natural gas for export. BP owns 45% of Trinidad's flagship Atlantic LNG plants, which accounted for 15% of its total LNG production in 2025.

Why it matters

The development of the Manakin-Cocuina field could help alleviate Trinidad's natural gas shortage and boost its LNG and petrochemical exports. However, BP requires a U.S. license to proceed due to ongoing sanctions against Venezuela's state-owned oil company PDVSA, which operates on the Venezuelan side of the border.

The details

BP originally had an OFAC license from the U.S. and a license from Venezuela to develop the field, but it was canceled by the Trump administration in 2025. Now, the company is seeking a new license from the U.S. government to move forward with the project, which could unlock over 11 trillion cubic feet in proven reserves shared between Trinidad and Venezuela.

  • BP originally had licenses to develop the Manakin-Cocuina field, but they were canceled in 2025.
  • BP is now seeking a new license from the U.S. government to develop the cross-border gas field.

The players

BP

A major international oil and gas company that owns a 45% stake in Trinidad's Atlantic LNG plants.

Carol Howle

BP's interim CEO who confirmed the company is seeking a U.S. license to develop the Manakin-Cocuina gas field.

PDVSA

Venezuela's state-owned oil company, which operates on the Venezuelan side of the Manakin-Cocuina gas field.

Trinidad and Tobago

The Caribbean nation that shares the Manakin-Cocuina gas field with Venezuela and is seeking to develop cross-border fields to boost its natural gas supply.

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What they’re saying

“Look, our interest is in the Manakin-Cocuina field, which is a cross border field between Trinidad and Venezuela. So we're working on obtaining the license for that, and that's really our priority at the moment.”

— Carol Howle, Interim CEO, BP (Reuters)

What’s next

BP will need to obtain the necessary license from the U.S. government's Office of Foreign Assets Control (OFAC) in order to proceed with developing the Manakin-Cocuina gas field that straddles the border between Trinidad and Venezuela.

The takeaway

The development of the Manakin-Cocuina gas field could be a win-win for both Trinidad and BP, providing much-needed natural gas to boost Trinidad's LNG and petrochemical exports while also expanding BP's LNG production capacity. However, the project remains contingent on BP securing the required U.S. government approval due to ongoing sanctions against Venezuela.