BP Rebalances a Borderless Gas Prize as Trinidad’s NGC Takes a Bigger Role

An important piece of the Caribbean’s energy map may be changing hands. BP has reportedly reached an agreement to sell a 20% stake in the Cocuina section of the Cocuina–Manakin gas field to Trinidad and Tobago’s National Gas Company, commonly known as NGC. The financial terms have not been disclosed, and the companies had not publicly confirmed the reported agreement at the time of writing. Details of the reported transaction

The reservoir lies beneath waters divided by an international boundary. Cocuina is on Venezuela’s side, while Manakin extends into Trinidad and Tobago’s territory. NGC already owns 20% of the Manakin section, so acquiring an interest across the border would give the state company a larger position in the field’s combined development.

The agreement arrives as Trinidad and Tobago searches for new supplies to keep its gas-dependent economy running at full strength. Atlantic LNG, the country’s flagship export complex, has experienced feed-gas shortages severe enough to leave one of its four processing units inactive.

Current plans would direct approximately 70% of the field’s production toward Atlantic LNG, where the gas could be cooled into liquid form and shipped to international buyers. The remaining 30% is expected to support petrochemical manufacturing, an industry that provides export revenue and industrial employment across Trinidad and Tobago.

BP and Shell each own 45% of Atlantic LNG, while NGC controls the remaining 10%. This ownership structure means that reviving Cocuina–Manakin could benefit all three companies while also strengthening Trinidad’s position in the global LNG market.

The project, however, remains technically and politically demanding. Developing one reservoir across two national jurisdictions requires coordinated investment, operating rules and commercial agreements. Its Venezuelan location also means that international sanctions and regulatory approvals could continue to influence the timetable.

NGC and BP were formally named as co-licensees for the Cocuina development in 2024, establishing the framework for the two sides to pursue the reservoir together. NGC’s official project background

A final investment decision is expected before the end of 2026. If the project proceeds, Cocuina–Manakin could transform an invisible resource beneath a maritime border into a new stream of fuel, export income and industrial activity for the wider Caribbean.