BP Secures MoU to Develop 1 Tcf Cocuina-Manakin and Loran Gas Fields
BP signed a memorandum of understanding with Venezuela’s government to develop the Cocuina-Manakin offshore gas field and explore the Loran field, targeting over one trillion cubic feet of gas for Trinidad’s LNG exports via Block 5b. The agreement reactivates BP’s presence on the Deltana Platform as Venezuela reopens to foreign investors.
1. Memorandum of Understanding Details
BP and the Venezuelan government signed an MoU to jointly develop the Cocuina-Manakin offshore gas field straddling the Venezuela–Trinidad and Tobago maritime border, with an extension covering exploration in the adjacent Loran field. The nonbinding agreement outlines technical collaboration, shared benefits and a framework for future commercial terms.
2. Field Potential and Development Plans
The Cocuina-Manakin reservoir contains over one trillion cubic feet of recoverable gas, with BP’s Trinidadian subsidiary already operating the adjacent Block 5b section. BP intends to secure a U.S. export license and integrate the field’s output into existing liquefied natural gas facilities in Trinidad, enhancing regional export capacity.
3. Strategic Context and Financial Position
This MoU marks BP’s return to the dormant Deltana Platform following renewed political engagement by Venezuela’s interim leadership. It follows BP’s Q1 2026 net profit surge to $3.8 billion, underscoring strong financial footing for large-scale offshore investments.