The Minister of Energy of Trinidad and Tobago announced that the British oil company BP and the state energy company NGC have received a two-year license from the United States Department of the Treasury to negotiate and develop the Cocuina-Manakin gas fields with Venezuela.
Although Washington last month did not renew a broad license that had allowed Venezuela to freely export its oil and receive investment, it has issued individual authorizations to companies trying to do business in the sanctioned South American country, Reuters explains in a report.
BP and NGC can now plan a project that includes an offshore reservoir with around 1 trillion cubic feet (tcf) of gas reserves stretching from Venezuela to Trinidad, Minister Stuart Young said at a news conference in Port of Spain.
This is the second authorization issued by the US for energy projects between the two countries, following a license granted in early 2023 to Shell and NGC for the development of the Dragón gas field in Venezuela.
The project would export gas to Trinidad under a license recently extended until October 2025.
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2024-07-02 12:57:36