BP Halts Development Talks on Manakin-Cocuina Gas Project [Yahoo! Finance]
BP p.l.c. (BP)
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Source: Yahoo! Finance
The decision follows the expiration of a crucial U.S. license in April 2024, which previously permitted some level of engagement with the Venezuela government under sanctions. The Manakin-Cocuina field, boasting an estimated reserve of 1 trillion cubic feet, has been a focal point of discussions between BP, Venezuela, and Trinidad this year. However, the cessation of the U.S. Office of Foreign Assets Control's general license 44, which allowed certain transactions with Venezuela's energy sector, has forced BP to temporarily freeze these talks. BP's interest in the region is part of its broader strategy to boost natural gas production in Trinidad, where it has witnessed a significant decline. From a high of 2.2 billion cubic feet per day (bcf/d) five years ago, the production levels have plummeted 45% to just 1.2 bcf/d. The decline in production has led to operational adjustments at the Atlantic LNG gas-processing plant in Trinidad, in which BP holds a 45% stake. The facility, c
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