BP suspends talks with Venezuela on gas field development project [Yahoo! Finance]
BP p.l.c. (BP)
Last bp p.l.c. earnings: 4/29 04:01 pm
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Source: Yahoo! Finance
This decision follows the expiration of a US licence that allowed operations in Venezuela. A bp spokesperson said the company is awaiting legal clearance to resume talks with Venezuelan authorities. The company was quoted by the news agency as saying: “With the expiration of OFAC's general license #44 in April 2024, BP has paused all discussions on the Manakin-Cocuina development.” Earlier this year, the news agency reported that bp was in talks with the governments of Venezuela and Trinidad and Tobago regarding the development of Manakin-Cocuina. Situated along the maritime border of Venezuela and Trinidad, the field is estimated to hold more than 1tcf of reserves. BP's interest in expanding its natural gas operations in Trinidad is driven by a significant decline in production. Over the past five years, gas output has dropped by 45%, from 2.2 billion cubic feet per day (bcf/d) to around 1.2bcf/d. The company holds a 45% stake in Trinidad's Atlantic LNG processing facili
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