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Venezuela Signs Natgas Production Deal with BP & Trinidad

NATGAS

Venezuela Signs Natgas Production Deal with BP & Trinidad

Venezuela issued a 20-year natural gas production license to BP and Trinidad’s National Gas Company July 24, Bloomberg said.

  • The license allows BP and NGC to extract and export natural gas from Venezuela’s offshore Cocuina field.
  • The production estimate is around 400 mcm/d, 25% of which will go to Trinidad’s petchem sector and the remainder used for LNG liquefaction.
  • The Cocuina field has reserves of around 1 Tcf, 34% of which belong to Venezuela, Bloomberg said.

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