BP plc and Royal Dutch Shell have filed applications with the U.S. Office of Foreign Assets Control (OFAC) to obtain licenses that would allow them to develop the Loran‑Manatee and Cocuina‑Manakin gas fields that straddle the maritime border between Trinidad and Tobago and Venezuela. The Loran‑Manatee discovery, estimated at 10 trillion cubic feet of gas, contains 7.3 tcf on the Venezuelan side and 2.7 tcf in Trinidad. The Cocuina‑Manakin field, part of the idled Plataforma Deltana project, holds about 1 tcf of proven reserves on the Venezuelan side.
The applications are driven by the U.S. sanctions regime that blocks Venezuelan energy projects unless an OFAC license is granted. The recent U.S. military operation that captured President Nicolás Maduro and his wife on January 3, 2026, has prompted Washington to accelerate its approach to Venezuelan energy, creating a window for new projects that were previously blocked.
Shell already holds a license for the Dragon field, which is expected to produce 350 million cubic feet per day when production begins in late 2027, but an additional authorization is required for full‑scale development. BP’s Cocuina‑Manakin project had a license revoked in April 2025, so the new application represents a fresh attempt to re‑establish a foothold in the region.
Trinidad and Tobago is seeking to secure these cross‑border resources to offset declining domestic reserves and to maintain its position as the world’s largest LNG exporter. The country’s LNG and petrochemical industries rely on a steady supply of natural gas, and the new fields could provide a long‑term source that would reduce dependence on imports.
The revocation of licenses in April 2025 highlighted the volatility of U.S. policy toward Venezuelan energy. The current applications signal a shift in Washington’s stance, but the projects still face technical challenges, including subsea pipeline construction across international waters and the need for coordination with Trinidad’s existing LNG infrastructure.
Trinidad Energy Minister Roodal Moonilal said the United States is a strong ally that will support the companies’ applications, while BP’s head of Trinidad and Tobago, David Campbell, emphasized the “industrial logic” of developing resources across the border to complement the country’s underutilized assets such as Atlantic LNG and Point Lisas.
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