BP and NGC (Trinidad and Tobago) obtain a US license for gas exploitation with Venezuela

BP and NGC (Trinidad and Tobago) obtain a US license for gas exploitation with Venezuela
BP and NGC (Trinidad and Tobago) obtain a US license for gas exploitation with Venezuela

British oil major BP and Trinidad and Tobago state-owned energy company NGC have received a two-year license from the US Treasury Department to negotiate and develop the Cocuina-Manakin gas fields with Venezuela, the country said on Wednesday. Minister of Energy of Trinidad and Tobago.

Last month, Washington did not renew a blanket license that had allowed Venezuela to freely export its oil and receive investment, but it has since issued individual permits to companies trying to do business in the southern country. -American.

BP and NGC will be allowed to plan an ambitious project involving an offshore gas reservoir stretching from Venezuela to Trinidad in the Caribbean Sea, Minister Stuart Young told a media briefing in Port of Spain.

This authorization is the second issued by the United States for energy projects between the two countries, after the license granted in early 2023 to Shell and NGC for the development of the Dragon gas field in Venezuela. This project would export gas to Trinidad under a license recently extended until October 2025.

“The conditions are the same as Dragon, that is, we can pay in American currency,” Young said, referring to the license, which would allow customers to pay for gas in hard currency. , in derogation of American sanctions against Venezuela.

A BP spokesperson said earlier this month that the company had suspended negotiations for Cocuina-Manakin, which on the Venezuelan side is part of the Plataforma Deltana project, until it received new authorization from the United States. United.

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