BP has announced it believes it has received the necessary US government approval to proceed with the development of the cross-border Manakin-Cocuina offshore natural gas field, following new sanctions relief on Venezuela.

Project Approval and Sanctions Context

A company spokesperson stated that a new general licence granted by the US Office of Foreign Assets Control (OFAC) provides the green light for the project. This field straddles the maritime boundary between Venezuela and Trinidad & Tobago. BP had initially announced its intent to proceed in July 2024 after Venezuela granted a development licence to BP and Trinidad's National Gas Company. However, in 2025, OFAC determined that a previous US government waiver was insufficient, halting progress until the new general licences were issued earlier this month.

Field Details and Resource Distribution

The Manakin-Cocuina field consists of the Cocuina discovery in Venezuela, first found in 1983, and the Manakin discovery in Trinidad & Tobago, confirmed in 2000. Approximately 66% of the gas resource is located on the Trinidad & Tobago side (Manakin), with the remainder in Venezuelan waters (Cocuina).

Governmental Collaboration and Project Significance

The governments of Trinidad & Tobago and Venezuela have agreed to jointly develop the discovery. BP holds operatorship for the Trinidad & Tobago side, and the Venezuelan licence is intended to simplify work there. The company credited the government of Trinidad & Tobago for its diplomatic efforts and leadership in fostering collaboration between BP, the National Gas Company, and both governments. The new OFAC licences grant clear permission to BP and several other companies to conduct business with the Venezuelan government and its state-owned oil company.