Finance
BP confirms it is seeking OFAC license for Venezuela/Trinidad gas field
Published by Global Banking & Finance Review®
Posted on February 10, 2026
2 min readLast updated: February 10, 2026
Quick Summary
BP is seeking a US OFAC license to develop the Manakin-Cocuina gas field between Trinidad and Venezuela, aiming to boost Trinidad's LNG supply amid US sanctions.
BP Pursues OFAC License for Venezuela-Trinidad Gas Development
BP's Efforts to Secure OFAC License
By Curtis Williams and Stephanie Kelly
Background on Venezuela's Energy Sector
HOUSTON/LONDON, Feb 10 (Reuters) - BP is seeking a license from the U.S. government to develop its Manakin-Cocuina gas field that crosses the border between Trinidad and Tobago and Venezuela, its interim CEO Carol Howle told Reuters on Tuesday.
Impact on Trinidad's Gas Supply
Since the capture by the U.S. of Venezuela's former President Nicolas Maduro, several energy companies have been seeking to move forward with their projects in the South American country including Shell with its Dragon and Manatee projects and BP with Manakin.
Previous Licenses and Current Challenges
BP wants to develop the field to bring more than 1 trillion cubic feet of gas to Trinidad to convert into liquefied natural gas for export. BP owns 45% of Trinidad's flagship Atlantic LNG plants which was 15% of BPs total LNG production in 2025, data from financial firm LSEG show.
"Look, our interest is in the Manakin-Cocuina field, which is a cross border field between Trinidad and Venezuela. So we're working on obtaining the license for that, and that's really our priority at the moment," Howle said in a call with Reuters.
BP requires a license from the U.S. government to produce the field because of continued U.S. sanctions against Venezuela's state-owned company PDVSA, which operates on the Venezuela side of the border.
BP originally has an OFAC license from the U.S. and a license from Venezuela to develop the field but it was canceled by the Trump administration in 2025.
Trinidad has suffered from a shortage of natural gas to power its LNG and wider petrochemical sector. It wants to develop its cross-border fields with Venezuela that together hold 11 tcf in proven reserves.
(Reporting by Curtis Williams in Houston and Stephanie Kelly in London, Editing by Louise Heavens)
Key Takeaways
- •BP is pursuing a US OFAC license for a gas field.
- •The field is located between Trinidad and Venezuela.
- •US sanctions on Venezuela impact the project.
- •Trinidad faces a natural gas shortage.
- •BP's project could boost Trinidad's LNG exports.
Frequently Asked Questions about BP confirms it is seeking OFAC license for Venezuela/Trinidad gas field
1What is an OFAC license?
An OFAC license is a permit issued by the Office of Foreign Assets Control that allows U.S. companies to engage in specific transactions that would otherwise be prohibited under economic sanctions.
2What is liquefied natural gas (LNG)?
Liquefied natural gas (LNG) is natural gas that has been cooled to a liquid state, making it easier to transport and store. It is used for energy production and as a fuel source.
3What is the significance of Trinidad's gas supply?
Trinidad's gas supply is crucial for its economy, particularly for its liquefied natural gas (LNG) production and petrochemical sector, which relies on natural gas as a primary feedstock.
4What is the role of PDVSA in Venezuela's economy?
PDVSA, or Petróleos de Venezuela, S.A., is Venezuela's state-owned oil and natural gas company, playing a critical role in the country's economy by managing oil production and exports.
