Finance
BP, Shell seeking US licenses for gas fields shared with Venezuela, Trinidad minister says
Published by Global Banking and Finance Review
Posted on January 28, 2026
2 min readLast updated: January 28, 2026
Home > Finance > BP, Shell seeking US licenses for gas fields shared with Venezuela, Trinidad minister says
Quick Summary
Shell and BP are seeking US licenses to extract gas from fields in Venezuela and Trinidad, aiming to develop major reserves and secure energy supply.
Shell and BP Pursue US Licenses for Gas Extraction in Venezuela and Trinidad
US Licenses for Gas Extraction
Jan 28 (Reuters) - Shell and BP are seeking U.S. Office of Foreign Assets Control licenses to extract natural gas from fields in Trinidad and Tobago and Venezuela, the Caribbean country's energy minister Roodal Moonilal said on Wednesday.
Shell's Loran-Manatee Development
Shell is seeking a license to develop the Loran-Manatee discovery, Moonilal told reporters on the sidelines of the Indian Energy Week conference. The field holds some 10 trillion cubic feet of natural gas, with 7.3 tcf on Venezuela's side and the remaining 2.7 tcf in Trinidad.
BP's Cocuina-Manakin Field
BP is seeking a license to develop the Cocuina-Manakin field, he added, whose Venezuelan portion belongs to the idled gas offshore project Plataforma Deltana which has 1 trillion cubic feet of proven gas reserves.
Trinidad's Energy Export Landscape
Shell and BP did not immediately respond to requests seeking comment.
Trinidad is Latin America's largest liquefied natural gas exporter and one of the world's largest exporters of ammonia and methanol, but the Caribbean island has been aiming to develop offshore fields in Venezuela and on the maritime border to counter its declining reserves and secure supply.
Venezuela under President Nicolas Maduro last year suspended energy-development cooperation with Trinidad and Tobago, including joint natural gas projects in the works, but the U.S. is accelerating developments in Venezuela's oil and gas sector after capturing Maduro this month.
"The United States is an ally and a very strong friend trying to reform, so we would help the companies when it comes to supporting their applications," Moonilal said.
(Reporting by Nidhi Verma and Anjana Anil; Additional reporting and writing by Sudarshan Varadhan; Editing by Jan Harvey)
Key Takeaways
- •Shell and BP are seeking US licenses for gas extraction.
- •The Loran-Manatee field holds 10 trillion cubic feet of gas.
- •BP targets the Cocuina-Manakin field in Venezuela.
- •Trinidad is a major LNG exporter facing declining reserves.
- •US supports energy developments in Venezuela post-Maduro.
Frequently Asked Questions about BP, Shell seeking US licenses for gas fields shared with Venezuela, Trinidad minister says
1What is natural gas?
Natural gas is a fossil fuel composed mainly of methane, used as an energy source for heating, electricity generation, and as a fuel for vehicles.
2What is liquefied natural gas (LNG)?
Liquefied natural gas (LNG) is natural gas that has been cooled to a liquid state for ease of storage and transport.
3What are gas reserves?
Gas reserves refer to the estimated quantities of natural gas that are recoverable under current economic and operating conditions.
4What is a joint venture in the energy sector?
A joint venture in the energy sector is a business arrangement where two or more parties collaborate to develop energy resources, sharing risks and profits.
