NGC signs E&P License for joint development of cross-border Cocuina Field

NGC release

Trinidad and Tobago has taken another significant step to advance cross-border gas field development with neighbouring Venezuela. On July 24th 2024, the Ministry of Energy and Energy Industries (MEEI) announced the signing of the Cocuina Field Exploration and Production (E&P) License by Venezuela’s Oil Minister Pedro Tellechea on behalf of the Bolivarian Republic of Venezuela, naming NGC Exploration and Production Limited (NGC E&P), - a wholly owned subsidiary of The National Gas Company of Trinidad and Tobago Limited (NGC) and bp Exploration (Caribbean) Limited (bpECL) as co-licensees. This field is located offshore Venezuela in Plataforma Deltana Block 4 (Block 4). The signing took place on July 24th 2024, at the Mira Flores Palace in Caracas, Venezuela.

This is the second upstream license signed by NGC E&P in Venezuela, following the Dragon Field E&P license, which was signed on December 21st, 2023 and published in the Official Gazette of the Bolivarian Republic of Venezuela on January 29th, 2024. The granting of the Cocuina E&P license will now enable the joint development of the cross-border Cocuina–Manakin gas field, - one of three cross-border reservoir fields that straddle the maritime (international) border between Trinidad and Tobago and Venezuela. The other two are the Loran/Manatee and Kapok/Dorado fields.

The granting of this licence to NGC, further expands the company’s upstream business portfolio, strengthening its strategic intention to be an integrated energy company growing locally and internationally along the energy value chain. This license also reinforces the energy relations between Trinidad and Tobago and Venezuela, allowing for future development of other cross- and across-border gas reserves between the two countries.

Commenting on the new license, Ms. Verlier Quan-Vie, Acting President, NGC, stated: “NGC welcomes this development as a continuation of efforts to export natural gas from Venezuela to Trinidad and Tobago. We see this as a manifestation of the ongoing engagement and collaboration with Venezuela. We wish to thank the teams at MEEI, MPPP, bp and the NGC teams for their unwavering commitment and dedication as we pursued this milestone. We are excited to work collaboratively with all the parties to progress this and other opportunities for the benefit of the citizens of Trinidad and Tobago.”