(Oil Price) – UK-based supermajors Shell and BP are seeking U.S. licenses to develop gas fields that Trinidad and Tobago shares with Venezuela, the Caribbean island’s Energy Minister Roodal Moonilal said on Wednesday.
BP and Shell have sought to develop two separate cross-border gas fields in Venezuelan and Trinidad and Tobago waters, but progress has been slow in recent years due to the frequent changes in U.S. policy toward allowing international firms to do business with Venezuela.
In July 2024, BP, together with its partner, the National Gas Company of Trinidad and Tobago (NGC), was awarded an exploration and production license by Venezuela for the development of the Cocuina gas discovery. Cocuina is part of the cross-border Manakin-Cocuina gas field.
However, Nicolas Maduro’s government last year halted joint development of gas projects with Trinidad and Tobago, while the Trump Administration in May 2025 revoked licenses for Shell and BP to develop joint fields.
But in October, the U.S. authorized Shell to develop the Dragon gas field offshore Venezuela, which is expected to supply gas to Trinidad and Tobago, which is an LNG exporter.
Now, after the capture of Maduro by the U.S., the supermajors have renewed efforts to secure licenses as the Trump Administration looks to have major oil companies develop Venezuelan oil and gas resources.
According to Trinidad’s minister Moonilal, Shell is working to get a license for the Loran-Manatee discovery, estimated to hold about 10 trillion cubic feet of natural gas, most of which is in Venezuelan waters.
BP, for its part, is seeking a license to develop Manakin-Cocuina, the minister added.
“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 told Reuters on the sidelines of an energy conference in India.
BP is betting on Trinidad and Tobago to boost oil and gas output. Last year the company approved the development of the offshore Ginger gas project, which will be one of the ten major new projects that the UK supermajor promised to start up by 2027.
By Charles Kennedy for Oilprice.com
