Supermajors Shell and BP are seeking new US licenses to develop cross-border natural gas fields shared between Trinidad and Tobago and Venezuela. The announcement came from Trinidad and Tobago’s Energy Minister Roodal Moonilal during the Indian Energy Week Conference on 28 January.
“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 during the conference.
Shell has its sights on developing the Loran-Manatee discovery, found in 1983, which holds an estimated 10 Tcf of natural gas, with 7.3 Tcf on Venezuela’s side and the remaining 2.7 Tcf in Trinidad.
BP is seeking a license to develop the Manakin-Cocuina field. A portion of the field that lies in Venezuelan waters is part of a larger offshore project called Plataforma Deltana which holds 1 Tcf of proven gas reserves.
Years of delays linked to changes in US sanctions and policy toward Venezuela have slowed exploration progress in the Latin American country. In July 2024, BP and partner National Gas Company of Trinidad and Tobago was awarded an exploration and production (E&P) license to develop the Cocuina gas discovery, part of the Manakin-Cocuina field.
Nicolas Maduro’s government paused joint development of gas projects with Trinidad and Tobago in 2025 with the Trump administration revoking BP and Shell’s Venezuelan licenses in May 2025. After the detention of Maduro by the US government last month, the UK-based supermajors are once again looking toward E&P in Venezuela.
Venezuela's Offshore Dragon Field Expected to Start Production Next Year
Moonilal also shared with reporters this week that the Caribbean country expects gas production at Venezuela's offshore Dragon field to start in Q4 2027. Located in Venezuelan waters close to the maritime border with Trinidad, Dragon is expected to produce around 350 MMcf/D and holds an estimated 3.5 Tcf of reserves.
Trinidad and Tobago is Latin America’s largest LNG exporter. The country is pursuing the development of offshore fields in Venezuelan and shared maritime waters to offset declining reserves and secure long-term gas supply.
“There is emerging now a new Caribbean energy landscape, of which Trinidad and Tobago can position itself as a leader,” Moonilal said.