BP has agreed to develop the Cocuina-Manakin offshore gas field, which sits on the maritime border between Venezuela and Trinidad and Tobago, reported Reuters.

A memorandum of understanding (MoU) was signed by the company with the Venezuelan Government. The agreement also covers potential collaboration in the Loran offshore gas field.

BP gas and low-carbon energy executive vice-president William Lin said: “BP was pleased to be partners with Venezuela on the exploration of the Loran area, as well as on other projects, including the commercialisation of gas.”

The agreement comes as Venezuela continues its efforts to re-engage with foreign energy investors after recent political changes, following the capture of President Nicolás Maduro by US forces earlier this year.

At the signing ceremony, which was televised by Venezuelan state media, interim President Delcy Rodriguez said: “The return of bp is a ⁠clear sign of the future we want to chart for Venezuela and for international energy relations – relationships based on respect, cooperation grounded in a win-win approach and shared benefits that contribute to the development of the Venezuelan people.”

Shell has also expressed an interest in the Loran project.

The Venezuelan Government described the MoU as formalising the beginning of gas development at Cocuina-Manakin, a reserve that crosses the maritime boundary and is part of the dormant Deltana Platform on the Venezuelan side.

A bp subsidiary operates the field’s Trinidadian section, known as Block 5b.

According to the statement from Rodriguez’s office, the agreement “represents a milestone for the national energy industry by ⁠reactivating the multinational’s presence in key areas of the Deltana Platform”.

In February, bp announced it was seeking a licence from the US Government to advance development at the Manakin-Cocuina site.

The company’s objective is to utilise more than one trillion cubic feet of gas from the field for Trinidad’s liquefied natural gas exports.

Venezuela recently concluded similar agreements with other international energy companies including Italy’s Eni and Spain’s Repsol as part of broader measures to attract foreign investment into its oil and gas sector.

Earlier this week, bp reported net profit attributable to its shareholders of $3.8bn (£2.81bn) for the first quarter of 2026, an increase of 453.1% from $687m in the same period of 2025.