Lifting The Veil? US Reportedly Authorizes BP & Trinidad's NGC To Tap Gas Reserves With Venezuela
Portfolio Pulse from Lekha Gupta
BP and Trinidad's NGC have received a two-year license from the U.S. Treasury Department to develop the Cocuina-Manakin gas fields with Venezuela. This follows a similar authorization for Shell and NGC for the Dragon gas field. BP had suspended negotiations until receiving this authorization. Venezuela aims to start gas exports to secure revenue. BP, Shell, and EOG Resources have also offered six bids to Trinidad and Tobago.
May 30, 2024 | 10:26 am
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BP received a two-year license from the U.S. Treasury Department to develop the Cocuina-Manakin gas fields with Venezuela, allowing the company to resume negotiations and potentially increase its gas reserves.
The authorization allows BP to resume negotiations and develop significant gas reserves, which could positively impact its stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
EOG Resources, along with BP and Shell, has offered six bids to Trinidad and Tobago, indicating active involvement in the region's energy sector.
EOG Resources' bids in Trinidad and Tobago show its active participation in the region's energy sector, which could positively impact its stock price.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 50
POSITIVE IMPACT
Shell previously received a similar authorization for the Dragon gas field in Venezuela, which will export gas to Trinidad under the license through October 2025.
Shell's ongoing project in Venezuela under U.S. authorization is likely to continue smoothly, potentially benefiting its stock price.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70