bp to sponsor Venezuela Energy Week as gas talks expand

bp will join Venezuela Energy Week 2027 as a Gold Sponsor when the conference takes place in Caracas from Feb. 22-25, 2027. The move underscores bp’s return to Venezuela’s energy sector as the company advances cross-border gas projects and new offshore opportunities tied to Trinidad and Tobago.

Why it matters: - bp’s sponsorship signals deeper commercial interest in Venezuela as the country tries to pull in international capital, technical expertise and new routes to market for offshore gas. - The Cocuina-Manakin project could channel more than 1 trillion cubic feet of gas into Trinidad and Tobago for LNG production. - The project also links Venezuela’s undeveloped offshore resources with established regional energy infrastructure and markets.

What happened: - bp will participate in Venezuela Energy Week 2027 as a Gold Sponsor. - The event will be held in Caracas from Feb. 22-25, 2027. - In April 2026, bp signed a memorandum of understanding with the Venezuelan government covering the Cocuina-Manakin gas field and opening discussions on the offshore Loran gas field and other exploration areas. - The April agreement marked bp’s renewed entry into Venezuela.

The details: - bp operates the Manakin portion of the cross-border Cocuina-Manakin field. - The Venezuelan Cocuina section is part of the country’s undeveloped Deltana Platform. - bp has said it is pursuing development of the field with the potential to bring more than 1 trillion cubic feet of natural gas into Trinidad for LNG production. - In August 2026, Trinidad and Tobago’s National Gas Company agreed to acquire a 20% participating interest in the Manakin portion of the field from bp. - bp and NGC agreed to market 70% of the project’s gas to Atlantic LNG, where bp holds a 45% stake alongside Shell. - The remaining gas is intended for petrochemical use. - A final investment decision is expected by the end of 2026. - bp’s April 2026 agreement also covered exploration opportunities in the Loran gas field, estimated at around 7 tcf, along with potential collaboration on gas commercialization. - In June 2026, Venezuela signed agreements with Shell to advance Phase I of Loran. - bp was identified as a prospective participant in both Loran and the neighboring Cocuina-Manakin project. - VEW 2027 will bring together government representatives, PDVSA, international operators, investors, service companies and technology providers. - As a Gold Sponsor, bp will use the event to engage stakeholders on offshore gas, cross-border projects, gas commercialization and regional energy security.

Between the lines: - bp’s return comes as Venezuela’s offshore gas sector reopens to international players after years of limited engagement. - The company’s role in both Cocuina-Manakin and Loran suggests a strategy built around cross-border supply chains rather than standalone national projects. - Trinidad and Tobago remains central to that strategy because the country already has LNG and petrochemical infrastructure that can absorb new gas volumes.

What's next: - bp, NGC and other project partners are heading toward a final investment decision on Cocuina-Manakin by the end of 2026. - Further commercial talks around Loran and other offshore areas are likely to continue ahead of VEW 2027. - The conference is expected to serve as a key venue for shaping the next phase of Venezuela’s gas development.