BP Cedes Trinidad Gas Stake to NGC to Clear Way for Atlantic LNG Investment
Two deals in one week give BP and NGC aligned positions across a trillion-cubic-foot cross-border field scheduled to supply Atlantic LNG from 2027.
BP transferred a 20% stake in the cross-border Manakin-Cocuina gas field to Trinidad's National Gas Company on Monday (2026-08-10), clearing a governance hurdle that had blocked an investment decision in the project for a decade, according to Energy Voice.3
The field straddles the Trinidad-Venezuela maritime border. Manakin, which accounts for 66% of the total by volume, lies in Trinidad waters, while Cocuina accounts for the remaining 34% in Venezuelan waters. NGC already held a 20% interest in Cocuina before Monday's (2026-08-10) transfer, so the new deal aligns the state company's ownership across both halves of the reservoir for the first time.3
BP and NGC are partners in Atlantic LNG, the Point Fortin export terminal where BP holds a 45% stake. Shell is also a partner. Gas from Manakin-Cocuina is contracted to flow 75% to Atlantic LNG from 2027, with the remaining quarter earmarked for domestic Trinidad consumption. Holding the field in a structure where NGC lacked a cross-field position had left the final investment decision stalled for a decade, Energy Voice reported.3
That deal did not stand alone. On Thursday (2026-08-06), BP agreed to buy Woodside Energy Group's 70% operating stake in the separate Calypso deepwater gas field, also offshore Trinidad and Tobago, which would make BP the sole owner, Rigzone reported. Two transactions in under a week signal a deliberate push to rebuild Trinidad's upstream supply base.2
Atlantic LNG's long-term feedstock position has been under pressure as legacy Trinidad fields mature. Without fresh upstream commitments, the plant's utilization would erode. The Manakin-Cocuina field is believed to hold around 1 trillion cubic feet of gas, according to Energy Voice — a meaningful addition for a facility that needs sustained feed rates to justify ongoing capital spend.3
The company set an explicit timeline. The dual deals allow BP to accelerate a final investment decision, "completing in a little over one year what remained undone over the previous decade," Energy Voice reported. That framing implies an FID target in late 2027, with first gas to Atlantic LNG following thereafter.3
LNG market conditions are not acting as an accelerant but are not a deterrent either. Asian JKM LNG spot stood at $21.18 per MMBtu on Wednesday (2026-08-12). ICE Endex TTF front-month gas fell 3.53% to €58.67/MWh at Tuesday's (2026-08-11) European close. Neither price creates urgency to rush an FID, but both sit well above levels that would threaten economics for a plant with sunk infrastructure and an existing customer base.
Shell's presence at Atlantic LNG reduces some commercial complexity. Shell has LNG supply interests across 10 countries representing around 44 million tonnes of annual capacity, roughly 16% of global demand, according to data compiled by Motley Fool. The existing relationship between the two majors at the terminal gives incremental Manakin-Cocuina volumes a ready commercial context.1
The cross-border geometry introduces a risk the deal cannot fully contain. Cocuina lies in Venezuelan waters, and NGC's stake there predates Monday's (2026-08-10) transfer. Venezuela's regulatory posture on joint development across the maritime boundary is an independent variable. Aligned ownership between BP and NGC is a precondition for moving forward; it does not insulate the project from complications on the Cocuina side.3
Any slippage in Venezuelan consent would push BP's FID window and delay first gas beyond 2027, leaving Atlantic LNG's feedstock shortfall unresolved well past the decade of inaction the Monday (2026-08-10) deal was designed to end.3