The Venezuelan government has signed a 20-year natural gas production and exploration deal with BP Trinidad and Tobago and the National Gas Company of Trinidad and Tobago.
A statement from Venezuela's oil minister Pedro Tellechea, said the agreement allows for production from the Manakin-Cocuina field, one of three natural gas fields that straddle the eastern border between the twin island republic and Venezuela.
Twenty-five per cent of production will go to Trinidad and Tobago's petrochemical sector while the rest will feed the country's liquid natural gas industry.
On May 29, Minister of Energy Stuart Young announced that the US Office of Foreign Assets Control granted a specific licence to Trinidad and Tobago for the production of the field with authorities in Venezuela.
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