BP in Trinidad and Tobago Interested in Cross-Border Opportunities with Venezuela

BP's head of Trinidad and Tobago said on Monday the oil and gas major is still interested in cross-border opportunities with Venezuela, despite the government in Caracas suspending all bilateral energy agreements with its neighbor last year.

BP and Shell had been granted licenses by the U.S. and Venezuela to develop offshore natural gas projects at the maritime border, where vast reserves have been found.

"There is an industrial logic that says there are resources across the border where people are perhaps more cautious to invest, right next to our underutilized assets like Atlantic LNG and Point Lisas," BP's David Campbell said.

"It is an obvious project to have," Campbell added in reference to Cocuina-Manakin, the gas project BP and Venezuela's state-run PDVSA had been planning.

Cocuina-Manakin has gas deposits that extend into the waters of both countries, so a joint development is needed to begin output, after the exploration phase was completed years ago.

BP expects continued decline of its aging fields in Trinidad's shallow waters, but the company sees major opportunities in deepwater, Campbell said.

BP's 3.5-trillion-cubic-foot Calypso