01:42 PM EDT, 05/22/2024 (MT Newswires) -- BP (BP) has halted talks with Venezuela on development of a gas project near the maritime border with Trinidad and Tobago after a US license expired expired in April, Reuters reported Wednesday, citing a company spokesperson.

BP, which had been in talks to develop the Manakin-Cocuina field, a gas reservoir shared by the both countries with an estimated 1 trillion cubic feet of gas, intends to resume negotiations with Venezuela once its US license from the Office of Foreign Assets Control is renewed. The development requires license after the US imposed sanctions on Venezuela in 2019.

Trinidad's Energy Minister Stuart Young did not immediately respond to Reuters.

Neither BP nor Young immediately responded to requests for comments by MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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