BP has signed a memorandum of understanding with Venezuela covering the Cocuina-Manakin offshore gas field and potential cooperation at Loran.

Cocuina-Manakin sits across the maritime border between Venezuela and Trinidad and Tobago. Cocuina is part of Venezuela’s inactive Deltana Platform project, while the field extends into Trinidad, where a BP subsidiary operates Block 5b.

The MOU formalizes the start of gas development at Cocuina-Manakin, according to Venezuela. It also covers possible work linked to Loran exploration and gas commercialization. BP executive William Lin said the company was pleased to work with Venezuela on Loran and other gas projects. Shell has also expressed interest in Loran.

Venezuela described the agreement as a milestone for its energy industry and as a reactivation of BP’s presence in key parts of the Deltana Platform. The deal follows recent Venezuelan agreements with international producers, including Eni and Repsol.

In February, BP said it was seeking U.S. government authorization to develop Manakin-Cocuina. The company wants to move more than 1 trillion cubic feet of gas to Trinidad, where it could be converted into LNG for export.