BP (BP) Seeks Natural Gas Licenses in Venezuela, Trinidad and Tobago

BP Plc (NYSE:BP) is one of the most undervalued stocks to buy and hold for 5 years. On January 28, Trinidad and Tobago energy minister Roodal Moonilal disclosed that BP Plc (NYSE:BP) and fellow oil giant Shell are seeking licenses from the U.S. Office of Foreign Assets Control to extract natural gas from fields in Trinidad and Tobago and Venezuela. The two companies aim to gain access to develop Loran-Manatee, a new field that contains about 10 trillion cubic feet (tcf) of natural gas. About 7.3 tcf is located in Venezuela, while the remaining 2.7 tcf is in Trinidad and Tobago.

During the Indian Energy Week conference, Moonilal told reporters that BP Plc (NYSE:BP) is seeking a license to develop the Cocuina-Manakin field, the Venezuelan portion of which is part of Plataforma Deltana, an inactive offshore gas project with 1 tcf of proven gas reserves.

BP Plc (NYSE:BP) is a global energy company engaged in oil and gas production, marketing, and trading. The company also engages in a wide variety of businesses, including aviation fuel products and services, convenience and retail fuel, EV charging, Castrol lubricants and fluids, midstream, crude oil production, refining and oil trading, and bioenergy, among others.

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Disclosure: None. This article is originally published at Insider Monkey.