BP announced plans to develop the second phase of the Loran gasfield in Venezuela through a partnership involving a Qatari company owned by the Al-Khayyat brothers and the overseas investment arm of the UAE’s national oil company. The Qatari firm has connections to Ivanka Trump and Jared Kushner, who are developing a resort project in Albania, while the UAE investment entity is led by Sultan Al Jaber, the industry minister who pledged increased Gulf investment in the US energy sector.
The initiative represents one of the first large-scale international oil projects to return to Venezuela following the country’s political transition earlier this year. Shell previously secured rights to develop the first phase of the Loran field during the summer, and Italian oil company Eni is also exploring potential projects. The Trump administration has called for foreign oil firms to invest at least $100 billion in Venezuela’s energy sector recovery.
BP Chief Executive Meg O’Neill, a former ExxonMobil executive, described the licence as an important step reflecting progress in the company’s work with Caracas. She emphasized BP’s regional experience and capability in developing major gas resources. The licence was granted approximately four months after BP agreed to explore potential gas development opportunities with the Venezuelan government.
Venezuela holds the world’s largest known oil reserves but has experienced significant production declines due to decades of underinvestment and neglect. Output fell from over 3.5 million barrels daily during the late 1990s to approximately 1 million barrels daily in recent years. Since the recent change in administration, production has climbed to 1.2 million barrels daily, with US refinery exports reaching their highest levels since 2019.
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