BP has announced plans to develop the second phase of the Loran offshore gasfield in Venezuela through a partnership with two oil companies with connections to the Trump administration. The collaboration includes a Qatari firm owned by billionaires working with Ivanka Trump and Jared Kushner on an Albanian resort project, as well as the overseas investment arm of the UAE’s national oil company, led by industry minister Sultan Al Jaber.
The project represents one of the first major international oil investments in Venezuela since leadership changes earlier this year. BP’s chief executive Meg O’Neill, a former ExxonMobil executive, described the licence as an important milestone in the company’s work with the Venezuelan government. The agreement followed earlier discussions between BP and Venezuelan authorities regarding gas development potential. Other international energy firms have also moved to secure opportunities in the country, including Shell, which obtained a licence for the first phase of the Loran field earlier this summer, and Italian company Eni, which is in negotiations over separate projects.
US-based energy companies ExxonMobil and ConocoPhillips have begun exploring opportunities, though their pace has been measured following Venezuela’s 2007 nationalisation of its oil industry. Chevron has maintained operations as a minority partner to Venezuela’s state oil company. Since recent political developments, oil output has increased to approximately 1.2 million barrels daily, with exports to US refineries reaching levels not seen since 2019. Venezuela possesses the world’s largest proven oil reserves but has experienced significant production declines over recent decades due to underinvestment and operational challenges.
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