BP announced plans to develop the second phase of the Loran gasfield offshore Venezuela in partnership with two oil companies with connections to the Trump administration. The London-listed energy company will collaborate with a Qatari firm owned by the Al-Khayyat brothers, who are working with Ivanka Trump and Jared Kushner on an Albanian resort project, as well as the overseas investment division of the UAE’s national oil company headed by industry minister Sultan Al Jaber.
The venture represents one of the initial large-scale foreign energy investments in Venezuela following recent political developments. BP’s Chief Executive Meg O’Neill, a US-born former ExxonMobil executive who recently assumed her position, characterized the licence as an important milestone in the company’s collaboration with Caracas. O’Neill highlighted BP’s regional experience and expertise in major gas resource development.
The move aligns with broader efforts by international oil companies to re-engage with Venezuela’s energy sector. Shell previously secured a licence to develop the first phase of the Loran field earlier this summer, while Italian company Eni is negotiating additional oil projects. US firms ExxonMobil and ConocoPhillips have begun exploring opportunities, though they have proceeded cautiously given Venezuela’s 2007 nationalization of its oil industry. Chevron maintained operations as a minority partner throughout this period.
Venezuela possesses the world’s largest proven oil reserves but has experienced significant production declines over the past twenty-five years due to underinvestment and operational challenges. Output fell from over 3.5 million barrels daily during the late 1990s, when Venezuela ranked among the world’s top ten producers, to approximately 1 million barrels daily. Recent months have seen production climb to 1.2 million barrels daily, with US refinery exports reaching their highest levels in several years.
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