BP has entered into an agreement to develop the second phase of the Loran gasfield offshore Venezuela, partnering with international firms that maintain connections to the Trump administration. The partners include a Qatari company owned by the Al-Khayyat brothers, who are working with Ivanka Trump and Jared Kushner on a resort project in Albania, as well as the overseas investment division of the UAE’s national oil company, headed by industry minister Sultan Al Jaber.
The move represents one of the first substantial international oil investments in Venezuela following recent political transitions in the country. BP holds development rights to the gasfield and joins Shell, which secured rights to develop the first phase of the Loran field earlier in the period. Other international operators including Italian company Eni are also engaged in discussions regarding Venezuelan oil projects.
BP Chief Executive Meg O’Neill characterized the licence as reflecting progress in the company’s partnership with Venezuelan authorities. The agreement was finalized roughly four months after BP committed to exploring potential gas development opportunities with the Venezuelan government. O’Neill, a US-born former executive with ExxonMobil, identified the company’s regional presence and expertise in major gas field development as advantages for the project.
Venezuela possesses substantial proven oil reserves, though production has declined significantly from historical levels. Recent output has increased to approximately 1.2 million barrels per day, with exports to US refineries reaching their highest volume since 2019. American firms ExxonMobil and ConocoPhillips have begun evaluating opportunities in the country, while Chevron maintained operations as a minority partner throughout recent years.
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