BP announced plans to develop the second phase of the Loran gasfield offshore Venezuela through a partnership with two firms with connections to the Trump administration. The London-listed company will work alongside a Qatari company owned by the Al-Khayyat brothers, who are collaborating 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 project represents one of the first large-scale international oil investments in Venezuela following recent political developments. BP’s move comes after rival Shell secured rights to develop the initial phase of the Loran field earlier in the season, and as Italy’s Eni engages in discussions about oil ventures in the country. The arrangement was negotiated nearly four months after BP agreed to explore potential gas development opportunities with the Venezuelan government.
BP Chief Executive Meg O’Neill, a US-born former ExxonMobil executive, characterized the licence as a significant milestone in the company’s partnership with Caracas. She emphasized BP’s established regional presence and expertise in developing major gas resources as foundations for advancing Venezuela’s offshore gas potential. The licence was among O’Neill’s first major agreements following her appointment to lead the company.
Venezuela holds the world’s largest proven oil reserves but has experienced dramatic production declines over recent decades due to underinvestment and operational challenges. Output had fallen to approximately 1 million barrels daily before recent increases to roughly 1.2 million barrels per day, with US refinery exports reaching their highest levels since 2019. American oil firms ExxonMobil and ConocoPhillips have begun evaluating opportunities in the country, while Chevron has maintained operations as a minority partner to Venezuela’s state oil company.
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