BP has announced a partnership to develop the second phase of the Loran gasfield offshore Venezuela, working alongside a Qatari firm owned by billionaires connected to Ivanka Trump and Jared Kushner, as well as the overseas investment arm of the UAE’s national oil company. The deal represents one of the first significant foreign investments in Venezuela’s energy sector following recent political developments.
BP holds the development licence for the gasfield and will collaborate with the Qatari-owned company and the UAE’s investment entity led by Sultan Al Jaber, the industry minister who pledged increased Gulf state investments in the US energy sector. The arrangement comes as BP CEO Meg O’Neill, a US-born former executive, characterized the licence as an important milestone in the company’s work with the Venezuelan government.
The move positions BP among the initial major international oil companies to return to Venezuelan operations, following Shell’s earlier licensing of the Loran field’s first phase. Other firms including Eni are also negotiating energy projects with Caracas. Major US companies ExxonMobil and ConocoPhillips have begun exploring opportunities, though their involvement has proceeded more cautiously given the country’s 2007 nationalization of its oil industry. Chevron has maintained a minority stake alongside Venezuela’s state oil company.
Venezuela possesses the world’s largest proven oil reserves but has experienced decades of output decline due to underinvestment and operational challenges. Production fell to approximately 1 million barrels daily before recent developments. Following the political transition, daily output has increased to roughly 1.2 million barrels, with US refinery exports reaching their highest levels since 2019.
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