BP has announced plans to develop the second phase of the Loran offshore gasfield in Venezuela in partnership with two oil companies with ties to the Trump administration. The partners include a Qatari firm owned by the Al-Khayyat brothers, Syrian-born billionaires working with Ivanka Trump and Jared Kushner on a major resort project in Albania, and the overseas investment division of the United Arab Emirates’ national oil company, which is overseen by industry minister Sultan Al Jaber.
The deal positions BP among the first major international oil producers to return to Venezuelan operations following the political transition in January. Shell previously secured a licence to develop the first phase of the Loran field earlier this summer, while Italian company Eni is also in discussions regarding Venezuelan oil projects. Major US oil firms including ExxonMobil and ConocoPhillips have begun exploring opportunities in the country, though they have moved cautiously given Venezuela’s 2007 nationalization of its oil industry. Chevron has maintained operations as a minority partner with the Venezuelan state oil company.
BP’s new licence was awarded nearly four months after the company agreed to collaborate with Venezuelan authorities on gas development exploration. The announcement represents one of the first major deals concluded by BP’s newly appointed chief executive Meg O’Neill, a US-born former ExxonMobil executive who began her role recently. O’Neill characterized the licence as reflecting progress in the company’s partnership with Venezuela and noted BP’s regional experience in developing large-scale gas resources.
Venezuela holds the world’s largest proven oil reserves but has experienced significant production declines over recent decades due to underinvestment, neglect and corruption. Output has fallen from over 3.5 million barrels daily in the late 1990s to approximately 1 million barrels daily. Since the recent political transition, production has increased to 1.2 million barrels daily, with US refinery exports reaching their highest levels since 2019.
Article Attribution | Read More at Article Source
Article summary produced by Claude AI