BP has 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 project partners include a Qatari firm owned by the Al-Khayyat brothers, who are collaborating with Ivanka Trump and Jared Kushner on an Albanian resort development, and the overseas investment unit of the UAE’s national oil company headed by Sultan Al Jaber.
The move represents one of the first major international energy investments in Venezuela since recent political developments in the country. BP’s Chief Executive Meg O’Neill, a former ExxonMobil executive, characterized the licence as marking progress in the company’s relationship with Venezuelan authorities and emphasized BP’s regional experience in major gas development projects. The licence award followed an agreement reached several months earlier between BP and the Venezuelan government to explore gas development opportunities.
Other international energy firms have also moved to establish positions in Venezuela’s energy sector. Shell secured a licence for the initial phase of the Loran field earlier in the summer, while Italian company Eni is engaged in talks regarding oil projects. US-based ExxonMobil and ConocoPhillips have begun exploring opportunities, though they have proceeded more cautiously than some international competitors following Venezuela’s 1997 nationalization of its oil industry.
Venezuela holds the world’s largest proven oil reserves but has experienced significant production declines over recent decades due to underinvestment and operational challenges. Oil output has recently increased to approximately 1.2 million barrels daily, with exports to US refineries reaching their highest levels since 2019.
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