BP has announced plans to develop the second phase of the Loran gasfield offshore Venezuela through a partnership with two oil companies that maintain close ties to the Trump administration. The London-listed energy firm will collaborate with a Qatari company owned by the Al-Khayyat brothers, who are working with Ivanka Trump and Jared Kushner on a resort development in Albania, as well as the overseas investment division of the United Arab Emirates’ national oil company, which is overseen by industry minister Sultan Al Jaber.
The licensing agreement represents a significant move by BP to participate in Venezuela’s fossil fuel sector revival following recent political developments in the country. It also follows Shell’s earlier acquisition of a license to develop the first phase of the same Loran field, with other international firms including Italy’s Eni also pursuing oil projects in the region. BP’s chief executive Meg O’Neill, a US-born former ExxonMobil executive who recently took the helm, characterized the license as an important milestone in the company’s partnership with Caracas.
The move comes amid broader international interest in Venezuela’s oil resources, with US-based companies ExxonMobil and ConocoPhillips beginning exploratory activities, though they have moved more cautiously than some international competitors. Chevron has maintained operations in the country as a minority stakeholder. Venezuela possesses some of the world’s largest proven oil reserves and was once among the top crude producers globally, though decades of underinvestment and operational challenges have significantly reduced output from historical peaks.
Since recent political transitions in Venezuela, oil production has reportedly increased to approximately 1.2 million barrels daily, with exports to United States refineries reaching their highest levels since 2019. Multiple international energy companies have signaled intentions to invest substantially in Venezuela’s energy sector redevelopment and infrastructure expansion.
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