BP signs Venezuela gasfield deal after Trump investment push

BP has secured a licence to develop a major offshore gasfield in Venezuela, becoming one of the first large international oil companies to return to the country following the ousting of Nicolás Maduro.

The British energy giant will help develop the second phase of the Loran gasfield alongside companies from Qatar and the United Arab Emirates.

The Qatari company is owned by the Al-Khayyat brothers, who are working with Ivanka Trump and Jared Kushner on a multibillion-dollar resort project in Albania. BP will also work with the international investment arm of the UAE's national oil company.

BP chief executive Meg O'Neill described the licence as “an important step forward” in the company's collaboration with Caracas.

The agreement follows US President Donald Trump's call for foreign energy companies to invest “at least $100bn” in rebuilding Venezuela's oil industry.

Shell has already secured a licence to develop the first phase of the Loran field, while Italy's Eni is discussing potential projects.

Venezuela holds some of the world's largest oil reserves, but years of underinvestment and economic turmoil reduced production from more than 3.5 million barrels a day in the late 1990s to about one million.

Output has since risen to around 1.2 million barrels a day, while exports to US refineries have reached their highest level since 2019.