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BP plans second phase of Venezuela Loran offshore gasfield
The project pairs BP’s licence with a Qatari partner and also involves the overseas investment arm of UAE’s national oil company.
BP plans to develop the second phase of Venezuela’s Loran offshore gasfield, partnering with two oil firms that have close ties to the Trump administration, according to the Guardian Business.
The London-listed company said the licence is held alongside a Qatari company owned by the Al-Khayyat brothers. BP will also work with the overseas investment arm of the UAE’s national oil company, which is run by Sultan Al Jaber.
BP’s move follows Donald Trump’s call for foreign oil companies to invest at least $100 billion to help rebuild and tap Venezuela’s energy resources after the US ousted Nicolás Maduro in January, it added. BP described the licence as an important step forward in collaboration with Caracas, saying it reflects progress made together.
The report said BP is among the first large-scale foreign investors to return to Venezuela since January and comes after Shell secured a licence for the first phase of the Loran field earlier this summer. Caracas is also in talks with Eni on oil projects, while ExxonMobil and ConocoPhillips have begun scouting opportunities.