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BP resumes Venezuela oil trade with 400,000-barrel shipment
The load of heavy fuel oil is supplied by PDVSA and follows the announcement that BP is working on the Loran gasfield in a pre-FID phase.
BP has returned to Venezuela’s oil trade, with a tanker named Monte Lema loading 400,000 barrels of heavy fuel oil for the company, according to a Bloomberg report cited by Yahoo Finance. The shipment is supplied by state-owned PDVSA and places BP among a small group of foreign firms with direct access to Venezuelan barrels, alongside traders such as Trafigura and Vitol.
The development comes shortly after BP said it would partner with two other firms to develop the second phase of the Loran gasfield. The consortium has secured the official exploration and production license, but the project remains in the pre-FID phase, Yahoo Finance noted.
The move also follows President Trump’s call for global oil companies to invest in Venezuela and help restore and modernize the country’s oil infrastructure. Yahoo Finance added that Venezuela holds roughly 17% of the world’s largest proven crude oil reserves, but has long posed investment challenges after nationalizations in 2007.
While the article frames BP’s return as potentially positioning the company across Venezuela’s energy value chain, from exploration and production to trading and international marketing, it also flags the role of political uncertainty and regulation in shaping the risks and timing of any revival in output.
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