BP secures Loran gasfield licence in Venezuela
Analysis based on 6 articles · First reported Aug 14, 2026 · Last updated Aug 14, 2026
BP's entry into Venezuela's gas sector signals renewed foreign investment in the country's energy industry, potentially boosting oil and gas output and exports. The deal may positively affect BP's growth prospects and sentiment toward Venezuela's energy sector, while competitors like Shell and Eni may face increased competition.
BP has secured a licence to develop the second phase of the Venezuela — Loran gasfield offshore Venezuela, becoming one of the first large international oil companies to return to the country since the US ousted Nicolás Maduro in January. BP will partner with a Qatari company owned by the Al-Khayyat brothers, who are linked to Ivanka Trump and Jared Kushner, and with the overseas investment arm of the UAE's national oil company, led by Sultan Al Jaber. The move follows Donald Trump's call for foreign oil companies to invest at least $100bn in rebuilding Venezuela's oil industry. Shell has already secured a licence for the first phase of the Loran field, while Eni is in talks over oil projects. ExxonMobil and ConocoPhillips have begun scouting opportunities, while Chevron has continued producing as a minority partner. BP's chief executive Meg O Neill described the licence as an important step forward. Venezuela holds the world's largest oil reserves, but production has declined from over 3.5 million barrels a day in the late 1990s to about 1 million, recently recovering to 1.2 million barrels a day.
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