BP partners with Trump‑linked firms to develop Venezuelan offshore gasfield

BP has announced plans to develop the second phase of the Loran offshore gasfield in Venezuela, marking one of the first large‑scale foreign investments in the country since the United States ousted President Nicolás Maduro in January. The British firm will partner with two oil companies that maintain close ties to the former Trump administration, following a call by former President Donald Trump for international oil majors to assist in rebuilding Venezuela’s fossil‑fuel sector.

The Loran field, located in the Caribbean Sea, has been a long‑standing project for Venezuela’s state‑run oil company PDVSA. BP’s involvement signals a shift toward renewed international engagement, as the company seeks to leverage its technical expertise and capital to unlock the field’s potential. The partnership also reflects a broader trend of Western firms re‑entering the Venezuelan market amid a gradual easing of sanctions and a desire to tap the country’s vast hydrocarbon reserves.

This development underscores the growing momentum for foreign investment in Venezuela’s energy sector, which has been largely dormant since the political upheaval that removed Maduro. By aligning with firms linked to the Trump administration, BP positions itself at the forefront of a potential resurgence in Venezuelan oil and gas production, while also navigating the complex geopolitical landscape that continues to shape the country’s economic future.