BP to develop offshore gasfield in Venezuela with firms linked to Trump administration
Summary
BP plans to develop a large offshore gasfield in Venezuela by partnering with companies linked to President Trump’s administration. This deal marks one of the first big foreign investments in Venezuela’s oil and gas industry since the US took control of the country’s oil sector.Key Facts
- BP will develop the second phase of the Loran gasfield offshore Venezuela.
- BP is partnering with two oil firms connected to President Donald Trump’s family and administration.
- One partner firm is owned by the Al-Khayyat brothers, who have business ties with Ivanka Trump and Jared Kushner.
- BP will also collaborate with a UAE state-owned oil investment company led by Sultan Al Jaber.
- This is one of the first major foreign oil investments in Venezuela since the US ousted Nicolás Maduro in January.
- Shell has a licence for the first phase of the Loran gasfield, and Italy’s Eni is also in talks for projects in Venezuela.
- BP’s chief executive, Meg O’Neill, calls this an important step to develop Venezuela’s gas resources.
- Venezuela’s once-large oil output dropped from 3.5 million barrels a day to about 1 million due to problems in the industry but is now rising under US influence.
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