BP to Develop Venezuela’s Loran Phase 2 Gasfield as Output Rebounds to 1.2 Million Bpd
Updated
Updated · The Guardian · Aug 14
BP to Develop Venezuela’s Loran Phase 2 Gasfield as Output Rebounds to 1.2 Million Bpd
3 articles · Updated · The Guardian · Aug 14
Summary
BP won a licence to develop the second phase of Venezuela’s offshore Loran gasfield, becoming one of the first major foreign oil groups to make a large new investment since Nicolás Maduro was ousted in January.
The project pairs BP with a Qatari company tied to the Al-Khayyat brothers and ADNOC’s overseas investment arm, aligning with Donald Trump’s push for at least $100 billion of foreign investment in Venezuela’s energy sector.
The licence came about four months after BP agreed with Caracas to explore gas development and marks one of chief executive Meg O’Neill’s first major deals since taking the top job.
Shell already secured a licence for Loran’s first phase, Eni is discussing oil projects, and ExxonMobil and ConocoPhillips are scouting opportunities, while Chevron has kept producing as a minority partner.
Venezuela still holds the world’s largest oil reserves, but output has fallen from more than 3.5 million barrels a day in the late 1990s to about 1 million; it has recently recovered to 1.2 million.