BP plans to develop a large offshore gasfield in Venezuela in partnership with two oil firms linked to the Trump administration, in what the Guardian describes as one of the first large-scale foreign investments in the country since the US ousted Nicolás Maduro in January.
Key facts
- BP plans to develop the second phase of the offshore Loran gasfield in Venezuela, the Guardian reports.
- The project would be carried out with two oil firms that have close links to the Trump administration, according to the Guardian.
- The Guardian describes it as one of the first large-scale foreign investments in Venezuela since Maduro was ousted.
- The US ousted Venezuelan leader Nicolás Maduro in January, according to the Guardian.
- The move follows Donald Trump's call for oil companies to help rebuild Venezuela's fossil fuel industry, the Guardian reports.
BP has announced plans to develop a large offshore gasfield in Venezuela, according to the Guardian, in what the outlet describes as one of the first large-scale foreign investments in the country since the United States ousted its leader, Nicolás Maduro, in January.
The company would develop the second phase of the Loran gasfield, partnering with two oil firms that have close links to the Trump administration, the Guardian reported. The source did not name the two firms.
The plans come after Donald Trump called for oil companies to help rebuild Venezuela’s fossil fuel industry, the Guardian said, describing BP’s decision as an answer to that call.
Further specific details of the partnership, including financial terms and timelines, were not provided in the available source material.
Why it matters
Venezuela holds significant energy resources, and large foreign investment there had been limited amid political turmoil. According to the Guardian, BP's move — made alongside firms linked to the Trump administration following the ousting of Nicolás Maduro — signals a potential reopening of the country's fossil fuel sector to international companies.
Frequently asked questions
What is BP planning to do in Venezuela?
According to the Guardian, BP plans to develop the second phase of the offshore Loran gasfield in Venezuela, partnering with two oil firms that have close links to the Trump administration.
Why is this investment considered significant?
It is described as one of the first large-scale foreign investments in Venezuela since the US ousted the country's leader, Nicolás Maduro, in January.
What prompted BP's move?
The Guardian reports that the plans answer Donald Trump's call for oil companies to help rebuild Venezuela's fossil fuel industry.