# BP to develop offshore gasfield in Venezuela with firms linked to Trump administration

- URL: https://talkfuse.com/story/bp-to-develop-offshore-gasfield-in-venezuela-with-firms-linked-to-trump-administration/
- Published: 2026-08-14T14:04:49+00:00
- Updated: 2026-08-14T14:33:44+00:00
- Original publisher: The Guardian (publisher lean: Left)
- Original article: https://www.theguardian.com/business/2026/aug/14/bp-offshore-gasfield-venezuela-donald-trump
- Topics: Americas, Art, Business, Culture, World

## Key points

- BP joins Venezuela’s renewed offshore gas development.
- The project involves firms linked to Trump allies.
- Venezuelan oil output has risen to 1.2m barrels daily.

## Summary

BP has been granted a licence to develop the second phase of Venezuela’s offshore Loran gasfield, partnering with companies linked to the Trump administration. The move is among the first major foreign investments in Venezuela since the US ousted Nicolás Maduro in January, and supports President Trump’s call for at least $100bn of investment to revive the country’s fossil-fuel industry.

BP will work with a Qatari firm owned by the Al-Khayyat brothers and the overseas investment arm of the UAE’s national oil company. Shell already holds a licence for Loran’s first phase, while Eni is discussing oil projects with Caracas; Venezuela’s oil production has risen from about 1m to 1.2m barrels a day since US control, despite long-term decline from more than 3.5m barrels a day in the late 1990s.

---
Summarised by TalkFuse (https://talkfuse.com/). Quote the original publisher for the reporting and link this page for the summary and discussion.