BP (LON:BP) signed a memorandum of understanding with Venezuela to explore gas in the offshore Loran area.
The deal, announced on 30 April 2026, marks BP’s return to Venezuela amid the country’s push to attract foreign oil investment.
Venezuela’s acting President Delcy Rodriguez and BP’s EVP William Lin highlighted cooperation and future gas commercialization projects.
Recent similar agreements were signed with Italy’s Eni and Spain’s Repsol, underscoring Venezuela’s broader energy partnership strategy.