BP Partners to Develop Venezuela Gas Field
The firm has partnered with international investors to move into the second phase of the offshore Loran gas project.
Updated on Sept. 26, 2026 in Oil and Gas
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BP has announced plans to develop the second phase of the offshore Loran gasfield in Venezuela. The project follows a partnership agreement signed with the Venezuelan government earlier this year.
Why it matters
This move marks a significant expansion of regional gas development as BP secures partnerships with UAE and Qatari-linked firms. The deal follows recent production trends in the nation, where oil output has climbed alongside rising U.S. refinery export levels.
Venezuela currently produces 1.2 million barrels of oil daily, an increase from the 1 million barrels produced in previous periods. U.S. refinery exports from the country have also reached their highest levels since 2019.
The players
BP
A global energy major with deep operational expertise in large-scale offshore exploration and upstream production.
Shell
A major energy firm that holds the development rights for the initial phase of the Loran gasfield.
The details
BP negotiated this arrangement with the Venezuelan government to develop the Loran field's second phase, building upon rights previously established by Shell for the initial phase. The development involves collaboration with the overseas investment division of the UAE's national oil company and a Qatari firm owned by the Al-Khayyat brothers. The partners involved have concurrent interests in other ventures, including a resort project in Albania with Ivanka Trump and Jared Kushner.
Timeline
2019: U.S. refinery exports from Venezuela reached their highest recorded levels.
May 2026: BP agreed to explore gas development opportunities with the Venezuelan government.
September 2026: BP officially announced plans to develop the second phase of the Loran gasfield.
Market Landscape
The move to develop the Loran gasfield occurs as Venezuela attempts to capitalize on production volumes that now exceed 1.2 million barrels of oil daily. This expansion follows a trajectory established when U.S. refinery exports hit their 2019 peak.
Operators in the energy sector should monitor how these new international partnerships influence regional infrastructure availability and export capacity. Keep a close watch on how shifting geopolitical alignments impact resource access in the Caribbean.
The takeaway
Large-scale energy projects remain highly sensitive to international partnerships and the shifting output levels of host nations. Operators should track the specific role of the UAE and Qatari partners in this development as a signal for future regional investment trends.
Further reading
For broader trends in global energy production, visit our Oil and Gas section.
Source note: This article includes information reported by RocketNews.
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