BP to develop offshore gasfield in Venezuela with firms linked to Trump administration
News Source
β’Fri, 14 Aug 2026 14:04:49 GMT
π° What Happened
BP has announced plans to develop a large offshore gasfield in Venezuela. The British oil company will partner with two oil firms that have close links to the Trump administration. This is one of the first big foreign investments in Venezuela since the US helped oust former leader Nicolas Maduro in January 2025. The project will develop the second phase of the Loran gasfield.
The deal comes after President Donald Trump called for foreign oil companies to invest at least $100 billion in Venezuela to rebuild its energy industry. BP will work with Qatari and UAE companies whose owners have ties to Trump's family. The Qatari firm is owned by the Al-Khayyat brothers, who are working with Ivanka Trump and Jared Kushner on a resort project in Albania. The UAE partner is linked to Sultan Al Jaber, who promised Trump $440 billion in US energy investments.
π The Backstory
Venezuela has the largest oil and gas reserves in the world, but its industry collapsed under years of poor management, sanctions, and political crisis. The US and many other countries imposed sanctions on Venezuela during Maduro's rule. After Maduro was ousted, the US began encouraging foreign companies to invest in rebuilding the country's energy sector.
BP is one of the world's biggest oil and gas companies. It has faced pressure from climate activists to move away from fossil fuels. But BP and other oil companies continue to invest in new oil and gas projects, especially in countries with large untapped reserves. The connection to Trump associates raises questions about how political ties influence business decisions. The deal shows that major oil companies see Venezuela as a big opportunity now that the political situation has changed. Critics worry that the profits will not reach ordinary Venezuelans who have suffered through years of economic crisis.
π― Why It Matters
This deal affects global energy prices and supplies. It also shows how politics and business mix when countries open up after a change in government. For ordinary people, more oil and gas supply could mean lower fuel prices, but it also means more planet-warming emissions.
BP has announced plans to develop a large offshore gasfield in Venezuela. The British oil company will partner with two oil firms that have close links to the Trump administration. This is one of the first big foreign investments in Venezuela since the US helped oust former leader Nicolas Maduro in January 2025. The project will develop the second phase of the Loran gasfield.
The deal comes after President Donald Trump called for foreign oil companies to invest at least $100 billion in Venezuela to rebuild its energy industry. BP will work with Qatari and UAE companies whose owners have ties to Trump's family. The Qatari firm is owned by the Al-Khayyat brothers, who are working with Ivanka Trump and Jared Kushner on a resort project in Albania. The UAE partner is linked to Sultan Al Jaber, who promised Trump $440 billion in US energy investments.
Venezuela has the largest oil and gas reserves in the world, but its industry collapsed under years of poor management, sanctions, and political crisis. The US and many other countries imposed sanctions on Venezuela during Maduro's rule. After Maduro was ousted, the US began encouraging foreign companies to invest in rebuilding the country's energy sector.
BP is one of the world's biggest oil and gas companies. It has faced pressure from climate activists to move away from fossil fuels. But BP and other oil companies continue to invest in new oil and gas projects, especially in countries with large untapped reserves. The connection to Trump associates raises questions about how political ties influence business decisions. The deal shows that major oil companies see Venezuela as a big opportunity now that the political situation has changed. Critics worry that the profits will not reach ordinary Venezuelans who have suffered through years of economic crisis.
This deal affects global energy prices and supplies. It also shows how politics and business mix when countries open up after a change in government. For ordinary people, more oil and gas supply could mean lower fuel prices, but it also means more planet-warming emissions.