BP Returns to Venezuela in Major Gas Deal as Post-Maduro Opening Accelerates

British energy giant BP is heading back to Venezuela, teaming up with partners from the Gulf to develop a major offshore natural gas field. The company will operate the second phase of the Loran gas project, located in Venezuelan waters. It will work alongside the UAE’s XRG and Qatar’s UCC, marking one of the most significant foreign energy investments in the country since the government of Nicolás Maduro began loosening state control over the industry. The Loran field is part of a larger reserve that extends into waters shared with Trinidad and Tobago. BP’s role as operator signals growing international confidence in Venezuela’s energy sector, which has struggled for years due to sanctions, underinvestment, and political isolation. This deal is the latest sign of a rapid opening in Venezuela’s oil and gas market, as foreign firms race to secure access to some of the world’s largest untapped reserves. For BP, the move represents a strategic return to a country where it once had major operations before pulling back over a decade ago. No financial terms were disclosed, and the project is still subject to regulatory approval. But the partnership underlines how quickly the landscape is shifting in Caracas, with Western and Gulf companies now competing for a foothold in the country’s energy future.