Venezuela signs BP deal to explore offshore gas

Venezuela has signed a memorandum of understanding with BP to explore offshore gas, according to multiple reports and BP confirmation.

Bloomberg first reported the agreement on Tuesday, and later coverage from EFE, ANSA and Xinhua said the pact was signed in Caracas by Venezuelan officials and BP executives. The reports say the deal covers gas exploration offshore, with some sources referring to the Loran area and others using broader names for the offshore block.

BP confirmed the memorandum and described it as cooperation on gas material and future exploration. Venezuelan officials, including Delcy Rodríguez, presented the agreement as part of the country’s energy opening.

The deal is an early but concrete sign of BP’s return to Venezuelan projects after years of limited Western energy activity in the country. The reporting reviewed does not include a detailed investment timetable or the full text of the memorandum.

The next questions are how quickly the project moves toward drilling or development, and what sanctions or regulatory issues, if any, could affect implementation.