BP and Venezuela Sign Pact to Explore for Offshore Gas
(Bloomberg) -- BP Plc and Venezuela agreed on a deal to explore for natural gas offshore as the South American country’s energy revival gathers pace following the US capture of Nicolas Maduro.
“This is the return of BP to Venezuela,” the nation’s Acting President Delcy Rodríguez said during the signing event Wednesday inside the Miraflores Palace in Caracas.
She detailed the agreement covering the Deltana Platform, an oil and natural gas reservoir in eastern Venezuelan waters. BP Executive Vice President William Lin spoke at the ceremony, vowing to help Venezuela develop fields and announced the opening of a permanent BP office in Caracas, according to video of the deal signing aired on Venezuelan state TV.
Lin also offered the London-based energy giant’s experience and capacity in trading of natural gas and hydrocarbons.
The memorandum of understanding between BP and Caracas establishes “potential areas for co-operation in material gas and future exploration,” BP said Wednesday in an emailed statement. Venezuela state firm Petroleos de Venezuela SA also announced the pact.
The deal follows an energy conference in Caracas that drew large turnout from international companies and investors. European oil majors have been particularly keen to advance in Venezuela. Italy’s Eni SpA announced an oil project on Tuesday and has a plan to start exporting natural gas with Spain’s Repsol SA starting in 2031.
Meanwhile, Shell Plc has been advancing the development of its Dragon project near the Trinidad border, and French major TotalEnergies SE is nearing trading contracts with PDVSA.
BP’s new Chief Executive Officer Meg O’Neill is looking to boost the company’s long-term reserves as it refocuses on oil and gas following a failed push into low-carbon ventures.
(Updates with remarks from Venezuela’s interim president and BP’s executive.)
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