Key Points
—The Venezuela BP gas deal covers the Cocuina-Manakin cross-border field with Trinidad and the offshore Loran gas field on the Deltana Platform.
—BP will open a permanent office in Caracas. Shell has also expressed interest in the Loran project.
—BP joins Eni and Repsol in signing exploration agreements with the Rodríguez government since Maduro’s capture in January.
The Venezuela BP gas deal signed Wednesday at the Miraflores presidential palace marks the clearest signal yet that Western energy majors are betting on the country’s post-Maduro reopening — even as the political transition remains unresolved.
The Rio Times, the Latin American financial news outlet, reports that BP and PDVSA signed a memorandum of understanding on Wednesday covering two major offshore gas assets. The deal formalizes the development of the Cocuina-Manakin field — a cross-border gas deposit shared with Trinidad and Tobago — and establishes cooperation on exploration of the Loran gas field on Venezuela’s Deltana Platform. BP’s executive vice president for gas and low-carbon energy, William Lin, attended the ceremony and announced the opening of a permanent BP office in Caracas.
What the Venezuela BP Gas Deal Includes
The Cocuina-Manakin field straddles Venezuelan and Trinidadian waters, making it a natural fit for BP, which already has extensive operations in Trinidad. BP applied for a U.S. government license to develop the field in February, a prerequisite given the sanctions framework still partially governing Venezuelan energy transactions.
The Loran field, deeper in Venezuelan waters, represents a longer-term exploration opportunity. Shell has also expressed interest in Loran, suggesting it could become a multi-company development. Interim President Delcy Rodríguez described BP’s return as “a milestone for the national energy industry” and called it a model for future relationships “based on respect and shared benefits.”
The Post-Maduro Energy Rush
BP is not the first Western major to move in — Italy’s Eni and Spain’s Repsol have both signed exploration agreements with Caracas since Maduro’s capture in January. An energy conference in Caracas in recent weeks drew what Bloomberg described as large turnout from international companies and investors.
For BP’s new CEO Meg O’Neill, Venezuela fits a strategic pivot back toward oil and gas after the company’s failed push into low-carbon ventures. Venezuela holds the world’s largest stated crude reserves, and its gas potential remains almost entirely undeveloped. The political uncertainty — with the opposition demanding elections and the Rodríguez government showing no urgency to schedule them — makes these early-stage MOUs relatively low-risk bets with potentially enormous upside.
What It Means for the Region
The deal arrives during a global energy crunch driven by the Iran war and Hormuz blockade. Venezuelan gas could eventually help diversify supply for Trinidad’s LNG export facilities and reduce Caribbean energy dependence on volatile global markets. For investors tracking Latin America’s energy landscape, the BP signing confirms that the post-Maduro commercial opening is real and accelerating — even if the political transition remains stalled.