BP to develop offshore gasfield in Venezuela with firms linked to Trump administration

BP has announced plans to sell a 20 percent stake in the Manakin gas field to the National Gas Company of Trinidad and Tobago (NGC). The move comes amid broader developments involving BP’s involvement in Venezuela’s energy sector, including a recent agreement to develop the second phase of the Loran gas field. According to multiple sources, BP’s decision to divest part of its interest in the Manakin project marks a strategic shift in its portfolio. The sale to NGC, a state-owned entity based in Trinidad and Tobago, is expected to take place soon, though the exact terms remain undisclosed. This transaction reflects BP’s ongoing efforts to streamline operations and focus on high-potential assets while maintaining a foothold in key markets. Earlier this year, BP received a license to develop the second phase of the Loran gas field off the coast of Venezuela. This came nearly four months after the company began collaborating with the Venezuelan government on exploration activities. The project involves partnerships with a Qatari firm owned by the Al-Khayyat brothers, Syrian-born billionaires known for their ties to the Trump administration. These individuals have worked closely with Ivanka Trump and Jared Kushner on a controversial resort project in Albania. Additionally, BP is partnering with the overseas investment arm of the United Arab Emirates' national oil company, led by Sultan Al Jaber, the UAE’s industry minister. In 2025, Al Jaber pledged to boost UAE investments in the U.S. energy sector to over $440 billion within a decade. This partnership underscores the growing interest of Middle Eastern entities in Venezuela’s energy potential. BP’s engagement in Venezuela follows a period of renewed activity in the country’s oil and gas sectors. Since the Trump administration took control of Venezuela’s oil industry in early 2020, production levels have risen significantly. Output reached approximately 1.2 million barrels per day, marking the highest level since 2019. This uptick has enabled increased exports to U.S. refineries, signaling a gradual recovery in the nation’s energy infrastructure. Venezuela, once a leading oil producer, has faced decades of decline due to political instability, economic mismanagement, and underinvestment. At its peak in the late 1990s, the country produced over 3.5 million barrels of oil daily, ranking among the top ten global producers. Today, however, output stands at around 1 million barrels per day, reflecting years of neglect and systemic challenges. Despite these hurdles, recent initiatives suggest a possible turnaround. The involvement of international firms such as BP, Shell, and Eni indicates a willingness to invest in Venezuela’s energy future. Shell recently secured a license to develop the first phase of the Loran field, further demonstrating the country’s appeal to foreign investors. Meg O’Neill, BP’s chief executive, emphasized the significance of the company’s recent agreements with Venezuela. She stated that BP’s long-standing presence in the region and expertise in gas development position the company well to contribute to the country’s energy growth. O’Neill noted that these collaborations represent a crucial step toward unlocking Venezuela’s offshore gas potential. As BP moves forward with its plans in Trinidad and Venezuela, the broader implications for the region’s energy landscape remain to be seen. With increasing participation from both Western and Middle Eastern firms, there is potential for a sustained resurgence in Venezuela’s oil and gas industries. However, the success of these ventures will depend on the stability of the political environment and the ability to navigate complex regulatory frameworks.