BP PLC’s Venezuela Gas Deal Puts Big Oil’s Caracas Return in Play
BP signed a memorandum of understanding with Venezuela to develop the Cocuina-Manakin gas field and explore the offshore Loran area, marking its return to the country. The deal follows similar agreements by Eni, Repsol, and Shell as Venezuela seeks to revive foreign energy investment. BP aims to supply gas to Trinidad for LNG export. The company reported Q1 underlying replacement cost profit of $3.198 billion and net debt of $25.3 billion.
