BP PLC’s Venezuela Gas Deal Puts Big Oil’s Caracas Return in Play
BP has inked a memorandum of understanding with Venezuela to jointly develop the Cocuina-Manakin gas field and look into potential projects in the offshore Loran region—marking the energy giant’s return to a country now seeking to attract fresh foreign investment. The memorandum, known as an MOU, signals intentions for cooperation but stops short of confirming imminent production. Timing is key here. BP’s new CEO, Meg O’Neill, is working to reshape the company for better oil and gas profits, less debt, and a leaner setup after a turbulent stretch. In Venezuela, officials are striking energy deals to lure Western producers once more, following years of sanctions and political turmoil.