US Oil Giant BP Makes Bold Move into Venezuela Amid Post-Maduro Era In a significant development, British oil major BP is set to invest in Venezuela's fossil fuel industry, marking one of the first large-scale foreign investments in the country since the US-backed ousting of President Nicolás Maduro in January. The move comes in response to a call from former US President Donald Trump, who urged oil companies to help rebuild Venezuela's oil industry. BP will partner with two US-based oil firms, which have close ties to the Trump administration, to develop the second phase of the Loran gasfield, a major offshore project. This deal is expected to be a major boost to Venezuela's struggling economy and could pave the way for further foreign investment in the country.
Move will be one of first large-scale foreign investments in country since US ousted leader Nicolás Maduro in JanuaryBP has answered Donald Trump’s call for oil companies to help rebuild Venezuela’s fossil fuel industry with new plans to develop a large offshore gasfield.BP will partner with two oil firms with close links to the Trump administration to develop the second phase of the Loran gasfield, in one of the first large-scale foreign investments in Venezuela since the US ousted its leader Nicolás Maduro in January. Continue reading...
