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BP and the Venezuelan government signed a memorandum of understanding (MoU) for the exploration of natural gas in the Loran offshore area, international news agencies reported yesterday.
The MoU establishes “potential areas for co-operation in material gas and future exploration,” BP said yesterday in an emailed statement. Venezuela state firm Petroleos de Venezuela SA also announced the pact.
The deal followed an energy conference in Caracas that drew a large turnout from international companies and investors. European oil companies have been particularly keen to advance in Venezuela. Italian major Eni SpA announced an oil project on Tuesday and has a plan to start exporting natural gas with Spain’s Repsol SA starting in 2031.
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