Official announcements from the White House or US Department of Treasury

Venezuela Signs 20-Year Gas Deal with BP, Trinidad, and NGC

Jul 24, 2024, 04:03 PM

Venezuela has signed a significant 20-year natural gas production and exploration deal with BP and Trinidad, aiming to transform the nation into a major gas exporter. This deal, which includes a license to develop the Venezuelan side of an offshore gas field extending into Trinidad and Tobago, comes ahead of the national elections. The agreement, involving BP and Trinidad's NGC, is seen as a major coup for President Maduro. Additionally, Venezuelan oil output is quietly recovering, with expectations to reach 1 million barrels per day by the end of 2024. The White House has allowed Chevron and Repsol to increase drilling in the country, further boosting production. PDVSA is also boosting production through a joint venture with Repsol.