BP Signs Offshore Natural Gas Exploration Pact with Venezuela

British Petroleum (BP) and Venezuela's transitional government signed a major offshore natural gas exploration agreement at the Miraflores Palace in Caracas on April 29, 2026. Acting President Delcy Rodríguez declared 'This is the return of BP to Venezuela' during the signing ceremony. The deal represents one of the most significant international energy investments in Venezuela since comprehensive US sanctions were imposed in 2017–2019. The agreement signals growing confidence among Western energy majors that Venezuela's post-Maduro transition government is stable enough for long-term investment. Venezuela holds the world's largest certified proven oil reserves and significant untapped natural gas reserves in the Caribbean offshore zone. BP had previously had operations in Venezuela before withdrawing under the Chávez nationalisation wave.