What is BP's first confirmed Venezuelan oil trade activity since the political transition, and what are the key details of that shipment?

BP's first confirmed Venezuelan oil trade activity since the political transition is the loading of 400,000 barrels of heavy fuel oil onto the tanker Monte Lema, which lists Houston as its preliminary final destination; the fuel oil was supplied by Venezuela's state oil company Petroleos de Venezuela SA (PDVSA), and the shipment was documented in a document seen by Bloomberg News on Tuesday.

How does BP's re-entry into Venezuelan oil trading relate to its broader strategic moves in the country, including regulatory and infrastructure developments?

BP's re-entry into Venezuelan oil trading coincides with its acquisition—alongside partners—of a license to develop and operate the second phase of the Loran gas field, an offshore Caribbean deposit, marking one of the first projects assigned by the Venezuelan government to a private company following Nicolás Maduro's January ouster and the enactment of a new hydrocarbons law aimed at attracting private investment; BP has not yet made a final investment decision for the Loran project, but it announced in April—the first month of CEO Meg O’Neill’s tenure—that it would open a permanent office in Caracas as part of an accelerated pivot back to oil and gas after years of unsuccessful low-carbon ventures.

BP Joins Venezuelan Oil Trade to Challenge Trafigura and Vitol

Aug 18, 2026

BP has commenced trading Venezuelan fuel oil, joining peers like Trafigura and Vitol following regulatory shifts. This move supports BP's strategic pivot back to oil and gas under new leadership, coinciding with licenses for the Loran gas field project.

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