What is the core purpose of the memorandum of understanding signed between BP and Venezuela?

The memorandum of understanding establishes 'potential areas for co-operation in material gas and future exploration' offshore, as stated in BP's emailed statement.

Why is BP pursuing this agreement with Venezuela at this time, according to the news?

BP’s new CEO Meg O’Neill is seeking to boost the company’s long-term reserves as BP refocuses on oil and gas following a failed push into low-carbon ventures.

BP and Venezuela Sign Pact to Explore for Offshore Gas

Apr 29, 2026

BP and Venezuela agreed to explore offshore natural gas, supporting Venezuela's energy revival and BP's reserve growth strategy. The deal reflects growing interest from European oil majors in the region's resources.

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