Venezuela grants BP, UAE and Qatar firms new gas licences amid sector opening

Venezuela’s energy ministry announced on Aug 13 that three foreign companies - British Petroleum, the United Arab Emirates-based XRG and Qatar’s UCC - have been granted licences to search for and extract natural gas from the Loran field. The decision lifts a temporary suspension of new permits that had been imposed after the June 24 earthquakes, which caused more than 6,300 fatalities. The licences are part of a broader opening of the sector that began after interim president Delcy Rodriguez, acting following the US-backed capture of Nicolas Maduro, rewrote the country’s energy law to allow US and other foreign investors, prompting a partial easing of US sanctions.

In June, Shell obtained a licence for a different block of the same field. Rodriguez emphasized that developing gas resources is intended to boost national development. The move signals Venezuela’s attempt to attract foreign capital despite ongoing political and humanitarian challenges.