BP restarts Venezuela oil trade and backs Loran gasfield phase 2
BP plc entered Venezuela’s oil trade after the tanker Monte Lema loaded 400,000 barrels of heavy fuel oil for BP. The move follows an announcement that BP will partner with two firms to develop phase two of the Loran gasfield, one of the first large-scale foreign investments since Nicolás Maduro’s ouster. Political and regulatory uncertainty remain key risks.