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BP Secures Venezuelan Gas Drilling Licence After North Sea Exit Plans

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BP has secured a licence to drill for gas off Venezuela’s coast, partnering with Abu Dhabi National Oil Company and Qatar’s UCC Oil and Gas, shortly after putting its UK North Sea business up for sale. CEO Meg O’Neill cited capital focus and North Sea fiscal insecurity after Labour’s windfall tax changes. The Venezuela push follows terms for the Plataforma Deltana area after Maduro’s ousting.

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