Ruptly
"The acting president of Venezuela, Delcy Rodriguez, led the signing of a memorandum of understanding with British Petroleum (BP) as part of the country's energy reactivation strategy. The agreement was signed on Wednesday in Caracas by Paula Henao, Minister of the People's Power for Hydrocarbons, and David Campbell, director of BP, according to footage broadcast by the state channel Venezolana de Television (VTV). "The return of British Petroleum is a clear sign of the future we want to set for Venezuela and international energy relations: that they be relations of respect, that it be a cooperation based on win-win, of shared benefit," said Delcy Rodriguez during her remarks. According to her, this memorandum stems from an energy agenda 'for the well-being of the Venezuelan people', and she highlighted that it will generate new job opportunities in the country. "The return of British Petroleum to Venezuela has important areas of work as mentioned in Kokuina and in Loran-Manatee, and now with the signing of this memorandum of understanding, which relates to offshore gas exploration," Rodriguez noted. For his part, William Lin, Executive Vice President, Gas and Low Carbon Energy at British Petroleum, reported that the company will open a permanent office in Caracas to work jointly. He also explained that one of the main objectives is offshore exploration in the Deltana platform, as well as the exploration of the Loran field and the development and commercialisation of gas and hydrocarbons. "We know there is still a lot of gas in the Deltana platform, and we are excited to work together with the government of Venezuela to develop those capabilities," Lin said. The alliance with British Petroleum was executed under the recent Reform of the Organic Hydrocarbons Law of January 2026, which reportedly seeks to encourage private and foreign investment in the energy sector. "
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