Venezuela inks gas deals with BP, 2 other foreign companies
The three companies are licensed to explore for and produce natural gas as the government opens up the energy sector under intense US pressure.
Venezuela has awarded licences to three foreign companies - British Petroleum, XRG of the UAE, and UCC from Qatar - to explore and produce natural gas in a newly opened energy sector under US pressure. The government's decision to reform its energy law followed the US capture of interim leader Delcy Rodriguez in January. Since then, Venezuela has signed several agreements with foreign companies to extract oil and gas resources.
However, a halt in granting licences was imposed after devastating earthquakes in June, which claimed over 6,300 lives. The permits were resumed on Thursday, allowing BP, XRG, and UCC to work on a natural gas field named Loran. Rodriguez expressed her interest in gas to foster national development during the announcement. In exchange for this, the US has eased sanctions against Venezuela, which were in place during Maduro's presidency.
Maduro, a critic of the US for allegedly rigging elections, was previously seen as a leftist leader who ruled with an iron fist.
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